485BPOS 1 Select_main.htm

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A

REGISTRATION STATEMENT (No. 002-69972)
	UNDER THE SECURITIES ACT OF 1933	[X]
	Pre-Effective Amendment No. ____	[ ]
	Post-Effective Amendment No. 114	[X]
and
REGISTRATION STATEMENT (No. 811-03114)
	UNDER THE INVESTMENT COMPANY ACT OF 1940	[X]
	Amendment No. 114	[X]

Fidelity Select Portfolios
(Exact Name of Registrant as Specified in Charter)

245 Summer Street, Boston, Massachusetts 02210
(Address Of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number: 617-563-7000

Marc Bryant, Secretary
245 Summer Street
Boston, Massachusetts 02210
(Name and Address of Agent for Service)

It is proposed that this filing will become effective on (April 29, 2015) pursuant to paragraph (b) at 5:30 p.m. Eastern Time.

Contents Fund Summary Fund Summary Fund Summary Fund Summary Fund Summary Fund Summary Fund Basics Shareholder Information Fund Services Appendix Contents Fund Summary Fund Summary Fund Summary Fund Summary Fund Summary Fund Basics Shareholder Information Fund Services Appendix Contents Fund Summary Fund Summary Fund Summary Fund Summary Fund Summary Fund Summary Fund Basics Shareholder Information Fund Services Appendix Contents Fund Summary Fund Summary Fund Summary Fund Summary Fund Basics Shareholder Information Fund Services Appendix Contents Fund Summary Fund Basics Shareholder Information Fund Services Appendix

Fidelity^® Select Portfolios^®

Industrials Sector

Fund	Ticker
Air Transportation Portfolio	FSAIX
Defense and Aerospace Portfolio	FSDAX
Environment and Alternative Energy Portfolio	FSLEX
Industrial Equipment Portfolio	FSCGX
Industrials Portfolio	FCYIX
Transportation Portfolio	FSRFX

Prospectus

<R>April 29, 2015</R>

qwe730844

Fund Summary	(Click Here)	Air Transportation Portfolio
	(Click Here)	Defense and Aerospace Portfolio
	(Click Here)	Environment and Alternative Energy Portfolio
	(Click Here)	Industrial Equipment Portfolio
	(Click Here)	Industrials Portfolio
	(Click Here)	Transportation Portfolio
Fund Basics	(Click Here)	Investment Details
	(Click Here)	Valuing Shares
Shareholder Information	(Click Here)	Additional Information about the Purchase and Sale of Shares
	(Click Here)	Exchanging Shares
	(Click Here)	Features and Policies
	(Click Here)	Dividends and Capital Gain Distributions
	(Click Here)	Tax Consequences
Fund Services	(Click Here)	Fund Management
	(Click Here)	Fund Distribution
Appendix	(Click Here)	Financial Highlights
	(Click Here)	Additional Index Information

Prospectus

Fund Summary

Fund:
Air Transportation 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

<R>Management fee	0.55%</R>
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.28%</R>
<R>Total annual operating expenses	0.83%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other 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:

<R>1 year	$ 85</R>
<R>3 years	$ 265</R>
<R>5 years	$ 460</R>
<R>10 years	$ 1,025</R>

Portfolio Turnover

<R>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 65% of the average value of its portfolio.</R>

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the regional, national, and international movement of passengers, mail, and freight via aircraft.
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, including different market sectors, and different types of securities 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.
Air Transportation Industry Concentration. The air transportation industry can be significantly affected by competition within the industry, domestic and foreign economies, government regulation, labor relations, the price of fuel, and geopolitical developments.
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.

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.

Prospectus

Fund Summary - continued

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

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	21.91%	22.46%	-1.92%	-32.57%	22.26%	33.37%	-6.07%	19.16%	50.65%	28.08%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	35.56%	September 30, 2009</R>
<R>Lowest Quarter Return	-30.25%	March 31, 2009</R>
<R>Year-to-Date Return	-1.81%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Air Transportation Portfolio
<R>Return Before Taxes	28.08%	23.56%	13.27%</R>
<R>Return After Taxes on Distributions	27.52%	22.71%	12.48%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	16.26%	19.30%	11.01%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>S&P^® Custom Air Transportation Index (reflects no deduction for fees, expenses, or taxes)	27.18%	21.76%	11.79%</R>

Investment Adviser

Fidelity SelectCo, LLC (SelectCo) (the Adviser), an affiliate of Fidelity Management & Research Company (FMR), is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Matthew Moulis (portfolio manager) has managed the fund since January 2012.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is received in proper form.

The price to sell one share is its NAV, minus the short-term redemption fee, if applicable. Shares will be sold at the NAV next calculated after an order is received in proper form, minus the short-term redemption fee, if applicable.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

Initial Purchase Minimum	$2,500
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

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, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser 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.

Prospectus

Fund Summary

Fund:
Defense and Aerospace 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.24%</R>
<R>Total annual operating expenses	0.79%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 81</R>
<R>3 years	$ 252</R>
<R>5 years	$ 439</R>
<R>10 years	$ 978</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the research, manufacture, or sale of products or services related to the defense or aerospace industries.
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, including different market sectors, and different types of securities 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.
Defense and Aerospace Industry Concentration. The defense and aerospace industry can be significantly affected by government defense and aerospace regulation and spending policies.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	17.89%	20.66%	17.81%	-40.17%	24.87%	21.88%	7.33%	13.51%	48.14%	2.92%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	20.57%	June 30, 2009</R>
<R>Lowest Quarter Return	-18.55%	December 31, 2008</R>
<R>Year-to-Date Return	9.86%	March 31, 2015</R>

Average Annual Returns

<R>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.</R>

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Defense and Aerospace Portfolio
<R>Return Before Taxes	2.92%	17.75%	10.98%</R>
<R>Return After Taxes on Distributions	1.32%	16.95%	10.09%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	2.87%	14.36%	9.03%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Aerospace & Defense 25-50 Index (reflects no deduction for fees, expenses, or taxes)	9.63%	20.06%	13.30%</R>

Investment Adviser

Portfolio Manager(s)

Douglas Scott (portfolio manager) has managed the fund since January 2012.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Environment and Alternative Energy 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.37%</R>
<R>Total annual operating expenses	0.92%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 94</R>
<R>3 years	$ 293</R>
<R>5 years	$ 509</R>
<R>10 years	$ 1,131</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in business activities related to alternative and renewable energy, energy efficiency, pollution control, water infrastructure, waste and recycling technologies, or other environmental support services.
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, including different market sectors, and different types of securities 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.
Environment and Alternative Energy Industry Concentration. The environment and alternative energy industries can be significantly affected by government regulations and subsidies, changing supply and demand for traditional energy sources, and availability of funding for remedial cleanup or development of new technologies, and can be subject to risks associated with hazardous materials.
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.

Prospectus

Fund Summary - continued

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 Index Information section of the prospectus. Prior to July 1, 2010, the fund was named Environmental Portfolio, and the fund operated under certain different investment policies and compared its performance to a different additional index. The fund's historical performance may not represent its current investment policies. 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

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	9.37%	10.49%	12.44%	-30.45%	17.16%	14.93%	-14.30%	14.15%	34.99%	1.86%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	22.39%	June 30, 2009</R>
<R>Lowest Quarter Return	-25.92%	September 30, 2011</R>
<R>Year-to-Date Return	1.96%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Environment and Alternative Energy Portfolio
<R>Return Before Taxes	1.86%	9.10%	5.52%</R>
<R>Return After Taxes on Distributions	-1.12%	8.33%	5.12%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	3.56%	7.22%	4.44%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>FTSE^® Environmental Opportunities & Alternative Energy Index (reflects no deduction for fees, expenses, or taxes)	6.29%	12.26%	5.48%</R>

Prospectus

Investment Adviser

Portfolio Manager(s)

<R>Kevin Walenta (portfolio manager) has managed the fund since November 2014.</R>

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Industrial Equipment 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.22%</R>
<R>Total annual operating expenses	0.77%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 79</R>
<R>3 years	$ 246</R>
<R>5 years	$ 428</R>
<R>10 years	$ 954</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the manufacture, distribution, or service of products and equipment for the industrial sector, including integrated producers of capital equipment, parts suppliers, and subcontractors.
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, including different market sectors, and different types of securities 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.
Industrial Equipment Industry Concentration. The industrial equipment industry can be significantly affected by overall capital spending levels, economic cycles, technical obsolescence, labor relations, and government regulations.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	7.41%	17.04%	23.18%	-46.77%	38.91%	33.90%	-7.69%	20.64%	32.76%	0.47%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	24.86%	June 30, 2009</R>
<R>Lowest Quarter Return	-28.55%	December 31, 2008</R>
<R>Year-to-Date Return	2.34%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Industrial Equipment Portfolio
<R>Return Before Taxes	0.47%	14.74%	8.58%</R>
<R>Return After Taxes on Distributions	-4.46%	13.15%	7.53%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	3.47%	11.78%	6.97%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Capital Goods 25-50 Index (reflects no deduction for fees, expenses, or taxes)	2.85%	16.83%	7.90%</R>

Investment Adviser

Portfolio Manager(s)

Boris Shepov (portfolio manager) has managed the fund since August 2012.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Industrials 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.23%</R>
<R>Total annual operating expenses	0.78%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 80</R>
<R>3 years	$ 249</R>
<R>5 years	$ 433</R>
<R>10 years	$ 966</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the research, development, manufacture, distribution, supply, or sale of industrial products, services, or equipment.
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, including different market sectors, and different types of securities 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.
Industrials Industry Concentration. Industrial industries can be significantly affected by general economic trends, changes in consumer sentiment and spending, commodity prices, legislation, government regulation and spending, import controls, worldwide competition, and liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.
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.

Prospectus

Fund Summary - continued

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 Index Information section of the prospectus. Prior to October 1, 2006, the fund was named Cyclical Industries Portfolio, and the fund operated under certain different investment policies and compared its performance to a different additional index. The fund's historical performance may not represent its current investment policies. 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

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	12.33%	14.80%	17.70%	-40.14%	38.91%	31.08%	-4.88%	19.60%	39.90%	5.81%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	23.63%	June 30, 2009</R>
<R>Lowest Quarter Return	-25.19%	December 31, 2008</R>
<R>Year-to-Date Return	1.67%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Industrials Portfolio
<R>Return Before Taxes	5.81%	17.16%	10.79%</R>
<R>Return After Taxes on Distributions	2.95%	15.94%	9.73%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	5.31%	13.81%	8.77%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Industrials 25-50 Index (reflects no deduction for fees, expenses, or taxes)	8.67%	17.70%	8.54%</R>

Prospectus

Investment Adviser

Portfolio Manager(s)

Tobias Welo (portfolio manager) has managed the fund since January 2007.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Transportation 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.26%</R>
<R>Total annual operating expenses	0.81%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 83</R>
<R>3 years	$ 259</R>
<R>5 years	$ 450</R>
<R>10 years	$ 1,002</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in providing transportation services or companies principally engaged in the design, manufacture, distribution, or sale of transportation equipment.
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, including different market sectors, and different types of securities 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.
Transportation Industry Concentration. The transportation industry can be significantly affected by changes in the economy, fuel prices, labor relations, insurance costs, and government regulation.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	11.90%	9.50%	-0.59%	-27.03%	23.29%	41.30%	-5.28%	11.10%	48.35%	34.01%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	21.71%	September 30, 2009</R>
<R>Lowest Quarter Return	-21.74%	September 30, 2011</R>
<R>Year-to-Date Return	-5.25%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Transportation Portfolio
<R>Return Before Taxes	34.01%	24.20%	12.47%</R>
<R>Return After Taxes on Distributions	33.01%	23.30%	11.77%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	19.72%	19.79%	10.27%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Transportation 25-50 Index (reflects no deduction for fees, expenses, or taxes)	33.09%	22.89%	12.52%</R>

Investment Adviser

Portfolio Manager(s)

Matthew Moulis (portfolio manager) has managed the fund since January 2012.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Basics

Investment Details

Principal Investment Strategies

Air Transportation Portfolio

The fund invests primarily in companies engaged in the regional, national, and international movement of passengers, mail, and freight via aircraft. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, major airlines, commuter airlines, air cargo and express delivery operators, airfreight forwarders, and companies that provide equipment or services to these companies, such as aviation service firms and manufacturers of aeronautical equipment.

Defense and Aerospace Portfolio

The fund invests primarily in companies engaged in the research, manufacture or sale of products or services related to the defense or aerospace industries. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, manufacturers of civil or military aerospace and defense equipment, parts, or products, including defense electronics and space equipment.

Environment and Alternative Energy Portfolio

The fund invests primarily in companies engaged in business activities related to alternative and renewable energy, energy efficiency, pollution control, water infrastructure, waste and recycling technologies, or other environmental support services. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, companies involved in alternative and renewable energy such as solar, wind, biofuels, hydropower, or geothermal power; energy efficiency and energy conservation products and services such as energy-efficient home or building design and insulation, including heating and cooling, lighting, or appliances, as well as fuel efficient vehicles such as hybrid and electric cars; pollution reduction and prevention activities to control emissions; water infrastructure related to water distribution, water purification, the collection, treatment, or reclamation of wastewater, and other water storage and maintenance; and waste management and recycling activities such as the transportation, treatment, and disposal of hazardous or other wastes, transforming waste into energy and other recycling, and sanitation or filtration equipment or services.

Industrial Equipment Portfolio

The fund invests primarily in companies engaged in the manufacture, distribution or service of products and equipment for the industrial sector, including integrated producers of capital equipment (such as general industrial machinery, farm equipment, and computers), parts suppliers and subcontractors. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, manufacturers of civil or military aerospace and defense equipment; manufacturers of building components and home improvement products and equipment; companies engaged in non-residential construction; producers of electric cables and wires, electrical components or equipment; manufacturers of power-generating equipment and other heavy electrical equipment; manufacturers of construction and farm machinery and heavy trucks; manufacturers of industrial machinery and industrial components; trading companies and other distributors of industrial equipment and products; and other diversified industrial companies.

Industrials Portfolio

The fund invests primarily in companies engaged in the research, development, manufacture, distribution, supply, or sale of industrial products, services, or equipment. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

Industrial products, services and equipment, such as capital goods, construction services, machinery, commercial services, and transportation, are generally considered to be sensitive to the business cycle.

These companies may include, for example, manufacturers of civil or military aerospace and defense equipment, building components, and home improvement products and equipment; civil engineering companies and large-scale contractors; companies that produce electrical components or equipment; manufacturers of industrial machinery and industrial components and products; providers of commercial printing services and electronic data processing services; companies providing business support services and office supplies, environmental and facilities maintenance; companies providing transportation services; and airport, road, rail tracks and marine port owners and providers of related services.

Transportation Portfolio

The fund invests primarily in companies engaged in providing transportation services or companies engaged in the design, manufacture, distribution, or sale of transportation equipment. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, companies providing air freight or passenger air, maritime, rail, or land transportation and services; and airport, road, rail tracks and marine port owners and providers of related services.

The following applies to all funds. See the sections above for information unique to each fund.

Each fund seeks capital appreciation.

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

Prospectus

Fund Basics - continued

The Adviser normally invests each fund's assets primarily in common stocks.

Each fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of some funds' assets at times.

In addition to concentrating on particular industries, each fund may invest a significant percentage of its assets in relatively few companies and may invest up to 25% in a single company. The funds are considered non-diversified.

In buying and selling securities for a fund, the Adviser relies on fundamental analysis, which involves a bottom-up assessment of a company's potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and economic and market conditions.

In addition to the principal investment strategies discussed above, the Adviser may lend a fund's securities to broker-dealers or other institutions to earn income for the fund.

The Adviser may also use various techniques, such as buying and selling futures contracts and exchange traded funds, to increase or decrease a fund's exposure to changing security prices or other factors that affect security values.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Each fund has a policy of investing primarily in companies engaged in specified activities. Those policies cannot be changed without a vote of the affected fund's shareholders. Each fund also has a policy of normally investing at least 80% of assets in securities of companies principally engaged in specified activities. Those policies can be changed without a vote only upon 60 days' prior notice to shareholders of the affected fund.

Description of Principal Security Types

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Different types of equity securities provide different voting and dividend rights and priority in the event of the bankruptcy of the issuer. Equity securities include common stocks, preferred stocks, convertible securities, and warrants.

Principal Investment Risks

Many factors affect each fund's performance. A fund's share price changes daily based on changes in market conditions and interest rates and in response to other economic, political, or financial developments. A fund's reaction to these developments will be affected by the types of securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund's level of investment in the securities of that issuer. Because each fund concentrates its investments in a particular industry or group of related industries, the fund's performance could depend heavily on the performance of that industry or group of industries and could be more volatile than the performance of less concentrated funds. In addition, because each fund may invest a significant percentage of assets in a single issuer, the fund's performance could be closely tied to that one issuer and could be more volatile than the performance of more diversified funds. When you sell your shares they may be worth more or less than what you paid for them, which means that you could lose money by investing in a fund.

The following factors can significantly affect a fund's performance:

Stock Market Volatility. The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations, especially in foreign markets, can be dramatic over the short as well as long term, and different parts of the market, including different market sectors, and different types of equity securities can react differently to these developments. For example, stocks of companies in one sector can react differently from those in another, large cap stocks can react differently from small cap stocks, and "growth" stocks can react differently from "value" stocks. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole. Changes in the financial condition of a single issuer can impact the market as a whole. Terrorism and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

Foreign Exposure. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign exchange rates; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.

Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers or providers in, or foreign exchange rates with, a different country or region.

Industry Concentration. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries, and the securities of companies in that industry or group of industries could react similarly to these or other developments. In addition, from time to time, a small number of companies may represent a large portion of a single industry or group of related industries as a whole, and these companies can be sensitive to adverse economic, regulatory, or financial developments.

The air transportation industry can be significantly affected by competition within the industry, domestic and foreign economies, government regulation, labor relations, the price of fuel, and geopolitical developments affecting the demand for air travel. Policies of various domestic and foreign governments can affect the profitability of individual carriers as well as the entire industry.

Prospectus

The defense and aerospace industry can be significantly affected by government defense and aerospace regulation and spending policies because companies involved in the defense and aerospace industry rely to a large extent on U.S. (and other) government demand for their products and services.

The environment and alternative energy industry can be significantly affected by government regulations and subsidies, rapid technological change, and changes in the supply and demand for traditional energy sources. Changing political priorities and global supply and demand may also have a significant impact on the availability of funding for remedial cleanup and for research, development, and adoption of new technologies. In addition, hazardous materials involved in environmental industries can present significant liability risk.

The industrial equipment industry can be significantly affected by overall capital spending levels, which are influenced by an individual company's profitability and broader factors such as interest rates and foreign competition. The industrial equipment industry can also be significantly affected by economic cycles, technical obsolescence, labor relations, and government regulations.

The industrials industries can be significantly affected by general economic trends, including employment, economic growth, and interest rates, changes in consumer sentiment and spending, commodity prices, legislation, government regulation and spending, import controls, and worldwide competition. Companies in these industries also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.

The transportation industry can be significantly affected by changes in the economy, fuel prices, labor relations, and insurance costs. Government regulation also can adversely affect transportation companies.

Issuer-Specific Changes. Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers. Smaller issuers can have more limited product lines, markets, or financial resources.

In response to market, economic, political, or other conditions, a fund may temporarily use a different investment strategy for defensive purposes. If the fund does so, different factors could affect its performance and the fund may not achieve its investment objective.

Valuing Shares

Each fund is open for business each day the NYSE is open.

NAV is the value of a single share. Fidelity normally calculates NAV as of the close of business of the NYSE, normally 4:00 p.m. Eastern time. Each fund's assets normally are valued as of this time for the purpose of computing NAV.

NAV is not calculated and a fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by the Securities and Exchange Commission (SEC).

To the extent that a fund's assets are traded in other markets on days when the fund is not open for business, the value of the fund's assets may be affected on those days. In addition, trading in some of a fund's assets may not occur on days when the fund is open for business.

<R>NAV is calculated using the values of other open-end funds, if any, in which a fund invests (referred to as underlying funds). Shares of underlying funds are valued at their respective NAVs. Other assets (as well as assets held by an underlying Fidelity^® non-money market fund) are valued primarily on the basis of market quotations, official closing prices, or information furnished by a pricing service. Certain short-term securities are valued on the basis of amortized cost. If market quotations, official closing prices, or information furnished by a pricing service are not readily available or, in the Adviser's opinion, are deemed unreliable for a security, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. For example, if, in the Adviser's opinion, a security's value has been materially affected by events occurring before a fund's pricing time but after the close of the exchange or market on which the security is principally traded, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. Fair value pricing will be used for high yield debt securities when available pricing information is determined to be stale or for other reasons not to accurately reflect fair value. Assets held by an underlying Fidelity money market fund are valued on the basis of amortized cost.</R>

Arbitrage opportunities may exist when trading in a portfolio security or securities is halted and does not resume before a fund calculates its NAV. These arbitrage opportunities may enable short-term traders to dilute the NAV of long-term investors. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio security values occur after the close of the overseas markets but prior to the close of the U.S. market. Fair valuation of a fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of NAV by short-term traders.

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Prospectus

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

General Information

Fidelity Investments was established in 1946 to manage one of America's first mutual funds. Today, Fidelity is one of the world's largest providers of financial services.

In addition to its mutual fund business, the company operates one of America's leading brokerage firms, Fidelity Brokerage Services LLC. Fidelity is also a leader in providing tax-advantaged retirement plans for individuals investing on their own or through their employer.

Subject to the purchase and sale requirements stated in this prospectus, you may buy or sell shares through a Fidelity brokerage account or a Fidelity mutual fund account. If you buy or sell shares (other than by exchange) through a Fidelity brokerage account, your transactions generally involve your Fidelity brokerage core (a settlement vehicle included as part of your Fidelity brokerage account).

If you do not currently have a Fidelity brokerage account or a Fidelity mutual fund account and would like to invest in a fund, you may need to complete an application. For more information about a Fidelity brokerage account or a Fidelity mutual fund account, please visit Fidelity's web site at www.fidelity.com, call 1-800-FIDELITY, or visit a Fidelity Investor Center (call 1-800-544-9797 for the center nearest you).

You may also buy or sell shares through a retirement account (such as an IRA or an account funded through salary deduction) or an investment professional. Retirement specialists are available at 1-800-544-4774 to answer your questions about Fidelity retirement products. If you buy or sell shares through a retirement account or an investment professional, the procedures for buying, selling, and exchanging shares and the account features, policies, and fees may differ from those discussed in this prospectus. Fees in addition to those discussed in this prospectus may apply. For example, you may be charged a transaction fee if you buy or sell shares through a non-Fidelity broker or other investment professional.

You should include the following information with any order:

Your name
Your account number
Type of transaction requested
Name(s) of fund(s) and class(es)
Dollar amount or number of shares

Certain methods of contacting Fidelity may be unavailable or delayed (for example, during periods of unusual market activity). In addition, the level and type of service available may be restricted.

Frequent Purchases and Redemptions

A fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excessive trading, at any time.

Excessive trading of fund shares can harm shareholders in various ways, including reducing the returns to long-term shareholders by increasing costs to a fund (such as brokerage commissions or spreads paid to dealers who sell money market instruments), disrupting portfolio management strategies, and diluting the value of the shares in cases in which fluctuations in markets are not fully priced into the fund's NAV.

Each fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

The Board of Trustees has adopted policies designed to discourage excessive trading of fund shares. Excessive trading activity in a fund is measured by the number of roundtrip transactions in a shareholder's account and each class of a multiple class fund is treated separately. A roundtrip transaction occurs when a shareholder sells fund shares (including exchanges) within 30 days of the purchase date.

Shareholders with two or more roundtrip transactions in a single fund within a rolling 90-day period will be blocked from making additional purchases or exchange purchases of the fund for 85 days. Shareholders with four or more roundtrip transactions across all Fidelity funds within any rolling 12-month period will be blocked for at least 85 days from additional purchases or exchange purchases across all Fidelity funds. Any roundtrip within 12 months of the expiration of a multi-fund block will initiate another multi-fund block. Repeat offenders may be subject to long-term or permanent blocks on purchase or exchange purchase transactions in any account under the shareholder's control at any time. In addition to enforcing these roundtrip limitations, the fund may in its discretion restrict, reject, or cancel any purchases or exchanges that, in the Adviser's opinion, may be disruptive to the management of the fund or otherwise not be in the fund's interests.

Exceptions

The following transactions are exempt from the fund's excessive trading policy described above: (i) transactions of $1,000 or less, (ii) systematic withdrawal and/or contribution programs, (iii) mandatory retirement distributions, and (iv) transactions initiated by a plan sponsor or sponsors of certain employee benefit plans or other related accounts. In addition, the fund's excessive trading policy does not apply to transactions initiated by the trustee or adviser to a donor-advised charitable gift fund, qualified fund of fund(s), or other strategy funds. A qualified fund of fund(s) is a mutual fund, qualified tuition program, or other strategy fund consisting of qualified plan assets that either applies the fund's excessive trading policies to shareholders at the fund of fund(s) level, or demonstrates that the fund of fund(s) has an investment strategy coupled with policies designed to control frequent trading that are reasonably likely to be effective as determined by the fund's Treasurer.

Prospectus

Shareholder Information - continued

Omnibus Accounts

Omnibus accounts, in which shares are held in the name of an intermediary on behalf of multiple investors, are a common form of holding shares among retirement plans and financial intermediaries such as brokers, advisers, and third-party administrators. Individual trades in omnibus accounts are often not disclosed to the fund, making it difficult to determine whether a particular shareholder is engaging in excessive trading. Excessive trading in omnibus accounts is likely to go undetected by the fund and may increase costs to the fund and disrupt its portfolio management.

Under policies adopted by the Board of Trustees, intermediaries will be permitted to apply the fund's excessive trading policy (described above), or their own excessive trading policy if approved by the Adviser. In these cases, the fund will typically not request or receive individual account data but will rely on the intermediary to monitor trading activity in good faith in accordance with its or the fund's policies. Reliance on intermediaries increases the risk that excessive trading may go undetected. For other intermediaries, the fund will generally monitor trading activity at the omnibus account level to attempt to identify disruptive trades. The fund may request transaction information, as frequently as daily, from any intermediary at any time, and may apply the fund's policy to transactions that exceed thresholds established by the Board of Trustees. The fund may prohibit purchases of fund shares by an intermediary or by some or all of any intermediary's clients. There is no assurance that the Adviser will request data with sufficient frequency to detect or deter excessive trading in omnibus accounts effectively.

If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account.

Retirement Plans

For employer-sponsored retirement plans, only participant directed exchanges count toward the roundtrip limits. Employer-sponsored retirement plan participants whose activity triggers a purchase or exchange block will be permitted one trade every calendar quarter. In the event of a block, employer and participant contributions and loan repayments by the participant may still be invested in the fund.

