0000754510 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:KMember fsf1:C000064269Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:FMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:FMember fsf1:C000076775Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:KMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:FMember rr:AfterTaxesOnDistributionsMember fsf1:C000076775Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:FMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000076775Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:FMember fsf1:ReturnBeforeTaxMember fsf1:C000076775Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:FMember fsf1:RussellTenHundredGrowthIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007197Member fsf1:RetailMember fsf1:C000019695Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007197Member fsf1:RetailMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007197Member fsf1:KMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:FMember fsf1:C000076773Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:AtbcMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007197Member fsf1:KMember fsf1:C000064270Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007197Member fsf1:KMember fsf1:SAndPFiveHundredIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:FMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007197Member fsf1:RetailMember fsf1:ReturnBeforeTaxMember fsf1:C000019695Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007197Member fsf1:RetailMember rr:AfterTaxesOnDistributionsMember fsf1:C000019695Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007197Member fsf1:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019695Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007197Member fsf1:RetailMember fsf1:SAndPFiveHundredIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007198Member fsf1:KMember fsf1:C000064271Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:RetailMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007198Member fsf1:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019696Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007198Member fsf1:RetailMember fsf1:ReturnBeforeTaxMember fsf1:C000019696Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007198Member fsf1:RetailMember rr:AfterTaxesOnDistributionsMember fsf1:C000019696Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007198Member fsf1:KMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007198Member fsf1:RetailMember fsf1:SAndPFiveHundredIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007198Member fsf1:KMember fsf1:SAndPFiveHundredIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007198Member fsf1:RetailMember fsf1:C000019696Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:RetailMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007198Member fsf1:RetailMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:FMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:InstMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:FMember fsf1:ReturnBeforeTaxMember fsf1:C000076773Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:FMember rr:AfterTaxesOnDistributionsMember fsf1:C000076773Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:FMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000076773Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:FMember fsf1:RussellTwentyHundredGrowthIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:InstMember fsf1:C000019692Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:RetailMember fsf1:C000019687Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007196Member fsf1:C000019694Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:AtbcMember fsf1:C000019688Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:AtbcMember fsf1:C000019691Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:AtbcMember fsf1:C000019689Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:AtbcMember fsf1:C000019690Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007191Member fsf1:RetailMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:RetailMember fsf1:C000019681Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007191Member fsf1:KMember fsf1:C000064268Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019687Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:RetailMember rr:AfterTaxesOnDistributionsMember fsf1:C000019687Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:RetailMember fsf1:RussellTwentyHundredValueIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019681Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:RetailMember rr:AfterTaxesOnDistributionsMember fsf1:C000019681Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:RetailMember fsf1:ReturnBeforeTaxMember fsf1:C000019681Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:RetailMember fsf1:RussellTwentyHundredGrowthIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:RetailMember fsf1:ReturnBeforeTaxMember fsf1:C000019687Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:FMember fsf1:C000076774Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007191Member fsf1:KMember fsf1:NasdaqCompositeIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007191Member fsf1:KMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:AtbcMember fsf1:ReturnBeforeTaxMember fsf1:C000019688Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:AtbcMember rr:AfterTaxesOnDistributionsMember fsf1:C000019688Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:AtbcMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019688Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:AtbcMember fsf1:ReturnBeforeTaxMember fsf1:C000019691Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:AtbcMember fsf1:ReturnBeforeTaxMember fsf1:C000019689Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:AtbcMember fsf1:ReturnBeforeTaxMember fsf1:C000019690Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:AtbcMember fsf1:RussellTwentyHundredValueIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:AtbcMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:FMember fsf1:ReturnBeforeTaxMember fsf1:C000076774Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:FMember rr:AfterTaxesOnDistributionsMember fsf1:C000076774Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:FMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000076774Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:FMember fsf1:RussellTwentyHundredValueIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007191Member fsf1:RetailMember fsf1:C000019679Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:InstMember fsf1:ReturnBeforeTaxMember fsf1:C000019692Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:InstMember rr:AfterTaxesOnDistributionsMember fsf1:C000019692Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:InstMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019692Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007194Member fsf1:InstMember fsf1:RussellTwentyHundredValueIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:AtbcMember fsf1:C000019682Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:AtbcMember fsf1:C000019685Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:AtbcMember fsf1:C000019683Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:AtbcMember fsf1:C000019684Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:AtbcMember fsf1:ReturnBeforeTaxMember fsf1:C000019682Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:AtbcMember rr:AfterTaxesOnDistributionsMember fsf1:C000019682Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:AtbcMember fsf1:ReturnBeforeTaxMember fsf1:C000019685Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:AtbcMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019682Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:AtbcMember fsf1:ReturnBeforeTaxMember fsf1:C000019683Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:AtbcMember fsf1:ReturnBeforeTaxMember fsf1:C000019684Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:AtbcMember fsf1:RussellTwentyHundredGrowthIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007196Member fsf1:RussellTenHundredValueIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007196Member rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019694Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007196Member rr:AfterTaxesOnDistributionsMember fsf1:C000019694Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007196Member fsf1:ReturnBeforeTaxMember fsf1:C000019694Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:RetailMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:RetailMember fsf1:C000019693Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007191Member fsf1:RetailMember fsf1:ReturnBeforeTaxMember fsf1:C000019679Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007191Member fsf1:RetailMember rr:AfterTaxesOnDistributionsMember fsf1:C000019679Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007191Member fsf1:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019679Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007191Member fsf1:RetailMember fsf1:NasdaqCompositeIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:RetailMember fsf1:ReturnBeforeTaxMember fsf1:C000019693Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019693Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:RetailMember rr:AfterTaxesOnDistributionsMember fsf1:C000019693Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:RetailMember fsf1:RussellTenHundredGrowthIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007196Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007195Member fsf1:KMember fsf1:RussellTenHundredGrowthIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:RetailMember fsf1:C000019680Member 2011-09-30 2012-09-29 0000754510 fsf1:S000015587Member fsf1:SeriesMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:InstMember fsf1:C000087891Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:RetailMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:InstMember fsf1:ReturnBeforeTaxMember fsf1:C000087891Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:InstMember rr:AfterTaxesOnDistributionsMember fsf1:C000087891Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:InstMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000087891Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:InstMember fsf1:SAndPFiveHundredIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:InstMember fsf1:FidelityRealEstateIncomeCompositeIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:InstMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:InstMember fsf1:C000019686Member 2011-09-30 2012-09-29 0000754510 fsf1:S000015587Member fsf1:SeriesMember fsf1:C000042507Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:InstMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:RetailMember fsf1:SAndPFiveHundredIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:RetailMember fsf1:FidelityRealEstateIncomeCompositeIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:RetailMember fsf1:ReturnBeforeTaxMember fsf1:C000019680Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:RetailMember rr:AfterTaxesOnDistributionsMember fsf1:C000019680Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019680Member 2011-09-30 2012-09-29 0000754510 fsf1:S000015587Member fsf1:SeriesMember fsf1:ReturnBeforeTaxMember fsf1:C000042507Member 2011-09-30 2012-09-29 0000754510 fsf1:S000015587Member fsf1:SeriesMember rr:AfterTaxesOnDistributionsMember fsf1:C000042507Member 2011-09-30 2012-09-29 0000754510 fsf1:S000015587Member fsf1:SeriesMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000042507Member 2011-09-30 2012-09-29 0000754510 fsf1:S000015587Member fsf1:SeriesMember fsf1:RussellTwentyHundredIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:AtbcMember fsf1:C000047149Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:AtbcMember fsf1:C000047152Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:AtbcMember fsf1:C000047150Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:AtbcMember fsf1:C000047151Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:AtbcMember 2011-09-30 2012-09-29 0000754510 fsf1:S000015587Member fsf1:FMember 2011-09-30 2012-09-29 0000754510 fsf1:S000015587Member fsf1:FMember fsf1:C000076776Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:InstMember fsf1:C000047153Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:InstMember fsf1:ReturnBeforeTaxMember fsf1:C000047153Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:InstMember rr:AfterTaxesOnDistributionsMember fsf1:C000047153Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:InstMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000047153Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:InstMember fsf1:MsciEafeIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:InstMember fsf1:FtseEprasmNareitDevelopedExNorthAmericaIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:AtbcMember fsf1:ReturnBeforeTaxMember fsf1:C000047149Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:AtbcMember rr:AfterTaxesOnDistributionsMember fsf1:C000047149Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:AtbcMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000047149Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:AtbcMember fsf1:ReturnBeforeTaxMember fsf1:C000047152Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:AtbcMember fsf1:ReturnBeforeTaxMember fsf1:C000047150Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:AtbcMember fsf1:ReturnBeforeTaxMember fsf1:C000047151Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:AtbcMember