497 1 main.htm

Supplement to the
Fidelity® International Real Estate Fund
September 29, 2006
Prospectus

<R>Fidelity International Real Estate is composed of multiple classes of shares. References to the fund are deemed to include class where applicable. The features and policies related to your shares of the fund will not change. </R>

<R>The following information replaces the information found under the heading "Year-by-Year Returns" in the "Fund Summary" section on page 4.</R>

<R>International Real Estate</R>

<R>Calendar Years</R>

<R>2005</R>

<R>2006</R>

<R>14.94%</R>

<R>42.87%</R>

<R>

</R>

<R>During the periods shown in the chart for International Real Estate:</R>

<R>Returns</R>

<R>Quarter ended</R>

<R>Highest Quarter Return</R>

<R> 18.93%</R>

<R>December 31, 2006</R>

<R>Lowest Quarter Return</R>

<R> -3.98%</R>

<R>March 31, 2005</R>

<R>IRE-07-03 April 10, 2007
1.808406.107</R>

<R>The following information replaces the information found under the heading "Average Annual Returns" in the "Fund Summary" section on page 4.</R>

<R>For the periods ended
December 31, 2006</R>

<R>Past 1
year</R>

<R>Life of
fundA</R>

<R>International Real Estate</R>

<R>Return Before Taxes</R>

<R> 42.87%</R>

<R> 33.42%</R>

<R>Return After Taxes on Distributions</R>

<R> 38.71%</R>

<R> 30.90%</R>

<R>Return After Taxes on Distributions and Sale of Fund Shares</R>

<R> 28.40%</R>

<R> 27.64%</R>

<R>MSCI® EAFE Index (reflects no deduction for fees, expenses, or taxes)</R>

<R> 26.53%</R>

<R> 24.97%</R>

<R>EPRA/NAREIT Index (reflects no deduction for fees, expenses, or taxes)</R>

<R> 47.78%</R>

<R> 37.49%</R>

<R>LipperSM Real Estate Funds Average
(reflects no deduction for sales charges or taxes)</R>

<R> 34.08%</R>

<R>--</R>

<R>A From September 8, 2004</R>

The following information replaces the information found under the heading "Fee Table" in the "Investment Summary" section on page 5.

Annual operating expenses (paid from fund assets)

Management fee

0.72%

Distribution and/or Service (12b-1) fees

None

Other expenses

0.40%

Total annual fund operating expenses

1.12%

The following information replaces the biographical information for Matthew Lentz in the the "Fund Management" section on page 23.

Steve Buller is vice president and manager of Fidelity International Real Estate Fund, which he has managed since January 2007. Since joining Fidelity Investments in 1992, Mr. Buller has worked as a research analyst and portfolio manager.