Qualified Wrap Programs

The fund will monitor aggregate trading activity of adviser transactions to attempt to identify excessive trading in qualified wrap programs, as defined below. Excessive trading by an adviser will lead to fund blocks and the wrap program will lose its qualified status. Transactions of an adviser will not be matched with client-directed transactions unless the wrap program ceases to be a qualified wrap program (but all client-directed transactions will be subject to the fund's excessive trading policy).

A qualified wrap program is: (i) a program whose adviser certifies that it has investment discretion over $100 million or more in client assets invested in mutual funds at the time of the certification, (ii) a program in which the adviser directs transactions in the accounts participating in the program in concert with changes in a model portfolio, and (iii) managed by an adviser who agrees to give the Adviser sufficient information to permit the Adviser to identify the individual accounts in the wrap program.

Other Information about the Excessive Trading Policy

The fund's Treasurer is authorized to suspend the fund's policies during periods of severe market turbulence or national emergency. The fund reserves the right to modify its policies at any time without prior notice.

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

In addition to these policies, each fund imposes a short-term redemption fee on redemptions from the fund, which is discussed in "Selling Shares." As described in "Valuing Shares," the fund also uses fair value pricing to help reduce arbitrage opportunities available to short-term traders. There is no assurance that the fund's excessive trading policy will be effective, or will successfully detect or deter excessive or disruptive trading.

Buying Shares

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after your investment is received in proper form.

Each fund has authorized certain intermediaries to accept orders to buy shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be bought at the NAV next calculated after the order is received by the authorized intermediary. Orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

There is no minimum balance or purchase minimum for investments through Portfolio Advisory Services, a mutual fund or a qualified tuition program for which Fidelity serves as investment manager, certain Fidelity retirement accounts funded through salary deduction, or fund positions opened with the proceeds of distributions from such retirement accounts or from a Fidelity systematic withdrawal service. In addition, each fund may waive or lower purchase minimums in other circumstances.

<R>Shares are generally available only to investors residing in the United States.</R>

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees a fund or Fidelity has incurred.

Certain financial institutions that have entered into sales agreements with FDC may enter confirmed purchase orders on behalf of customers by phone, with payment to follow no later than the time when fund shares are priced on the following business day. If payment is not received by that time, the order will be canceled and the financial institution could be held liable for resulting fees or losses.

Prospectus

<R>Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.</R>

Selling Shares

The price to sell one share is its NAV, minus the short-term redemption fee, if applicable.

If you sell your shares after holding them less than 30 days, a 0.75% short-term redemption fee may be deducted from the redemption amount. For this purpose, shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. The fees are paid to the funds, not Fidelity, and are designed to help offset the brokerage commissions, market impact, and other costs associated with short-term shareholder trading.

The short-term redemption fee does not apply to: (i) redemptions of shares acquired by reinvesting dividends and distributions; (ii) rollovers, transfers, and changes of account registration within a fund as long as the money never leaves the fund; and (iii) redemptions in kind.

Each fund also permits waivers of the short-term redemption fee for the following transactions:

Redemptions due to Fidelity fund small balance maintenance fees.
Redemptions related to death or due to a divorce decree.
Certain types of IRA account transactions, including: redemptions pursuant to systematic withdrawal programs, withdrawals due to disability, return of excess contribution amounts, and redemptions related to payment of custodian fees.
Certain types of employer-sponsored and 403(b) retirement plan transactions, including: loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability, or qualified domestic relations order.
Certain types of transactions in employer-sponsored and 403(b) retirement plans recordkept by Fidelity, including redemptions in conjunction with plan sponsor events and redemptions of shares purchased through plan sponsor events, plan contributions or loan repayments.

The application of short-term redemption fees and waivers may vary among intermediaries and certain intermediaries may not apply the waivers listed above. If you purchase or sell fund shares through an intermediary, you should contact your intermediary for more information on whether the short-term redemption fee will be applied to redemptions of your shares.

Each fund reserves the right to modify or eliminate the short-term redemption fee or waivers at any time. Investment advisers or their affiliates may pay short-term redemption fees on behalf of investors in managed accounts. Unitized group accounts consisting of qualified plan assets may be treated as a single account for redemption fee purposes.

Fidelity seeks to identify intermediaries that hold fund shares in omnibus accounts and will refuse their purchase orders if they do not agree to track and remit short-term redemption fees based on the transactions of underlying investors. There are no assurances that Fidelity will successfully identify all intermediaries or that the intermediaries will properly assess short-term redemption fees.

Shares will be sold at the NAV next calculated after an order is received in proper form, minus the short-term redemption fee, if applicable. Normally, redemptions will be processed by the next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect a fund.

Each fund has authorized certain intermediaries to accept orders to sell shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be sold at the NAV next calculated after the order is received by the authorized intermediary, minus the short-term redemption fee, if applicable. Orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

A signature guarantee is designed to protect you and Fidelity from fraud. If you hold your shares in a Fidelity mutual fund account and submit your request to Fidelity by mail, Fidelity may require that your request be made in writing and include a signature guarantee in certain circumstances, such as:

When you wish to sell more than $100,000 worth of shares.
When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address.
When you are requesting that redemption proceeds be paid to someone other than the account owner.
In certain situations when the redemption proceeds are being transferred to a Fidelity mutual fund account with a different registration.

You should be able to obtain a signature guarantee from a bank, broker (including Fidelity Investor Centers), dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee.

When you place an order to sell shares, note the following:

If you are selling some but not all of your shares, keep your fund balance above the required minimum to keep your fund position open, except fund positions not subject to balance minimums.

Prospectus

Shareholder Information - continued

Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected.
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.
Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of a fund.
You will not receive interest on amounts represented by uncashed redemption checks.
If you hold your shares in a Fidelity mutual fund account and your redemption check remains uncashed for six months, the check may be invested in additional shares at the NAV next calculated on the day of the investment.
<R>Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

To sell shares issued with certificates, call Fidelity for instructions. The funds do not currently issue share certificates.

Exchanging Shares

An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund.

As a shareholder, you have the privilege of exchanging shares for shares of other Fidelity funds.

However, you should note the following policies and restrictions governing exchanges:

The exchange limit may be modified for accounts held by certain institutional retirement plans to conform to plan exchange limits and Department of Labor regulations. See your retirement plan materials for further information.
Each fund may refuse any exchange purchase for any reason. For example, each fund may refuse exchange purchases by any person or group if, in the Adviser's judgment, the fund would be unable to invest the money effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
Before any exchange, read the prospectus for the shares you are purchasing, including any purchase and sale requirements.
The shares you are acquiring by exchange must be available for sale in your state.
Exchanges may have tax consequences for you.
If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.
<R>Under applicable anti-money laundering rules and other regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

The funds may terminate or modify exchange privileges in the future.

Other funds may have different exchange restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund's prospectus for details.

Features and Policies

Features

The following features may be available to buy and sell shares of a fund or to move money to and from your account, depending on whether you are investing through a Fidelity brokerage account or a Fidelity mutual fund account. Please visit Fidelity's web site at www.fidelity.com or call 1-800-544-6666 for more information.

<R>Electronic Funds Transfer: electronic money movement through the Automated Clearing House</R>

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

• You can use electronic funds transfer to:

- Make periodic (automatic) purchases of Fidelity fund shares or payments to your Fidelity brokerage account.

- Make periodic (automatic) redemptions of Fidelity fund shares or withdrawals from your Fidelity brokerage account.

Wire: electronic money movement through the Federal Reserve wire system

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

<R>Automatic Transactions: periodic (automatic) transactions</R>

• To directly deposit all or a portion of your compensation from your employer (or the U.S. Government, in the case of Social Security) into a Fidelity brokerage account or Fidelity mutual fund account.

• To make contributions from a Fidelity mutual fund account to a Fidelity mutual fund IRA.

• To sell shares of a Fidelity money market fund and simultaneously to buy shares of another Fidelity fund in a Fidelity mutual fund account.

Prospectus

Shareholder Information - continued

Policies

The following policies apply to you as a shareholder.

Statements that Fidelity sends to you include the following:

Confirmation statements (after transactions affecting your fund balance except, to the extent applicable, reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).
Monthly or quarterly account statements (detailing fund balances and all transactions completed during the prior month or quarter).

Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. We will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-800-544-8544. We will begin sending individual copies to you within 30 days of receiving your call.

Electronic copies of most financial reports and prospectuses are available at Fidelity's web site. To participate in Fidelity's electronic delivery program, call Fidelity or visit Fidelity's web site for more information.

You may initiate many transactions by telephone or electronically. Fidelity will not be responsible for any loss, cost, expense, or other liability resulting from unauthorized transactions if it follows reasonable security procedures designed to verify the identity of the investor. Fidelity will request personalized security codes or other information, and may also record calls. For transactions conducted through the Internet, Fidelity recommends the use of an Internet browser with 128-bit encryption. You should verify the accuracy of your confirmation statements upon receipt and notify Fidelity immediately of any discrepancies in your account activity. If you do not want the ability to sell and exchange by telephone, call Fidelity for instructions.

You may also be asked to provide additional information in order for Fidelity to verify your identity in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations. In addition, each fund reserves the right to involuntarily redeem an account in the case of: (i) actual or suspected threatening conduct or actual or suspected fraudulent, illegal or suspicious activity by the account owner or any other individual associated with the account; or (ii) the failure of the account owner to provide information to the funds related to opening the accounts. Your shares will be sold at the NAV minus, if applicable, any short-term redemption fee, calculated on the day Fidelity closes your fund position.

Fidelity may deduct a small balance maintenance fee of $12.00 from a fund balance with a value of less than $2,000 in shares. It is expected that fund balances will be valued after November 1 but prior to December 31 of each calendar year. Fund positions opened after September 30 will not be subject to the fee for that calendar year. The fee, which is payable to Fidelity, is designed to offset in part the relatively higher costs of servicing smaller fund positions. This fee will not be deducted from fund positions opened after January 1 of that calendar year if those positions use certain regular investment plans.

If your fund balance falls below $2,000 worth of shares ($500 for fund balances in Fidelity Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts) for any reason, including solely due to declines in NAV, and you do not increase your balance, Fidelity may sell all of your shares and send the proceeds to you after providing you with at least 30 days' notice to reestablish the minimum balance. Your shares will be sold at the NAV, minus the short-term redemption fee, if applicable, on the day Fidelity closes your fund position. Certain fund positions are not subject to these balance requirements and will not be closed for failure to maintain a minimum balance.

Fidelity may charge a fee for certain services, such as providing historical account documents.

Dividends and Capital Gain Distributions

Each fund earns dividends, interest, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. Each fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain distributions.

Each fund normally pays dividends and capital gain distributions in April and December.

Distribution Options

When you open an account, specify on your application how you want to receive your distributions. The following distribution options are available:

1. Reinvestment Option. Any dividends and capital gain distributions will be automatically reinvested in additional shares. If you do not indicate a choice on your application, you will be assigned this option.

2. Income-Earned Option. Any capital gain distributions will be automatically reinvested in additional shares. Any dividends will be paid in cash.

3. Cash Option. Any dividends and capital gain distributions will be paid in cash.

4. Directed Dividends^® Option. Any dividends will be automatically invested in shares of another identically registered Fidelity fund. Any capital gain distributions will be automatically invested in shares of another identically registered Fidelity fund, automatically reinvested in additional shares of the fund, or paid in cash.

Prospectus

Not all distribution options may be available for every account and certain restrictions may apply. If the distribution option you prefer is not listed on your account application, or if you want to change your current distribution option, visit Fidelity's web site at www.fidelity.com or call 1-800-544-6666 for more information.

If you elect to receive distributions paid in cash by check and the U.S. Postal Service does not deliver your checks, your distribution option may be converted to the Reinvestment Option. You will not receive interest on amounts represented by uncashed distribution checks.

If your dividend check(s) remains uncashed for six months, your check(s) may be invested in additional shares at the NAV next calculated on the day of the investment.

Tax Consequences

As with any investment, your investment in a fund could have tax consequences for you. If you are not investing through a tax-advantaged retirement account, you should consider these tax consequences.

Taxes on distributions. Distributions you receive from each fund are subject to federal income tax, and may also be subject to state or local taxes.

For federal tax purposes, certain of each fund's distributions, including dividends and distributions of short-term capital gains, are taxable to you as ordinary income, while certain of each fund's distributions, including distributions of long-term capital gains, are taxable to you generally as capital gains. A percentage of certain distributions of dividends may qualify for taxation at long-term capital gains rates (provided certain holding period requirements are met).

If you buy shares when a fund has realized but not yet distributed income or capital gains, you will be "buying a dividend" by paying the full price for the shares and then receiving a portion of the price back in the form of a taxable distribution.

Any taxable distributions you receive from a fund will normally be taxable to you when you receive them, regardless of your distribution option.

Taxes on transactions. Your redemptions, including exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment in a fund generally is the difference between the cost of your shares and the price you receive when you sell them.

Prospectus

Fund Services

Fund Management

Each fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

The Adviser is each fund's manager. The address of the Adviser is 1225 17th Street, Denver, Colorado 80202-5541. The address of other Fidelity advisers, unless otherwise indicated below, is 245 Summer Street, Boston, Massachusetts 02210.

The Adviser began managing the funds on August 1, 2013. Prior to such date, the funds were managed by FMR, an affiliated investment adviser.

<R>As of December 31, 2014, the Adviser had approximately $2.1 billion in discretionary assets under management, and approximately $2.03 trillion when combined with all of its affiliates' assets under management.</R>

As the manager, the Adviser has overall responsibility for directing each fund's investments and handling its business affairs.

FMRC serves as a sub-adviser for each fund. FMRC has day-to-day responsibility for choosing investments for each fund.

<R>FMRC is an affiliate of the Adviser. As of December 31, 2014, FMRC had approximately $918.6 billion in discretionary assets under management.</R>

Other investment advisers assist the Adviser with foreign investments:

<R>FMR Investment Management (U.K.) Limited (FMR U.K.), at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for each fund. As of December 31, 2014, FMR U.K. had approximately $18.1 billion in discretionary assets under management. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR U.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for each fund. As of December 31, 2014, FMR H.K. had approximately $8.3 billion in discretionary assets under management. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR H.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for each fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR Japan is an affiliate of the Adviser.</R>

<R>Matthew Moulis is portfolio manager of Air Transportation Portfolio and Transportation Portfolio, which he has managed since January 2012. He also manages other funds. Since joining Fidelity Investments in 2007, Mr. Moulis has worked as a research analyst and portfolio manager.</R>

<R></R>

<R>Douglas Scott is portfolio manager of Defense and Aerospace Portfolio, which he has managed since January 2012. Since joining Fidelity Investments in 2007, Mr. Scott has worked as an equity research analyst and portfolio manager.</R>

<R>Kevin Walenta is portfolio manager of Environment and Alternative Energy Portfolio, which he has managed since November 2014. Since joining Fidelity Investments in 2008, Mr. Walenta has worked as an equity research analyst and portfolio manager.</R>

Boris Shepov is portfolio manager of Industrial Equipment Portfolio, which he has managed since August 2012. Since joining Fidelity Investments in 2008, Mr. Shepov has worked as a research analyst and portfolio manager.

Tobias Welo is portfolio manager of Industrials Portfolio, which he has managed since January 2007. He also manages other funds. Since joining Fidelity Investments in 2005, Mr. Welo has worked as a research analyst and portfolio manager. He is also a member of FMR's Stock Selector Large Cap Group.

The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio managers.

From time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Each fund pays a management fee to the Adviser. The management fee is calculated and paid to the Adviser every month. The fee is calculated by adding a group fee rate to an individual fund fee rate, dividing by twelve, and multiplying the result by the fund's average net assets throughout the month.

The group fee rate is based on the average net assets of all funds advised by SelectCo or FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2015, the group fee rate was 0.25%. The individual fund fee rate is 0.30%.</R>

<R>The total management fee, as a percentage of a fund's average net assets, for the fiscal year ended February 28, 2015, for each fund is shown in the following table. Because each fund's management fee rate may fluctuate, a fund's management fee may be higher or lower in the future.</R>

Prospectus

	Total Management Fee
<R>Air Transportation Portfolio	0.55%</R>
Defense and Aerospace Portfolio	0.55%
Environment and Alternative Energy Portfolio	0.55%
Industrial Equipment Portfolio	0.55%
Industrials Portfolio	0.55%
Transportation Portfolio	0.55%

The Adviser pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.

<R>The basis for the Board of Trustees approving the management contract and sub-advisory agreements for each fund is available in each fund's annual report for the fiscal period ended February 28, 2015.</R>

From time to time, the Adviser or its affiliates may agree to reimburse or waive certain fund expenses while retaining the ability to be repaid if expenses fall below the specified limit prior to the end of the fiscal year.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

The Adviser has voluntarily agreed to reimburse fund shares to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of average net assets, exceed the following rates. Voluntary arrangements may be discontinued at any time.

<R>	</R>
<R>Air Transportation Portfolio</R>
Rate	1.15%
<R>	</R>
<R>Defense and Aerospace Portfolio</R>
Rate	1.15%
<R>	</R>
<R>Environment and Alternative Energy Portfolio</R>
Rate	1.15%
<R>	</R>
<R>Industrial Equipment Portfolio</R>
Rate	1.15%
<R>	</R>
<R>Industrials Portfolio</R>
Rate	1.15%
<R>	</R>
<R>Transportation Portfolio</R>
Rate	1.15%

Fund Distribution

FDC distributes each fund's shares.

Intermediaries may receive from the Adviser, FDC, and/or their affiliates compensation for providing recordkeeping and administrative services, as well as other retirement plan expenses, and compensation for services intended to result in the sale of fund shares. These payments are described in more detail in this section and in the SAI.

Each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) with respect to its shares that recognizes that the Adviser may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of shares of each fund and/or shareholder support services. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for shares of each fund.

If payments made by the Adviser to FDC or to intermediaries under a Distribution and Service Plan were considered to be paid out of a fund's assets on an ongoing basis, they might increase the cost of your investment and might cost you more than paying other types of sales charges.

From time to time, FDC may offer special promotional programs to investors who purchase shares of Fidelity funds. For example, FDC may offer merchandise, discounts, vouchers, or similar items to investors who purchase shares of certain Fidelity funds during certain periods. To determine if you qualify for any such programs, contact Fidelity or visit our web site at www.fidelity.com.

Fund Services - continued

No dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those contained in this prospectus and in the related SAI, in connection with the offer contained in this prospectus. If given or made, such other information or representations must not be relied upon as having been authorized by the funds or FDC. This prospectus and the related SAI do not constitute an offer by the funds or by FDC to sell shares of the funds to or to buy shares of the funds from any person to whom it is unlawful to make such offer.

Prospectus

Appendix

Financial Highlights

Financial Highlights are intended to help you understand the financial history of fund shares for the past 5 years (or, if shorter, the period of operations). Certain information reflects financial results for a single share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in shares (assuming reinvestment of all dividends and distributions). The annual information has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, whose report, along with fund financial statements, is included in the annual report. Annual reports are available for free upon request.

Air Transportation Portfolio

<R>Years ended February 28,	2015	2014	2013	2012 ^I	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 61.02	$ 43.97	$ 38.12	$ 43.05	$ 35.32</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.20 ^L	.12	.21^E	.05	.17 ^F</R>
<R>Net realized and unrealized gain (loss)	13.09	18.28	6.44	.46	7.68</R>
<R>Total from investment operations	13.29	18.40	6.65	.51	7.85</R>
<R>Distributions from net investment income	(.08)	(.06)	(.15)	(.05)	(.13)</R>
<R>Distributions from net realized gain	(1.14)	(1.30)	(.66)	(5.39)	-</R>
<R>Total distributions	(1.23)^M	(1.36)	(.80) ^K	(5.44)	(.13)</R>
<R>Redemption fees added to paid in capital ^B	.01	.01	- ^J	- ^J	.01</R>
<R>Net asset value, end of period	$ 73.09	$ 61.02	$ 43.97	$ 38.12	$ 43.05</R>
<R>Total Return^A	21.93%	42.26%	17.62%	2.01%	22.26%</R>
<R>Ratios to Average Net Assets^{C, G}					</R>
<R>Expenses before reductions	.83%	.87%	.94%	.96%	.92%</R>
<R>Expenses net of fee waivers, if any	.83%	.87%	.94%	.96%	.92%</R>
<R>Expenses net of all reductions	.83%	.86%	.92%	.95%	.91%</R>
<R>Net investment income (loss)	.30% ^L	.22%	.54% ^E	.12%	.43% ^F</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 715,925	$ 350,960	$ 90,837	$ 72,652	$ 113,471</R>
<R>Portfolio turnover rate^D	65% ^H	125%	74%	102%	161%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a large, non-recurring dividend which amounted to $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .35%.

^F Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .14%.

^G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

<R>^H Portfolio turnover rate excludes securities received or delivered in-kind.</R>

^I For the year ended February 29.

^J Amount represents less than $.01 per share.

^K Total distributions of $.80 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.655 per share.

<R>^L Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.04)%.</R>

<R>^M Total distributions of $1.23 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $1.144 per share.</R>

Prospectus

Defense and Aerospace Portfolio

<R>Years ended February 28,	2015	2014	2013	2012 ^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 122.55	$ 91.73	$ 86.02	$ 78.21	$ 62.05</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	1.06 ^J	.77	1.17 ^E	.56	.42</R>
<R>Net realized and unrealized gain (loss)	13.14	36.34	5.94	7.87	16.17</R>
<R>Total from investment operations	14.20	37.11	7.11	8.43	16.59</R>
<R>Distributions from net investment income	(.97)	(.64)	(1.21)	(.51)	(.43)</R>
<R>Distributions from net realized gain	(6.81)	(5.65)	(.19)	(.12)	-</R>
<R>Total distributions	(7.78)	(6.29)	(1.40)	(.62) ^I	(.43)</R>
<R>Redemption fees added to paid in capital ^{B, H}	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 128.97	$ 122.55	$ 91.73	$ 86.02	$ 78.21</R>
<R>Total Return^A	12.53%	40.85%	8.37%	10.87%	26.79%</R>
<R>Ratios to Average Net Assets^{C, F}					</R>
<R>Expenses before reductions	.79%	.81%	.84%	.86%	.88%</R>
<R>Expenses net of fee waivers, if any	.79%	.81%	.84%	.86%	.88%</R>
<R>Expenses net of all reductions	.79%	.81%	.83%	.86%	.88%</R>
<R>Net investment income (loss)	.90% ^J	.70%	1.39% ^E	.72%	.62%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 948,156	$ 1,023,393	$ 606,859	$ 681,154	$ 677,961</R>
<R>Portfolio turnover rate^D	20%	48%	56%	56%	43%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a large, non-recurring dividend which amounted to $.34 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .99%.

<R></R>

^F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

<R>^I Total distributions of $.62 per share is comprised of distributions from net investment income of $.508 and distributions from net realized gain of $.115 per share.</R>

<R>^J Investment income per share reflects a large, non-recurring dividend which amounted to $.66 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .34%.</R>

Prospectus

Appendix - continued

Environment and Alternative Energy Portfolio

<R>Years ended February 28,	2015	2014	2013	2012 ^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 23.36	$ 18.12	$ 16.32	$ 19.19	$ 14.94</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.16	.14	.18	.20	.10</R>
<R>Net realized and unrealized gain (loss)	.31	5.27	1.77	(2.88)	4.22</R>
<R>Total from investment operations	.47	5.41	1.95	(2.68)	4.32</R>
<R>Distributions from net investment income	(.14)	(.17)	(.15)	(.19)	(.07)</R>
<R>Distributions from net realized gain	(2.75)	-	-	-	-</R>
<R>Total distributions	(2.89)	(.17)	(.15)	(.19)	(.07)</R>
<R>Redemption fees added to paid in capital ^{B, G}	-	-	-	-	-</R>
<R>Net asset value, end of period	$20.94	$23.36	$18.12	$16.32	$19.19</R>
<R>Total Return^A	2.19%	29.97%	12.02%	(13.92)%	28.96%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.92%	.97%	.99%	1.01%	1.08%</R>
<R>Expenses net of fee waivers, if any	.92%	.97%	.99%	1.01%	1.08%</R>
<R>Expenses net of all reductions	.92%	.97%	.97%	1.00%	1.07%</R>
<R>Net investment income (loss)	.71%	.70%	1.10%	1.15%	.59%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 88,573	$ 102,869	$ 82,018	$ 77,943	$ 96,864</R>
<R>Portfolio turnover rate^D	160%	28%	54%	183%	190%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

Prospectus

Industrial Equipment Portfolio

<R>Years ended February 28,	2015	2014	2013	2012 ^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 46.03	$ 39.59	$ 36.37	$ 36.16	$ 26.16</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.32	.37	.45	.28	.26</R>
<R>Net realized and unrealized gain (loss)	.75	9.19	3.22	.29	9.89</R>
<R>Total from investment operations	1.07	9.56	3.67	.57	10.15</R>
<R>Distributions from net investment income	(.36)	(.32)	(.45)	(.26)	(.15)</R>
<R>Distributions from net realized gain	(7.88)	(2.80)	-	(.10)	-</R>
<R>Total distributions	(8.24)	(3.12)	(.45)	(.36)	(.15)</R>
<R>Redemption fees added to paid in capital ^{B, G}	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 38.86	$ 46.03	$ 39.59	$ 36.37	$ 36.16</R>
<R>Total Return^A	3.36%	24.37%	10.19%	1.66%	38.87%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.77%	.79%	.82%	.84%	.89%</R>
<R>Expenses net of fee waivers, if any	.77%	.78%	.82%	.84%	.89%</R>
<R>Expenses net of all reductions	.77%	.78%	.81%	.84%	.88%</R>
<R>Net investment income (loss)	.76%	.87%	1.25%	.85%	.85%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 228,311	$ 425,386	$ 369,951	$ 351,674	$ 362,671</R>
<R>Portfolio turnover rate^D	53%	100%	69%	101%	82%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

Prospectus

Appendix - continued

Industrials Portfolio

<R>Years ended February 28,	2015	2014	2013	2012 ^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 33.69	$ 28.04	$ 24.69	$ 25.24	$ 18.39</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.22	.23	.28	.19	.15</R>
<R>Net realized and unrealized gain (loss)	2.44	7.36	3.54	.01	6.80</R>
<R>Total from investment operations	2.66	7.59	3.82	.20	6.95</R>
<R>Distributions from net investment income	(.23)	(.20)	(.26)	(.13)	(.10)</R>
<R>Distributions from net realized gain	(3.43)	(1.74)	(.21)	(.62)	-</R>
<R>Total distributions	(3.66)	(1.94)	(.47)	(.75)	(.10)</R>
<R>Redemption fees added to paid in capital ^{B, H}	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 32.69	$ 33.69	$ 28.04	$ 24.69	$ 25.24</R>
<R>Total Return^A	8.74%	27.80%	15.71%	.94%	37.85%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.78%	.81%	.85%	.87%	.90%</R>
<R>Expenses net of fee waivers, if any	.78%	.81%	.85%	.87%	.90%</R>
<R>Expenses net of all reductions	.78%	.81%	.84%	.86%	.90%</R>
<R>Net investment income (loss)	.68%	.74%	1.13%	.83%	.69%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 1,142,689	$ 1,217,117	$ 873,266	$ 551,144	$ 572,451</R>
<R>Portfolio turnover rate^D	72% ^F	58%	75%	102%	80%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

<R>^F Portfolio turnover rate excludes securities received or delivered in-kind.</R>

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

Prospectus

Transportation Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 76.28	$ 57.75	$ 53.02	$ 56.26	$ 42.01</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.46	.45	.51	.26	.27</R>
<R>Net realized and unrealized gain (loss)	19.67	20.44	7.59	(.34)	14.13</R>
<R>Total from investment operations	20.13	20.89	8.10	(.08)	14.40</R>
<R>Distributions from net investment income	(.34)	(.27)	(.41)	(.17)	(.17)</R>
<R>Distributions from net realized gain	(2.04)	(2.09)	(2.96)	(2.99)	-</R>
<R>Total distributions	(2.38)	(2.36)	(3.37)	(3.16)	(.17)</R>
<R>Redemption fees added to paid in capital ^B	.01	-^H	-^H	-^H	.02</R>
<R>Net asset value, end of period	$ 94.04	$ 76.28	$ 57.75	$ 53.02	$ 56.26</R>
<R>Total Return^A	26.80%	36.60%	16.10%	.16%	34.32%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.81%	.85%	.89%	.88%	.90%</R>
<R>Expenses net of fee waivers, if any	.81%	.85%	.89%	.88%	.90%</R>
<R>Expenses net of all reductions	.81%	.84%	.86%	.87%	.90%</R>
<R>Net investment income (loss)	.53%	.68%	.98%	.49%	.53%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 1,146,633	$ 450,237	$ 212,956	$ 212,647	$ 467,230</R>
<R>Portfolio turnover rate^D	72%^F	78%	47%	82%	114%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

<R>^F Portfolio turnover rate excludes securities received or delivered in-kind.</R>

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

Prospectus

Appendix - continued

Additional Index Information

FTSE^® Environmental Opportunities & Alternative Energy Index is a modified market capitalization-weighted index designed to measure the performance of the equity markets of securities derived from the FTSE Environmental Opportunities USA Index and the largest 50 non-U.S. companies in the FTSE Environmental Opportunities Renewable & Alternative Energy Index.