fsf1:MsciEafeIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:AtbcMember fsf1:FtseEprasmNareitDevelopedExNorthAmericaIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000015587Member fsf1:FMember fsf1:ReturnBeforeTaxMember fsf1:C000076776Member 2011-09-30 2012-09-29 0000754510 fsf1:S000015587Member fsf1:FMember rr:AfterTaxesOnDistributionsMember fsf1:C000076776Member 2011-09-30 2012-09-29 0000754510 fsf1:S000015587Member fsf1:FMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000076776Member 2011-09-30 2012-09-29 0000754510 fsf1:S000015587Member fsf1:FMember fsf1:RussellTwentyHundredIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:InstMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:InstMember fsf1:ReturnBeforeTaxMember fsf1:C000019686Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:InstMember rr:AfterTaxesOnDistributionsMember fsf1:C000019686Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:InstMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019686Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007193Member fsf1:InstMember fsf1:RussellTwentyHundredGrowthIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007200Member fsf1:KMember fsf1:C000064272Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:AtcMember fsf1:C000087887Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:AtcMember fsf1:C000087890Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:AtcMember fsf1:C000087889Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007200Member fsf1:KMember fsf1:SAndPFiveHundredIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007200Member fsf1:KMember fsf1:CreditSuisseLeveragedEquityIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007200Member fsf1:RetailMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:AtcMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:AtcMember fsf1:FidelityRealEstateIncomeCompositeIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:AtcMember fsf1:SAndPFiveHundredIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:AtcMember fsf1:ReturnBeforeTaxMember fsf1:C000087889Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:AtcMember fsf1:ReturnBeforeTaxMember fsf1:C000087890Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:AtcMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000087887Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:AtcMember rr:AfterTaxesOnDistributionsMember fsf1:C000087887Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007192Member fsf1:AtcMember fsf1:ReturnBeforeTaxMember fsf1:C000087887Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007200Member fsf1:KMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007200Member fsf1:RetailMember fsf1:C000019698Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007200Member fsf1:RetailMember fsf1:ReturnBeforeTaxMember fsf1:C000019698Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007200Member fsf1:RetailMember rr:AfterTaxesOnDistributionsMember fsf1:C000019698Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007200Member fsf1:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019698Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007200Member fsf1:RetailMember fsf1:SAndPFiveHundredIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007200Member fsf1:RetailMember fsf1:CreditSuisseLeveragedEquityIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000031548Member fsf1:SeriesMember 2011-09-30 2012-09-29 0000754510 fsf1:S000031548Member fsf1:FMember 2011-09-30 2012-09-29 0000754510 fsf1:S000031548Member fsf1:FMember fsf1:C000098200Member 2011-09-30 2012-09-29 0000754510 fsf1:S000033805Member fsf1:FMember fsf1:C000104445Member 2011-09-30 2012-09-29 0000754510 fsf1:S000033805Member fsf1:FMember 2011-09-30 2012-09-29 0000754510 fsf1:S000033805Member fsf1:SeriesMember fsf1:C000104444Member 2011-09-30 2012-09-29 0000754510 fsf1:S000033805Member fsf1:SeriesMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:RetailMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:RetailMember fsf1:C000019697Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:RetailMember fsf1:ReturnBeforeTaxMember fsf1:C000019697Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:RetailMember rr:AfterTaxesOnDistributionsMember fsf1:C000019697Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember fsf1:C000019697Member 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:RetailMember fsf1:MsciEafeIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000007199Member fsf1:RetailMember fsf1:FtseEprasmNareitDevelopedExNorthAmericaIndexMember 2011-09-30 2012-09-29 0000754510 fsf1:S000031548Member fsf1:SeriesMember fsf1:C000098199Member 2011-09-30 2012-09-29 pure iso4217:USD 2012-09-29 485BPOS FIDELITY SECURITIES FUND 0000754510 2012-09-27 2012-09-29 false 2012-07-31 0.00 76 237 411 918 Fund Summary Fund/Class: Fidelity® Blue Chip Growth Fund/F 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) Portfolio Turnover Principal Investment Strategies Principal Investment Risks The fund seeks growth of capital over the long term. The following table describes the fees and expenses that may be incurred when you buy and hold 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 95% of the average value of its portfolio. <ul><li>Normally investing primarily in common stocks of well-known and established companies.</li><li>Normally investing at least 80% of assets in blue chip companies (companies whose stock is included in the S&P 500® Index or the Dow Jones Industrial AverageSM (DJIASM), and companies with market capitalizations of at least $1 billion if not included in either index).</li><li>Investing in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential (stocks of these companies are often called "growth" stocks).</li><li>Investing in securities of 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> <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 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>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><li>"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.</li></ul>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 over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.401k.com and log in for updated return information. Year-by-Year Returns Calendar Years <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">13.87% </div></td><td><div align="left">December 31, 2010</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-14.69% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">10.71% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> 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. 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. You could lose money by 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 over various periods of time. Past performance (before and after taxes) is not an indication of future performance. www.401k.com and log in for updated return information The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Highest Quarter Return 2010-12-31 Lowest Quarter Return 2011-09-30 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityBlueChipGrowthFund column period compact * ~</div> Year-to-Date Return 2012-06-30 0 70 221 384 859 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityBlueChipGrowthFundBarChart column period compact * ~</div> Class F Class F Class F Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell 1000® Growth Index <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityBlueChipGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityBlueChipGrowthFundClassF column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityBlueChipGrowthFundClassFBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityBlueChipGrowthFundClassF column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityBlueChipGrowthFundClassF column period compact * ~</div> 2009-06-26 2009-06-26 2009-06-26 2008-05-09 0 Fund Summary Fund/Class: Fidelity® Blue Chip Growth Fund/K Investment Objective The fund seeks growth of capital over the long term. 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 (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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: 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 95% of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing primarily in common stocks of well-known and established companies.</li><li>Normally investing at least 80% of assets in blue chip companies (companies whose stock is included in the S&P 500® Index or the Dow Jones Industrial AverageSM (DJIASM), and companies with market capitalizations of at least $1 billion if not included in either index).</li><li>Investing in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential (stocks of these companies are often called "growth" stocks).</li><li>Investing in securities of 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 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>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><li>"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.</li></ul>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 over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance is not an indication of future performance. Visit www.401k.com and log in for updated return information. Year-by-Year Returns Calendar Years <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">20.55% </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">-14.70% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">10.67% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Average Annual Returns 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. You could lose money by 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 over various periods of time. Past performance is not an indication of future performance. www.401k.com and log in for updated return information 95 296 515 1143 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityBlueChipGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityDividendGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityDividendGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityDividendGrowthFundBarChart column period compact * ~</div> <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 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>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>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. <ul><li>Normally investing at least 80% of assets in equity securities.</li><li>Normally investing primarily in common stocks.</li><li>Normally investing primarily in companies that pay dividends or that Fidelity Management & Research Company (FMR) believes have the potential to pay dividends in the future.</li><li>Investing in domestic and foreign issuers.</li><li>Investing in either "growth" stocks or "value" stocks or both.</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> Fund Summary Fund/Class: Fidelity® Dividend Growth Fund/Fidelity Dividend Growth Fund Fund Summary Fund/Class: Fidelity® Dividend Growth Fund/K Investment Objective Investment Objective The fund seeks capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 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) 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 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: Performance Year-by-Year Returns Calendar Years Average Annual Returns 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 63% of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in equity securities.</li><li>Normally investing primarily in common stocks. </li><li>Normally investing primarily in companies that pay dividends or that Fidelity Management & Research Company (FMR) believes have the potential to pay dividends in the future. </li><li>Investing in domestic and foreign issuers. </li><li>Investing in either "growth" stocks or "value" stocks or both.</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 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>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>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 over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance is not an indication of future performance. Visit www.401k.com and log in for updated return information. Year-by-Year Returns Calendar Years <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">28.17% </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">-20.90% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">8.82% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Average Annual Returns For the periods ended December 31, 2011 82 255 444 990 The fund seeks capital appreciation. The following table describes the fees and expenses that may be incurred when you buy and hold 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 63% of the average value of its portfolio. 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 over various periods of time. The index description appears in the Additional Information about the Index 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">28.03% </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">-26.75% </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">8.77% </div></td><td><div align="left">June 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 Fund Summary Fund/Class: Fidelity® Small Cap Value Fund/Fidelity Advisor® Small Cap Value 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) Portfolio Turnover 0 Sell All Shares Hold Shares Principal Investment Strategies Principal Investment Risks Performance Year-by-Year Returns 79 246 428 954 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 fund seeks capital appreciation. You could lose money by 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 over various periods of time. Past performance (before and after taxes) is not an indication of future performance. 