Fidelity Advisor
®
Real Estate Fund
|
Class
/Ticker
|
|
A
/FHEAX
|
T
/FHETX
|
B
/FHEBX
|
C
/FHECX
|
|
Summary Prospectus
September 29, 2012
As Revised August 1, 2013
Fund Summary
Fund
/Class:
Fidelity Advisor
®
Real Estate Fund
/A, T, B, C
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, 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 25 of the prospectus.
|
Shareholder fees
(fees paid directly from your investment)
|
|
|
Class A
|
|
Class T
|
|
Class B
|
|
Class C
|
|
Maximum sales charge (load) on purchases (as a % of offering price)
|
5.75%
|
|
3.50%
|
|
None
|
|
None
|
|
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)
|
None
A
|
|
None
A
|
|
5.00%
B
|
|
1.00%
C
|
A
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.
B
Declines over 6 years from 5.00% to 0%.
C
On Class C shares redeemed less than one year after purchase.
Annual class operating expenses
(expenses that you pay each year as a % of the value of your investment)
|
|
Class A
|
|
Class T
|
|
Class B
|
|
Class C
|
|
Management fee
|
0.56%
|
|
0.56%
|
|
0.56%
|
|
0.56%
|
|
Distribution and/or Service (12b-1) fees
|
0.25%
|
|
0.50%
|
|
1.00%
|
|
1.00%
|
|
Other expenses
|
0.38%
|
|
0.37%
|
|
0.37%
|
|
0.37%
|
|
Total annual operating expenses
|
1.19%
|
|
1.43%
|
|
1.93%
|
|
1.93%
|
Summary Prospectus
This
example
helps compare the cost of investing in the fund with the cost of investing in other mutual funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses
for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in
total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares:
|
Class A
|
Class T
|
Class B
|
Class C
|
|
|
Sell All
Shares
|
Hold
Shares
|
Sell All
Shares
|
Hold
Shares
|
Sell All
Shares
|
Hold
Shares
|
Sell All
Shares
|
Hold
Shares
|
|
1 year
|
$ 689
|
$ 689
|
$ 490
|
$ 490
|
$ 696
|
$ 196
|
$ 296
|
$ 196
|
|
3 years
|
$ 931
|
$ 931
|
$ 787
|
$ 787
|
$ 906
|
$ 606
|
$ 606
|
$ 606
|
|
5 years
|
$ 1,192
|
$ 1,192
|
$ 1,104
|
$ 1,104
|
$ 1,242
|
$ 1,042
|
$ 1,042
|
$ 1,042
|
|
10 years
|
$ 1,935
|
$ 1,935
|
$ 2,003
|
$ 2,003
|
$ 1,972
|
$ 1,972
|
$ 2,254
|
$ 2,254
|
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 48% of the average value of its portfolio.
Principal Investment Strategies
-
Normally investing primarily in common stocks.
-
Normally investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related
investments.
-
Investing in domestic and foreign issuers.
-
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.
Principal Investment Risks
-
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.
-
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.
Summary Prospectus
Fund Summary - continued
-
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.
-
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.
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
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.
Summary Prospectus
|
Calendar Years
|
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
|
|
|
32.35%
|
33.45%
|
16.34%
|
35.92%
|
-17.98%
|
-40.08%
|
36.54%
|
28.98%
|
7.46%
|
|
During the periods shown in the chart for Class A:
|
Returns
|
Quarter ended
|
|
Highest Quarter Return
|
38.43%
|
September 30, 2009
|
|
Lowest Quarter Return
|
-39.64%
|
December 31, 2008
|
|
Year-to-Date Return
|
14.64%
|
June 30, 2012
|
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
|
Past 1
year
|
Past 5
years
|
Life of
class
A
|
|
Class A - Return Before Taxes
|
1.28%
|
-2.60%
|
9.96%
|
|
Return After Taxes on Distributions
|
0.76%
|
-3.22%
|
8.86%
|
|
Return After Taxes on Distributions and Sale of Fund Shares
|
1.44%
|
-2.39%
|
8.34%
|
|
Class T - Return Before Taxes
|
3.40%
|
-2.38%
|
9.95%
|
|
Class B - Return Before Taxes
|
1.67%
|
-2.52%
|
10.02%
|
|
Class C - Return Before Taxes
|
5.64%
|
-2.17%
|
9.83%
|
|
S&P 500
®
Index
(reflects no deduction for fees, expenses, or taxes)
|
2.11%
|
-0.25%
|
5.92%
|
|
Dow Jones U.S. Select Real Estate Securities Index
SM
(reflects no deduction for fees, expenses, or taxes)
|
8.87%
|
-2.22%
|
10.38%
|
A
From September 12, 2002.