MSCI U.S. IMI Aerospace & Defense 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Aerospace & Defense companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Aerospace & Defense Index.

MSCI U.S. IMI Capital Goods 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Capital Goods companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Capital Goods Index.

MSCI U.S. IMI Industrials 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Industrials companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Industrials Index.

MSCI U.S. IMI Transportation 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Transportation companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Transportation Index.

S&P 500^® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

S&P^® Custom Air Transportation Index is a modified market capitalization-weighted index of stocks designed to measure the performance of companies engaged in the regional, national, and international movement of passengers, mail, and freight via aircraft. These companies are identified by S&P based on the specific policies of the fund.

Prospectus

Notes

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT ACT), requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account.

For individual investors opening an account: When you open an account, you will be asked for your name, address, date of birth, and other information that will allow Fidelity to identify you. You may also be asked to provide documents that may help to establish your identity, such as your driver's license.

For investors other than individuals: When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN) and may be requested to provide information on persons with authority or control over the account such as name, residential address, date of birth and social security number. You may also be asked to provide documents, such as drivers' licenses, articles of incorporation, trust instruments or partnership agreements and other information that will help Fidelity identify the entity.

You can obtain additional information about the funds. A description of each fund's policies and procedures for disclosing its holdings is available in the funds' SAI and on Fidelity's web sites. The SAI also includes more detailed information about each fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). Each fund's annual and semi-annual reports also include additional information. Each fund's annual report includes a discussion of the fund's holdings and recent market conditions and the fund's investment strategies that affected performance.

For a free copy of any of these documents or to request other information or ask questions about a fund, call Fidelity at 1-800-544-8544. In addition, you may visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus, SAI, or annual or semi-annual report or to request other information.

The SAI, the funds' annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the funds, including the funds' SAI, at the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room.

Investment Company Act of 1940, File Number, 811-03114

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.

The third-party marks appearing above are the marks of their respective owners.

<R>1.910407.105 SELCI-PRO-0415</R>

Fidelity^® Select Portfolios^®

Financials Sector

Fund	Ticker
Banking Portfolio	FSRBX
Brokerage and Investment Management Portfolio	FSLBX
Consumer Finance Portfolio	FSVLX
Financial Services Portfolio	FIDSX
Insurance Portfolio	FSPCX

Prospectus

<R>April 29, 2015</R>

qwe730875

Fund Summary	(Click Here)	Banking Portfolio
	(Click Here)	Brokerage and Investment Management Portfolio
	(Click Here)	Consumer Finance Portfolio
	(Click Here)	Financial Services Portfolio
	(Click Here)	Insurance Portfolio
Fund Basics	(Click Here)	Investment Details
	(Click Here)	Valuing Shares
Shareholder Information	(Click Here)	Additional Information about the Purchase and Sale of Shares
	(Click Here)	Exchanging Shares
	(Click Here)	Features and Policies
	(Click Here)	Dividends and Capital Gain Distributions
	(Click Here)	Tax Consequences
Fund Services	(Click Here)	Fund Management
	(Click Here)	Fund Distribution
Appendix	(Click Here)	Financial Highlights
	(Click Here)	Additional Index Information

Prospectus

Fund Summary

Fund:
Banking 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.25%</R>
<R>Total annual operating expenses	0.80%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 82</R>
<R>3 years	$ 255</R>
<R>5 years	$ 444</R>
<R>10 years	$ 990</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in banking.
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, including different market sectors, and different types of securities 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.
Banking Industry Concentration. The banking industry can be significantly affected by legislation, regulation, competition and by changes in general economic conditions and interest rates.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	-0.14%	13.15%	-21.18%	-37.48%	5.05%	21.44%	-13.31%	22.42%	39.38%	7.58%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	29.76%	June 30, 2009</R>
<R>Lowest Quarter Return	-33.33%	March 31, 2009</R>
<R>Year-to-Date Return	-2.05%	March 31, 2015</R>

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.

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Banking Portfolio
<R>Return Before Taxes	7.58%	14.08%	1.23%</R>
<R>Return After Taxes on Distributions	6.31%	13.60%	0.39%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	5.08%	11.29%	1.15%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Banks 25-50 Index (reflects no deduction for fees, expenses, or taxes)	7.57%	14.17%	-1.84%</R>

Investment Adviser

Portfolio Manager(s)

John Sheehy (portfolio manager) has managed the fund since January 2012.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Brokerage and Investment Management 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.24%</R>
<R>Acquired fund fees and expenses	0.31%</R>
<R>Total annual operating expenses^A	1.10%</R>

^ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 112</R>
<R>3 years	$ 350</R>
<R>5 years	$ 606</R>
<R>10 years	$ 1,340</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in stock brokerage, commodity brokerage, investment banking, tax-advantaged investment or investment sales, investment management, or related investment advisory services.
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, including different market sectors, and different types of securities 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.
Brokerage and Investment Management Industry Concentration. The brokerage and investment management industry can be significantly affected by stock and bond market activity, changes in regulations, brokerage commission structure, and a competitive environment combined with the high operating leverage inherent in companies in this industry.

Prospectus

Fund Summary - continued

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.

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	29.87%	21.27%	-0.15%	-49.31%	50.41%	11.20%	-22.84%	28.31%	48.87%	5.24%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	42.98%	June 30, 2009</R>
<R>Lowest Quarter Return	-29.70%	December 31, 2008</R>
<R>Year-to-Date Return	-1.31%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Brokerage and Investment Management Portfolio
<R>Return Before Taxes	5.24%	11.52%	7.54%</R>
<R>Return After Taxes on Distributions	4.32%	11.16%	6.74%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	3.55%	9.18%	6.14%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Capital Markets 25-50 Index (reflects no deduction for fees, expenses, or taxes)	9.60%	12.36%	4.58%</R>

Investment Adviser

Prospectus

Portfolio Manager(s)

Christopher Lee (portfolio manager) has managed the fund since May 2013.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Consumer Finance 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.33%</R>
<R>Total annual operating expenses	0.88%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 90</R>
<R>3 years	$ 281</R>
<R>5 years	$ 488</R>
<R>10 years	$ 1,084</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in providing products and services associated with consumer finance.
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, including different market sectors, and different types of securities 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.
Consumer Finance Industry Concentration. The consumer finance industry can be significantly affected by changing economic conditions, demand for consumer loans, refinancing activity, interest rate changes, and government regulation.
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.

Prospectus

Fund Summary - continued

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 Index Information section of the prospectus. Prior to December 1, 2010, the fund was named Home Finance Portfolio, and the fund operated under certain different investment policies and compared its performance to a different additional index. The fund's historical performance may not represent its current investment policies. 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

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	-7.12%	12.17%	-37.96%	-58.55%	1.86%	5.93%	-0.99%	34.46%	32.57%	7.06%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	21.38%	March 31, 2012</R>
<R>Lowest Quarter Return	-25.20%	December 31, 2007</R>
<R>Year-to-Date Return	1.13%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Consumer Finance Portfolio
<R>Return Before Taxes	7.06%	14.89%	-5.87%</R>
<R>Return After Taxes on Distributions	1.76%	12.39%	-7.55%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	7.89%	11.58%	-3.72%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>S&P^® Consumer Finance Index (reflects no deduction for fees, expenses, or taxes)	7.56%	14.50%	1.87%</R>

Investment Adviser

Prospectus

Portfolio Manager(s)

Shilpa Mehra (portfolio manager) has managed the fund since April 2012.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Financial Services 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.23%</R>
<R>Acquired fund fees and expenses	0.01%</R>
<R>Total annual operating expenses^A	0.79%</R>

^ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 81</R>
<R>3 years	$ 252</R>
<R>5 years	$ 439</R>
<R>10 years	$ 978</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in providing financial services to consumers and industry.
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, including different market sectors, and different types of securities 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.
Financials Industry Concentration. The financials industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	7.48%	16.12%	-13.59%	-49.89%	25.88%	6.48%	-20.35%	27.81%	33.67%	10.73%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	37.51%	June 30, 2009</R>
<R>Lowest Quarter Return	-27.62%	December 31, 2008</R>
<R>Year-to-Date Return	-0.06%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Financial Services Portfolio
<R>Return Before Taxes	10.73%	9.91%	0.88%</R>
<R>Return After Taxes on Distributions	10.17%	9.68%	0.29%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	6.40%	7.84%	0.90%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Financials 25-50 Index (reflects no deduction for fees, expenses, or taxes)	14.05%	13.58%	1.45%</R>

Investment Adviser

Portfolio Manager(s)

Christopher Lee (portfolio manager) has managed the fund since May 2013.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Insurance 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.26%</R>
<R>Total annual operating expenses	0.81%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 83</R>
<R>3 years	$ 259</R>
<R>5 years	$ 450</R>
<R>10 years	$ 1,002</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in underwriting, reinsuring, selling, distributing, or placing of property and casualty, life, or health insurance.
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, including different market sectors, and different types of securities 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.
Insurance Industry Concentration. The insurance industry is subject to extensive government regulation and can be significantly affected by interest rates, general economic conditions, and price and marketing competition. Different segments of the industry can be significantly affected by natural disasters, mortality and morbidity rates, and environmental clean-up.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	13.76%	11.35%	-4.35%	-46.99%	21.83%	20.13%	-5.16%	19.67%	43.80%	9.90%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	28.40%	September 30, 2009</R>
<R>Lowest Quarter Return	-17.71%	March 31, 2009</R>
<R>Year-to-Date Return	-0.61%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Insurance Portfolio
<R>Return Before Taxes	9.90%	16.59%	5.36%</R>
<R>Return After Taxes on Distributions	6.48%	15.26%	4.45%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	7.02%	13.19%	4.23%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Insurance 25-50 Index (reflects no deduction for fees, expenses, or taxes)	8.93%	16.18%	4.11%</R>

Prospectus

Investment Adviser

Portfolio Manager(s)

Peter Deutsch (portfolio manager) has managed the fund since June 2013.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Basics

Investment Details

Principal Investment Strategies

Banking Portfolio

The fund invests primarily in companies engaged in banking. The fund normally invests at least 80% of its assets in securities of companies principally engaged in banking activities.

Brokerage and Investment Management Portfolio

The fund invests primarily in companies engaged in stock brokerage, commodity brokerage, investment banking, tax-advantaged investment or investment sales, investment management, or related investment advisory services. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, investment management firms; institutions providing custody services; investment banks; brokerage and asset management firms; and other financial institutions engaged in capital markets.

Consumer Finance Portfolio

The fund invests primarily in companies providing products and services associated with consumer finance. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, financial institutions providing auto loans, credit cards, mortgages, student loans or services related to these activities.

Financial Services Portfolio

The fund invests primarily in companies that provide financial services to consumers and industry. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, investment banks; brokerage and asset management firms; companies providing life, health, and/or property and casualty insurance; commercial banks; financial institutions providing mortgages and mortgage-related services; providers of personal loans and other consumer finance services; credit agencies; stock exchanges; investment management firms; institutions providing custody services; reinsurance companies; and companies that manage and develop real estate including REITs.

Insurance Portfolio

The fund invests primarily in companies engaged in underwriting, reinsuring, selling, distributing, or placing of property and casualty, life, or health insurance. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, companies providing life, health, and/or property and casualty insurance; and reinsurance companies.

The following applies to all funds. See the sections above for information unique to each fund.

Each fund seeks capital appreciation.

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests each fund's assets primarily in common stocks.

Each fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of some funds' assets at times.

In addition to the principal investment strategies discussed above, the Adviser may lend a fund's securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Principal Investment Risks

Many factors affect each fund's performance. A fund's share price changes daily based on changes in market conditions and interest rates and in response to other economic, political, or financial developments. A fund's reaction to these developments will be affected by the types of securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund's level of investment in the securities of that issuer. Because each fund concentrates its investments in a particular industry or group of related industries, the fund's performance could depend heavily on the performance of that industry or group of industries and could be more volatile than the performance of less concentrated funds. In addition, because Brokerage and Investment Management Portfolio, Consumer Finance Portfolio, and Insurance Portfolio may invest a significant percentage of assets in a single issuer, the fund's performance could be closely tied to that one issuer and could be more volatile than the performance of more diversified funds. When you sell your shares they may be worth more or less than what you paid for them, which means that you could lose money by investing in a fund.

Prospectus

Fund Basics - continued

The following factors can significantly affect a fund's performance:

The banking industry can be significantly affected by legislation, regulation, competition, changing economic conditions, changing interest rates, and instability in the financial markets in general. Credit losses resulting from financial difficulties of borrowers can have a significant negative impact. Changes in legislation in past years have increased competition in the industry.

The brokerage and investment management industry can be significantly affected by changes in regulations, brokerage commission structure, and a competitive environment combined with the high operating leverage inherent in companies in this industry. The performance of companies in this industry can be closely tied to the stock and bond markets and can suffer during market declines. Revenues can depend on overall market activity.

The consumer finance industry can be significantly affected by changing economic conditions, demand for consumer loans, and refinancing activity. Profitability can be largely dependent on the availability and cost of capital and the rate of consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the consumer finance industry. Companies in the consumer finance industry are subject to extensive government regulation, which can change frequently and may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain, or may affect them in other ways that are unforeseeable.

The financials industries are subject to extensive government regulation which can limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financial services industries. Insurance companies can be subject to severe price competition. The financial services industries can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

The insurance industry can be significantly affected by interest rates, general economic conditions, and price and marketing competition. Property and casualty insurance profits can be affected by weather catastrophes and other natural disasters. Life and health insurance profits can be affected by mortality and morbidity rates. Insurance companies can be adversely affected by inadequacy of cash reserves, the inability to collect from reinsurance carriers, liability for the coverage of environmental clean-up costs from past years, and as yet unanticipated liabilities. Also, insurance companies are subject to extensive government regulation, including the imposition of maximum rate levels, and can be adversely affected by proposed or potential tax law changes.

Prospectus

Valuing Shares

Each fund is open for business each day the NYSE is open.

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Prospectus

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

General Information

Fidelity Investments was established in 1946 to manage one of America's first mutual funds. Today, Fidelity is one of the world's largest providers of financial services.

You should include the following information with any order:

Your name
Your account number
Type of transaction requested
Name(s) of fund(s) and class(es)
Dollar amount or number of shares

Certain methods of contacting Fidelity may be unavailable or delayed (for example, during periods of unusual market activity). In addition, the level and type of service available may be restricted.

Frequent Purchases and Redemptions

A fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excessive trading, at any time.

Each fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

Exceptions

Prospectus

Shareholder Information - continued

Omnibus Accounts

If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account.

Retirement Plans

Qualified Wrap Programs

Other Information about the Excessive Trading Policy

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

Buying Shares

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after your investment is received in proper form.

<R>Shares are generally available only to investors residing in the United States.</R>

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

Prospectus

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees a fund or Fidelity has incurred.

<R>Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.</R>

Selling Shares

The price to sell one share is its NAV, minus the short-term redemption fee, if applicable.

Each fund also permits waivers of the short-term redemption fee for the following transactions:

Redemptions due to Fidelity fund small balance maintenance fees.
Redemptions related to death or due to a divorce decree.
Certain types of IRA account transactions, including: redemptions pursuant to systematic withdrawal programs, withdrawals due to disability, return of excess contribution amounts, and redemptions related to payment of custodian fees.
Certain types of employer-sponsored and 403(b) retirement plan transactions, including: loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability, or qualified domestic relations order.
Certain types of transactions in employer-sponsored and 403(b) retirement plans recordkept by Fidelity, including redemptions in conjunction with plan sponsor events and redemptions of shares purchased through plan sponsor events, plan contributions or loan repayments.

When you wish to sell more than $100,000 worth of shares.
When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address.
When you are requesting that redemption proceeds be paid to someone other than the account owner.
In certain situations when the redemption proceeds are being transferred to a Fidelity mutual fund account with a different registration.

When you place an order to sell shares, note the following:

Prospectus

Shareholder Information - continued

If you are selling some but not all of your shares, keep your fund balance above the required minimum to keep your fund position open, except fund positions not subject to balance minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected.
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.
Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of a fund.
You will not receive interest on amounts represented by uncashed redemption checks.
If you hold your shares in a Fidelity mutual fund account and your redemption check remains uncashed for six months, the check may be invested in additional shares at the NAV next calculated on the day of the investment.
<R>Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

To sell shares issued with certificates, call Fidelity for instructions. The funds do not currently issue share certificates.

Exchanging Shares

An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund.

As a shareholder, you have the privilege of exchanging shares for shares of other Fidelity funds.

However, you should note the following policies and restrictions governing exchanges:

The exchange limit may be modified for accounts held by certain institutional retirement plans to conform to plan exchange limits and Department of Labor regulations. See your retirement plan materials for further information.
Each fund may refuse any exchange purchase for any reason. For example, each fund may refuse exchange purchases by any person or group if, in the Adviser's judgment, the fund would be unable to invest the money effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
Before any exchange, read the prospectus for the shares you are purchasing, including any purchase and sale requirements.
The shares you are acquiring by exchange must be available for sale in your state.
Exchanges may have tax consequences for you.
If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.
<R>Under applicable anti-money laundering rules and other regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

The funds may terminate or modify exchange privileges in the future.

Other funds may have different exchange restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund's prospectus for details.

Features and Policies

Features

<R>Electronic Funds Transfer: electronic money movement through the Automated Clearing House</R>

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

• You can use electronic funds transfer to:

- Make periodic (automatic) purchases of Fidelity fund shares or payments to your Fidelity brokerage account.

- Make periodic (automatic) redemptions of Fidelity fund shares or withdrawals from your Fidelity brokerage account.

Wire: electronic money movement through the Federal Reserve wire system

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

<R>Automatic Transactions: periodic (automatic) transactions</R>

• To make contributions from a Fidelity mutual fund account to a Fidelity mutual fund IRA.

• To sell shares of a Fidelity money market fund and simultaneously to buy shares of another Fidelity fund in a Fidelity mutual fund account.

Prospectus

Shareholder Information - continued

Policies

The following policies apply to you as a shareholder.

Statements that Fidelity sends to you include the following:

Confirmation statements (after transactions affecting your fund balance except, to the extent applicable, reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).
Monthly or quarterly account statements (detailing fund balances and all transactions completed during the prior month or quarter).

Fidelity may charge a fee for certain services, such as providing historical account documents.

Dividends and Capital Gain Distributions

Each fund normally pays dividends and capital gain distributions in April and December.

Distribution Options

When you open an account, specify on your application how you want to receive your distributions. The following distribution options are available:

2. Income-Earned Option. Any capital gain distributions will be automatically reinvested in additional shares. Any dividends will be paid in cash.

3. Cash Option. Any dividends and capital gain distributions will be paid in cash.

Prospectus

If your dividend check(s) remains uncashed for six months, your check(s) may be invested in additional shares at the NAV next calculated on the day of the investment.

Tax Consequences

Taxes on distributions. Distributions you receive from each fund are subject to federal income tax, and may also be subject to state or local taxes.

Any taxable distributions you receive from a fund will normally be taxable to you when you receive them, regardless of your distribution option.

Prospectus

Fund Services

Fund Management

Each fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

The Adviser began managing the funds on August 1, 2013. Prior to such date, the funds were managed by FMR, an affiliated investment adviser.

As the manager, the Adviser has overall responsibility for directing each fund's investments and handling its business affairs.

FMRC serves as a sub-adviser for each fund. FMRC has day-to-day responsibility for choosing investments for each fund.

<R>FMRC is an affiliate of the Adviser. As of December 31, 2014, FMRC had approximately $918.6 billion in discretionary assets under management.</R>

Other investment advisers assist the Adviser with foreign investments:

<R>FMR Investment Management (U.K.) Limited (FMR U.K.), at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for each fund. As of December 31, 2014, FMR U.K. had approximately $18.1 billion in discretionary assets under management. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR U.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for each fund. As of December 31, 2014, FMR H.K. had approximately $8.3 billion in discretionary assets under management. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR H.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for each fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR Japan is an affiliate of the Adviser.</R>

<R>John Sheehy is portfolio manager of Banking Portfolio, which he has managed since January 2012. Since joining Fidelity Investments in 2007, Mr. Sheehy has worked as an equity research analyst and portfolio manager.</R>

<R>Christopher Lee is portfolio manager of Brokerage and Investment Management Portfolio and Financial Services Portfolio, which he has managed since May 2013. He also manages other funds. Since joining Fidelity Investments in 2004, Mr. Lee has worked as a research analyst and portfolio manager.</R>

<R>Shilpa Mehra is portfolio manager of Consumer Finance Portfolio, which she has managed since April 2012. Since joining Fidelity Investments in 2009, Ms. Mehra has worked as a research analyst and portfolio manager.</R>

Peter Deutsch is portfolio manager of Insurance Portfolio, which he has managed since June 2013. Prior to joining Fidelity Investments in 2010 as an equity research analyst, Mr. Deutsch received his MBA from the Stanford Graduate School of Business in 2010 and served as an associate for Oaktree Capital Management in Los Angeles, California from 2006 to 2008.

The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio managers.

The group fee rate is based on the average net assets of all funds advised by SelectCo or FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2015, the group fee rate was 0.25%. The individual fund fee rate is 0.30%.</R>

Prospectus

	Total Management Fee
Banking Portfolio	0.55%
Brokerage and Investment Management Portfolio	0.55%
Consumer Finance Portfolio	0.55%
Financial Services Portfolio	0.55%
Insurance Portfolio	0.55%

The Adviser pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

<R>	</R>
<R>Banking Portfolio</R>
Rate	1.15%
<R>	</R>
<R>Brokerage and Investment Management Portfolio</R>
Rate	1.15%
<R>	</R>
<R>Consumer Finance Portfolio</R>
Rate	1.15%
<R>	</R>
<R>Financial Services Portfolio</R>
Rate	1.15%
<R>	</R>
<R>Insurance Portfolio</R>
Rate	1.15%

Fund Distribution

FDC distributes each fund's shares.

Prospectus

Appendix

Financial Highlights

Banking Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 26.11	$ 20.58	$ 17.83	$ 18.92	$ 16.63</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.30	.29	.26	.09	(.01)</R>
<R>Net realized and unrealized gain (loss)	1.04	5.97	2.73	(1.11)	2.31</R>
<R>Total from investment operations	1.34	6.26	2.99	(1.02)	2.30</R>
<R>Distributions from net investment income	(.34)	(.20)	(.24)	(.07)	(.01)</R>
<R>Distributions from net realized gain	(.87)	(.53)	-	-	-</R>
<R>Total distributions	(1.21)	(.73)	(.24)	(.07)	(.01)</R>
Redemption fees added to paid in capital^{B, G}	-	-	-	-	-
<R>Net asset value, end of period	$ 26.24	$ 26.11	$ 20.58	$ 17.83	$ 18.92</R>
<R>Total Return^A	5.30%	30.48%	16.86%	(5.31)%	13.83%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.80%	.81%	.85%	.88%	.89%</R>
<R>Expenses net of fee waivers, if any	.80%	.81%	.85%	.88%	.89%</R>
<R>Expenses net of all reductions	.79%	.80%	.83%	.87%	.88%</R>
<R>Net investment income (loss)	1.14%	1.22%	1.37%	.55%	(.04)%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 584,635	$ 809,980	$ 530,562	$ 429,747	$ 518,317</R>
<R>Portfolio turnover rate^D	65%	91%	69%	91%	73%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

Prospectus

Brokerage and Investment Management Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 71.99	$ 55.99	$ 47.28	$ 54.11	$ 47.32</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.96	.99	1.31	.26	.39</R>
<R>Net realized and unrealized gain (loss)	4.39	15.41	8.52	(6.56)	6.71</R>
<R>Total from investment operations	5.35	16.40	9.83	(6.30)	7.10</R>
<R>Distributions from net investment income	(.83)	(.39)	(1.12)	(.53)	(.31)</R>
<R>Distributions from net realized gain	(1.73)	(.02)	-	-	-</R>
<R>Total distributions	(2.56)	(.40)^H	(1.12)	(.53)	(.31)</R>
Redemption fees added to paid in capital^{B, G}	-	-	-	-	-
<R>Net asset value, end of period	$ 74.78	$ 71.99	$ 55.99	$ 47.28	$ 54.11</R>
<R>Total Return^A	7.43%	29.29%	21.08%	(11.51)%	15.03%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.79%	.82%	.87%	.89%	.88%</R>
<R>Expenses net of fee waivers, if any	.79%	.82%	.87%	.89%	.88%</R>
<R>Expenses net of all reductions	.79%	.80%	.78%	.85%	.86%</R>
<R>Net investment income (loss)	1.32%	1.52%	2.72%	.57%	.79%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 577,953	$ 834,222	$ 604,773	$ 413,228	$ 551,976</R>
<R>Portfolio turnover rate^D	31%	182%	308%	294%	153%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

^H Total distributions of $.40 per share is comprised of distributions from net investment income of $.388 and distributions from net realized gain of $.016 per share.