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. 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. 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: 2008-05-09 2008-05-09 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. 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. Highest Quarter Return 2009-06-30 Lowest Quarter Return 2008-12-31 Year-to-Date Return 2012-06-30 <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies with small market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index).</li><li>Investing in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks).</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> <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 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>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><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li></ul>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. Highest Quarter Return 2009-09-30 Lowest Quarter Return 2011-09-30 Year-to-Date Return 2012-06-30 S&P 500® Index Class K Fund Summary Fund/Class: Fidelity® Small Cap Growth Fund/F Investment Objective Fee Table Shareholder fees (fees paid directly from your investment) 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 over various periods of time. The index description appears in the Additional Information about the Index 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. 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 Performance Year-by-Year Returns Calendar Years Average Annual Returns 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 Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500® Index <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">25.25% </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">-22.34% </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">8.68% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityDividendGrowthFund column period compact * ~</div> 55 173 302 677 Fund Summary Fund/Class: Fidelity® Small Cap Growth Fund/Fidelity Small Cap Growth Fund 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) Portfolio Turnover Principal Investment Strategies Principal Investment Risks Year-by-Year Returns Calendar Years Average Annual Returns The fund seeks capital appreciation. 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. 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 150% of the average value of its portfolio. <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies with small market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index).</li><li>Investing in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential (stocks of these companies are often called "growth" stocks).</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> <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 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>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><li>"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks. </li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li></ul>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 over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.401k.com and log in 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 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityDividendGrowthFund column period compact * ~</div> <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">16.47% </div></td><td><div align="left">December 31, 2010</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-21.12% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">8.20% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Fidelity Growth & Income Portfolio Fidelity Growth & Income Portfolio Fidelity Growth & Income Portfolio Fund Summary Fund/Class: Fidelity® Growth & Income Portfolio/K Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Investment Objective The fund seeks high total return through a combination of current income and capital appreciation. 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 (fees paid directly from your investment) Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses. 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. Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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 over various periods of time. Past performance is not an indication of future performance. www.401k.com and log in for updated return information Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses. Year-to-Date Return 2012-06-30 Highest Quarter Return 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: 2009-06-30 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 62% of the average value of its portfolio. Lowest Quarter Return Principal Investment Strategies <ul><li>Normally investing a majority of assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation.</li><li>Potentially investing in bonds, including lower-quality debt securities, as well as stocks that are not currently paying dividends, but offer prospects for future income or capital appreciation.</li><li>Investing in domestic and foreign issuers.</li><li>Investing in either "growth" stocks or "value" stocks or both.</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> 2011-09-30 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 can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</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>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) 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.</li></ul>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 over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance is not an indication of future performance. Visit www.401k.com and log in for updated return information. Year-by-Year Returns Calendar Years <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">15.60% </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">-13.89% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">9.80% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Average Annual Returns For the periods ended December 31, 2011 S&P 500® Index 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 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 over various periods of time. 2008-05-09 2008-05-09 Past performance (before and after taxes) is not an indication of future performance. www.advisor.fidelity.com 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. 50000 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. 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 for Class A are shown in the table below and after-tax returns for other classes will vary. 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. 73 227 395 883 0 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityDividendGrowthFundClassK column period compact * ~</div> Fund Summary Fund/Class: Fidelity® Small Cap Value Fund/Fidelity Small Cap Value Fund Investment Objective Fee Table Fund Summary Fund/Class: Fidelity® Growth & Income Portfolio/Fidelity Growth & Income Portfolio 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) The fund seeks capital appreciation. Portfolio Turnover Principal Investment Strategies Shareholder fees (fees paid directly from your investment) Principal Investment Risks Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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: 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 27% of the average value of its portfolio. The fund seeks high total return through a combination of current income and capital appreciation. Principal Investment Strategies The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies with small market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index).</li><li>Investing in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks).</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 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: Performance 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 62% of the average value of its portfolio. 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 over various periods of time. The index description appears 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. <ul><li>Normally investing a majority of assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation.</li><li>Potentially investing in bonds, including lower-quality debt securities, as well as stocks that are not currently paying dividends, but offer prospects for future income or capital appreciation.</li><li>Investing in domestic and foreign issuers. </li><li>Investing in either "growth" stocks or "value" stocks or both. </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 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>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><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers. </li></ul>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. <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 can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</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>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) 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.</li></ul>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. Year-by-Year Returns Calendar Years <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">25.31% </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">-22.23% </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">8.80% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Performance Average Annual Returns 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 over various periods of time. The index description appears in the Additional Information about the Index 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. Year-by-Year Returns Calendar Years 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">15.62% </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">-28.88% </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">9.68% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> 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. 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 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. 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 over various periods of time. Fund Summary Fund/Class: Fidelity® Small Cap Value Fund/F www.fidelity.com Past performance (before and after taxes) is not an indication of future performance. Investment Objective The fund seeks capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. 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 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 over various periods of time. 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. Past performance (before and after taxes) is not an indication of future performance. www.fidelity.com <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityDividendGrowthFundClassK column period compact * ~</div> 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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityDividendGrowthFundClassKBarChart column period compact * ~</div> You could lose money by investing in the fund. Year-to-Date Return 2012-06-30 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. Highest Quarter Return You could lose money by investing in the fund. 2009-06-30 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 over various periods of time. Past performance (before and after taxes) is not an indication of future performance. Lowest Quarter Return www.401k.com and log in for updated return information 2008-12-31 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. 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 over various periods of time. Past performance is not an indication of future performance. www.401k.com and log in for updated return information <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityDividendGrowthFundClassK column period compact * ~</div> 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. Highest Quarter Return 2010-12-31 Lowest Quarter Return 2011-09-30 Year-to-Date Return 2012-06-30 Fund Summary Fund/Class: Fidelity® Small Cap Value Fund/Fidelity Advisor® Small Cap Value Fund Institutional Investment Objective The fund seeks capital appreciation. Fee Table Year-to-Date Return The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. 2012-06-30 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) Highest Quarter Return 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: 2009-09-30 Lowest Quarter Return 2011-09-30 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 27% of the average value of its portfolio. 2009-06-26 2009-06-26 2009-06-26 2009-06-26 Principal Investment Strategies <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies with small market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index). </li><li>Investing in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks). </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 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>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><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. </li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers. </li></ul>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 Year-by-Year Returns Calendar Years <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">25.40% </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">-22.22% </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">8.79% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> 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. 