Summary Prospectus
Fund Summary - continued
Investment Advisers
Fidelity SelectCo, LLC (SelectCo) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the
fund.
Portfolio Manager(s)
Samuel Wald (portfolio manager) has managed the fund since October 2004.
Purchase and Sale of Shares
You may buy or sell Class A, Class T, Class B, and Class C shares of the fund through a retirement account or through an investment professional.
You may buy or sell shares in various ways:
|
Internet
www.advisor.fidelity.com
|
|
Phone
To reach a Fidelity representative 1-877-208-0098
|
|
Mail
|
|
Fidelity Investments
P.O. Box 770002
Cincinnati, OH 45277-0081
|
Overnight Express:
Fidelity Investments
100 Crosby Parkway
Covington, KY 41015
|
Subject to certain limited exceptions described in the Additional Information about the Purchase and Sale of Shares section of the prospectus, the
fund no longer accepts investments in Class B shares. Any purchase order for Class B shares of the fund (other than from an existing Class B
shareholder pursuant to an exchange or the reinvestment of dividends and capital gain distributions paid on Class B shares) will be deemed to be a
purchase order for Class A shares of the fund and will be subject to any applicable Class A front-end sales charge.
The price to buy one share of Class A or Class T is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if
you qualify for a front-end sales charge waiver. The price to buy one share of Class B or Class C is its NAV. Your shares will be bought at the offering
price or NAV, as applicable, next calculated after your order is received in proper form.
The price to sell one share of Class A, Class T, Class B, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC). Your
shares will be sold at the NAV next calculated after your order is received in proper form, minus any applicable CDSC.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
|
Initial Purchase Minimum
|
$2,500
|
|
For Fidelity Advisor Traditional IRA, Roth IRA, Rollover IRA, Simplified Employee Pension-IRA, and Keogh accounts
|
$500
|
|
Through a regular investment plan established at the time the fund position is opened
|
$100
|
The fund may waive or lower purchase minimums in other circumstances.
After a maximum of seven years from the initial purchase date, Class B shares convert automatically to Class A shares of the fund at NAV.
Summary Prospectus
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may
also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later,
upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, FMR, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, including banks, broker-dealers, or other
service-providers (who may be affiliated with FMR or FDC), for the sale of fund shares and related services. These payments may create a conflict
of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at
202-371-8300.
Fidelity Advisor and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2013 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.915411.103 ARE-SUM-0912-01
Fidelity Advisor
®
Real Estate Fund
Class
/Ticker
Institutional
/FHEIX
Summary Prospectus
September 29, 2012
As Revised August 1, 2013
Fund Summary
Fund
/Class:
Fidelity Advisor
®
Real Estate Fund
/Institutional
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, hold, or sell shares of the fund.
|
Shareholder fees
(fees paid directly from your investment)
|
None
|
Annual class operating expenses
(expenses that you pay each year as a % of the value of your investment)
|
Management fee
|
0.56%
|
|
Distribution and/or Service (12b-1) fees
|
None
|
|
Other expenses
|
0.37%
|
|
Total annual operating expenses
|
0.93%
|
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:
|
1 year
|
$ 95
|
|
3 years
|
$ 296
|
|
5 years
|
$ 515
|
|
10 years
|
$ 1,143
|
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 48% of the average value of its portfolio.