Prospectus

Appendix - continued

Consumer Finance Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 16.16	$ 15.37	$ 12.62	$ 11.97	$ 11.58</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.22	.34	.28	.22	.19</R>
<R>Net realized and unrealized gain (loss)	.95	3.18	2.72	.64	.48</R>
<R>Total from investment operations	1.17	3.52	3.00	.86	.67</R>
<R>Distributions from net investment income	(.30)	(.40)	(.24)	(.20)	(.28)</R>
<R>Distributions from net realized gain	(3.03)	(2.33)	(.01)	(.01)	-</R>
<R>Total distributions	(3.32)^H	(2.73)	(.25)	(.21)	(.28)</R>
Redemption fees added to paid in capital^{B, G}	-	-	-	-	-
<R>Net asset value, end of period	$ 14.01	$ 16.16	$ 15.37	$ 12.62	$ 11.97</R>
<R>Total Return^A	7.69%	24.31%	23.92%	7.41%	5.83%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.88%	.85%	.89%	.95%	1.01%</R>
<R>Expenses net of fee waivers, if any	.88%	.85%	.89%	.95%	1.01%</R>
<R>Expenses net of all reductions	.88%	.83%	.86%	.94%	.98%</R>
<R>Net investment income (loss)	1.45%	2.07%	1.98%	1.96%	1.63%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 134,569	$ 250,222	$ 303,556	$ 166,391	$ 102,081</R>
<R>Portfolio turnover rate^D	71%	89%	79%	113%	161%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

<R>^H Total distributions of $3.32 per share is comprised of distributions from net investment income of $.296 and distributions from net realized gain of $3.026 per share.</R>

Prospectus

Financial Services Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 80.90	$ 65.56	$ 57.57	$ 62.81	$ 59.32</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.84	1.06	.99	.21	.17</R>
<R>Net realized and unrealized gain (loss)	8.75	15.03	7.75	(5.31)	3.49</R>
<R>Total from investment operations	9.59	16.09	8.74	(5.10)	3.66</R>
<R>Distributions from net investment income	(.89)	(.75)	(.75)	(.14)	(.18)</R>
<R>Distributions from net realized gain	(.76)	-	-	-	-</R>
<R>Total distributions	(1.65)	(.75)	(.75)	(.14)	(.18)</R>
<R>Redemption fees added to paid in capital^B	-^G	-^G	-^G	-^G	.01</R>
<R>Net asset value, end of period	$ 88.84	$ 80.90	$ 65.56	$ 57.57	$ 62.81</R>
<R>Total Return^A	11.87%	24.56%	15.26%	(8.07)%	6.21%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.78%	.83%	.87%	.90%	.92%</R>
<R>Expenses net of fee waivers, if any	.78%	.83%	.87%	.90%	.92%</R>
<R>Expenses net of all reductions	.78%	.81%	.78%	.84%	.88%</R>
<R>Net investment income (loss)	.99%	1.43%	1.66%	.39%	.28%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 1,385,490	$ 779,524	$ 616,059	$ 439,012	$ 512,227</R>
<R>Portfolio turnover rate^D	42%^H	197%	271%	384%	242%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

<R>^H Portfolio turnover rate excludes securities received or delivered in-kind.</R>

Prospectus

Appendix - continued

Insurance Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 66.08	$ 56.81	$ 47.56	$ 50.04	$ 41.55</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.96	.75	.68	.43	.47</R>
<R>Net realized and unrealized gain (loss)	7.13	13.75	10.06	(2.52)	8.36</R>
<R>Total from investment operations	8.09	14.50	10.74	(2.09)	8.83</R>
<R>Distributions from net investment income	(.96)	(.61)	(.52)	(.39)	(.34)</R>
<R>Distributions from net realized gain	(6.34)	(4.62)	(.97)	-	-</R>
<R>Total distributions	(7.30)	(5.23)	(1.49)	(.39)	(.34)</R>
Redemption fees added to paid in capital^{B, G}	-	-	-	-	-
<R>Net asset value, end of period	$ 66.87	$ 66.08	$ 56.81	$ 47.56	$ 50.04</R>
<R>Total Return^A	13.01%	25.82%	22.91%	(4.13)%	21.31%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.81%	.83%	.87%	.89%	.93%</R>
<R>Expenses net of fee waivers, if any	.81%	.83%	.87%	.89%	.93%</R>
<R>Expenses net of all reductions	.81%	.82%	.85%	.88%	.91%</R>
<R>Net investment income (loss)	1.44%	1.17%	1.35%	.94%	1.05%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 401,818	$ 430,482	$ 307,071	$ 270,776	$ 248,055</R>
<R>Portfolio turnover rate^D	26%	126%	157%	153%	193%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

Prospectus

Additional Index Information

MSCI U.S. IMI Banks 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Banks in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Banks Index.

MSCI U.S. IMI Capital Markets 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Capital Markets companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Capital Markets Index.

MSCI U.S. IMI Financials 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Financials companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Financials Index.

MSCI U.S. IMI Insurance 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Insurance companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Insurance Index.

S&P 500^® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

S&P^® Consumer Finance Index is a modified market capitalization-weighted index designed to measure the performance of a subset of companies trading on U.S. stock exchanges whose primary business is related to consumer lending and consumer finance related activities.

Prospectus

Notes

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

Investment Company Act of 1940, File Number, 811-03114

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.

The third-party marks appearing above are the marks of their respective owners.

<R>1.910402.105 SELFIN-PRO-0415</R>

Fidelity^® Select Portfolios^®

Information Technology Sector

Fund	Ticker
Communications Equipment Portfolio	FSDCX
Computers Portfolio	FDCPX
Electronics Portfolio	FSELX
IT Services Portfolio	FBSOX
Software and Computer Services Portfolio	FSCSX
Technology Portfolio	FSPTX

Prospectus

<R>April 29, 2015</R>

qwe730903

Fund Summary	(Click Here)	Communications Equipment Portfolio
	(Click Here)	Computers Portfolio
	(Click Here)	Electronics Portfolio
	(Click Here)	IT Services Portfolio
	(Click Here)	Software and Computer Services Portfolio
	(Click Here)	Technology Portfolio
Fund Basics	(Click Here)	Investment Details
	(Click Here)	Valuing Shares
Shareholder Information	(Click Here)	Additional Information about the Purchase and Sale of Shares
	(Click Here)	Exchanging Shares
	(Click Here)	Features and Policies
	(Click Here)	Dividends and Capital Gain Distributions
	(Click Here)	Tax Consequences
Fund Services	(Click Here)	Fund Management
	(Click Here)	Fund Distribution
Appendix	(Click Here)	Financial Highlights
	(Click Here)	Additional Index Information

Prospectus

Fund Summary

<R>Fund:
Communications Equipment Portfolio </R>

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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.34%</R>
<R>Total annual operating expenses	0.89%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 91</R>
<R>3 years	$ 284</R>
<R>5 years	$ 493</R>
<R>10 years	$ 1,096</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the development, manufacture, or sale of communications equipment.
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, including different market sectors, and different types of securities 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.
Communications Equipment Industry Concentration. The communications equipment industry can be significantly affected by failure to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product compatibility, consumer preferences, corporate capital expenditures, and rapid obsolescence.
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.

Prospectus

Fund Summary - continued

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 Index Information section of the prospectus. Prior to October 1, 2006, the fund was named Developing Communications Portfolio, and the fund operated under certain different investment policies and compared its performance to a different additional index. The fund's historical performance may not represent its current investment policies. 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

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	3.52%	2.25%	9.78%	-48.49%	80.70%	27.70%	-16.68%	5.97%	28.16%	14.97%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	38.25%	June 30, 2009</R>
<R>Lowest Quarter Return	-30.43%	December 31, 2008</R>
<R>Year-to-Date Return	-0.57%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Communications Equipment Portfolio
<R>Return Before Taxes	14.97%	10.68%	6.03%</R>
<R>Return After Taxes on Distributions	12.70%	10.18%	5.78%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	9.24%	8.37%	4.79%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>S&P^® Custom Communications Equipment Index (reflects no deduction for fees, expenses, or taxes)	9.40%	7.62%	4.07%</R>

Investment Adviser

Prospectus

Portfolio Manager(s)

<R>Colin Anderson (portfolio manager) has managed the fund since October 2014.</R>

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

<R>Fund:
Computers Portfolio </R>

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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.25%</R>
<R>Total annual operating expenses	0.80%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 82</R>
<R>3 years	$ 255</R>
<R>5 years	$ 444</R>
<R>10 years	$ 990</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in research, design, development, manufacture, or distribution of products, processes, or services that relate to currently available or experimental hardware technology within the computer industry.
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, including different market sectors, and different types of securities 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.
Computer Industry Concentration. The computer industry can be significantly affected by competitive pressures, changing domestic and international demand, research and development costs, availability and price of components, and product obsolescence.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	2.65%	9.45%	22.44%	-48.52%	83.17%	23.76%	-4.48%	14.26%	31.09%	14.73%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	26.85%	September 30, 2009</R>
<R>Lowest Quarter Return	-28.76%	December 31, 2008</R>
<R>Year-to-Date Return	-4.44%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Computers Portfolio
<R>Return Before Taxes	14.73%	15.23%	10.17%</R>
<R>Return After Taxes on Distributions	14.01%	14.63%	9.89%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	8.93%	12.20%	8.38%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>S&P^® Custom Computers & Peripherals Index (reflects no deduction for fees, expenses, or taxes)	13.00%	14.09%	11.43%</R>

Investment Adviser

Portfolio Manager(s)

Christopher Lin (portfolio manager) has managed the fund since January 2013.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

<R>Fund:
Electronics Portfolio </R>

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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.23%</R>
<R>Total annual operating expenses	0.78%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 80</R>
<R>3 years	$ 249</R>
<R>5 years	$ 433</R>
<R>10 years	$ 966</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the design, manufacture, or sale of electronic components; equipment vendors to electronic component manufacturers; electronic component distributors; and electronic instruments and electronic systems vendors.
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, including different market sectors, and different types of securities 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.
Electronics Industry Concentration. The electronics industry can be significantly affected by rapid obsolescence, intense competition, and global demand.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	15.75%	0.30%	4.67%	-49.87%	84.99%	16.84%	-8.49%	3.60%	39.18%	38.37%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	25.61%	September 30, 2009</R>
<R>Lowest Quarter Return	-26.31%	December 31, 2008</R>
<R>Year-to-Date Return	3.36%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Electronics Portfolio
<R>Return Before Taxes	38.37%	16.36%	9.17%</R>
<R>Return After Taxes on Distributions	36.88%	16.05%	8.98%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	21.99%	13.15%	7.48%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index (reflects no deduction for fees, expenses, or taxes)	33.56%	14.77%	6.74%</R>

Investment Adviser

Portfolio Manager(s)

Stephen Barwikowski (portfolio manager) has managed the fund since January 2009.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

<R>Fund:
IT Services Portfolio </R>

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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.26%</R>
<R>Total annual operating expenses	0.81%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 83</R>
<R>3 years	$ 259</R>
<R>5 years	$ 450</R>
<R>10 years	$ 1,002</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in providing information technology services.
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, including different market sectors, and different types of securities 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.
IT Services Industry Concentration. The IT services industry can be significantly affected by competitive pressures, such as technological developments, fixed-rate pricing, and the ability to attract and retain skilled employees, and the success of companies in the industry is subject to continued demand for IT services.
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.

Prospectus

Fund Summary - continued

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 Index Information section of the prospectus. Prior to October 1, 2006, the fund was named Business Service and Outsourcing Portfolio, and the fund operated under certain different investment policies and compared its performance to a different additional index. The fund's historical performance may not represent its current investment policies. 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

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	6.10%	14.65%	11.54%	-32.91%	59.05%	18.45%	2.25%	19.82%	53.12%	6.28%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	23.56%	September 30, 2009</R>
<R>Lowest Quarter Return	-23.79%	December 31, 2008</R>
<R>Year-to-Date Return	5.82%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
IT Services Portfolio
<R>Return Before Taxes	6.28%	18.75%	13.08%</R>
<R>Return After Taxes on Distributions	4.30%	17.99%	12.24%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	5.09%	15.21%	10.80%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Information Technology Services 25-50 Index (reflects no deduction for fees, expenses, or taxes)	5.04%	16.61%	11.31%</R>

Investment Adviser

Prospectus

Portfolio Manager(s)

Kyle Weaver (portfolio manager) has managed the fund since February 2009.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

<R>Fund:
Software and Computer Services Portfolio </R>

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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.22%</R>
<R>Total annual operating expenses	0.77%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 79</R>
<R>3 years	$ 246</R>
<R>5 years	$ 428</R>
<R>10 years	$ 954</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in research, design, production, or distribution of products or processes that relate to software or information-based services.
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, including different market sectors, and different types of securities 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.
Software and Computer Services Industry Concentration. The software and computer services industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	0.04%	24.92%	23.88%	-42.14%	61.51%	18.94%	2.18%	18.06%	51.12%	8.22%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	20.44%	March 31, 2012</R>
<R>Lowest Quarter Return	-20.77%	December 31, 2008</R>
<R>Year-to-Date Return	1.07%	March 31, 2015</R>

Average Annual Returns

<R> 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.</R>

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Software and Computer Services Portfolio
<R>Return Before Taxes	8.22%	18.60%	13.00%</R>
<R>Return After Taxes on Distributions	5.31%	16.22%	11.86%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	6.28%	14.51%	10.61%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Software & Services 25-50 Index (reflects no deduction for fees, expenses, or taxes)	9.69%	15.53%	9.98%</R>

Investment Adviser

Portfolio Manager(s)

<R>Ali Khan (portfolio manager) has managed the fund since July 2014.</R>

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

<R>Fund:
Technology Portfolio </R>

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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.23%</R>
<R>Total annual operating expenses	0.78%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 80</R>
<R>3 years	$ 249</R>
<R>5 years	$ 433</R>
<R>10 years	$ 966</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in offering, using, or developing products, processes, or services that will provide or will benefit significantly from technological advances and improvements.
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, including different market sectors, and different types of securities can react differently to these developments.
<R>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.</R>
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.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	4.92%	7.51%	19.78%	-51.09%	90.29%	26.69%	-9.56%	17.16%	31.76%	10.65%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	32.35%	June 30, 2009</R>
<R>Lowest Quarter Return	-27.69%	December 31, 2008</R>
<R>Year-to-Date Return	5.28%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Technology Portfolio
<R>Return Before Taxes	10.65%	14.37%	9.42%</R>
<R>Return After Taxes on Distributions	4.94%	12.60%	8.57%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	7.85%	11.00%	7.48%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Information Technology 25-50 Index (reflects no deduction for fees, expenses, or taxes)	18.17%	15.04%	9.26%</R>

Investment Adviser

Fidelity SelectCo, LLC (SelectCo) (the Adviser), an affiliate of Fidelity Management & Research Company (FMR), is the fund's manager. FMR Co., Inc. (FMRC), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and other investment advisers serve as sub-advisers for the fund.

Prospectus

Portfolio Manager(s)

Charlie Chai (portfolio manager) has managed the fund since January 2007.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Basics

Investment Details

Principal Investment Strategies

Communications Equipment Portfolio

The fund invests primarily in companies engaged in the development, manufacture, or sale of communications equipment. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, manufacturers of communications equipment and products, including LANs, WANs, routers, telephones, switchboards and exchanges.

Computers Portfolio

The fund invests primarily in companies engaged in research, design, development, manufacture or distribution of products, processes, or services that relate to currently available or experimental hardware technology within the computer industry. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, manufacturers of personal computers, servers, mainframes and workstations, including ATMs; and manufacturers of electronic computer components and peripherals, including data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals, and providers of related services.

Electronics Portfolio

The fund invests primarily in companies engaged in the design, manufacture, or sale of electronic components (semiconductors, connectors, printed circuit boards and other components); equipment vendors to electronic component manufacturers; electronic component distributors; and electronic instruments and electronic systems vendors. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, semiconductor and semiconductor equipment manufacturers and manufacturers of electronic equipment, instruments or components.

IT Services Portfolio

The fund invests primarily in companies engaged in providing information technology services. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

Information technology services, or IT services, involve the development and maintenance of telephone, computer, or data networks for businesses and other organizations.

These companies may include, for example, providers of information technology and systems integration services, electronic data processing, and business outsourcing services.

Software and Computer Services Portfolio

The fund invests primarily in companies engaged in research, design, production or distribution of products or processes that relate to software or information-based services. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, companies developing and marketing internet software and services; providers of information technology and systems integration services; providers of commercial data processing and/or business outsourcing services; companies developing and producing database management, home entertainment, and educational and specialty software; and other software and services companies.

Technology Portfolio

The fund invests primarily in companies which the Adviser believes have, or will develop, products, processes or services that will provide or will benefit significantly from technological advances and improvements. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, manufacturers of communications equipment, products, and services, personal computers and other computer hardware components and peripherals; companies developing and marketing internet software and services; providers of information technology and systems integration services; providers of commercial data processing and/or business outsourcing services; companies developing and producing database management, home entertainment, and educational and specialty software; manufacturers of electronic equipment, instruments or components, including copiers and faxes; semiconductor and related equipment manufacturers; and other information technology companies.

The following applies to all funds. See the sections above for information unique to each fund.

Each fund seeks capital appreciation.

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests each fund's assets primarily in common stocks.

Each fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of some funds' assets at times.

Prospectus

Fund Basics - continued

In addition to the principal investment strategies discussed above, the Adviser may lend a fund's securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Principal Investment Risks

The following factors can significantly affect a fund's performance:

<R>Investing in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and political uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.</R>

The communications equipment industry can be significantly affected by failure to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product compatibility, consumer preferences, corporate capital expenditures, and rapid obsolescence.

The computer industry can be significantly affected by competitive pressures. For example, as product cycles shorten and manufacturing capacity increases, these companies could become increasingly subject to aggressive pricing, which hampers profitability. Profitability can also be affected by changing domestic and international demand, research and development costs, availability and price of components, and product obsolescence.

Prospectus

The electronics industry can be significantly affected by rapid obsolescence, intense competition, and global demand.

The IT services industry can be significantly affected by competitive pressures, such as technological developments, fixed-rate pricing, and the ability to attract and retain skilled employees. The success of companies that provide IT services is, in part, subject to continued demand for these services as companies and other organizations seek alternative, cost-effective means to meet their economic goals.

The software and computer services industry can be significantly affected by intense competition, aggressive pricing, technological innovation, and product obsolescence.

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.

Valuing Shares

Each fund is open for business each day the NYSE is open.

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Prospectus

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

General Information

Fidelity Investments was established in 1946 to manage one of America's first mutual funds. Today, Fidelity is one of the world's largest providers of financial services.

You should include the following information with any order:

Your name
Your account number
Type of transaction requested
Name(s) of fund(s) and class(es)
Dollar amount or number of shares

Certain methods of contacting Fidelity may be unavailable or delayed (for example, during periods of unusual market activity). In addition, the level and type of service available may be restricted.

Frequent Purchases and Redemptions

A fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excessive trading, at any time.

Each fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

Exceptions

Prospectus

Shareholder Information - continued

Omnibus Accounts

If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account.

Retirement Plans

Qualified Wrap Programs

Other Information about the Excessive Trading Policy

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

Buying Shares

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after your investment is received in proper form.

<R>Shares are generally available only to investors residing in the United States.</R>

Prospectus

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees a fund or Fidelity has incurred.

<R>Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.</R>

Selling Shares

The price to sell one share is its NAV, minus the short-term redemption fee, if applicable.

Each fund also permits waivers of the short-term redemption fee for the following transactions:

Redemptions due to Fidelity fund small balance maintenance fees.
Redemptions related to death or due to a divorce decree.
Certain types of IRA account transactions, including: redemptions pursuant to systematic withdrawal programs, withdrawals due to disability, return of excess contribution amounts, and redemptions related to payment of custodian fees.
Certain types of employer-sponsored and 403(b) retirement plan transactions, including: loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability, or qualified domestic relations order.
Certain types of transactions in employer-sponsored and 403(b) retirement plans recordkept by Fidelity, including redemptions in conjunction with plan sponsor events and redemptions of shares purchased through plan sponsor events, plan contributions or loan repayments.

When you wish to sell more than $100,000 worth of shares.
When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address.
When you are requesting that redemption proceeds be paid to someone other than the account owner.
In certain situations when the redemption proceeds are being transferred to a Fidelity mutual fund account with a different registration.

Prospectus

Shareholder Information - continued

When you place an order to sell shares, note the following:

If you are selling some but not all of your shares, keep your fund balance above the required minimum to keep your fund position open, except fund positions not subject to balance minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected.
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.
Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of a fund.
You will not receive interest on amounts represented by uncashed redemption checks.
If you hold your shares in a Fidelity mutual fund account and your redemption check remains uncashed for six months, the check may be invested in additional shares at the NAV next calculated on the day of the investment.
<R>Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

To sell shares issued with certificates, call Fidelity for instructions. The funds do not currently issue share certificates.

Exchanging Shares

An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund.

As a shareholder, you have the privilege of exchanging shares for shares of other Fidelity funds.

However, you should note the following policies and restrictions governing exchanges:

The exchange limit may be modified for accounts held by certain institutional retirement plans to conform to plan exchange limits and Department of Labor regulations. See your retirement plan materials for further information.
Each fund may refuse any exchange purchase for any reason. For example, each fund may refuse exchange purchases by any person or group if, in the Adviser's judgment, the fund would be unable to invest the money effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
Before any exchange, read the prospectus for the shares you are purchasing, including any purchase and sale requirements.
The shares you are acquiring by exchange must be available for sale in your state.
Exchanges may have tax consequences for you.
If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.
<R>Under applicable anti-money laundering rules and other regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

The funds may terminate or modify exchange privileges in the future.

Other funds may have different exchange restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund's prospectus for details.

Features and Policies

Features

Electronic Funds Transfer: electronic money movement through the Automated Clearing House

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

• You can use electronic funds transfer to:

- Make periodic (automatic) purchases of Fidelity fund shares or payments to your Fidelity brokerage account.

- Make periodic (automatic) redemptions of Fidelity fund shares or withdrawals from your Fidelity brokerage account.

Wire: electronic money movement through the Federal Reserve wire system

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

Automatic Transactions: periodic (automatic) transactions

• To make contributions from a Fidelity mutual fund account to a Fidelity mutual fund IRA.

• To sell shares of a Fidelity money market fund and simultaneously to buy shares of another Fidelity fund in a Fidelity mutual fund account.

Policies

The following policies apply to you as a shareholder.

Statements that Fidelity sends to you include the following:

Confirmation statements (after transactions affecting your fund balance except, to the extent applicable, reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).
Monthly or quarterly account statements (detailing fund balances and all transactions completed during the prior month or quarter).

Fidelity may charge a fee for certain services, such as providing historical account documents.

Dividends and Capital Gain Distributions

Each fund normally pays dividends and capital gain distributions in April and December.

Distribution Options

When you open an account, specify on your application how you want to receive your distributions. The following distribution options are available:

Prospectus

Shareholder Information - continued

2. Income-Earned Option. Any capital gain distributions will be automatically reinvested in additional shares. Any dividends will be paid in cash.

3. Cash Option. Any dividends and capital gain distributions will be paid in cash.

If your dividend check(s) remains uncashed for six months, your check(s) may be invested in additional shares at the NAV next calculated on the day of the investment.

Tax Consequences

Taxes on distributions. Distributions you receive from each fund are subject to federal income tax, and may also be subject to state or local taxes.

Any taxable distributions you receive from a fund will normally be taxable to you when you receive them, regardless of your distribution option.

Prospectus

Fund Services

Fund Management

Each fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

The Adviser began managing the funds on August 1, 2013. Prior to such date, the funds were managed by FMR, an affiliated investment adviser.

As the manager, the Adviser has overall responsibility for directing each fund's investments and handling its business affairs.

FMRC serves as a sub-adviser for each fund. FMRC has day-to-day responsibility for choosing investments for Communications Equipment Portfolio, Computers Portfolio, Electronics Portfolio, IT Services Portfolio, and Software and Computer Services Portfolio. FMRC may provide investment advisory services for Technology Portfolio.

<R>FMRC is an affiliate of the Adviser. As of December 31, 2014, FMRC had approximately $918.6 billion in discretionary assets under management.</R>

Other investment advisers assist the Adviser with foreign investments:

<R>FMR Investment Management (U.K.) Limited (FMR U.K.), at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for each fund. As of December 31, 2014, FMR U.K. had approximately $18.1 billion in discretionary assets under management. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR U.K. is an affiliate of the Adviser.</R>
<R>FMR H.K., at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for each fund. As of December 31, 2014, FMR H.K. had approximately $8.3 billion in discretionary assets under management. Currently, FMR H.K. has day-to-day responsibility for choosing investments for Technology Portfolio. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for Communications Equipment Portfolio, Computers Portfolio, Electronics Portfolio, IT Services Portfolio, and Software and Computer Services Portfolio. FMR H.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for each fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR Japan is an affiliate of the Adviser.</R>

<R>Colin Anderson is portfolio manager of Communications Equipment Portfolio, which he has managed since October 2014. He also manages other funds. Since joining Fidelity Investments in 2007, Mr. Anderson has worked as a research associate, research analyst, and portfolio manager.</R>

<R>Christopher Lin is portfolio manager of Computers Portfolio, which he has managed since January 2013. Since joining Fidelity Investments in 2003, Mr. Lin has worked as a research analyst and portfolio manager.</R>

Stephen Barwikowski is portfolio manager of Electronics Portfolio, which he has managed since January 2009. He also manages other funds. Since joining Fidelity Investments in 1999, Mr. Barwikowski has worked as a research analyst and portfolio manager.

Kyle Weaver is portfolio manager of IT Services Portfolio, which he has managed since February 2009. He also manages other funds. Since joining Fidelity Investments in 2008, Mr. Weaver has worked as a research analyst and portfolio manager.