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 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityDividendGrowthFundClassK column period compact * ~</div> 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 over various periods of time. The index description appears in the Additional Information about the Index 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. Highest Quarter Return 2009-06-30 Lowest Quarter Return 2008-12-31 Year-to-Date Return 2012-06-30 The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Class F 116 362 628 1386 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityGrowthIncomePortfolioClassK column period compact * ~</div> Year-to-Date Return 2012-06-30 Highest Quarter Return 2009-06-30 Lowest Quarter Return 2008-12-31 0 0 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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityGrowthIncomePortfolioClassK column period compact * ~</div> 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) 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. 115 713 514 722 322 359 Portfolio Turnover You could lose money by investing in the fund. 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. 622 1004 858 985 685 1375 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: <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies with small market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index).</li><li>Investing in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential (stocks of these companies are often called "growth" stocks).</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 Strategies <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies with small market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index).</li><li>Investing in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks).</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> 1317 <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 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>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><li>"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.</li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li></ul>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. 1226 1375 1175 Principal Investment Risks 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 over various periods of time. The index description appears 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. <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 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>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><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li></ul>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. 2257 2200 2245 2524 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 over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.401k.com and log in for updated return information. Year-by-Year Returns Calendar Years 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 over various periods of time. <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">17.71% </div></td><td><div align="left">December 31, 2011</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-20.15% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">8.93% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Past performance (before and after taxes) is not an indication of future performance. Average Annual Returns 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. 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 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. 713 514 222 222 1004 858 685 685 1175 1175 1226 1317 2200 2257 2245 2524 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityGrowthIncomePortfolioClassK column period compact * ~</div> Fund Summary Fund/Class: Fidelity® OTC Portfolio/Fidelity OTC Portfolio Investment Objective The fund seeks capital appreciation. 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 (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 105 You could lose money by investing in the fund. 328 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: 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. 569 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 over various periods of time. 1259 www.401k.com and log in for updated return information Past performance (before and after taxes) is not an indication of future performance. 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 149% of the average value of its portfolio. 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. Principal Investment Strategies The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. <ul><li>Normally investing primarily in common stocks. </li><li>Normally investing at least 80% of assets in securities principally traded on NASDAQ® or an over-the-counter (OTC) market, which has more small and medium-sized companies than other markets.</li><li>Investing more than 25% of total assets in the technology sector.</li><li>Investing in domestic and foreign issuers.</li><li>Investing in either "growth" stocks or "value" stocks or both.</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> 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. 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 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>Technology Industry Concentration. The technology industries can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions. </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. The value of securities of smaller issuers can be more volatile than that of larger issuers. </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 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 over various periods of time. The index description appears in the Additional Information about the Index 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. Year-by-Year Returns Calendar Years <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">24.53% </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">-24.17% </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">6.73% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> 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. 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 2004-11-03 2004-11-03 2004-11-03 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 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 over various periods of time. Past performance (before and after taxes) is not an indication of future performance. www.advisor.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. 2004-11-03 2004-11-03 2004-11-03 2004-11-03 <ul><li>Investing more than 25% of total assets in the technology sector.</li></ul> 79 246 428 954 2004-11-03 91 284 493 1096 2008-05-09 2008-05-09 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityGrowthIncomePortfolio column period compact * ~</div> Class K S&P 500® Index Fund Summary Fund/Class: Fidelity® OTC Portfolio/K Investment Objective The fund seeks capital appreciation. 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. Fee Table 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 table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) 2004-11-03 2004-11-03 2004-11-03 2004-11-03 2004-11-03 2004-11-03 2004-11-03 You could lose money by investing in the fund. Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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 over various periods of time. Portfolio Turnover Past performance (before and after taxes) is not an indication of future performance. 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: www.fidelity.com 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 149% of the average value of its portfolio. Principal Investment Strategies Year-to-Date Return 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. 2012-06-30 <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities principally traded on NASDAQ® or an over-the-counter (OTC) market, which has more small and medium-sized companies than other markets.</li><li>Investing more than 25% of total assets in the technology sector.</li><li>Investing in domestic and foreign issuers.</li><li>Investing in either "growth" stocks or "value" stocks or both.</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> The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityGrowthIncomePortfolio column period compact * ~</div> Principal Investment Risks Highest Quarter Return 2009-06-30 Performance Lowest Quarter Return 2008-12-31 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 over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance is not an indication of future performance. Visit www.401k.com and log in for updated return information. Fund Summary Fund/Class: Fidelity® Small Cap Growth Fund/Fidelity Advisor® Small Cap Growth Fund A, T, B, C</b Investment Objective Year-by-Year Returns Calendar Years <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">24.55% </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">-13.85% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">6.80% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> The fund seeks capital appreciation. <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">23.95% </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">-27.58% </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">8.12% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Fee Table Average Annual Returns For the periods ended December 31, 2011 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. Russell 2000® Growth Index 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) <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityGrowthIncomePortfolio column period compact * ~</div> 79 246 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: 428 954 2009-06-26 2009-06-26 2009-06-26 2009-06-26 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 150% of the average value of its portfolio. Principal Investment Strategies <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityGrowthIncomePortfolioClassK column period compact * ~</div> <ul><li>Normally investing primarily in common stocks. </li><li>Normally investing at least 80% of assets in securities of companies with small market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index).</li><li>Investing in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential (stocks of these companies are often called "growth" stocks).</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 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>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><li>"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.</li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li></ul>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 over various periods of time. The index description appears in the Additional Information about the Index 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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityGrowthIncomePortfolio column period compact * ~</div> 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">23.91% </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">-27.68% </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">7.90% </div></td><td><div align="left">June 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 Class F Class F 0 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. Highest Quarter Return 2011-12-31 Lowest Quarter Return 2011-09-30 Year-to-Date Return 2012-06-30 Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell 2000® Value Index <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySmallCapGrowthFundClassF column period compact * ~</div> 93 290 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySmallCapGrowthFundClassF column period compact * ~</div> 504 1120 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySmallCapValueFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelitySmallCapGrowthFundClassFBarChart column period compact * ~</div> Performance <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelitySmallCapValueFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelitySmallCapGrowthFundClassF column period compact * ~</div> You could lose money by 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 over various periods of time. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySmallCapValueFundInstitutionalClass column period compact * ~</div> Past performance is not an indication of future performance. www.401k.com and log in for updated return information Year-to-Date Return 2012-06-30 Highest Quarter Return 2009-06-30 Lowest Quarter Return 2011-09-30 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySmallCapValueFundInstitutionalClass column period compact * ~</div> Fidelity Small Cap Value Fund Fidelity Small Cap Value Fund Fidelity Small Cap Value Fund <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelitySmallCapValueFundInstitutionalClassBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelitySmallCapValueFundInstitutionalClass column period compact * ~</div> Return After Taxes on Distributions Return Before Taxes Return After Taxes on Distributions and Sale of Fund Shares <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityGrowthIncomePortfolioBarChart column period compact * ~</div> Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares <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 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>Technology Industry Concentration. The technology industries can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions.</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. The value of securities of smaller issuers can be more volatile than that of larger issuers.