Summary Prospectus
Principal Investment Strategies
-
Normally investing primarily in common stocks.
-
Normally investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related
investments.
-
Investing in domestic and foreign issuers.
-
Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions,
to select investments.
Principal Investment Risks
-
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.
-
Foreign Exposure.
Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory,
market, or economic developments and can perform differently from the U.S. market.
-
Real Estate Industry Concentration.
Changes in real estate values or economic downturns can have a significant negative effect on issuers
in the real estate industry.
-
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.
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.
Summary Prospectus
Fund Summary - continued
Visit www.advisor.fidelity.com for updated return information.
Year-by-Year Returns
|
Calendar Years
|
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
|
|
|
32.62%
|
34.11%
|
16.65%
|
36.35%
|
-17.78%
|
-39.89%
|
36.80%
|
29.30%
|
7.76%
|
|
During the periods shown in the chart:
|
Returns
|
Quarter ended
|
|
Highest Quarter Return
|
38.45%
|
September 30, 2009
|
|
Lowest Quarter Return
|
-39.55%
|
December 31, 2008
|
|
Year-to-Date Return
|
14.78%
|
June 30, 2012
|
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
|
Past 1
year
|
Past 5
years
|
Life of
class
A
|
|
Institutional Class
|
|
|
|
|
Return Before Taxes
|
7.76%
|
-1.19%
|
10.98%
|
|
Return After Taxes on Distributions
|
7.20%
|
-1.88%
|
9.81%
|
|
Return After Taxes on Distributions and Sale of Fund Shares
|
5.72%
|
-1.24%
|
9.23%
|
|
S&P 500
®
Index
(reflects no deduction for fees, expenses, or taxes)
|
2.11%
|
-0.25%
|
5.92%
|
|
Dow Jones U.S. Select Real Estate Securities Index
SM
(reflects no deduction for fees, expenses, or taxes)
|
8.87%
|
-2.22%
|
10.38%
|
A
From
September 12, 2002
.
Summary Prospectus
Investment Advisers
Fidelity SelectCo, LLC (SelectCo) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Samuel Wald (portfolio manager) has managed the fund since October 2004.
Purchase and Sale of Shares
Institutional Class eligibility requirements are listed in the Additional Information about the Purchase and Sale of Shares section of the prospectus.
You may buy or sell Institutional Class shares of the fund through a retirement account or through an investment professional. You may buy or sell
shares in various ways:
|
Internet
www.advisor.fidelity.com
|
|
Phone
To reach a Fidelity representative 1-877-208-0098
|
|
Mail
|
|
Fidelity Investments
P.O. Box 770002
Cincinnati, OH 45277-0081
|
Overnight Express:
Fidelity Investments
100 Crosby Parkway
Covington, KY 41015
|
The price to buy one share of Institutional Class is its net asset value per share (NAV). Your shares will be bought at the NAV next calculated after
your order is received in proper form.
The price to sell one share of Institutional Class is its NAV. Your shares will be sold at the NAV next calculated after your order is received in proper form.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
|
Initial Purchase Minimum
|
$2,500
|
|
For Fidelity Advisor Traditional IRA, Roth IRA, Rollover IRA, Simplified Employee Pension-IRA, and Keogh accounts
|
$500
|
|
Through a regular investment plan established at the time the fund position is opened
|
$100
|
The fund may waive or lower purchase minimums in other circumstances.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may
also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later,
upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, FMR, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, including banks, broker-dealers, or other
service-providers (who may be affiliated with FMR or FDC), for the sale of fund shares and related services. These payments may create a conflict
of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at
202-371-8300.
Fidelity Advisor and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2013 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.915412.103 AREI-SUM-0912-01
Federated Premier Intermediate Municipal Income Fund Federated Premier Intermediate Municipal Income Fund (delisted) (NYSE:FPT)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Federated Premier Intermediate Municipal Income Fund Federated Premier Intermediate Municipal Income Fund (delisted) (NYSE:FPT)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