<R>Ali Khan is portfolio manager of Software and Computer Services Portfolio, which he has managed since July 2014. He also manages other funds. Since joining Fidelity Investments in 2008, Mr. Khan has worked as an equity research associate and portfolio manager.</R>

Charlie Chai is portfolio manager of Technology Portfolio, which he has managed since January 2007. He also manages other funds. Since joining Fidelity Investments in 1997, Mr. Chai has worked as a research analyst and portfolio manager.

The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio managers.

Prospectus

The group fee rate is based on the average net assets of all funds advised by SelectCo or FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2015, the group fee rate was 0.25%. The individual fund fee rate is 0.30%.</R>

	Total Management Fee
Communications Equipment Portfolio	0.55%
Computers Portfolio	0.55%
Electronics Portfolio	0.55%
IT Services Portfolio	0.55%
Software and Computer Services Portfolio	0.55%
Technology Portfolio	0.55%

The Adviser pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

Communications Equipment Portfolio
Rate	1.15%
Computers Portfolio
Rate	1.15%
Electronics Portfolio
Rate	1.15%
IT Services Portfolio
Rate	1.15%
Software and Computer Services Portfolio
Rate	1.15%
Technology Portfolio
Rate	1.15%

Fund Distribution

FDC distributes each fund's shares.

Prospectus

Appendix

Financial Highlights

Communications Equipment Portfolio

<R>Years ended February 28,	2015	2014	2013	2012 ^H	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 31.24	$ 24.31	$ 24.50	$ 29.60	$ 20.79</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.28	.18	.14 ^{E, J}	.03	(.10)</R>
<R>Net realized and unrealized gain (loss)	3.52	6.95	(.14)^J	(5.10)	8.91</R>
<R>Total from investment operations	3.80	7.13	-	(5.07)	8.81</R>
<R>Distributions from net investment income	(.30)	(.20)	(.17)	(.03)	-</R>
<R>Distributions from net realized gain	(1.75)	-	-	-	-</R>
<R>Tax return of capital	-	-	(.02)	-	-</R>
<R>Total distributions	(2.05)	(.20)	(.19)	(.03)	-</R>
Redemption fees added to paid in capital ^{B, I}	-	-	-	-	-
<R>Net asset value, end of period	$ 32.99	$ 31.24	$ 24.31	$ 24.50	$ 29.60</R>
<R>Total Return^A	12.49%	29.41%	.07%	(17.13)%	42.38%</R>
<R>Ratios to Average Net Assets^{C, F}					</R>
<R>Expenses before reductions	.89%	.92%	.93%	.90%	.91%</R>
<R>Expenses net of fee waivers, if any	.89%	.92%	.93%	.90%	.91%</R>
<R>Expenses net of all reductions	.89%	.90%	.89%	.89%	.90%</R>
<R>Net investment income (loss)	.89%	.69%	.61%^E	.12%	(.43)%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 263,631	$ 347,345	$ 316,012	$ 332,598	$ 586,795</R>
<R>Portfolio turnover rate ^D	42%^G	65%	54%	91%	85%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .18%.

<R></R>

<R>^G Portfolio turnover rate excludes securities received or delivered in-kind.</R>

^H For the year ended February 29.

^I Amount represents less than $.01 per share.

^J Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been (.19)%.

<R></R>

Prospectus

Appendix - continued

Computers Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 75.46	$ 64.51	$ 64.89	$ 59.80	$ 43.59</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.45	.59	.18	(.18)	(.25)</R>
<R>Net realized and unrealized gain (loss)	9.61	15.76	(.43)	5.27	16.46</R>
<R>Total from investment operations	10.06	16.35	(.25)	5.09	16.21</R>
<R>Distributions from net investment income	(.47)	(.53)	(.13)	-	-</R>
<R>Distributions from net realized gain	(1.77)	(4.87)	-	-	-</R>
<R>Total distributions	(2.24)	(5.40)	(.13)	-	-</R>
Redemption fees added to paid in capital ^{B, G}	-	-	-	-	-
<R>Net asset value, end of period	$ 83.28	$ 75.46	$ 64.51	$ 64.89	$ 59.80</R>
<R>Total Return^A	13.36%	27.13%	(.38)%	8.51%	37.19%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.80%	.82%	.85%	.86%	.89%</R>
<R>Expenses net of fee waivers, if any	.80%	.82%	.85%	.86%	.89%</R>
<R>Expenses net of all reductions	.80%	.82%	.82%	.85%	.88%</R>
<R>Net investment income (loss)	.57%	.86%	.29%	(.32)%	(.50)%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 808,852	$ 679,323	$ 687,105	$ 758,713	$ 609,487</R>
<R>Portfolio turnover rate^D	46%	35%	184%	193%	141%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

Prospectus

Electronics Portfolio

<R>Years ended February 28,	2015	2014	2013	2012 ^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 68.32	$ 49.82	$ 53.29	$ 53.36	$ 39.66</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.47	.36	.17	.01	.06</R>
<R>Net realized and unrealized gain (loss)	23.21	18.53	(3.49)	(.02)	13.75</R>
<R>Total from investment operations	23.68	18.89	(3.32)	(.01)	13.81</R>
<R>Distributions from net investment income	(.45)	(.32)	(.15)	(.06)	(.11)</R>
<R>Distributions from net realized gain	(2.10)	(.06)	-	-	-</R>
<R>Total distributions	(2.55)	(.39) ^I	(.15)	(.06)	(.11)</R>
<R>Redemption fees added to paid in capital ^B	.01	- ^H	- ^H	- ^H	- ^H</R>
<R>Net asset value, end of period	$ 89.46	$ 68.32	$ 49.82	$ 53.29	$ 53.36</R>
<R>Total Return^A	34.91%	38.01%	(6.20)%	(.01)%	34.87%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.78%	.82%	.84%	.84%	.86%</R>
<R>Expenses net of fee waivers, if any	.78%	.82%	.84%	.84%	.86%</R>
<R>Expenses net of all reductions	.77%	.79%	.82%	.83%	.86%</R>
<R>Net investment income (loss)	.61%	.63%	.36%	.03%	.13%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 2,395,039	$ 1,253,853	$ 953,784	$ 1,291,741	$ 1,387,264</R>
<R>Portfolio turnover rate^D	132% ^F	186%	118%	137%	101%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

<R>^F Portfolio turnover rate excludes securities received or delivered in-kind.</R>

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

^I Total distributions of $.39 per share is comprised of distributions from net investment income of $.322 and distributions from net realized gain of $.064 per share.

Prospectus

Appendix - continued

IT Services Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 37.86	$ 27.53	$ 23.77	$ 22.31	$ 17.08</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	(.03)	(.03)	(.02)^E	(.05)	(.03)</R>
<R>Net realized and unrealized gain (loss)	4.06	11.42	4.08	1.86	5.26</R>
<R>Total from investment operations	4.03	11.39	4.06	1.81	5.23</R>
<R>Distributions from net investment income	(.01)	-	-	-	-</R>
<R>Distributions from net realized gain	(3.01)	(1.06)	(.30)	(.35)	-</R>
<R>Total distributions	(3.01)^I	(1.06)	(.30)	(.35)	-</R>
Redemption fees added to paid in capital ^{B, H}	-	-	-	-	-
<R>Net asset value, end of period	$ 38.88	$ 37.86	$ 27.53	$ 23.77	$ 22.31</R>
<R>Total Return^A	11.16%	41.66%	17.22%	8.18%	30.62%</R>
<R>Ratios to Average Net Assets^{C, F}					</R>
<R>Expenses before reductions	.81%	.84%	.86%	.91%	.94%</R>
<R>Expenses net of fee waivers, if any	.81%	.84%	.86%	.91%	.94%</R>
<R>Expenses net of all reductions	.81%	.83%	.85%	.91%	.94%</R>
<R>Net investment income (loss)	(.07)%	(.09)%	(.09)%^E	(.24)%	(.16)%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 941,998	$ 1,653,572	$ 470,962	$ 249,124	$ 131,972</R>
<R>Portfolio turnover rate^D	56%	74%	107%	143%	156%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.19)%.

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

<R>^I Total distributions of $3.01 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $3.009 per share.</R>

Prospectus

Software and Computer Services Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 124.38	$ 87.97	$ 89.96	$ 91.63	$ 72.29</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	(.17)	.06	.04	(.06)	(.11)</R>
<R>Net realized and unrealized gain (loss)	7.26	41.95	7.25	10.39	22.28</R>
<R>Total from investment operations	7.09	42.01	7.29	10.33	22.17</R>
<R>Distributions from net investment income	-	-	(.78)^E	-	-</R>
<R>Distributions from net realized gain	(12.09)	(5.60)	(8.50)^E	(12.00)	(2.83)</R>
<R>Total distributions	(12.09)	(5.60)	(9.28)	(12.00)	(2.83)</R>
<R>Redemption fees added to paid in capital ^{B, H}	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 119.38	$ 124.38	$ 87.97	$ 89.96	$ 91.63</R>
<R>Total Return^A	6.33%	48.18%	8.85%	13.08%	30.85%</R>
<R>Ratios to Average Net Assets^{C, F}					</R>
<R>Expenses before reductions	.77%	.79%	.82%	.82%	.84%</R>
<R>Expenses net of fee waivers, if any	.77%	.79%	.82%	.82%	.84%</R>
<R>Expenses net of all reductions	.77%	.78%	.80%	.81%	.83%</R>
<R>Net investment income (loss)	(.15)%	.06%	.04%	(.07)%	(.13)%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 3,012,792	$ 3,844,505	$ 2,027,731	$ 1,621,616	$ 1,299,253</R>
<R>Portfolio turnover rate^{, D}	53%	87%	96%	238%	189%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

<R>^E The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.</R>

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

<R></R>

Prospectus

Appendix - continued

Technology Portfolio

<R>Years ended February 28,	2015	2014	2013	2012 ^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 130.70	$ 104.11	$ 101.57	$ 102.37	$ 72.24</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.16	.06	.01	(.27)	(.37)</R>
<R>Net realized and unrealized gain (loss)	10.26	36.34	2.53	(.53)	30.50</R>
<R>Total from investment operations	10.42	36.40	2.54	(.80)	30.13</R>
<R>Distributions from net investment income	(.17)	(.09) ^E	-	-	-</R>
<R>Distributions from net realized gain	(20.10)	(9.72) ^E	-	-	-</R>
<R>Total distributions	(20.27)	(9.81)	-	-	-</R>
<R>Redemption fees added to paid in capital ^{B, H}	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 120.85	$ 130.70	$ 104.11	$ 101.57	$ 102.37</R>
<R>Total Return^A	9.97%	36.20%	2.50%	(.78)%	41.71%</R>
<R>Ratios to Average Net Assets^{C, F}					</R>
<R>Expenses before reductions	.78%	.80%	.81%	.82%	.85%</R>
<R>Expenses net of fee waivers, if any	.78%	.80%	.81%	.82%	.85%</R>
<R>Expenses net of all reductions	.78%	.77%	.79%	.81%	.83%</R>
<R>Net investment income (loss)	.13%	.05%	.01%	(.29)%	(.44)%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 2,824,848	$ 2,411,391	$ 2,028,324	$ 2,349,926	$ 2,885,820</R>
<R>Portfolio turnover rate^D	144%	181%	140%	196%	136%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

<R>^E The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.</R>

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

<R></R>

Prospectus

Additional Index Information

MSCI U.S. IMI Information Technology 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Information Technology companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Technology Index.

MSCI U.S. IMI Information Technology Services 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of IT Services companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market IT Services Index.

MSCI U.S. IMI Semiconductors & Semiconductor Equipment 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Semiconductors & Semiconductor Equipment companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Semiconductors & Semiconductor Equipment Index.

MSCI U.S. IMI Software & Services 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Software & Services companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Software & Services Index.

S&P 500^® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

S&P^® Custom Communications Equipment Index is a modified market capitalization-weighted index of stocks designed to measure the performance of companies engaged in the development, manufacture, or sale of communications equipment. These companies are identified by S&P based on the specific policies of the fund. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Communications Equipment Index.

S&P Custom Computers & Peripherals Index is a modified market capitalization-weighted index of stocks designed to measure the performance of companies engaged in research, design, development, manufacture or distribution of products, processes, or services that relate to currently available or experimental hardware technology within the computer industry. These companies are identified by S&P based on the specific policies of the fund. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Computers & Peripherals Index.

Prospectus

Notes

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

Investment Company Act of 1940, File Number, 811-03114

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.

The third-party marks appearing above are the marks of their respective owners.

<R>1.910410.105 SELTEC-PRO-0415</R>

Fidelity^® Select Portfolios^®

Energy Sector

Fund	Ticker
Energy Portfolio	FSENX
Energy Service Portfolio	FSESX
Natural Gas Portfolio	FSNGX
Natural Resources Portfolio	FNARX

Prospectus

<R>April 29, 2015</R>

qwe730934

Fund Summary	(Click Here)	Energy Portfolio
	(Click Here)	Energy Service Portfolio
	(Click Here)	Natural Gas Portfolio
	(Click Here)	Natural Resources Portfolio
Fund Basics	(Click Here)	Investment Details
	(Click Here)	Valuing Shares
Shareholder Information	(Click Here)	Additional Information about the Purchase and Sale of Shares
	(Click Here)	Exchanging Shares
	(Click Here)	Features and Policies
	(Click Here)	Dividends and Capital Gain Distributions
	(Click Here)	Tax Consequences
Fund Services	(Click Here)	Fund Management
	(Click Here)	Fund Distribution
Appendix	(Click Here)	Financial Highlights
	(Click Here)	Additional Index Information

Prospectus

Fund Summary

<R>Fund:
EnergyPortfolio</R>

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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.24%</R>
<R>Total annual operating expenses	0.79%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 81</R>
<R>3 years	$ 252</R>
<R>5 years	$ 439</R>
<R>10 years	$ 978</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the energy field, including the conventional areas of oil, gas, electricity, and coal, and newer sources of energy such as nuclear, geothermal, oil shale, and solar power.
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, including different market sectors, and different types of securities 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.
Energy Industry Concentration. The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	51.99%	14.21%	45.53%	-54.00%	47.09%	18.99%	-4.85%	4.64%	24.21%	-12.64%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	24.43%	December 31, 2010</R>
<R>Lowest Quarter Return	-37.94%	September 30, 2008</R>
<R>Year-to-Date Return	1.16%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Energy Portfolio
<R>Return Before Taxes	-12.64%	5.15%	8.19%</R>
<R>Return After Taxes on Distributions	-14.46%	3.99%	7.14%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-5.37%	4.12%	6.81%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Energy 25-50 Index (reflects no deduction for fees, expenses, or taxes)	-9.79%	8.01%	9.31%</R>

Investment Adviser

Portfolio Manager(s)

John Dowd (portfolio manager) has managed the fund since July 2006.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

<R>Fund:
EnergyService Portfolio</R>

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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.24%</R>
<R>Total annual operating expenses	0.79%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 81</R>
<R>3 years	$ 252</R>
<R>5 years	$ 439</R>
<R>10 years	$ 978</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the energy service field, including those that provide services and equipment to the conventional areas of oil, gas, electricity, and coal, and newer sources of energy such as nuclear, geothermal, oil shale, and solar power.
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, including different market sectors, and different types of securities 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.
Energy Service Industry Concentration. The energy service industry can be significantly affected by the supply of and demand for specific equipment or services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, world events, and economic conditions.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	54.14%	8.64%	55.21%	-63.16%	61.96%	27.92%	-12.56%	2.57%	27.48%	-24.13%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	31.42%	June 30, 2009</R>
<R>Lowest Quarter Return	-50.71%	December 31, 2008</R>
<R>Year-to-Date Return	-5.92%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Energy Service Portfolio
<R>Return Before Taxes	-24.13%	2.10%	5.58%</R>
<R>Return After Taxes on Distributions	-26.45%	1.46%	5.04%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-11.34%	1.74%	4.70%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Energy Equipment & Services 25-50 Index (reflects no deduction for fees, expenses, or taxes)	-21.34%	3.70%	7.20%</R>

Prospectus

Investment Adviser

Portfolio Manager(s)

Ben Shuleva (portfolio manager) has managed the fund since August 2013.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

<R>Fund:
NaturalGas Portfolio</R>

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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.27%</R>
<R>Total annual operating expenses	0.82%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 84</R>
<R>3 years	$ 262</R>
<R>5 years	$ 455</R>
<R>10 years	$ 1,014</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the production, transmission, and distribution of natural gas, and involved in the exploration of potential natural gas sources, as well as those companies that provide services and equipment to natural gas producers, refineries, cogeneration facilities, converters, and distributors.
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, including different market sectors, and different types of securities 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.
Natural Gas Industry Concentration. The natural gas industry is subject to changes in price and supply of energy sources and can be significantly affected by events relating to international politics, energy conservation, the success of energy source exploration projects, and tax and other government regulations.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	45.71%	5.24%	40.91%	-56.65%	56.32%	6.43%	-7.67%	2.44%	24.66%	-13.29%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	26.47%	June 30, 2009</R>
<R>Lowest Quarter Return	-40.29%	September 30, 2008</R>
<R>Year-to-Date Return	-3.80%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Natural Gas Portfolio
<R>Return Before Taxes	-13.29%	1.71%	4.77%</R>
<R>Return After Taxes on Distributions	-13.54%	1.48%	4.01%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-7.29%	1.37%	4.03%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>S&P^® Custom Natural Gas Index (reflects no deduction for fees, expenses, or taxes)	-9.93%	6.26%	8.95%</R>

Investment Adviser

Prospectus

Portfolio Manager(s)

Ted Davis (portfolio manager) has managed the fund since September 2012.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

<R>Fund:
NaturalResources Portfolio</R>

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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.27%</R>
<R>Total annual operating expenses	0.82%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 84</R>
<R>3 years	$ 262</R>
<R>5 years	$ 455</R>
<R>10 years	$ 1,014</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks and in certain precious metals.
Normally investing at least 80% of assets in securities of companies principally engaged in owning or developing natural resources, or supplying goods and services to such companies, and in precious metals.
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, including different market sectors, and different types of securities 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.
Natural Resources Industry Concentration. The natural resources industries can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, and tax and other government regulations.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	46.01%	19.07%	50.08%	-52.39%	51.74%	23.09%	-9.25%	3.35%	17.49%	-12.29%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	24.75%	December 31, 2010</R>
<R>Lowest Quarter Return	-37.37%	September 30, 2008</R>
<R>Year-to-Date Return	2.17%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Natural Resources Portfolio
<R>Return Before Taxes	-12.29%	3.53%	8.41%</R>
<R>Return After Taxes on Distributions	-13.55%	3.04%	7.89%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-5.85%	2.78%	6.96%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>S&P^® North American Natural Resources Sector Index (reflects no deduction for fees, expenses, or taxes)	-9.77%	4.28%	7.65%</R>

Investment Adviser

Portfolio Manager(s)

John Dowd (portfolio manager) has managed the fund since May 2006.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Basics

Investment Details

Principal Investment Strategies

Energy Portfolio

The fund invests primarily in companies in the energy field, including the conventional areas of oil, gas, electricity and coal, and newer sources of energy such as nuclear, geothermal, oil shale and solar power. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

Energy products and services are those related to the exploration, extraction, production, sale, or distribution of energy resources, including oil, gas, electricity, coal, and nuclear, geothermal, and solar power.

These companies may include, for example, integrated oil companies; drilling contractors and rig owners; drilling rig and equipment manufacturers and providers of supplies and services to companies engaged in oil and gas drilling; companies engaged in the exploration, production, refining, or marketing of oil, gas, and/or refined products; and companies involved in the production and mining of coal, related products, and other consumable fuels.

Energy Service Portfolio

The fund invests primarily in companies in the energy service field, including those that provide services and equipment to the conventional areas of oil, gas, electricity and coal, and newer sources of energy such as nuclear, geothermal, oil shale, and solar power. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, drilling contractors and rig owners; drilling rig and equipment manufacturers; and providers of supplies, equipment, and services to companies engaged in oil and gas drilling.

Natural Gas Portfolio

The fund invests primarily in companies engaged in the production, transmission, and distribution of natural gas, and involved in the exploration of potential natural gas sources, as well as those companies that provide services and equipment to natural gas producers, refineries, cogeneration facilities, converters, and distributors. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, companies involved in the production, refinement, transmission, distribution, marketing, control, or measurement of natural gas; companies involved in exploration of potential natural gas sources; companies involved in natural gas research or experimentation; companies working toward the solution of energy problems, such as energy conservation or pollution control through the use of natural gas; companies working toward technological advances in the natural gas field; drilling contractors and other companies providing equipment or services related to, or engaged in, the exploration and production of oil and gas, including the drilling, evaluation and completion of oil and gas wells; integrated oil companies; and companies engaged in the refining and marketing of oil, gas and/or refined products.

Natural Resources Portfolio

The fund invests primarily in companies that own or develop natural resources, or supply goods and services to such companies. The fund normally invests at least 80% of its assets in securities of companies principally engaged in owning or developing natural resources, or supplying goods and services to such companies, and in precious metals.

These companies may include, for example, companies involved either directly or through subsidiaries in exploring, mining, refining, processing, transporting, fabricating, dealing in, or owning natural resources. Natural resources include precious metals (e.g., gold, platinum, and silver), ferrous and nonferrous metals (e.g., iron, aluminum, and copper), strategic metals (e.g., uranium and titanium), hydrocarbons (e.g., coal, oil, and natural gases), chemicals, paper and forest products, real estate, food, textile and tobacco products, and other basic commodities. The Adviser treats investments in instruments whose value is linked to the price of precious metals as investments in precious metals.

The following applies to all funds. See the sections above for information unique to each fund.

Each fund seeks capital appreciation.

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests each fund's assets primarily in common stocks (and potentially in precious metals for Natural Resources Portfolio).

Each fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of some funds' assets at times.

In addition to the principal investment strategies discussed above, the Adviser may lend a fund's securities to broker-dealers or other institutions to earn income for the fund.

Prospectus

Fund Basics - continued

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Principal Investment Risks

Many factors affect each fund's performance. A fund's share price changes daily based on changes in market conditions and interest rates and in response to other economic, political, or financial developments. A fund's reaction to these developments will be affected by the types of securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund's level of investment in the securities of that issuer. Because each fund concentrates its investments in a particular industry or group of related industries, the fund's performance could depend heavily on the performance of that industry or group of industries and could be more volatile than the performance of less concentrated funds. In addition, because Energy Portfolio, Energy Services Portfolio, and Natural Gas Portfolio may invest a significant percentage of assets in a single issuer, the fund's performance could be closely tied to that one issuer and could be more volatile than the performance of more diversified funds. When you sell your shares they may be worth more or less than what you paid for them, which means that you could lose money by investing in a fund.

The following factors can significantly affect a fund's performance:

The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels caused by geopolitical events, energy conservation, the success of exploration projects, weather or meteorological events, and tax and other government regulations.

The energy service industry can be significantly affected by the supply of and demand for specific equipment, products or services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, world events, weather or meteorological events, and economic conditions.

The natural gas industry is subject to changes in price and supply of both conventional and alternative energy sources. Swift price and supply fluctuations can be caused by events relating to international politics, energy conservation, the success of energy source exploration projects, and tax and other domestic and foreign government regulations. Companies in the industry also can be affected by weather, natural disasters, and economic changes in general.

The natural resources industries can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, and tax and other government regulations.

Prospectus

Valuing Shares

Each fund is open for business each day the NYSE is open.

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Prospectus

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

General Information

Fidelity Investments was established in 1946 to manage one of America's first mutual funds. Today, Fidelity is one of the world's largest providers of financial services.

You should include the following information with any order:

Your name
Your account number
Type of transaction requested
Name(s) of fund(s) and class(es)
Dollar amount or number of shares

Certain methods of contacting Fidelity may be unavailable or delayed (for example, during periods of unusual market activity). In addition, the level and type of service available may be restricted.

Frequent Purchases and Redemptions

A fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excessive trading, at any time.

Each fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

Exceptions

Prospectus

Shareholder Information - continued

Omnibus Accounts

If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account.

Retirement Plans

Qualified Wrap Programs

Other Information about the Excessive Trading Policy

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

Buying Shares

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after your investment is received in proper form.

<R>Shares are generally available only to investors residing in the United States.</R>

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

Prospectus

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees a fund or Fidelity has incurred.

<R>Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.</R>

Selling Shares

The price to sell one share is its NAV, minus the short-term redemption fee, if applicable.

Each fund also permits waivers of the short-term redemption fee for the following transactions:

Redemptions due to Fidelity fund small balance maintenance fees.
Redemptions related to death or due to a divorce decree.
Certain types of IRA account transactions, including: redemptions pursuant to systematic withdrawal programs, withdrawals due to disability, return of excess contribution amounts, and redemptions related to payment of custodian fees.
Certain types of employer-sponsored and 403(b) retirement plan transactions, including: loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability, or qualified domestic relations order.
Certain types of transactions in employer-sponsored and 403(b) retirement plans recordkept by Fidelity, including redemptions in conjunction with plan sponsor events and redemptions of shares purchased through plan sponsor events, plan contributions or loan repayments.

When you wish to sell more than $100,000 worth of shares.
When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address.
When you are requesting that redemption proceeds be paid to someone other than the account owner.
In certain situations when the redemption proceeds are being transferred to a Fidelity mutual fund account with a different registration.

When you place an order to sell shares, note the following:

Prospectus

Shareholder Information - continued

If you are selling some but not all of your shares, keep your fund balance above the required minimum to keep your fund position open, except fund positions not subject to balance minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected.
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.
Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of a fund.
You will not receive interest on amounts represented by uncashed redemption checks.
If you hold your shares in a Fidelity mutual fund account and your redemption check remains uncashed for six months, the check may be invested in additional shares at the NAV next calculated on the day of the investment.
<R>Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

To sell shares issued with certificates, call Fidelity for instructions. The funds do not currently issue share certificates.

Exchanging Shares

An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund.

As a shareholder, you have the privilege of exchanging shares for shares of other Fidelity funds.

However, you should note the following policies and restrictions governing exchanges:

The exchange limit may be modified for accounts held by certain institutional retirement plans to conform to plan exchange limits and Department of Labor regulations. See your retirement plan materials for further information.
Each fund may refuse any exchange purchase for any reason. For example, each fund may refuse exchange purchases by any person or group if, in the Adviser's judgment, the fund would be unable to invest the money effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
Before any exchange, read the prospectus for the shares you are purchasing, including any purchase and sale requirements.
The shares you are acquiring by exchange must be available for sale in your state.
Exchanges may have tax consequences for you.
If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.
<R>Under applicable anti-money laundering rules and other regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

The funds may terminate or modify exchange privileges in the future.

Other funds may have different exchange restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund's prospectus for details.

Features and Policies

Features

<R>Electronic Funds Transfer: electronic money movement through the Automated Clearing House</R>

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

• You can use electronic funds transfer to:

- Make periodic (automatic) purchases of Fidelity fund shares or payments to your Fidelity brokerage account.