</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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityOTCPortfolio column period compact * ~</div> Year-to-Date Return 705 508 713 2012-06-30 313 978 840 958 658 Highest Quarter Return 1272 1195 1329 1129 2009-06-30 2105 2194 2150 2431 Lowest Quarter Return 2008-12-31 705 508 213 213 Institutional Class Institutional Class Institutional Class 978 840 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityGrowthIncomePortfolioClassKBarChart column period compact * ~</div> 658 1272 1195 1129 1129 2105 2194 2150 2431 658 2004-11-03 2004-11-03 2004-11-03 2004-11-03 2004-11-03 2004-11-03 2004-11-03 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityOTCPortfolio column period compact * ~</div> 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. 50000 Sell All Shares Hold Shares <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityOTCPortfolioClassK column period compact * ~</div> 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 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 over various periods of time. Past performance (before and after taxes) is not an indication of future performance. 2003-06-17 2003-06-17 2003-06-17 2003-06-17 www.advisor.fidelity.com Fund Summary Fund/Class: Fidelity® Blue Chip Growth Fund/Fidelity Blue Chip Growth Fund Investment Objective <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityOTCPortfolioClassK column period compact * ~</div> 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) Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityOTCPortfolioBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityOTCPortfolioClassK column period compact * ~</div> 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. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. 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 95% of the average value of its portfolio. Principal Investment Strategies Principal Investment Risks Performance Year-by-Year Returns Calendar Years <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">20.46% </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">-24.75% </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">10.58% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> 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. 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 The fund seeks growth of capital over the long term. The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Highest Quarter Return <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityOTCPortfolio 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 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 over various periods of time. The index description appears 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. 2009-06-30 0 Lowest Quarter Return 2008-12-31 Year-to-Date Return 2012-06-30 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityOTCPortfolioClassKBarChart column period compact * ~</div> 92 287 498 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 1108 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityOTCPortfolioClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySmallCapGrowthFund column period compact * ~</div> Class F Class F Class F Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySmallCapGrowthFund column period compact * ~</div> Year-to-Date Return Highest Quarter Return Lowest Quarter Return <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySmallCapValueFundClassAClassTClassBClassC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySmallCapGrowthFund column period compact * ~</div> 2012-06-30 2009-09-30 2008-12-31 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. 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 over various periods of time. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelitySmallCapGrowthFundBarChart column period compact * ~</div> www.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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySmallCapValueFundClassAClassTClassBClassC column period compact * ~</div> <ul><li>Normally investing primarily in common stocks of well-known and established companies.</li><li>Normally investing at least 80% of assets in blue chip companies (companies whose stock is included in the S&P 500® Index or the Dow Jones Industrial AverageSM (DJIASM), and companies with market capitalizations of at least $1 billion if not included in either index).</li><li> Investing in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential (stocks of these companies are often called "growth" stocks).</li><li> Investing in securities of 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> <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 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>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><li> "Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks. </li></ul>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. Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Nasdaq Composite® Index <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleNoRedemptionFidelitySmallCapValueFundClassAClassTClassBClassC column period compact * ~</div> Fidelity Small Cap Growth Fund Fidelity Small Cap Growth Fund Fidelity Small Cap Growth Fund <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelitySmallCapValueFundClassAClassTClassBClassCBarChart column period compact * ~</div> Fidelity OTC Portfolio Fidelity OTC Portfolio Fidelity OTC Portfolio Year-to-Date Return 2012-06-30 Highest Quarter Return 2009-06-30 Lowest Quarter Return 2008-12-31 Fidelity Blue Chip Growth Fund Fidelity Blue Chip Growth Fund Fidelity Blue Chip Growth Fund Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell 1000® Growth Index <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityOTCPortfolio column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityBlueChipGrowthFundFidelityBlueChipGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelitySmallCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityBlueChipGrowthFundFidelityBlueChipGrowthFund 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: <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityBlueChipGrowthFundFidelityBlueChipGrowthFund column period compact * ~</div> The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Class A - Return Before Taxes Class T - Return Before Taxes Class B - Return Before Taxes Class C - Return Before Taxes Russell 2000® Growth Index Class A - Return After Taxes on Distributions Class A - Return After Taxes on Distributions and Sale of Fund 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 150% of the average value of its portfolio. Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell 2000® Growth Index <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityBlueChipGrowthFundFidelityBlueChipGrowthFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityBlueChipGrowthFundFidelityBlueChipGrowthFund column period compact * ~</div> Fund Summary Fund: Fidelity® Blue Chip Value Fund Investment Objective The fund seeks capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold 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: 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 102% of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing primarily in common stocks of well-known and established companies.</li> <li>Normally investing at least 80% of assets in blue chip companies (companies whose stock is included in the S&P 500® Index or the Dow Jones Industrial AverageSM (DJIASM), and companies with market capitalizations of at least $1 billion if not included in either index). </li> <li>Investing in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks). </li> <li>Investing in securities of 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 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>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> <li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li></ul> 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 over various periods of time. The index description appears 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. Year-by-Year Returns Calendar Years <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">19.88% </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">-25.14% </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">5.21% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> 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. 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 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 Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) Shareholder fees (fees paid directly from 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. You could lose money by 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 over various periods of time. Past performance (before and after taxes) is not an indication of future performance. www.fidelity.com Year-to-Date Return 2012-06-30 Highest Quarter Return 2009-09-30 Class K Nasdaq Composite® Index Lowest Quarter Return 2008-12-31 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. Fidelity Blue Chip Value Fund Fidelity Blue Chip Value Fund Fidelity Blue Chip Value Fund Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions Return Before Taxes Russell 1000® Growth Index Class K <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityBlueChipValueFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesFidelityBlueChipValueFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityBlueChipValueFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityBlueChipValueFundBarChart column period compact * ~</div> Fidelity Dividend Growth Fund Fidelity Dividend Growth Fund Fidelity Dividend Growth Fund <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySmallCapGrowthFundClassF column period compact * ~</div> 2008-05-09 2004-11-03 2004-11-03 2004-11-03 2004-11-03 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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySmallCapValueFundClassF column period compact * ~</div> <ul><li>Investing more than 25% of total assets in the technology sector. </li></ul> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySmallCapValueFundClassF column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelitySmallCapValueFundClassFBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySmallCapValueFundClassAClassTClassBClassC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelitySmallCapValueFundClassF column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelitySmallCapValueFund column period compact * ~</div> 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 2009-06-26 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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySmallCapGrowthFundClassAClassTClassBClassC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySmallCapGrowthFundClassAClassTClassBClassC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleNoRedemptionFidelitySmallCapGrowthFundClassAClassTClassBClassC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelitySmallCapGrowthFundClassAClassTClassBClassCBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelitySmallCapGrowthFundClassAClassTClassBClassC column period compact * ~</div> Russell 1000® Value Index <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySmallCapValueFundClassF column period compact * ~</div> Russell 2000® Value Index Class T - Return Before Taxes Class C - Return Before Taxes Class B - Return Before Taxes Class A - Return After Taxes on Distributions and Sale of Fund Shares Class A - Return After Taxes on Distributions Class A - Return Before Taxes <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelitySmallCapValueFundClassAClassTClassBClassC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityBlueChipGrowthFundClassF column period compact * ~</div> Russell 2000® Value Index <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityBlueChipGrowthFund column period compact * ~</div> 92 287 498 1108 Fund Summary Fund/Class: Fidelity® Series Small Cap Opportunities Fund/Fidelity Series Small Cap Opportunities Fund 86 268 466 1037 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityRealEstateIncomeFund column period compact * ~</div> 2010-04-14 2010-04-14 2010-04-14 2010-04-14 2010-04-14 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityRealEstateIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityRealEstateIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityRealEstateIncomeFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityRealEstateIncomeFund column period compact * ~</div> <ul><li>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. </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 each issuer's financial condition and industry position and 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 can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease. </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>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.</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. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) 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.</li></ul>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. Fund Summary Fund/Class: Fidelity® Small Cap Growth Fund/Fidelity Advisor® Small Cap Growth Fund Institutional 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) 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. 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 150% of the average value of its portfolio. <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies with small market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index).