- Make periodic (automatic) redemptions of Fidelity fund shares or withdrawals from your Fidelity brokerage account.

Wire: electronic money movement through the Federal Reserve wire system

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

<R>Automatic Transactions: periodic (automatic) transactions</R>

• To make contributions from a Fidelity mutual fund account to a Fidelity mutual fund IRA.

• To sell shares of a Fidelity money market fund and simultaneously to buy shares of another Fidelity fund in a Fidelity mutual fund account.

Prospectus

Shareholder Information - continued

Policies

The following policies apply to you as a shareholder.

Statements that Fidelity sends to you include the following:

Confirmation statements (after transactions affecting your fund balance except, to the extent applicable, reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).
Monthly or quarterly account statements (detailing fund balances and all transactions completed during the prior month or quarter).

Fidelity may charge a fee for certain services, such as providing historical account documents.

Dividends and Capital Gain Distributions

Each fund normally pays dividends and capital gain distributions in April and December.

Distribution Options

When you open an account, specify on your application how you want to receive your distributions. The following distribution options are available:

2. Income-Earned Option. Any capital gain distributions will be automatically reinvested in additional shares. Any dividends will be paid in cash.

3. Cash Option. Any dividends and capital gain distributions will be paid in cash.

Prospectus

If your dividend check(s) remains uncashed for six months, your check(s) may be invested in additional shares at the NAV next calculated on the day of the investment.

Tax Consequences

Taxes on distributions. Distributions you receive from each fund are subject to federal income tax, and may also be subject to state or local taxes.

Any taxable distributions you receive from a fund will normally be taxable to you when you receive them, regardless of your distribution option.

Prospectus

Fund Services

Fund Management

Each fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

The Adviser began managing the funds on August 1, 2013. Prior to such date, the funds were managed by FMR, an affiliated investment adviser.

As the manager, the Adviser has overall responsibility for directing each fund's investments and handling its business affairs.

FMRC serves as a sub-adviser for each fund. FMRC has day-to-day responsibility for choosing investments for each fund.

<R>FMRC is an affiliate of the Adviser. As of December 31, 2014, FMRC had approximately $918.6 billion in discretionary assets under management.</R>

Other investment advisers assist the Adviser with foreign investments:

<R>FMR Investment Management (U.K.) Limited (FMR U.K.), at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for each fund. As of December 31, 2014, FMR U.K. had approximately $18.1 billion in discretionary assets under management. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR U.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for each fund. As of December 31, 2014, FMR H.K. had approximately $8.3 billion in discretionary assets under management. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR H.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for each fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR Japan is an affiliate of the Adviser.</R>

<R>Ted Davis is portfolio manager of Natural Gas Portfolio, which he has managed since September 2012. Prior to joining Fidelity Investments in 2012 as a portfolio manager, Mr. Davis worked as a global commodity sector leader, senior research analyst, research associate, and associate portfolio manager for AllianceBernstein from 1998 to 2012.</R>

John Dowd is portfolio manager of Energy Portfolio and Natural Resources Portfolio, which he has managed since July 2006 and May 2006, respectively. He also manages other funds. Since joining Fidelity Investments in 2005, Mr. Dowd has worked as a research analyst and portfolio manager.

Ben Shuleva is portfolio manager of Energy Service Portfolio, which he has managed since August 2013. Since joining Fidelity Investments in 2008, Mr. Shuleva has worked as a research analyst and portfolio manager.

The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio managers.

The group fee rate is based on the average net assets of all funds advised by SelectCo or FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2015, the group fee rate was 0.25%. The individual fund fee rate is 0.30%.</R>

Prospectus

	Total Management Fee
Energy Portfolio	0.55%
Energy Service Portfolio	0.55%
Natural Gas Portfolio	0.55%
Natural Resources Portfolio	0.55%

The Adviser pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

Energy Portfolio
Rate	1.15%
Energy Service Portfolio
Rate	1.15%
Natural Gas Portfolio
Rate	1.15%
Natural Resources Portfolio
Rate	1.15%

Fund Distribution

FDC distributes each fund's shares.

Prospectus

Appendix

Financial Highlights

<R>Energy Portfolio</R>

<R>Years ended February 28,	2015	2014	2013	2012 ^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 56.25	$ 54.81	$ 55.14	$ 60.22	$ 43.55</R>
Income from Investment Operations
<R>Net investment income (loss)^B	.46	.44	.53	.41	.29</R>
<R>Net realized and unrealized gain (loss)	(6.37)	7.86	(.04)	(5.06)	16.63</R>
<R>Total from investment operations	(5.91)	8.30	.49	(4.65)	16.92</R>
<R>Distributions from net investment income	(.46)	(.46)	(.47)	(.40)	(.25)</R>
<R>Distributions from net realized gain	(4.23)	(6.40)	(.35)	(.03)	-</R>
<R>Total distributions	(4.70) ^H	(6.86)	(.82)	(.43)	(.25)</R>
<R>Redemption fees added to paid in capital^{B, G}	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 45.64	$ 56.25	$ 54.81	$ 55.14	$ 60.22</R>
<R>Total Return^A	(11.25)%	15.43%	1.00%	(7.68)%	38.95%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.79%	.80%	.82%	.83%	.85%</R>
<R>Expenses net of fee waivers, if any	.79%	.80%	.82%	.83%	.85%</R>
<R>Expenses net of all reductions	.79%	.80%	.81%	.82%	.85%</R>
<R>Net investment income (loss)	.85%	.76%	1.04%	.77%	.64%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 2,179,828	$ 1,995,808	$ 2,126,992	$ 2,504,448	$ 3,033,023</R>
<R>Portfolio turnover rate^D	73% ^I	98%	80%	90%	107%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

<R>^H Total distributions of $4.70 per share is comprised of distributions from net investment income of $.463 and distributions from net realized gain of $4.233 per share.</R>

<R>^I Portfolio turnover rate excludes securities received or delivered in-kind.</R>

Prospectus

Appendix - continued

<R>Energy Service Portfolio</R>

<R>Years ended February 28,	2015	2014	2013	2012^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 86.13	$ 74.01	$ 73.01	$ 85.88	$ 58.27</R>
Income from Investment Operations
<R>Net investment income (loss)^B	.45	.21	- ^G	(.09)	(.04)</R>
<R>Net realized and unrealized gain (loss)	(23.10)	12.09	1.00	(12.79)	27.65</R>
<R>Total from investment operations	(22.65)	12.30	1.00	(12.88)	27.61</R>
<R>Distributions from net investment income	(.39)	(.18)	-	-	-</R>
<R>Distributions from net realized gain	(8.75)	-	-	-	-</R>
<R>Total distributions	(9.14)	(.18)	-	-	-</R>
<R>Redemption fees added to paid in capital^B	- ^G	- ^G	- ^G	.01	- ^G</R>
<R>Net asset value, end of period	$54.34	$86.13	$74.01	$73.01	$85.88</R>
<R>Total Return^A	(27.82)%	16.62%	1.37%	(14.99)%	47.38%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.79%	.80%	.82%	.82%	.85%</R>
<R>Expenses net of fee waivers, if any	.79%	.80%	.82%	.82%	.85%</R>
<R>Expenses net of all reductions	.79%	.80%	.81%	.81%	.85%</R>
<R>Net investment income (loss)	.56%	.26%	.01%	(.12)%	(.06)%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 698,803	$ 1,047,980	$ 1,236,403	$ 1,382,288	$ 2,040,691</R>
<R>Portfolio turnover rate^D	55%	34%	49%	74%	85%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

<R></R>

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

Prospectus

<R>Natural Gas Portfolio</R>

<R>Years ended February 28,	2015	2014	2013	2012 ^H	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 39.16	$ 32.86	$ 32.91	$ 36.50	$ 31.34</R>
Income from Investment Operations
<R>Net investment income (loss)^B	.34	.35	.30	.26	.29^E</R>
<R>Net realized and unrealized gain (loss)	(7.03)	6.61	(.03) ^K	(3.56)	5.19</R>
<R>Total from investment operations	(6.69)	6.96	.27	(3.30)	5.48</R>
<R>Distributions from net investment income	(.38)	(.33)	(.27)	(.29)	(.26)</R>
<R>Distributions from net realized gain	(.04)	(.32)	(.05)	-	(.06)</R>
<R>Total distributions	(.42)	(.66) ^J	(.32)	(.29)	(.32)</R>
<R>Redemption fees added to paid in capital ^B,I	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 32.05	$ 39.16	$ 32.86	$ 32.91	$ 36.50</R>
<R>Total Return^A	(17.15)%	21.28%	.86% ^K	(9.03)%	17.58%</R>
<R>Ratios to Average Net Assets^{C, F}					</R>
<R>Expenses before reductions	.82%	.84%	.87%	.86%	.89%</R>
<R>Expenses net of fee waivers, if any	.82%	.84%	.87%	.86%	.89%</R>
<R>Expenses net of all reductions	.82%	.84%	.86%	.86%	.88%</R>
<R>Net investment income (loss)	.84%	.98%	.96%	.81%	.95% ^E</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 530,285	$ 840,514	$ 650,073	$ 743,680	$ 990,083</R>
<R>Portfolio turnover rate^D	147% ^G	135%	107%	63%	167%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a large, non-recurring dividend which amounted to $.15 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .47%.

<R>^G Portfolio turnover rate excludes securities received or delivered in-kind.</R>

^H For the year ended February 29.

^I Amount represents less than $.01 per share.

^J Total distributions of $.66 per share is comprised of distributions from net investment income of $.332 and distributions from net realized gain of $.324 per share.

^K Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.03 per share. Excluding these litigation proceeds, the total return would have been 0.75%.

Prospectus

Appendix - continued

<R>Natural Resources Portfolio</R>

<R>Years ended February 28,	2015	2014	2013	2012 ^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 37.85	$ 34.10	$ 35.36	$ 39.07	$ 27.66</R>
Income from Investment Operations
<R>Net investment income (loss)^B	.21	.20	.28	.20	.12</R>
<R>Net realized and unrealized gain (loss)	(4.55)	4.52	(1.45)	(3.59)	11.49</R>
<R>Total from investment operations	(4.34)	4.72	(1.17)	(3.39)	11.61</R>
<R>Distributions from net investment income	(.15)	(.10)	(.09)	(.26)	(.11)</R>
<R>Distributions from net realized gain	(1.87)	(.88)	-	(.06)	(.09)</R>
<R>Total distributions	(2.02)	(.97) ^H	(.09)	(.32)	(.20)</R>
<R>Redemption fees added to paid in capital^{B, G}	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 31.49	$ 37.85	$ 34.10	$ 35.36	$ 39.07</R>
<R>Total Return^A	(11.45)%	13.97%	(3.30)%	(8.63)%	42.09%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.82%	.84%	.86%	.84%	.88%</R>
<R>Expenses net of fee waivers, if any	.82%	.84%	.85%	.84%	.88%</R>
<R>Expenses net of all reductions	.82%	.83%	.84%	.84%	.87%</R>
<R>Net investment income (loss)	.55%	.54%	.89%	.58%	.39%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 761,078	$ 949,394	$ 1,054,528	$ 1,430,581	$ 1,971,764</R>
<R>Portfolio turnover rate^D	87%	99%	76%	88%	113%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

^H Total distributions of $.97 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.877 per share.

Prospectus

Additional Index Information

MSCI U.S. IMI Energy 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Energy companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Energy Index.

MSCI U.S. IMI Energy Equipment & Services 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Energy Equipment & Services companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Energy Equipment & Services Index.

S&P 500^® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

S&P^® Custom Natural Gas Index is a customized index of U.S. and Canadian stocks designed to measure the performance of companies engaged in the production, transmission, and distribution of natural gas, and involved in the exploration of potential natural gas resources, as well as those companies that provide services and equipment to natural gas producers, refineries, cogeneration facilities, converters, and distributors.

S&P North American Natural Resources Sector Index is a modified market capitalization-weighted index of U.S. traded stocks designed to measure the performance of companies in the natural resources sector.

Prospectus

Notes

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

Investment Company Act of 1940, File Number, 811-03114

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.

The third-party marks appearing above are the marks of their respective owners.

<R>1.910401.105 SELNR-PRO-0415</R>

Fidelity^® Select Portfolios^®

Utilities Sector

Fund/Ticker

Utilities Portfolio/FSUTX

Prospectus

<R>April 29, 2015</R>

qwe730959

Fund Summary	(Click Here)	Utilities Portfolio
Fund Basics	(Click Here)	Investment Details
	(Click Here)	Valuing Shares
Shareholder Information	(Click Here)	Additional Information about the Purchase and Sale of Shares
	(Click Here)	Exchanging Shares
	(Click Here)	Features and Policies
	(Click Here)	Dividends and Capital Gain Distributions
	(Click Here)	Tax Consequences
Fund Services	(Click Here)	Fund Management
	(Click Here)	Fund Distribution
Appendix	(Click Here)	Financial Highlights
	(Click Here)	Additional Index Information

Prospectus

Fund Summary

Fund:
Utilities 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.25%</R>
<R>Total annual operating expenses	0.80%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 82</R>
<R>3 years	$ 255</R>
<R>5 years	$ 444</R>
<R>10 years	$ 990</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the utilities industry and companies deriving a majority of their revenues from their utility operations.
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, including different market sectors, and different types of securities 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.
Utilities Industry Concentration. The utilities industries can be significantly affected by government regulation, interest rate changes, financing difficulties, supply and demand of services or fuel, intense competition, natural resource conservation, and commodity price fluctuations.
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.

Prospectus

Fund Summary - continued

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 Index Information section of the prospectus. Prior to October 1, 2006, the fund operated under certain different investment policies and compared its performance to a different additional index. The fund's historical performance may not represent its current investment policies. 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

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	9.36%	30.08%	18.13%	-36.00%	14.39%	10.94%	13.09%	7.03%	20.61%	21.66%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	14.30%	March 31, 2013</R>
<R>Lowest Quarter Return	-26.14%	September 30, 2008</R>
<R>Year-to-Date Return	-2.83%	March31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Utilities Portfolio
<R>Return Before Taxes	21.66%	14.53%	9.26%</R>
<R>Return After Taxes on Distributions	19.35%	13.76%	8.73%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	13.70%	11.64%	7.58%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Utilities 25-50 Index (reflects no deduction for fees, expenses, or taxes)	27.08%	13.78%	9.70%</R>

Investment Adviser

Prospectus

Portfolio Manager(s)

Douglas Simmons (portfolio manager) has managed the fund since October 2006.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Basics

Investment Details

Investment Objective

Utilities Portfolio seeks capital appreciation.

Principal Investment Strategies

The fund invests primarily in companies in the utilities industry and companies deriving a majority of their revenues from their utility operations. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, companies that produce electricity, including nuclear and non-nuclear facilities; companies that distribute and transmit natural and manufactured gas; water treatment and other utility companies; and other companies that operate as independent power producers, gas and power marketing and trading specialists and/or integrated energy merchants. In managing the fund the Adviser generally emphasizes power and gas utilities and not telephone companies and telecommunications utilities.

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests the fund's assets primarily in common stocks.

The fund may invest in domestic and foreign securities.

In addition to concentrating on particular industries, the fund may invest a significant percentage of its assets in relatively few companies and may invest up to 25% in a single company. The fund is considered non-diversified.

In buying and selling securities for the fund, the Adviser relies on fundamental analysis, which involves a bottom-up assessment of a company's potential for success in light of factors including its financial condition, earnings outlook, strategy, management, industry position, and economic and market conditions.

In addition to the principal investment strategies discussed above, the Adviser may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

The Adviser may also use various techniques, such as buying and selling futures contracts and exchange traded funds, to increase or decrease the fund's exposure to changing security prices or other factors that affect security values.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

The fund has a policy of investing primarily in companies engaged in specified activities. Those policies cannot be changed without a shareholder vote. The fund also has a policy of normally investing at least 80% of assets in securities of companies principally engaged in specified activities. Those policies can be changed without a vote only upon 60 days' prior notice to shareholders of the fund.

Description of Principal Security Types

Principal Investment Risks

Many factors affect the fund's performance. The fund's share price changes daily based on changes in market conditions and interest rates and in response to other economic, political, or financial developments. The fund's reaction to these developments will be affected by the types of securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund's level of investment in the securities of that issuer. Because the fund concentrates its investments in a particular industry or group of related industries, the fund's performance could depend heavily on the performance of that industry or group of industries and could be more volatile than the performance of less concentrated funds. In addition, because the fund may invest a significant percentage of assets in a single issuer, the fund's performance could be closely tied to that one issuer and could be more volatile than the performance of more diversified funds. When you sell your shares they may be worth more or less than what you paid for them, which means that you could lose money by investing in the fund.

The following factors can significantly affect the fund's performance:

Prospectus

Fund Basics - continued

The utilities industries can be significantly affected by government regulation, interest rate changes, financing difficulties, supply and demand of services or fuel, changes in taxation, natural resource conservation, intense competition, and commodity price fluctuations.

Valuing Shares

The fund is open for business each day the NYSE is open.

NAV is the value of a single share. Fidelity normally calculates NAV as of the close of business of the NYSE, normally 4:00 p.m. Eastern time. The fund's assets normally are valued as of this time for the purpose of computing NAV.

NAV is not calculated and the fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by the Securities and Exchange Commission (SEC).

To the extent that the fund's assets are traded in other markets on days when the fund is not open for business, the value of the fund's assets may be affected on those days. In addition, trading in some of the fund's assets may not occur on days when the fund is open for business.

<R>NAV is calculated using the values of other open-end funds, if any, in which the fund invests (referred to as underlying funds). Shares of underlying funds are valued at their respective NAVs. Other assets (as well as assets held by an underlying Fidelity^® non-money market fund) are valued primarily on the basis of market quotations, official closing prices, or information furnished by a pricing service. Certain short-term securities are valued on the basis of amortized cost. If market quotations, official closing prices, or information furnished by a pricing service are not readily available or, in the Adviser's opinion, are deemed unreliable for a security, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. For example, if, in the Adviser's opinion, a security's value has been materially affected by events occurring before a fund's pricing time but after the close of the exchange or market on which the security is principally traded, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. Fair value pricing will be used for high yield debt securities when available pricing information is determined to be stale or for other reasons not to accurately reflect fair value. Assets held by an underlying Fidelity money market fund are valued on the basis of amortized cost.</R>

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Prospectus

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

General Information

Fidelity Investments was established in 1946 to manage one of America's first mutual funds. Today, Fidelity is one of the world's largest providers of financial services.

You should include the following information with any order:

Your name
Your account number
Type of transaction requested
Name(s) of fund(s) and class(es)
Dollar amount or number of shares

Certain methods of contacting Fidelity may be unavailable or delayed (for example, during periods of unusual market activity). In addition, the level and type of service available may be restricted.

Frequent Purchases and Redemptions

The fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excessive trading, at any time.

Excessive trading of fund shares can harm shareholders in various ways, including reducing the returns to long-term shareholders by increasing costs to the fund (such as brokerage commissions or spreads paid to dealers who sell money market instruments), disrupting portfolio management strategies, and diluting the value of the shares in cases in which fluctuations in markets are not fully priced into the fund's NAV.

The fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

Exceptions

Prospectus

Omnibus Accounts

If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account.

Retirement Plans

Qualified Wrap Programs

Other Information about the Excessive Trading Policy

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

In addition to these policies, the fund imposes a short-term redemption fee on redemptions from the fund, which is discussed in "Selling Shares." As described in "Valuing Shares," the fund also uses fair value pricing to help reduce arbitrage opportunities available to short-term traders. There is no assurance that the fund's excessive trading policy will be effective, or will successfully detect or deter excessive or disruptive trading.

Buying Shares

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after your investment is received in proper form.

The fund has authorized certain intermediaries to accept orders to buy shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be bought at the NAV next calculated after the order is received by the authorized intermediary. Orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

There is no minimum balance or purchase minimum for investments through Portfolio Advisory Services, a mutual fund or a qualified tuition program for which Fidelity serves as investment manager, certain Fidelity retirement accounts funded through salary deduction, or fund positions opened with the proceeds of distributions from such retirement accounts or from a Fidelity systematic withdrawal service. In addition, the fund may waive or lower purchase minimums in other circumstances.

<R>Shares are generally available only to investors residing in the United States.</R>

Prospectus

Shareholder Information - continued

The fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees the fund or Fidelity has incurred.

<R>Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.</R>

Selling Shares

The price to sell one share is its NAV, minus the short-term redemption fee, if applicable.

If you sell your shares after holding them less than 30 days, a 0.75% short-term redemption fee may be deducted from the redemption amount. For this purpose, shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. The fees are paid to the fund, not Fidelity, and are designed to help offset the brokerage commissions, market impact, and other costs associated with short-term shareholder trading.

The short-term redemption fee does not apply to: (i) redemptions of shares acquired by reinvesting dividends and distributions; (ii) rollovers, transfers, and changes of account registration within the fund as long as the money never leaves the fund; and (iii) redemptions in kind.

The fund also permits waivers of the short-term redemption fee for the following transactions:

Redemptions due to Fidelity fund small balance maintenance fees.
Redemptions related to death or due to a divorce decree.
Certain types of IRA account transactions, including: redemptions pursuant to systematic withdrawal programs, withdrawals due to disability, return of excess contribution amounts, and redemptions related to payment of custodian fees.
Certain types of employer-sponsored and 403(b) retirement plan transactions, including: loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability, or qualified domestic relations order.
Certain types of transactions in employer-sponsored and 403(b) retirement plans recordkept by Fidelity, including redemptions in conjunction with plan sponsor events and redemptions of shares purchased through plan sponsor events, plan contributions or loan repayments.

The fund reserves the right to modify or eliminate the short-term redemption fee or waivers at any time. Investment advisers or their affiliates may pay short-term redemption fees on behalf of investors in managed accounts. Unitized group accounts consisting of qualified plan assets may be treated as a single account for redemption fee purposes.

The fund has authorized certain intermediaries to accept orders to sell shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be sold at the NAV next calculated after the order is received by the authorized intermediary, minus the short-term redemption fee, if applicable. Orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

When you wish to sell more than $100,000 worth of shares.
When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address.
When you are requesting that redemption proceeds be paid to someone other than the account owner.
In certain situations when the redemption proceeds are being transferred to a Fidelity mutual fund account with a different registration.

Prospectus

When you place an order to sell shares, note the following:

If you are selling some but not all of your shares, keep your fund balance above the required minimum to keep your fund position open, except fund positions not subject to balance minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected.
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.
Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of the fund.
You will not receive interest on amounts represented by uncashed redemption checks.
If you hold your shares in a Fidelity mutual fund account and your redemption check remains uncashed for six months, the check may be invested in additional shares at the NAV next calculated on the day of the investment.
<R>Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

To sell shares issued with certificates, call Fidelity for instructions. The fund does not currently issue share certificates.

Exchanging Shares

An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund.

As a shareholder, you have the privilege of exchanging shares for shares of other Fidelity funds.

However, you should note the following policies and restrictions governing exchanges:

The exchange limit may be modified for accounts held by certain institutional retirement plans to conform to plan exchange limits and Department of Labor regulations. See your retirement plan materials for further information.
The fund may refuse any exchange purchase for any reason. For example, the fund may refuse exchange purchases by any person or group if, in the Adviser's judgment, the fund would be unable to invest the money effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
Before any exchange, read the prospectus for the shares you are purchasing, including any purchase and sale requirements.
The shares you are acquiring by exchange must be available for sale in your state.
Exchanges may have tax consequences for you.
If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.
<R>Under applicable anti-money laundering rules and other regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

The fund may terminate or modify exchange privileges in the future.

Other funds may have different exchange restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund's prospectus for details.

Features and Policies

Features

The following features may be available to buy and sell shares of the fund or to move money to and from your account, depending on whether you are investing through a Fidelity brokerage account or a Fidelity mutual fund account. Please visit Fidelity's web site at www.fidelity.com or call 1-800-544-6666 for more information.

Electronic Funds Transfer: electronic money movement through the Automated Clearing House

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

• You can use electronic funds transfer to:

- Make periodic (automatic) purchases of Fidelity fund shares or payments to your Fidelity brokerage account.

- Make periodic (automatic) redemptions of Fidelity fund shares or withdrawals from your Fidelity brokerage account.

Wire: electronic money movement through the Federal Reserve wire system

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

Automatic Transactions: periodic (automatic) transactions

• To make contributions from a Fidelity mutual fund account to a Fidelity mutual fund IRA.

• To sell shares of a Fidelity money market fund and simultaneously to buy shares of another Fidelity fund in a Fidelity mutual fund account.

Policies

The following policies apply to you as a shareholder.

Statements that Fidelity sends to you include the following:

Confirmation statements (after transactions affecting your fund balance except, to the extent applicable, reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).
Monthly or quarterly account statements (detailing fund balances and all transactions completed during the prior month or quarter).

You may also be asked to provide additional information in order for Fidelity to verify your identity in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations. In addition, the fund reserves the right to involuntarily redeem an account in the case of: (i) actual or suspected threatening conduct or actual or suspected fraudulent, illegal or suspicious activity by the account owner or any other individual associated with the account; or (ii) the failure of the account owner to provide information to the fund related to opening the accounts. Your shares will be sold at the NAV minus, if applicable, any short-term redemption fee, calculated on the day Fidelity closes your fund position.

Fidelity may charge a fee for certain services, such as providing historical account documents.

Dividends and Capital Gain Distributions

The fund earns dividends, interest, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. The fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain distributions.

The fund normally pays dividends and capital gain distributions in April and December.

Prospectus

Distribution Options

When you open an account, specify on your application how you want to receive your distributions. The following distribution options are available:

2. Income-Earned Option. Any capital gain distributions will be automatically reinvested in additional shares. Any dividends will be paid in cash.

3. Cash Option. Any dividends and capital gain distributions will be paid in cash.

If your dividend check(s) remains uncashed for six months, your check(s) may be invested in additional shares at the NAV next calculated on the day of the investment.

Tax Consequences

As with any investment, your investment in the fund could have tax consequences for you. If you are not investing through a tax-advantaged retirement account, you should consider these tax consequences.

Taxes on distributions. Distributions you receive from the fund are subject to federal income tax, and may also be subject to state or local taxes.

For federal tax purposes, certain of the fund's distributions, including dividends and distributions of short-term capital gains, are taxable to you as ordinary income, while certain of the fund's distributions, including distributions of long-term capital gains, are taxable to you generally as capital gains. A percentage of certain distributions of dividends may qualify for taxation at long-term capital gains rates (provided certain holding period requirements are met).

Any taxable distributions you receive from the fund will normally be taxable to you when you receive them, regardless of your distribution option.