</li><li>Investing in companies that Fidelity Management & Research Company (FMR) believes have above-average growth potential (stocks of these companies are often called "growth" stocks).</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> <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 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>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><li>"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks. </li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li></ul>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. 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. 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 over various periods of time. The index description appears in the Additional Information about the Index 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. Investment Objective 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 over various periods of time. The fund seeks capital appreciation. Fee Table Past performance (before and after taxes) is not an indication of future performance. The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 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) www.advisor.fidelity.com 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: Year-by-Year Returns Calendar Years <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">23.92% </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">-27.62% </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">8.03% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> 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 66% of the average value of its portfolio. Average Annual Returns Principal Investment Strategies 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 Principal Investment Risks <ul><li>Normally investing primarily in common stocks.</li><li> Normally investing at least 80% of assets in securities of companies with small market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index). </li><li>Investing in domestic and foreign issuers.</li><li>Allocating the fund's assets across different market sectors (at present, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecom services, and utilities), using different Fidelity managers.</li><li> Investing in either "growth" stocks or "value" stocks or both.</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 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>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><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li></ul>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 over various periods of time. The index description appears in the Additional Information about the Index 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. Year-by-Year Returns Calendar Years <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">25.60% </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">-24.87% </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">5.19% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Average Annual Returns 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. 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 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. Highest Quarter Return 2009-06-30 Lowest Quarter Return 2008-12-31 You could lose money by investing in the fund. Year-to-Date Return 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. 2012-06-30 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 over various periods of time. www.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. You could lose money by investing in the fund. 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. Fund Summary Fund/Class: Fidelity® Real Estate Income Fund/Fidelity Real Estate Income Fund Investment Objective The fund seeks higher than average income. As a secondary objective, the fund also seeks capital growth. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. 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) 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: 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 27% of the average value of its portfolio. Principal Investment Strategies Principal Investment Risks 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 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 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. Year-by-Year Returns Calendar Years <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">20.55% </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">-23.19% </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">9.90% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> 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. 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 <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> 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 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. Past performance (before and after taxes) is not an indication of future performance. www.fidelity.com 0 Highest Quarter Return 2009-06-30 Lowest Quarter Return 2008-12-31 Year-to-Date Return 2012-06-30 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. Fund Summary Fund/Class: Fidelity® Real Estate Income Fund/Fidelity Advisor® Real Estate Income Fund Institutional Investment Objective The fund seeks higher than average income. As a secondary objective, the fund also seeks capital growth. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) 114 Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 356 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: 617 Portfolio Turnover 1363 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. Principal Investment Strategies <ul><li>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.</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 each issuer's financial condition and industry position and 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 can react differently to these developments.</li><li> Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</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> 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. </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. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) 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.</li></ul> 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 performance of the fund's shares over the past 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 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 Calendar Years <table border="1" width="95%"><tr><td><div align="left">During the period 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">5.96% </div></td><td><div align="left">December 31, 2011</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-5.89% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">9.96% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> 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. 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 S&P 500® Index Fidelity Real Estate Income Composite IndexSM Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares <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> 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 information illustrates the performance of the fund's shares over the past 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. Past performance (before and after taxes) is not an indication of future performance. www.advisor.fidelity.com Year-to-Date Return 2012-06-30 Highest Quarter Return 2011-12-31 Lowest Quarter Return 2011-09-30 2007-03-22 2007-03-22 2007-03-22 2007-03-22 Year-to-Date Return 2012-06-30 Highest Quarter Return 2009-06-30 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. Lowest Quarter Return 2008-12-31 Institutional Class Institutional Class Institutional Class Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500® Index Fidelity Real Estate Income Composite IndexSM Fidelity Series Small Cap Opportunities Fund Fidelity Series Small Cap Opportunities Fund Fidelity Series Small Cap Opportunities Fund Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell 2000® Index <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySeriesSmallCapOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySeriesSmallCapOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySeriesSmallCapOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelitySeriesSmallCapOpportunitiesFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelitySeriesSmallCapOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityRealEstateIncomeFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityRealEstateIncomeFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityRealEstateIncomeFundInstitutionalClassBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityRealEstateIncomeFundInstitutionalClass column period compact * ~</div> 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 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityRealEstateIncomeFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityInternationalRealEstateFundClassAClassTClassBClassC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityInternationalRealEstateFundClassAClassTClassBClassC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityInternationalRealEstateFundClassAClassTClassBClassC 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> <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 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. Fund Summary Fund/Class: Fidelity® Series Small Cap Opportunities Fund/F Investment Objective The fund seeks capital appreciation. 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 (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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: 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 66% of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in securities of companies with small market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index). </li><li>Investing in domestic and foreign issuers. </li><li>Allocating the fund's assets across different market sectors (at present, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecom services, and utilities), using different Fidelity managers. </li><li>Investing in either "growth" stocks or "value" stocks or both. </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 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>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><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers. </li></ul>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 over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.401k.com and log in for updated return information. Year-by-Year Returns Calendar Years Average Annual Returns <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">19.00% </div></td><td><div align="left">December 31, 2010</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-21.51% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">5.36% </div></td><td><div align="left">June 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 Fund Summary Fund/Class: Fidelity® International Real Estate Fund/Fidelity Advisor® International Real Estate Fund A, T, B, C Investment Objective The fund seeks capital appreciation. Fee Table 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. 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) 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: Sell All Shares Hold Shares 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 138% of the average value of its portfolio. 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 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 over various periods of time. Past performance (before and after taxes) is not an indication of future performance. www.401k.com and log in for updated return information 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> Principal Investment Strategies Principal Investment Risks 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. 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. 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. 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 after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. You could lose money by 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. Past performance (before and after taxes) is not an indication of future performance. www.advisor.fidelity.com 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 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">16.67% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Average Annual Returns 0 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 93 290 504 1120 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. 121 After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. 378 The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. 654 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. 1443 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. 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. 2007-04-04 2007-04-04 2007-04-04 2007-04-04 2007-04-04 Class A - Return Before Taxes Class A - Return After Taxes on Distributions Class A - Return After Taxes on Distributions and Sale of Fund Shares Class T - Return Before Taxes Class B - Return Before Taxes Class C - Return Before Taxes 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 Russell 2000® Index Highest Quarter Return 2009-06-30 Lowest Quarter Return 2008-12-31 Year-to-Date Return 2012-06-30 Class F Class F Class F Highest Quarter Return 2010-12-31 Lowest Quarter Return 2011-09-30 Year-to-Date Return 2012-06-30 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleNoRedemptionFidelityInternationalRealEstateFundClassAClassTClassBClassC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityInternationalRealEstateFundClassAClassTClassBClassCBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityInternationalRealEstateFundClassAClassTClassBClassC column period compact * ~</div> 2009-06-26 2009-06-26 2009-06-26 2009-06-26 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySeriesSmallCapOpportunitiesFundClassF column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySeriesSmallCapOpportunitiesFundClassF column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelitySeriesSmallCapOpportunitiesFundClassFBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelitySeriesSmallCapOpportunitiesFundClassF column period compact * ~</div> Fund Summary Fund/Class: Fidelity® International Real Estate Fund/Fidelity Advisor® International Real Estate Fund Institutional Investment Objective The fund seeks capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. 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) 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: 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 138% of the average value of its portfolio. Principal Investment Strategies <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> 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 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 Calendar Years <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">16.88% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> 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. 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 <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 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 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. www.advisor.fidelity.com Year-to-Date Return 2012-06-30 Highest Quarter Return 2009-06-30 Lowest Quarter Return 2008-12-31 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. Institutional Class Institutional Class Institutional Class FTSE® EPRASM/NAREIT® Developed ex North America Index MSCI® EAFE®Index Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions Return Before Taxes <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityInternationalRealEstateFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityInternationalRealEstateFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityInternationalRealEstateFundInstitutionalClassBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityInternationalRealEstateFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityInternationalRealEstateFundInstitutionalClass column period compact * ~</div> 108 337 585 1294 2004-11-03 2004-11-03 2004-11-03 2004-11-03 Fidelity Real Estate Income Fund Fidelity Real Estate Income Fund Fidelity Real Estate Income Fund Institutional Class Return Before Taxes Institutional Class Institutional Class Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares 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. Russell 2000® Growth Index <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySeriesSmallCapOpportunitiesFundClassF column period compact * ~</div> 50000 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySmallCapGrowthFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySmallCapGrowthFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelitySmallCapGrowthFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySmallCapGrowthFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelitySmallCapGrowthFundInstitutionalClassBarChart column period compact * ~</div> 70 510 509 221 290 742 739 588 384 992 987 1011 859 1709 1698 2190 509 190 510 742 739 588 992 987 1011 1709 1698 2190 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySmallCapGrowthFundClassAClassTClassBClassC column period compact * ~</div> 2008-05-09 2008-05-09 2008-05-09 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 2011-12-31 Lowest Quarter Return 2011-09-30 Year-to-Date Return 2012-06-30 Declines over 6 years from 5.00% to 0%. On Class C shares redeemed less than one year after purchase. Fund Summary Fund/Class: Fidelity® Leveraged Company Stock Fund/Fidelity Leveraged Company Stock Fund Investment Objective The fund seeks capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) <table border="1" width="95%"><tr><td><div align="left">During the period 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">5.87% </div></td><td><div align="left">December 31, 2011</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-5.96% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">9.84% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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: 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 29% of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in stocks.</li><li>Normally investing primarily in common stocks of leveraged companies (companies that issue lower-quality debt and other companies with leveraged capital structures).</li><li>Potentially investing in lower-quality debt securities.</li><li>Investing in domestic and foreign issuers.</li><li>Investing in either "growth" stocks or "value" stocks or both.</li><li>Using fundamental analysis of each issuer's financial condition and industry position and 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 can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</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.</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. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) 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.</li><li>Highly Leveraged Company Exposure. Leverage can magnify the impact of adverse issuer, political, regulatory, market, or economic developments on a company.</li></ul>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. 2010-04-14 2010-04-14 2010-04-14 2010-04-14 2010-04-14 2010-04-14 2010-04-14 Year-by-Year Returns Calendar Years <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">44.06% </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">-37.27% </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">12.58% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Average Annual Returns Declines over 6 years from 5.00% to 0%. 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 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. On Class C shares redeemed less than one year after purchase. Past performance (before and after taxes) is not an indication of future performance. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityLeveragedCompanyStockFundClassK column period compact * ~</div> 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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityLeveragedCompanyStockFundClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityLeveragedCompanyStockFundClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityLeveragedCompanyStockFundClassKBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityLeveragedCompanyStockFundClassK column period compact * ~</div> Fidelity Real Estate Income Composite IndexSM S&P 500® Index Class A - Return Before Taxes Class A - Return After Taxes on Distributions Class A - Return After Taxes on Distributions and Sale of Fund Shares Class T - Return Before Taxes Class C - Return Before Taxes 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 Year-to-Date Return 2012-06-30 Highest Quarter Return 2003-06-30 Fund Summary Fund/Class: Fidelity® Real Estate Income Fund/Fidelity Advisor® Real Estate Income Fund A, T, C Lowest Quarter Return Investment Objective 2008-12-31 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityBlueChipValueFund column period compact * ~</div> 88 274 477 1061 Fidelity Leveraged Company Stock Fund Fidelity Leveraged Company Stock Fund Fidelity Leveraged Company Stock Fund Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500® Index Credit Suisse Leveraged Equity Index The fund seeks higher than average income. Fee Table 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. 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) Fund Summary Fund/Class: Fidelity® Series Real Estate Income Fund/Fidelity Series Real Estate Income Fund Investment Objective The fund seeks higher than average income. As a secondary objective, the fund also seeks capital growth. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold 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 and if you hold your shares: 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 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. For the period from October 20, 2011 to July 31, 2012, the fund's portfolio turnover rate was 29% (annualized) of the average value of its portfolio. Portfolio Turnover 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 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. </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 each issuer's financial condition and industry position and 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 can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</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>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.</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. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) 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.</li></ul>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 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. Principal Investment Strategies Fund Summary Fund/Class: Fidelity® Leveraged Company Stock Fund/K 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) Portfolio Turnover Principal Investment Strategies Principal Investment Risks Performance Year-by-Year Returns Calendar Years Average Annual Returns For the periods ended December 31, 2011 <ul><li>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.</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 each issuer's financial condition and industry position and market and economic conditions to select investments.</li></ul> 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. 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 29% of the average value of its portfolio. <ul><li>Normally investing at least 80% of assets in stocks.</li><li>Normally investing primarily in common stocks of leveraged companies (companies that issue lower-quality debt and other companies with leveraged capital structures).</li><li>Potentially investing in lower-quality debt securities. </li><li>Investing in domestic and foreign issuers.</li><li>Investing in either "growth" stocks or "value" stocks or both.</li><li>Using fundamental analysis of each issuer's financial condition and industry position and 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 can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</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. </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. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) 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.</li><li>Highly Leveraged Company Exposure. Leverage can magnify the impact of adverse issuer, political, regulatory, market, or economic developments on a company.</li></ul>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. <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> 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 is not an indication of future performance. Visit www.401k.com and log in 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">38.22% </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">-26.59% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">12.70% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> Principal Investment Risks <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> 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. Fund Summary Fund/Class: Fidelity® Series Real Estate Income Fund/F Investment Objective The fund seeks higher than average income. Performance history will be available for the fund after the fund has been in operation for one calendar year. As a secondary objective, the fund also seeks capital growth. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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. For the period from October 20, 2011 to July 31, 2012, the fund's portfolio turnover rate was 29% (annualized) 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 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.</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 each issuer's financial condition and industry position and 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 can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</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>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.</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. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) 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.</li></ul>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 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 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 is not an indication of future performance. www.401k.com and log in for updated return information Highest Quarter Return <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 can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</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>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.</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. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) 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.</li></ul>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. 