Taxes on transactions. Your redemptions, including exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment in the fund generally is the difference between the cost of your shares and the price you receive when you sell them.

Prospectus

Fund Services

Fund Management

The fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

The Adviser is the fund's manager. The address of the Adviser is 1225 17th Street, Denver, Colorado 80202-5541. The address of other Fidelity advisers, unless otherwise indicated below, is 245 Summer Street, Boston, Massachusetts 02210.

The Adviser began managing the fund on August 1, 2013. Prior to such date, the fund was managed by FMR, an affiliated investment adviser.

As the manager, the Adviser has overall responsibility for directing the fund's investments and handling its business affairs.

FMRC serves as a sub-adviser for the fund. FMRC has day-to-day responsibility for choosing investments for the fund.

<R>FMRC is an affiliate of the Adviser. As of December 31, 2014, FMRC had approximately $918.6 billion in discretionary assets under management.</R>

Other investment advisers assist the Adviser with foreign investments:

<R>FMR Investment Management (U.K.) Limited (FMR U.K.), at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for the fund. As of December 31, 2014, FMR U.K. had approximately $18.1 billion in discretionary assets under management. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR U.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for the fund. As of December 31, 2014, FMR H.K. had approximately $8.3 billion in discretionary assets under management. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR H.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for the fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR Japan is an affiliate of the Adviser.</R>

Douglas Simmons is portfolio manager of the fund, which he has managed since October 2006. He also manages other funds. Since joining Fidelity Investments in 2003, Mr. Simmons has worked as a portfolio manager. He is also a member of FMR's Stock Selector Large Cap Group.

The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager.

The fund pays a management fee to the Adviser. The management fee is calculated and paid to the Adviser every month. The fee is calculated by adding a group fee rate to an individual fund fee rate, dividing by twelve, and multiplying the result by the fund's average net assets throughout the month.

The group fee rate is based on the average net assets of all funds advised by SelectCo or FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2015, the group fee rate was 0.25%. The individual fund fee rate is 0.30%.</R>

<R>The total management fee for the fiscal year ended February 28, 2015, was 0.55% of the fund's average net assets. Because the fund's management fee rate may fluctuate, the fund's management fee may be higher or lower in the future.</R>

The Adviser pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.

<R>The basis for the Board of Trustees approving the management contract and sub-advisory agreements for the fund is available in the fund's annual report for the fiscal period ended February 28, 2015.</R>

Reimbursement or waiver arrangements can decrease expenses and boost performance.

The Adviser has voluntarily agreed to reimburse fund shares to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of average net assets, exceed the following rate. Voluntary arrangements may be discontinued at any time.

Prospectus

Fund Services - continued

<R>	</R>
<R>Utilities Portfolio</R>
Rate	1.15%

Fund Distribution

FDC distributes the fund's shares.

The fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) with respect to its shares that recognizes that the Adviser may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of shares of the fund and/or shareholder support services. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of the fund has authorized such payments for shares of the fund.

If payments made by the Adviser to FDC or to intermediaries under the Distribution and Service Plan were considered to be paid out of the fund's assets on an ongoing basis, they might increase the cost of your investment and might cost you more than paying other types of sales charges.

No dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those contained in this prospectus and in the related SAI, in connection with the offer contained in this prospectus. If given or made, such other information or representations must not be relied upon as having been authorized by the fund or FDC. This prospectus and the related SAI do not constitute an offer by the fund or by FDC to sell shares of the fund to or to buy shares of the fund from any person to whom it is unlawful to make such offer.

Prospectus

Appendix

Financial Highlights

<R>Selected Per-Share Data and Ratios</R>

<R>Years ended February 28,	2015	2014	2013	2012 ^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 70.64	$ 61.04	$ 52.56	$ 50.28	$ 42.24</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	1.41	1.49	1.41	1.43	1.14</R>
<R>Net realized and unrealized gain (loss)	6.40	9.80	7.70	1.99	8.09</R>
<R>Total from investment operations	7.81	11.29	9.11	3.42	9.23</R>
<R>Distributions from net investment income	(1.20)	(1.07)	(.63)	(1.14)	(1.19)</R>
<R>Distributions from net realized gain	(4.42)	(.62)	-	-	-</R>
<R>Total distributions	(5.61)^H	(1.69)	(.63)	(1.14)	(1.19)</R>
<R>Redemption fees added to paid in capital^B	.01	-^G	-^G	-^G	-^G</R>
<R>Net asset value, end of period	$ 72.85	$ 70.64	$ 61.04	$ 52.56	$ 50.28</R>
<R>Total Return^A	11.22%	18.71%	17.46%	6.85%	22.07%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.80%	.82%	.83%	.86%	.90%</R>
<R>Expenses net of fee waivers, if any	.80%	.82%	.83%	.86%	.90%</R>
<R>Expenses net of all reductions	.80%	.80%	.79%	.84%	.87%</R>
<R>Net investment income (loss)	1.89%	2.28%	2.49%	2.78%	2.46%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 988,426	$ 695,932	$ 532,382	$ 518,969	$ 454,097</R>
<R>Portfolio turnover rate^D	129% ^I	160%	158%	202%	238%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

<R>^H Total distributions of $5.61 per share is comprised of distributions from net investment income of $1.199 and distributions from net realized gain of $4.415 per share.</R>

<R>^I Portfolio turnover rate excludes securities received or delivered in-kind.</R>

Prospectus

Appendix - continued

Additional Index Information

MSCI U.S. IMI Utilities 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Utilities companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Utilities Index.

S&P 500^® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

Prospectus

Notes

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

You can obtain additional information about the fund. A description of the fund's policies and procedures for disclosing its holdings is available in its SAI and on Fidelity's web sites. The SAI also includes more detailed information about the fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). The fund's annual and semi-annual reports also include additional information. The fund's annual report includes a discussion of the fund's holdings and recent market conditions and the fund's investment strategies that affected performance.

For a free copy of any of these documents or to request other information or ask questions about the fund, call Fidelity at 1-800-544-8544. In addition, you may visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus, SAI, or annual or semi-annual report or to request other information.

The SAI, the fund's annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the fund, including the fund's SAI, at the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room.

Investment Company Act of 1940, File Number, 811-03114

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.

The third-party marks appearing above are the marks of their respective owners.

<R>1.910416.105 SELUTL-PRO-0415</R>

Contents Fund Summary Fund Summary Fund Summary Fund Summary Fund Summary Fund Summary Fund Basics Shareholder Information Fund Services Appendix Contents Fund Summary Fund Summary Fund Summary Fund Summary Fund Summary Fund Basics Shareholder Information Fund Services Appendix Contents Fund Summary Fund Summary Fund Summary Fund Basics Shareholder Information Fund Services Appendix Contents Fund Summary Fund Basics Shareholder Information Fund Services Appendix Contents Fund Summary Fund Basics Shareholder Information Fund Services Appendix Contents Fund Summary Fund Basics Shareholder Information Fund Services Appendix Contents Fund Summary Fund Basics Shareholder Information Fund Services Appendix Contents Fund Summary Fund Basics Shareholder Information Fund Services Appendix Contents Fund Summary Fund Summary Fund Basics Shareholder Information Fund Services Appendix

Fidelity^® Select Portfolios^®

Consumer Discretionary Sector

Fund	Ticker
Automotive Portfolio	FSAVX
Construction and Housing Portfolio	FSHOX
Consumer Discretionary Portfolio	FSCPX
Leisure Portfolio	FDLSX
Multimedia Portfolio	FBMPX
Retailing Portfolio	FSRPX

Prospectus

<R>April 29, 2015</R>

pwe839296

Fund Summary	(Click Here)	Automotive Portfolio
	(Click Here)	Construction and Housing Portfolio
	(Click Here)	Consumer Discretionary Portfolio
	(Click Here)	Leisure Portfolio
	(Click Here)	Multimedia Portfolio
	(Click Here)	Retailing Portfolio
Fund Basics	(Click Here)	Investment Details
	(Click Here)	Valuing Shares
Shareholder Information	(Click Here)	Additional Information about the Purchase and Sale of Shares
	(Click Here)	Exchanging Shares
	(Click Here)	Features and Policies
	(Click Here)	Dividends and Capital Gain Distributions
	(Click Here)	Tax Consequences
Fund Services	(Click Here)	Fund Management
	(Click Here)	Fund Distribution
Appendix	(Click Here)	Financial Highlights
	(Click Here)	Additional Index Information

Prospectus

Fund Summary

Fund:
Automotive 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.30%</R>
<R>Total annual operating expenses	0.85%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 87</R>
<R>3 years	$ 271</R>
<R>5 years	$ 471</R>
<R>10 years	$ 1,049</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the manufacture, marketing or sale of automobiles, trucks, specialty vehicles, parts, tires, and related services.
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, including different market sectors, and different types of securities 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.
Automotive Industry Concentration. The automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	-1.75%	13.33%	0.01%	-61.20%	122.28%	46.18%	-26.16%	26.17%	46.67%	2.79%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	81.42%	June 30, 2009</R>
<R>Lowest Quarter Return	-44.67%	December 31, 2008</R>
<R>Year-to-Date Return	6.14%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Automotive Portfolio
<R>Return Before Taxes	2.79%	15.47%	7.03%</R>
<R>Return After Taxes on Distributions	-2.75%	13.73%	6.08%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	5.43%	12.34%	5.56%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>S&P^® Custom Automobiles & Components Index (reflects no deduction for fees, expenses, or taxes)	6.20%	16.03%	2.72%</R>

Investment Adviser

Portfolio Manager(s)

Annie Rosen (portfolio manager) has managed the fund since July 2013.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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 Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Construction and Housing 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.27%</R>
<R>Total annual operating expenses	0.82%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 84</R>
<R>3 years	$ 262</R>
<R>5 years	$ 455</R>
<R>10 years	$ 1,014</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the design and construction of residential, commercial, industrial, and public works facilities, as well as companies engaged in the manufacture, supply, distribution, or sale of construction and housing products or services.
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, including different market sectors, and different types of securities 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.
Construction and Housing Industry Concentration. The construction and housing industry can be significantly affected by changes in housing starts, the level of new and existing home sales, government spending, public works, interest rates, consumer confidence and spending, taxation, and demographic patterns.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	9.36%	7.12%	-13.87%	-26.81%	22.92%	21.54%	2.89%	38.01%	21.25%	15.74%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	24.65%	December 31, 2011</R>
<R>Lowest Quarter Return	-19.41%	September 30, 2011</R>
<R>Year-to-Date Return	8.58%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Construction and Housing Portfolio
<R>Return Before Taxes	15.74%	19.35%	8.20%</R>
<R>Return After Taxes on Distributions	12.60%	18.14%	7.16%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	11.20%	15.69%	6.58%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Custom Construction & Housing 25-50 Index (reflects no deduction for fees, expenses, or taxes)	16.89%	18.81%	6.24%</R>

Investment Adviser

Portfolio Manager(s)

Holger Boerner (portfolio manager) has managed the fund since January 2012.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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 Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Consumer Discretionary 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.24%</R>
<R>Total annual operating expenses	0.79%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 81</R>
<R>3 years	$ 252</R>
<R>5 years	$ 439</R>
<R>10 years	$ 978</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the manufacture and distribution of consumer discretionary products and services.
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, including different market sectors, and different types of securities 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.
Consumer Discretionary Industry Concentration. The consumer discretionary industries can be significantly affected by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and changes in demographics and consumer tastes.
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.

Prospectus

Fund Summary - continued

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 Index Information section of the prospectus. Prior to October 1, 2006, the fund was named Consumer Industries Portfolio, and the fund operated under certain different investment policies and compared its performance to a different additional index. The fund's historical performance may not represent its current investment policies. 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

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	2.82%	13.06%	-8.31%	-34.64%	38.12%	31.24%	-1.66%	21.12%	41.03%	10.21%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	18.12%	September 30, 2009</R>
<R>Lowest Quarter Return	-22.55%	December 31, 2008</R>
<R>Year-to-Date Return	4.22%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Consumer Discretionary Portfolio
<R>Return Before Taxes	10.21%	19.43%	8.86%</R>
<R>Return After Taxes on Distributions	7.84%	17.69%	7.68%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	6.97%	15.46%	7.03%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Consumer Discretionary 25-50 Index (reflects no deduction for fees, expenses, or taxes)	9.50%	21.71%	9.19%</R>

Investment Adviser

Portfolio Manager(s)

<R>Peter Dixon (portfolio manager) has managed the fund since July 2014.</R>

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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 Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Leisure 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.25%</R>
<R>Total annual operating expenses	0.80%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 82</R>
<R>3 years	$ 255</R>
<R>5 years	$ 444</R>
<R>10 years	$ 990</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the design, production, or distribution of goods or services in the leisure industries.
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, including different market sectors, and different types of securities 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.
Leisure Industry Concentration. The leisure industry can be significantly affected by the performance of the overall economy, changing consumer tastes, intense competition, and government regulation.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	3.99%	16.28%	4.19%	-29.05%	24.25%	37.88%	5.85%	11.40%	41.72%	8.33%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	15.87%	March 31, 2012</R>
<R>Lowest Quarter Return	-14.08%	September 30, 2011</R>
<R>Year-to-Date Return	5.30%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Leisure Portfolio
<R>Return Before Taxes	8.33%	20.07%	10.73%</R>
<R>Return After Taxes on Distributions	6.02%	18.83%	9.68%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	6.11%	16.24%	8.69%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Consumer Services 25-50 Index (reflects no deduction for fees, expenses, or taxes)	7.46%	18.20%	9.57%</R>

Investment Adviser

Portfolio Manager(s)

Katherine Shaw (portfolio manager) has managed the fund since August 2013.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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 Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Multimedia 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.26%
Total annual operating expenses	0.81%

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

1 year	$ 83
3 years	$ 259
5 years	$ 450
10 years	$ 1,002

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the development, production, sale, and distribution of goods or services used in the broadcast and media industries.
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, including different market sectors, and different types of securities 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.
Multimedia Industry Concentration. The multimedia industry can be significantly affected by the federal deregulation of cable and broadcasting, competition, technology, and government regulation.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	7.44%	13.97%	-9.28%	-39.29%	54.41%	25.80%	1.83%	34.22%	45.65%	8.29%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	26.72%	June 30, 2009</R>
<R>Lowest Quarter Return	-24.41%	December 31, 2008</R>
<R>Year-to-Date Return	2.34%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Multimedia Portfolio
<R>Return Before Taxes	8.29%	22.08%	10.94%</R>
<R>Return After Taxes on Distributions	6.04%	21.29%	10.04%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	6.32%	18.09%	8.92%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Media 25-50 Index (reflects no deduction for fees, expenses, or taxes)	9.95%	25.31%	9.82%</R>

Investment Adviser

Portfolio Manager(s)

Nidhi Gupta (portfolio manager) has managed the fund since January 2013.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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 Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Retailing 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.26%</R>
<R>Total annual operating expenses	0.81%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 83</R>
<R>3 years	$ 259</R>
<R>5 years	$ 450</R>
<R>10 years	$ 1,002</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in merchandising finished goods and services primarily to individual consumers.
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, including different market sectors, and different types of securities 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.
Retail Industry Concentration. The retail industry can be significantly affected by consumer confidence and spending, intense competition, and changing consumer tastes.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	7.13%	15.12%	-7.97%	-29.58%	57.82%	28.06%	3.36%	24.83%	43.93%	12.02%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	20.23%	March 31, 2012</R>
<R>Lowest Quarter Return	-19.86%	December 31, 2008</R>
<R>Year-to-Date Return	5.79%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Retailing Portfolio
<R>Return Before Taxes	12.02%	21.65%	12.88%</R>
<R>Return After Taxes on Distributions	9.44%	20.37%	11.53%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	7.95%	17.47%	10.37%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Retailing 25-50 Index (reflects no deduction for fees, expenses, or taxes)	10.23%	21.94%	10.39%</R>

Investment Adviser

Portfolio Manager(s)

<R>Deena Friedman (portfolio manager) has managed the fund since July 2014.</R>

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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 Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Basics

Investment Details

Principal Investment Strategies

Automotive Portfolio

The fund invests primarily in companies engaged in the manufacture, marketing or sale of automobiles, trucks, specialty vehicles, parts, tires, and related services. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, auto, truck, motorcycle, and scooter manufacturers; manufacturers of auto components and accessories; tire and rubber manufacturers; and auto dealers, gas stations, and other automotive retailers.

Construction and Housing Portfolio

The fund invests primarily in companies engaged in the design and construction of residential, commercial, industrial and public works facilities, as well as companies engaged in the manufacture, supply, distribution, or sale of construction and housing products or services. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, residential construction companies and manufacturers of prefabricated houses; owners and operators of home and garden improvement retail stores; manufacturers of building components and home improvement products and equipment; manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks; companies engaged in real estate ownership, development, or management; and companies engaged in non-residential construction, including civil engineering companies and large-scale contractors.

Consumer Discretionary Portfolio

The fund invests primarily in companies engaged in the manufacture and distribution of consumer discretionary products and services. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

Consumer discretionary products and services are non-essential products and services whose demand tends to increase as consumers' disposable income increases, such as automobiles, apparel, electronics, home furnishings, and travel and leisure products and services.

These companies may include, for example, publishers; catalog and internet retailers; department stores and specialty retailers including apparel, electronics, automotive, and home furnishing stores; manufacturers of auto parts and accessories, tire and rubber, autos, motorcycles, and scooters; manufacturers of consumer electronic products, including TVs and DVD players; manufacturers of household appliances and home furnishings; residential construction companies; manufacturers of leisure products; manufacturers of apparel, accessories, footwear, textiles, and luxury goods; gaming facility, hotel, cruise and travel agency owners and operators; restaurants and caterers; companies providing educational, home security, legal, and personal services; advertising and public relations companies; and TV and cable companies.

Leisure Portfolio

The fund invests primarily in companies engaged in the design, production, or distribution of goods or services in the leisure industries. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, gaming facility, hotel, cruise and travel agency owners and operators; sports, fitness, and amusement center operators; restaurants, caterers, other consumer services companies; manufacturers of leisure products and equipment; owners and operators of TV and cable companies; and other companies that produce or sell entertainment and other leisure products and services.

Multimedia Portfolio

The fund invests primarily in companies engaged in the development, production, sale and distribution of goods or services used in the broadcast and media industries. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, print and online advertising and public relations companies; TV, cable, and satellite companies; publishers; and companies that produce and sell entertainment and other media products and services.

Retailing Portfolio

The fund invests primarily in companies engaged in merchandising finished goods and services primarily to individual consumers. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, department stores and specialty retailers including apparel, electronics, automotive, and home furnishing stores; catalog and internet retailers; restaurants and caterers; drug stores and pharmacies; and retail food stores and super centers. In managing the fund, the Adviser generally does not emphasize retailers of consumer staples such as food and drug stores.

The following applies to all funds. See the sections above for information unique to each fund.

Each fund seeks capital appreciation.

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests each fund's assets primarily in common stocks.

Prospectus

Fund Basics - continued

Each fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of some funds' assets at times.

In addition to the principal investment strategies discussed above, the Adviser may lend a fund's securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Principal Investment Risks

The following factors can significantly affect a fund's performance:

The automotive industry can be highly cyclical, and companies in the industry may suffer periodic operating losses. The industry can be significantly affected by labor relations and fluctuating component prices. While most of the major manufacturers are large, financially strong companies, many others are small and can be non-diversified in both product line and customer base.

Prospectus

The construction and housing industry can be significantly affected by changes in housing starts, the level of new and existing home sales, government spending on housing subsidies, public works, and transportation facilities such as highways and airports, as well as changes in interest rates, consumer confidence and spending, taxation, and demographic patterns.

The consumer discretionary industries can be significantly affected by the performance of the overall economy, interest rates, competition, and consumer confidence. Success can depend heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products.

The leisure industry can be significantly affected by the performance of the overall economy, changing consumer tastes and levels of disposable income, intense competition, and government regulation.

The multimedia industry can be significantly affected by the federal deregulation of cable and broadcasting, competitive pressures, changes in technology, and government regulation, including regulation of the concentration of investment in radio or TV stations.

The retail industry can be significantly affected by consumer spending, which is affected by general economic conditions and consumer confidence levels. The retailing industry is highly competitive, and a company's success can be tied to its ability to anticipate changing consumer tastes.

Valuing Shares

Each fund is open for business each day the NYSE is open.

NAV is calculated using the values of other open-end funds, if any, in which a fund invests (referred to as underlying funds). Shares of underlying funds are valued at their respective NAVs. Other assets (as well as assets held by an underlying Fidelity non-money market fund) are valued primarily on the basis of market quotations, official closing prices, or information furnished by a pricing service. Certain short-term securities are valued on the basis of amortized cost. If market quotations, official closing prices, or information furnished by a pricing service are not readily available or, in the Adviser's opinion, are deemed unreliable for a security, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. For example, if, in the Adviser's opinion, a security's value has been materially affected by events occurring before a fund's pricing time but after the close of the exchange or market on which the security is principally traded, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. Fair value pricing will be used for high yield debt securities when available pricing information is determined to be stale or for other reasons not to accurately reflect fair value. Assets held by an underlying Fidelity money market fund are valued on the basis of amortized cost.

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Prospectus

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

General Information

Fidelity Investments was established in 1946 to manage one of America's first mutual funds. Today, Fidelity is one of the world's largest providers of financial services.

You should include the following information with any order:

Your name
Your account number
Type of transaction requested
Name(s) of fund(s) and class(es)
Dollar amount or number of shares

Certain methods of contacting Fidelity may be unavailable or delayed (for example, during periods of unusual market activity). In addition, the level and type of service available may be restricted.

Frequent Purchases and Redemptions

A fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excessive trading, at any time.

Each fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

Exceptions

Prospectus

Shareholder Information - continued

Omnibus Accounts

If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account.

Retirement Plans

Qualified Wrap Programs

Other Information about the Excessive Trading Policy

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

Buying Shares

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after your investment is received in proper form.

<R>Shares are generally available only to investors residing in the United States.</R>

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

Prospectus

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees a fund or Fidelity has incurred.

<R>Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.</R>

Selling Shares

The price to sell one share is its NAV, minus the short-term redemption fee, if applicable.

Each fund also permits waivers of the short-term redemption fee for the following transactions:

Redemptions due to Fidelity fund small balance maintenance fees.
Redemptions related to death or due to a divorce decree.
Certain types of IRA account transactions, including: redemptions pursuant to systematic withdrawal programs, withdrawals due to disability, return of excess contribution amounts, and redemptions related to payment of custodian fees.
Certain types of employer-sponsored and 403(b) retirement plan transactions, including: loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability, or qualified domestic relations order.
Certain types of transactions in employer-sponsored and 403(b) retirement plans recordkept by Fidelity, including redemptions in conjunction with plan sponsor events and redemptions of shares purchased through plan sponsor events, plan contributions or loan repayments.

When you wish to sell more than $100,000 worth of shares.
When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address.
When you are requesting that redemption proceeds be paid to someone other than the account owner.
In certain situations when the redemption proceeds are being transferred to a Fidelity mutual fund account with a different registration.

When you place an order to sell shares, note the following:

Prospectus

Shareholder Information - continued

If you are selling some but not all of your shares, keep your fund balance above the required minimum to keep your fund position open, except fund positions not subject to balance minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected.
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.
Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of a fund.
You will not receive interest on amounts represented by uncashed redemption checks.
If you hold your shares in a Fidelity mutual fund account and your redemption check remains uncashed for six months, the check may be invested in additional shares at the NAV next calculated on the day of the investment.
<R>Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

To sell shares issued with certificates, call Fidelity for instructions. The funds do not currently issue share certificates.

Exchanging Shares

An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund.

As a shareholder, you have the privilege of exchanging shares for shares of other Fidelity funds.

However, you should note the following policies and restrictions governing exchanges:

The exchange limit may be modified for accounts held by certain institutional retirement plans to conform to plan exchange limits and Department of Labor regulations. See your retirement plan materials for further information.
Each fund may refuse any exchange purchase for any reason. For example, each fund may refuse exchange purchases by any person or group if, in the Adviser's judgment, the fund would be unable to invest the money effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
Before any exchange, read the prospectus for the shares you are purchasing, including any purchase and sale requirements.
The shares you are acquiring by exchange must be available for sale in your state.
Exchanges may have tax consequences for you.
If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.
<R>Under applicable anti-money laundering rules and other regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

The funds may terminate or modify exchange privileges in the future.

Other funds may have different exchange restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund's prospectus for details.

Features and Policies

Features

<R>Electronic Funds Transfer: electronic money movement through the Automated Clearing House</R>

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

• You can use electronic funds transfer to:

- Make periodic (automatic) purchases of Fidelity fund shares or payments to your Fidelity brokerage account.

- Make periodic (automatic) redemptions of Fidelity fund shares or withdrawals from your Fidelity brokerage account.

Wire: electronic money movement through the Federal Reserve wire system

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

<R>Automatic Transactions: periodic (automatic) transactions</R>

• To make contributions from a Fidelity mutual fund account to a Fidelity mutual fund IRA.

• To sell shares of a Fidelity money market fund and simultaneously to buy shares of another Fidelity fund in a Fidelity mutual fund account.

Prospectus

Shareholder Information - continued

Policies

The following policies apply to you as a shareholder.

Statements that Fidelity sends to you include the following:

Confirmation statements (after transactions affecting your fund balance except, to the extent applicable, reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).
Monthly or quarterly account statements (detailing fund balances and all transactions completed during the prior month or quarter).

Fidelity may charge a fee for certain services, such as providing historical account documents.

Dividends and Capital Gain Distributions

Each fund normally pays dividends and capital gain distributions in April and December.

Distribution Options

When you open an account, specify on your application how you want to receive your distributions. The following distribution options are available:

2. Income-Earned Option. Any capital gain distributions will be automatically reinvested in additional shares. Any dividends will be paid in cash.

3. Cash Option. Any dividends and capital gain distributions will be paid in cash.

Prospectus

If your dividend check(s) remains uncashed for six months, your check(s) may be invested in additional shares at the NAV next calculated on the day of the investment.

Tax Consequences

Taxes on distributions. Distributions you receive from each fund are subject to federal income tax, and may also be subject to state or local taxes.

Any taxable distributions you receive from a fund will normally be taxable to you when you receive them, regardless of your distribution option.

Prospectus

Fund Services

Fund Management

Each fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

The Adviser began managing the funds on August 1, 2013. Prior to such date, the funds were managed by FMR, an affiliated investment adviser.

As the manager, the Adviser has overall responsibility for directing each fund's investments and handling its business affairs.

FMRC serves as a sub-adviser for each fund. FMRC has day-to-day responsibility for choosing investments for each fund.