2009-06-30 Lowest Quarter Return 2011-09-30 Year-to-Date Return 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. 2012-06-30 You could lose money by investing in the fund. Performance S&P 500® Index Credit Suisse Leveraged Equity Index The following information is intended to help you understand the risks of investing in the fund. The information illustrates the performance of the fund's shares over the past 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 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. Class K The information illustrates the performance of the fund's shares over the past 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. Past performance (before and after taxes) is not an indication of future performance. www.advisor.fidelity.com Year-by-Year Returns Average Annual Returns 0 0 63 199 346 774 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 Fund Summary Fund/Class: Fidelity® Series Real Estate Equity Fund/F 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 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 (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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: 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. For the period from October 20, 2011 to July 31, 2012, the fund's portfolio turnover rate was 40% (annualized) of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing primarily in common stocks.</li><li>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.</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 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. <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 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 <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> Performance history will be available for the fund after the fund has been in operation for one calendar year. 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. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. 62 195 340 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. 50000 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityLeveragedCompanyStockFund column period compact * ~</div> 762 Sell All Shares Hold Shares 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. <ul><li>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.</li></ul> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityLeveragedCompanyStockFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityRealEstateIncomeFundClassAClassTClassC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityLeveragedCompanyStockFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySeriesRealEstateEquityFundClassF column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityRealEstateIncomeFundClassAClassTClassC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityRealEstateIncomeFundClassAClassTClassC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySeriesRealEstateEquityFundClassF column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleNoRedemptionFidelityRealEstateIncomeFundClassAClassTClassC column period compact * ~</div> Performance history will be available for the fund after the fund has been in operation for one calendar year. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityRealEstateIncomeFundClassAClassTClassCBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityRealEstateIncomeFundClassAClassTClassC column period compact * ~</div> 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. 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. 0 83 259 450 1002 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 (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 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: 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. For the period from October 20, 2011 to July 31, 2012, the fund's portfolio turnover rate was 40% (annualized) of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing primarily in common stocks.</li><li>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.</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 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 <ul><li>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.</li></ul> 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 history will be available for the fund after the fund has been in operation for one calendar year. Fund Summary Fund/Class: Fidelity® International Real Estate Fund/Fidelity International Real Estate Fund Investment Objective The fund seeks capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. 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) 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: 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 138% of the average value of its portfolio. Principal Investment Strategies <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> 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 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.fidelity.com for updated return information. Year-by-Year Returns Calendar Years <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">16.83% </div></td><td><div align="left">June 30, 2012</div></td></tr></table> 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. 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 <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> 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 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. 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. 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. 121 378 On Class C shares redeemed less than one year after purchase. 654 1443 2004-09-08 2004-09-08 2004-09-08 2004-09-08 2004-09-08 Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySeriesRealEstateEquityFundClassF column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityLeveragedCompanyStockFund column period compact * ~</div> Year-to-Date Return 2012-06-30 Highest Quarter Return 2009-06-30 Lowest Quarter Return 2008-12-31 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySeriesRealEstateEquityFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualclassoperatingexpensesFidelitySeriesRealEstateEquityFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySeriesRealEstateEquityFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityLeveragedCompanyStockFund column period compact * ~</div> Fidelity International Real Estate Fund Fidelity International Real Estate Fund Fidelity International Real Estate Fund 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 82 255 444 990 <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> 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/ScheduleAverageAnnualTotalReturnsTransposedFidelityInternationalRealEstateFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySeriesRealEstateIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySeriesRealEstateIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySeriesRealEstateIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelitySeriesRealEstateIncomeFundClassF column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelitySeriesRealEstateIncomeFundClassF column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelitySeriesRealEstateIncomeFundClassF column period compact * ~</div> As a secondary objective, the fund also seeks capital growth. On Class C shares redeemed less than one year after purchase. Declines over 6 years from 5.00% to 0%. 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. 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. 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 Russell 2000® Value Index 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. 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. 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. 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. 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. 2003-02-04 2003-02-04 2003-02-04 2003-02-04 2003-02-04 2007-04-04 2007-04-04 2007-04-04 2007-04-04 2007-04-04 2007-04-04 2007-04-04 2007-04-04 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. 0.0067 0 0.0007 0.0074 -0.0256 0.198 0.4531 0.95 0.1387 -0.1469 0.1071 0.0067 0 0.0002 0.0069 0.1988 -0.0252 -0.0252 -0.0309 -0.009 0.0264 0.1845 0.1811 0.1594 0.1665 -0.0256 0.0264 0.0158 0.0262 0.0068 0 0.0023 0.0002 0.0093 0.95 -0.2044 0.2336 0.0584 0.035 0.1467 0.0111 -0.4296 0.51 0.2119 -0.0851 -0.0851 -0.086 -0.0545 0.0211 -0.007 -0.012 -0.0062 -0.0025 0.0176 0.0132 0.0145 0.0292 -0.015 0.0076 0 0.0004 0.008 0.2696 -0.0263 0.0068 0 0.0007 0.0002 0.0077 -0.0263 -0.0295 -0.0132 -0.0291 0.1852 0.1835 0.1601 0.1759 0.5132 0.2143 -0.0834 0.63 -0.0834 0.0211 0.0055 -0.0047 0.2803 -0.2675 0.2055 -0.147 0.1067 0.0877 0.0046 0 0.0008 0.0054 0.2337 0.1482 0.0152 0.0152 0.0139 0.0112 0.0123 0.0211 -0.0669 -0.0726 -0.0549 -0.0025 -0.0148 -0.0234 -0.0112 0.0292 0.0211 -0.0728 -0.0047 0.63 0.0882 0.2817 -0.209 0.27 0.0046 0 0.0071 0.62 0.0025 -0.1808 0.1901 0.0984 0.0271 0.1071 0.0074 -0.5089 0.2305 0.1457 0.0139 0.27 0.62 1.5 0.0968 0.1562 -0.2888 0.1647 -0.2112 0.082 0.098 0.156 -0.1389 -0.015 0.254 -0.2222 0.0879 0.0085 0 0.0029 0.0114 0.1752 0.1569 0.011 -0.3019 0.3669 0.2515 -0.0364 -0.0364 -0.0467 -0.0122 -0.055 0.0307 0.0261 0.0256 -0.0187 0.088 0.2531 -0.2223 0.0036 0 0.0041 0 0 0.035 0.0575 0 0 0.05 0.01 -0.015 -0.015 -0.015 -0.015 -0.015 0.0085 0.0085 0.0085 0.0085 0.01 0.01 0.005 0.0025 0.0085 0 0.0034 0.0032 0.0034 0.0034 0.0113 0.0028 0.1761 0.1565 0.011 -0.3027 0.3657 0.2508 -0.0364 -0.015 0.1721 0.1533 0.0078 -0.0467 0.0076 -0.0121 -0.055 0.0302 0.0256 0.0251 -0.0187 -0.3052 0 0.3646 0.27 0.2477 0.0027 -0.0398 0.0103 0.0823 0.0761 0.0702 0.0358 0.1429 0.132 0.1681 -0.4493 0.4292 0.2655 0.007 -0.0283 0 0.0007 0.0077 0.27 -0.0283 -0.0316 -0.0145 -0.0291 0.0202 0.0248 0.0193 0.0209 -0.015 0.0741 0.0699 0.0629 0.0523 0.0085 0 0.0077 0.0089 0.626 0.2034 -0.0029 -0.0364 -0.0079 -0.0029 0.0395 0.0279 -0.095 -0.1046 -0.051 -0.0753 -0.091 -0.0549 -0.055 0.0153 0.011 0.0126 0.0177 0.0162 0.0199 -0.0187 0.0645 0.0703 0.0596 0.0713 0.0713 0.0713 0.0358 1.49 0.254 -0.0342 0.0812 0.2395 -0.2758 -0.0342 -0.0446 -0.0105 -0.055 0.176 0.1693 0.151 0.1679 0.1436 0.0575 0.035 0 0 0.1006 0.1534 0.0436 0 -0.4483 0 0.05 0.01 0.2778 0.1005 -0.0802 -0.015 -0.015 -0.015 -0.015 1.49 0.1771 -0.2015 0.007 0.0893 0 0.0021 0.0091 0.0076 0.0076 0.0076 0.0076 0.0025 0.005 0.01 0.01 0.0034 0.0035 0.0034 0.0034 0.0135 0.0161 0.021 0.021 -0.2329 0.358 0.0144 0.0167 0.0219 0.0219 0.0812 0.0894 0.0945 0.2614 -0.4598 0.6224 0.2014 -0.0042 0.068 0.2455 -0.1385 0.0826 0.0763 0.0704 0.0358 -0.0042 -0.0042 -0.0027 -0.0079 -0.0802 -0.0825 -0.0493 0.0039 0.0575 0.0575 0.0496 0.025 -0.0572 -0.061 -0.0478 -0.0264 0.0591 0.0589 0.0519 0.0374 0.0226 0.0185 0.0197 0.0487 0.0868 0.2525 -0.2234 0.1404 0.1282 0.1647 -0.451 0.4258 0.2628 -0.0313 -0.087 -0.0528 -0.09 -0.0679 -0.0859 -0.0477 -0.0291 0.01 0.0057 0.0068 0.0121 0.0105 0.0143 0.0209 0.0623 0.0584 0.0526 0.0631 0.0632 0.0631 0.0523 1.5 0.2391 -0.2768 0.079 0.0067 0 0.0023 0.009 -0.0272 -0.0328 -0.0105 0.0264 0.0298 0.0241 0.0251 0.025 0.0233 0.0196 0.0197 0.026 0.1058 0.2046 -0.2475 0.0004 0.0673 0.2453 -0.2417 -0.2532 0.248 0.0626 0.0403 0.0554 0.1183 -0.386 0.4496 0.1961 -0.0272 1.02 0.0521 0.1988 -0.2514 1.5 0.95 -0.0075 0.0056 0 0.0034 0.009 0.117 0.0507 0.1172 -0.0645 -0.3102 0.4682 0.1881 0.0471 0.0471 0.0377 0.0428 0.0211 0.087 0.0334 0.023 0.0263 -0.0025 0.0654 0.0697 0.0578 0.0576 0.0664 0.0856 -0.0075 0.0056 0 0.0028 0.0084 0.0471 0.0471 0.0376 0.043 0.0211 0.087 0.0832 0.0712 0.0688 0.0438 0.1074 1.5 0.2392 0.66 -0.2762 0.0803 0.27 0.2055 -0.2319 0.099 0.0087 0 0.0025 0.0112 0.27 0.0996 0.0596 -0.0589 -0.393 0.4651 0.3291 -0.029 -0.029 -0.0307 -0.0168 -0.0418 0.0139 0.013 0.0116 -0.0042 0.0519 0.256 -0.2487 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 -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 -0.0597 -0.1064 -0.1371 0.66 1.38 0.0087 0 0.0004 0.0091 -0.015 0.0071 0 0.0048 0.0119 0.3322 -0.0271 -0.506 0.3593 0.1456 -0.2226 -0.0271 -0.029 -0.0154 -0.0418 0.2358 0.2346 0.2047 0.1724 -0.2226 -0.2316 -0.14 -0.1204 -0.176 -0.1131 -0.1268 -0.0964 -0.0457 -0.0853 -0.1284 -0.1427 -0.1087 -0.0597 -0.1064 0.3525 -0.2443 0.1667 0.19 -0.2151 0.0536 1.38 0.1688 0.3524 -0.2437 -0.015 0.0076 0 0.003 0.0106 0.1426 0.1326 0.1686 -0.4487 0.4299 0.2659 -0.0283 -0.0283 -0.0315 -0.0145 -0.0291 0.0253 0.0208 0.0198 0.0209 0.0744 0.0702 0.0632 0.0523 0 0.04 0.04 0 0.01 0 -0.0075 -0.0075 -0.0075 -0.015 0.0056 0.0056 0.0056 0.0061 0 0.0008 0.0069 0.0025 0.0025 0.01 0.0031 0.003 0.0031 0.0112 0.0111 0.0187 0.5989 0.2476 -0.1049 0.0447 -0.1049 0.0211 -0.1089 -0.0689 -0.0047 -0.0677 0.0587 -0.0596 0.0984 0.0029 -0.0059 0.0133 0.0026 0.0259 0.0211 0.087 0.0551 0.0437 0.0449 0.0546 0.0722 0.0438 0.1074 0.29 0.1258 0.4406 -0.3727 -0.015 0.0061 0 0.0025 0.0086 -0.0177 0.9631 0.2446 0.1747 0.1757 0.179 -0.5453 0.5956 0.2451 -0.1062 -0.1062 -0.1078 -0.067 0.0211 -0.1089 -0.0098 -0.0126 -0.0082 -0.0025 -0.0353 0.1218 0.1168 0.1085 0.0292 0.042 0.27 0.29 0.29 0.3822 -0.2659 0.127 0.0056 0 0.0006 0.0062 0.0056 0 0.0005 0.0061 0.4 0.29 0.0056 0 0.0025 0.0081 0.4 -0.015 0.0071 0 0.0048 0.0119 0.1494 0.4287 -0.0825 -0.5052 0.3582 0.1453 -0.2224 -0.2224 -0.2314 -0.14 -0.1204 -0.176 -0.113 -0.1266 -0.0963 -0.0457 -0.0853 0.0092 -0.0076 0.0026 0.0393 0.0405 0.1683 0.3518 -0.2432 0.0056 0 0.0024 1.38 0.008 From June 26, 2009. From May 9, 2008. Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses. From May 9, 2008. From November 3, 2004. 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 November 3, 2004. From June 17, 2003. From April 14, 2010. From March 22, 2007. From February 4, 2003. From April 4, 2007. From September 8, 2004.