<R>FMRC is an affiliate of the Adviser. As of December 31, 2014, FMRC had approximately $918.6 billion in discretionary assets under management.</R>

Other investment advisers assist the Adviser with foreign investments:

<R>FMR Investment Management (U.K.) Limited (FMR U.K.), at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for each fund. As of December 31, 2014, FMR U.K. had approximately $18.1 billion in discretionary assets under management. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR U.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for each fund. As of December 31, 2014, FMR H.K. had approximately $8.3 billion in discretionary assets under management. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR H.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for each fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR Japan is an affiliate of the Adviser.</R>

<R>Annie Rosen is portfolio manager of Automotive Portfolio, which she has managed since July 2013. Since joining Fidelity Investments in 2003, Ms. Rosen has worked as a research associate, research analyst, and portfolio manager.</R>

Holger Boerner is portfolio manager of Construction and Housing Portfolio, which he has managed since January 2012. Since joining Fidelity Investments in 2006, Mr. Boerner has worked as a research analyst and portfolio manager.

<R>Peter Dixon is portfolio manager of Consumer Discretionary Portfolio, which he has managed since July 2014. He also manages other funds. Since joining Fidelity Investments in 2006, Mr. Dixon has worked as a research analyst and portfolio manager.</R>

Katherine Shaw is portfolio manager of Leisure Portfolio, which she has managed since August 2013. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a research analyst and portfolio manager.

Nidhi Gupta is portfolio manager of Multimedia Portfolio, which she has managed since January 2013. Since joining Fidelity Investments in 2008, Ms. Gupta has worked as an equity research analyst and portfolio manager.

<R>Deena Friedman is portfolio manager of Retailing Portfolio, which she has managed since July 2014. Since joining Fidelity Investments in 2006, Ms. Friedman has worked as a research analyst and portfolio manager.</R>

The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio managers.

The group fee rate is based on the average net assets of all funds advised by SelectCo or FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2015, the group fee rate was 0.25%. The individual fund fee rate is 0.30%.</R>

Prospectus

	Total Management Fee
Automotive Portfolio	0.55%
Construction and Housing Portfolio	0.55%
Consumer Discretionary Portfolio	0.55%
Leisure Portfolio	0.55%
Multimedia Portfolio	0.55%
Retailing Portfolio	0.55%

The Adviser pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

Automotive Portfolio
Rate	1.15%
Construction and Housing Portfolio
Rate	1.15%
Consumer Discretionary Portfolio
Rate	1.15%
Leisure Portfolio
Rate	1.15%
Multimedia Portfolio
Rate	1.15%
Retailing Portfolio
Rate	1.15%

Fund Distribution

FDC distributes each fund's shares.

Prospectus

Appendix

Financial Highlights

Automotive Portfolio

<R>Years ended February 28,	2015	2014	2013	2012 ^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 56.95	$ 40.65	$ 38.05	$ 46.87	$ 31.63</R>
Income from Investment Operations
<R>Net investment income (loss)^B	.42	.22	.24	.03	(.08)</R>
<R>Net realized and unrealized gain (loss)	3.05	16.96	2.65	(6.45)	15.94</R>
<R>Total from investment operations	3.47	17.18	2.89	(6.42)	15.86</R>
<R>Distributions from net investment income	(.38)	(.15)	(.26)	(.02)	-</R>
<R>Distributions from net realized gain	(11.22)	(.73)	(.02)	(2.41)	(.63)</R>
<R>Total distributions	(11.60)	(.88)	(.29)^I	(2.42)^H	(.63)</R>
<R>Redemption fees added to paid in capital^B	-^G	-^G	-^G	.02	.01</R>
<R>Net asset value, end of period	$ 48.82	$ 56.95	$ 40.65	$ 38.05	$ 46.87</R>
<R>Total Return^A	8.04%	42.33%	7.64%	(13.06)%	50.90%</R>
Ratios to Average Net Assets^{C, E}
<R>Expenses before reductions	.85%	.84%	.91%	.90%	.91%</R>
<R>Expenses net of fee waivers, if any	.85%	.84%	.91%	.90%	.91%</R>
<R>Expenses net of all reductions	.85%	.83%	.89%	.90%	.91%</R>
<R>Net investment income (loss)	.82%	.43%	.66%	.08%	(.19)%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 137,877	$ 214,227	$ 142,959	$ 170,016	$ 373,632</R>
<R>Portfolio turnover rate^D	71%	148%	72%	49%	91%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

<R>^H Total distributions of $2.42 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $2.408 per share.</R>

<R>^I Total distributions of $.29 per share is comprised of distributions from net investment income of $.261 and distributions from net realized gain of $.024 per share.</R>

Prospectus

Appendix - continued

Construction and Housing Portfolio

<R>Years ended February 28,	2015	2014	2013	2012 ^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 57.48	$ 52.01	$ 40.01	$ 37.43	$ 29.89</R>
Income from Investment Operations
<R>Net investment income (loss)^B	.29	.26	.19	.21	.18</R>
<R>Net realized and unrealized gain (loss)	8.53	9.65	12.47	2.62	7.63</R>
<R>Total from investment operations	8.82	9.91	12.66	2.83	7.81</R>
<R>Distributions from net investment income	(.29)	(.30)	(.14)	(.25)	(.28)</R>
<R>Distributions from net realized gain	(6.28)	(4.14)	(.53)	-	-</R>
<R>Total distributions	(6.56)^H	(4.44)	(.67)	(.25)	(.28)</R>
<R>Redemption fees added to paid in capital^B	-^G	-^G	.01	-^G	.01</R>
<R>Net asset value, end of period	$ 59.74	$ 57.48	$ 52.01	$ 40.01	$ 37.43</R>
<R>Total Return^A	16.99%	19.84%	31.79%	7.65%	26.24%</R>
Ratios to Average Net Assets^{C, E}
<R>Expenses before reductions	.82%	.81%	.86%	.96%	.98%</R>
<R>Expenses net of fee waivers, if any	.82%	.81%	.86%	.96%	.98%</R>
<R>Expenses net of all reductions	.82%	.81%	.86%	.96%	.98%</R>
<R>Net investment income (loss)	.52%	.47%	.42%	.59%	.55%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 419,479	$ 376,750	$ 781,007	$ 171,514	$ 112,200</R>
<R>Portfolio turnover rate^D	71%	53%	47%	81%	101%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

<R>^H Total distributions of $6.56 per share is comprised of distributions from net investment income of $.287 and distributions from net realized gain of $6.276 per share.</R>

Prospectus

Consumer Discretionary Portfolio

<R>Years ended February 28,	2015	2014	2013	2012 ^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 33.30	$ 27.40	$ 25.97	$ 24.98	$ 19.37</R>
Income from Investment Operations
<R>Net investment income (loss)^B	.15	.04	.11	.17	.05</R>
<R>Net realized and unrealized gain (loss)	4.39	8.67	3.70	1.91	5.71</R>
<R>Total from investment operations	4.54	8.71	3.81	2.08	5.76</R>
<R>Distributions from net investment income	(.11)	(.03)	(.11)	(.12)	(.05)</R>
<R>Distributions from net realized gain	(2.51)	(2.77)	(2.27)	(.97)	(.10)</R>
<R>Total distributions	(2.61)^J	(2.81)^I	(2.38)	(1.09)	(.15)</R>
<R>Redemption fees added to paid in capital^B, ^H	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 35.23	$ 33.30	$ 27.40	$ 25.97	$ 24.98</R>
<R>Total Return^A	14.79%	32.17%	15.38%	8.67%	29.75%</R>
<R>Ratios to Average Net Assets^{C, F}					</R>
<R>Expenses before reductions	.79%	.82%	.86%	.89%	.96%</R>
<R>Expenses net of fee waivers, if any	.79%	.82%	.86%	.89%	.96%</R>
<R>Expenses net of all reductions	.79%	.81%	.84%	.88%	.95%</R>
<R>Net investment income (loss)	.46%	.14%	.43%	.72%	.23%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 1,078,988	$ 557,868	$ 397,925	$ 278,524	$ 203,083</R>
<R>Portfolio turnover rate^D	109%^E	138%	170%	174%	196%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

<R>^E Portfolio turnover rate excludes securities received or delivered in-kind.</R>

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

^I Total distributions of $2.81 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $2.772 per share.

<R>^J Total distributions of $2.61 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $2.508 per share.</R>

Prospectus

Appendix - continued

Leisure Portfolio

<R>Years ended February 28,	2015	2014	2013	2012 ^H	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 135.06	$ 108.30	$ 106.53	$ 91.26	$ 69.99</R>
Income from Investment Operations
<R>Net investment income (loss)^B	1.31	1.40^E	1.40^F	.64	.55</R>
<R>Net realized and unrealized gain (loss)	14.80	35.09	6.22	14.73	21.22</R>
<R>Total from investment operations	16.11	36.49	7.62	15.37	21.77</R>
<R>Distributions from net investment income	(1.47)	(1.01)	(1.36)	(.09)	(.52)</R>
<R>Distributions from net realized gain	(9.57)	(8.72)	(4.50)	(.01)	-</R>
<R>Total distributions	(11.04)	(9.73)	(5.86)	(.10)	(.52)</R>
<R>Redemption fees added to paid in capital^B	-^I	-^I	.01	-^I	.02</R>
<R>Net asset value, end of period	$ 140.13	$ 135.06	$ 108.30	$ 106.53	$ 91.26</R>
<R>Total Return^A	12.91%	34.71%	7.52%	16.85%	31.16%</R>
Ratios to Average Net Assets ^{C, G}
<R>Expenses before reductions	.80%	.82%	.85%	.86%	.90%</R>
<R>Expenses net of fee waivers, if any	.80%	.82%	.85%	.86%	.90%</R>
<R>Expenses net of all reductions	.80%	.81%	.83%	.86%	.89%</R>
<R>Net investment income (loss)	1.00%	1.13%^E	1.33%^F	.68%	.66%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 445,296	$ 568,149	$ 347,701	$ 440,507	$ 411,239</R>
<R>Portfolio turnover rate^D	32%^J	65%	90%	77%	112%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a large, non-recurring dividend which amounted to $.43 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .79%.

^F Investment income per share reflects a large, non-recurring dividend which amounted to $.53 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .82%.

^H For the year ended February 29.

^I Amount represents less than $.01 per share.

<R>^J Portfolio turnover rate excludes securities received or delivered in-kind.</R>

Prospectus

Multimedia Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 81.74	$ 61.55	$ 48.48	$ 47.80	$ 34.39</R>
Income from Investment Operations
<R>Net investment income (loss)^B	.22	.20	.53^E	.29	.14</R>
<R>Net realized and unrealized gain (loss)	7.62	22.46	12.96	.96	13.39</R>
<R>Total from investment operations	7.84	22.66	13.49	1.25	13.53</R>
<R>Distributions from net investment income	(.20)	(.19)	(.43)	(.32)	(.12)</R>
<R>Distributions from net realized gain	(6.89)	(2.30)	-	(.25)	-</R>
<R>Total distributions	(7.10)^J	(2.48)^I	(.43)	(.57)	(.12)</R>
<R>Redemption fees added to paid in capital^B	-^H	.01	.01	-^H	-^H</R>
<R>Net asset value, end of period	$ 82.48	$ 81.74	$ 61.55	$ 48.48	$ 47.80</R>
<R>Total Return^A	10.16%	37.01%	27.91%	2.73%	39.37%</R>
<R>Ratios to Average Net Assets^{C, F}					</R>
<R>Expenses before reductions	.81%	.81%	.88%	.90%	.94%</R>
<R>Expenses net of fee waivers, if any	.81%	.81%	.88%	.90%	.94%</R>
<R>Expenses net of all reductions	.81%	.80%	.88%	.90%	.94%</R>
<R>Net investment income (loss)	.27%	.27%	.97%^E	.64%	.37%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 802,988	$ 1,008,988	$ 657,366	$ 183,157	$ 205,920</R>
<R>Portfolio turnover rate^D	55%	111%	30%	85%	76%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .76%.

<R></R>

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

^I Total distributions of $2.48 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $2.295 per share.

<R>^J Total distributions of $7.10 per share is comprised of distributions from net investment income of $.204 and distributions from net realized gain of $6.892 per share.</R>

Prospectus

Appendix - continued

Retailing Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^J	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 88.40	$ 66.59	$ 57.54	$ 53.68	$ 45.11</R>
Income from Investment Operations
<R>Net investment income (loss)^B	.31^E	.15^F	.52^G	.49^H	.09</R>
<R>Net realized and unrealized gain (loss)	13.72	23.64	10.27	7.46	9.81</R>
<R>Total from investment operations	14.03	23.79	10.79	7.95	9.90</R>
<R>Distributions from net investment income	(.17)	(.12)	(.38)	(.34)	(.01)</R>
<R>Distributions from net realized gain	(7.01)	(1.86)	(1.36)	(3.76)	(1.33)</R>
<R>Total distributions	(7.17)^L	(1.99)^M	(1.75)^N	(4.10)	(1.34)</R>
<R>Redemption fees added to paid in capital^B	-^K	.01	.01	.01	.01</R>
<R>Net asset value, end of period	$ 95.26	$ 88.40	$ 66.59	$ 57.54	$ 53.68</R>
<R>Total Return^A	17.29%	35.82%	18.98%	15.70%	22.24%</R>
<R>Ratios to Average Net Assets^{C, I}					</R>
<R>Expenses before reductions	.81%	.83%	.86%	.90%	.93%</R>
<R>Expenses net of fee waivers, if any	.81%	.83%	.86%	.90%	.93%</R>
<R>Expenses net of all reductions	.81%	.82%	.84%	.88%	.93%</R>
<R>Net investment income (loss)	.36%^E	.18%^F	.83%^G	.93%^H	.18%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 915,177	$ 1,063,920	$ 643,082	$ 344,743	$ 167,094</R>
<R>Portfolio turnover rate^D	31%	72%	119%	217%	191%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

<R>^E Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .22%.</R>

<R>^F Investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .08%.</R>

^G Investment income per share reflects a large, non-recurring dividend which amounted to $.19 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .53%.

^H Investment income per share reflects a large, non-recurring dividend which amounted to $.28 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .40%.

^I Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^J For the year ended February 29.

^K Amount represents less than $.01 per share.

<R>^L Total distributions of $7.17 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $7.006 per share.</R>

^M Total distributions of $1.99 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $1.861 per share.

^N Total distributions of $1.75 per share is comprised of distributions from net investment income of $.383 and distributions from net realized gain of $1.364 per share.

Prospectus

Additional Index Information

MSCI U.S. IMI Custom Construction & Housing 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Construction & Housing Custom companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Construction & Housing Custom Index.

MSCI U.S. IMI Consumer Discretionary 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Consumer Discretionary companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Consumer Discretionary Index.

MSCI U.S. IMI Consumer Services 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Consumer Services companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Consumer Services Index.

MSCI U.S. IMI Media 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Media companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Media Index.

MSCI U.S. IMI Retailing 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Retailing companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Retailing Index.

S&P 500^® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

S&P^® Custom Automobiles & Components Index is a modified market capitalization-weighted index of stocks designed to measure the performance of companies engaged in the manufacture, marketing or sale of automobiles, trucks, specialty vehicles, parts, tires, and related services. These companies are identified by S&P based on the specific policies of the fund. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Automobiles & Components Index.

Prospectus

Notes

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

Investment Company Act of 1940, File Number, 811-03114

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.

The third-party marks appearing above are the marks of their respective owners.

<R>1.910399.105 SELCON-PRO-0415</R>

Fidelity^® Select Portfolios^®

Health Care Sector

Fund	Ticker
Biotechnology Portfolio	FBIOX
Health Care Portfolio	FSPHX
Medical Delivery Portfolio	FSHCX
Medical Equipment and Systems Portfolio	FSMEX
Pharmaceuticals Portfolio	FPHAX

Prospectus

<R>April 29, 2015</R>

pwe839327

Fund Summary	(Click Here)	Biotechnology Portfolio
	(Click Here)	Health Care Portfolio
	(Click Here)	Medical Delivery Portfolio
	(Click Here)	Medical Equipment and Systems Portfolio
	(Click Here)	Pharmaceuticals Portfolio
Fund Basics	(Click Here)	Investment Details
	(Click Here)	Valuing Shares
Shareholder Information	(Click Here)	Additional Information about the Purchase and Sale of Shares
	(Click Here)	Exchanging Shares
	(Click Here)	Features and Policies
	(Click Here)	Dividends and Capital Gain Distributions
	(Click Here)	Tax Consequences
Fund Services	(Click Here)	Fund Management
	(Click Here)	Fund Distribution
Appendix	(Click Here)	Financial Highlights
	(Click Here)	Additional Index Information

Prospectus

Fund Summary

Fund:
Biotechnology 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.19%</R>
<R>Total annual operating expenses	0.74%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 76</R>
<R>3 years	$ 237</R>
<R>5 years	$ 411</R>
<R>10 years	$ 918</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the research, development, manufacture, and distribution of various biotechnological products, services, and processes and companies that benefit significantly from scientific and technological advances in biotechnology.
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, including different market sectors, and different types of securities 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.
Biotechnology Industry Concentration. The biotechnology industry can be significantly affected by patent considerations, intense competition, rapid technological change and obsolescence, and government regulation, and revenue patterns can be erratic.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	8.76%	3.60%	2.65%	-11.35%	10.79%	11.41%	18.18%	36.59%	65.66%	35.05%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	23.79%	September 30, 2013</R>
<R>Lowest Quarter Return	-16.64%	June 30, 2010</R>
<R>Year-to-Date Return	16.02%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Biotechnology Portfolio
<R>Return Before Taxes	35.05%	32.10%	16.41%</R>
<R>Return After Taxes on Distributions	31.88%	31.17%	16.00%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	22.38%	26.87%	13.98%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Biotechnology 25-50 Index (reflects no deduction for fees, expenses, or taxes)	36.26%	31.56%	17.70%</R>

Investment Adviser

Portfolio Manager(s)

Rajiv Kaul (portfolio manager) has managed the fund since October 2005.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Health Care 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.19%</R>
<R>Total annual operating expenses	0.74%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 76</R>
<R>3 years	$ 237</R>
<R>5 years	$ 411</R>
<R>10 years	$ 918</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the design, manufacture, or sale of products or services used for or in connection with health care or medicine.
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, including different market sectors, and different types of securities 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.
Health Care Industry Concentration. The health care industries are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and can be significantly affected by rapid obsolescence and patent expirations.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	16.88%	4.98%	12.45%	-32.44%	32.11%	16.96%	7.82%	21.39%	56.27%	32.88%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	14.58%	March 31, 2013</R>
<R>Lowest Quarter Return	-18.09%	December 31, 2008</R>
<R>Year-to-Date Return	11.77%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Health Care Portfolio
<R>Return Before Taxes	32.88%	26.02%	14.62%</R>
<R>Return After Taxes on Distributions	27.90%	23.60%	12.83%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	20.93%	20.93%	11.80%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Health Care 25-50 Index (reflects no deduction for fees, expenses, or taxes)	25.45%	20.18%	11.39%</R>

Investment Adviser

Portfolio Manager(s)

Edward Yoon (portfolio manager) has managed the fund since October 2008.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Medical Delivery 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.24%</R>
<R>Total annual operating expenses	0.79%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 81</R>
<R>3 years	$ 252</R>
<R>5 years	$ 439</R>
<R>10 years	$ 978</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the ownership or management of hospitals, nursing homes, health maintenance organizations, and other companies specializing in the delivery of health care services.
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, including different market sectors, and different types of securities 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.
Medical Delivery Industry Concentration. The medical delivery industry is subject to extensive government regulation and can be significantly affected by government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, and an increased emphasis on outpatient services.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	29.02%	-1.63%	16.86%	-44.56%	48.98%	15.43%	10.23%	10.55%	35.31%	23.66%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	26.05%	June 30, 2009</R>
<R>Lowest Quarter Return	-25.94%	March 31, 2008</R>
<R>Year-to-Date Return	9.99%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Medical Delivery Portfolio
<R>Return Before Taxes	23.66%	18.67%	11.17%</R>
<R>Return After Taxes on Distributions	20.73%	17.45%	10.10%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	15.08%	14.93%	8.99%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Health Care Providers & Services 25-50 Index (reflects no deduction for fees, expenses, or taxes)	28.48%	21.34%	11.86%</R>

Investment Adviser

Portfolio Manager(s)

Steven Bullock (portfolio manager) has managed the fund since July 2012.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Medical Equipment and Systems 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.22%</R>
<R>Total annual operating expenses	0.77%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 79</R>
<R>3 years	$ 246</R>
<R>5 years	$ 428</R>
<R>10 years	$ 954</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in research, development, manufacture, distribution, supply, or sale of medical equipment and devices and related technologies.
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, including different market sectors, and different types of securities 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.
Medical Equipment and Systems Industry Concentration. The medical equipment and systems industry can be significantly affected by patent considerations, competition, technology, government regulation, and government reimbursement for medical expenses.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	7.46%	4.03%	17.87%	-23.38%	32.63%	12.71%	-3.42%	15.62%	41.30%	26.70%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	14.68%	March 31, 2012</R>
<R>Lowest Quarter Return	-25.55%	December 31, 2008</R>
<R>Year-to-Date Return	10.77%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Medical Equipment and Systems Portfolio
<R>Return Before Taxes	26.70%	17.64%	11.68%</R>
<R>Return After Taxes on Distributions	21.45%	15.75%	10.31%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	17.55%	13.96%	9.39%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Health Care Equipment & Supplies 25-50 Index (reflects no deduction for fees, expenses, or taxes)	23.08%	14.56%	8.18%</R>

Investment Adviser

Portfolio Manager(s)

Edward Yoon (portfolio manager) has managed the fund since May 2007.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund:
Pharmaceuticals 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.24%</R>
<R>Total annual operating expenses	0.79%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 81</R>
<R>3 years	$ 252</R>
<R>5 years	$ 439</R>
<R>10 years	$ 978</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in companies engaged in the research, development, manufacture, sale, or distribution of pharmaceuticals and drugs of all types.
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, including different market sectors, and different types of securities 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.
Pharmaceuticals Industry Concentration. The pharmaceuticals industry can be significantly affected by government approval of products and services, government regulation and reimbursement rates, patent expirations, and intense competition.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	9.79%	12.45%	13.40%	-22.71%	25.41%	16.36%	13.70%	14.25%	41.36%	23.82%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	12.70%	March 31, 2013</R>
<R>Lowest Quarter Return	-14.69%	March 31, 2008</R>
<R>Year-to-Date Return	10.71%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Pharmaceuticals Portfolio
<R>Return Before Taxes	23.82%	21.48%	13.64%</R>
<R>Return After Taxes on Distributions	20.38%	19.87%	12.66%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	15.26%	17.31%	11.27%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>S&P^® Custom Pharmaceuticals Index (reflects no deduction for fees, expenses, or taxes)	22.11%	20.21%	11.02%</R>

Investment Adviser

Portfolio Manager(s)

Asher Anolic (portfolio manager) has managed the fund since April 2013.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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
<R>For Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500</R>
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Basics

Investment Details

Principal Investment Strategies

Biotechnology Portfolio

The fund invests primarily in companies engaged in the research, development, manufacture, and distribution of various biotechnological products, services, and processes and companies that benefit significantly from scientific and technological advances in biotechnology. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, companies engaged in the development, manufacturing, or marketing of products based in whole or in part on genetic analysis and genetic engineering.

Health Care Portfolio

The fund invests primarily in companies engaged in the design, manufacture, or sale of products or services used for or in connection with health care or medicine. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, companies engaged in the development, manufacturing, or marketing of products based on biotechnology research; companies engaged in research, development, or production of pharmaceuticals, including veterinary drugs; manufacturers, distributors, and wholesalers of health care equipment, devices, and supplies including drug delivery systems and eye care products; and owners and operators of health care facilities, HMOs, and other managed plans.

Medical Delivery Portfolio

The fund invests primarily in companies engaged in the ownership or management of hospitals, nursing homes, health maintenance organizations, and other companies specializing in the delivery of health care services. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, owners and operators of health care facilities, HMOs, and other managed plans; other health care providers and health care service companies; and distributors and wholesalers of health care products.

Medical Equipment and Systems Portfolio

The fund invests primarily in companies engaged in research, development, manufacture, distribution, supply or sale of medical equipment and devices and related technologies. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, manufacturers of health care equipment and supplies including drug delivery systems and eye care products.

Pharmaceuticals Portfolio

The fund invests primarily in companies engaged in the research, development, manufacture, sale, or distribution of pharmaceuticals and drugs of all types. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, pharmaceutical companies and other companies involved in the research, development, manufacture, sale, or distribution of drugs, including companies that facilitate the testing or regulatory approval of drugs.

The following applies to all funds. See the sections above for information unique to each fund.

Each fund seeks capital appreciation.

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests each fund's assets primarily in common stocks.

Each fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of some funds' assets at times.

In addition to the principal investment strategies discussed above, the Adviser may lend a fund's securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Prospectus

Fund Basics - continued

Principal Investment Risks

The following factors can significantly affect a fund's performance:

<R>Stock Market Volatility. The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations, especially in foreign markets, can be dramatic over the short as well as long term, and different parts of the market, including different market sectors, and different types of equity securities can react differently to these developments. For example, stocks of companies in one sector can react differently from those in another, large cap stocks can react differently from small cap stocks, and "growth" stocks can react differently from "value" stocks. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole. Changes in the financial condition of a single issuer can impact the market as a whole. Terrorism and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.</R>

The biotechnology industry can be significantly affected by patent considerations, intense competition, rapid technological change and obsolescence, and government regulation. Revenue patterns can be erratic. For example, biotechnology companies can have persistent losses during a new product's development phase.

The health care industries are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability. Furthermore, the types of products or services produced or provided by health care companies quickly can become obsolete. In addition, pharmaceutical companies and other companies in the health care industries can be significantly affected by patent expirations.

The medical delivery industry is subject to extensive government regulation and can be significantly affected by government reimbursement for medical expenses. Federal and state governments provide a substantial percentage of revenues to health care service providers via Medicare and Medicaid. The industry can also be significantly affected by rising costs of medical products and services, pricing pressure from health maintenance organizations, and an increased emphasis on outpatient services.

The medical equipment and systems industry can be significantly affected by patent considerations, competition, rapid technological change and obsolescence, government regulation, and government reimbursement for medical expenses.

The pharmaceuticals industry can be significantly affected by government approval of products and services, government regulation and reimbursement rates, patent expirations, and intense competition.

Prospectus

Valuing Shares

Each fund is open for business each day the NYSE is open.

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Prospectus

Shareholder Information

Additional Information about the Purchase and Sale of Shares

<R>As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.</R>

General Information

Fidelity Investments was established in 1946 to manage one of America's first mutual funds. Today, Fidelity is one of the world's largest providers of financial services.

You should include the following information with any order:

Your name
Your account number
Type of transaction requested
Name(s) of fund(s) and class(es)
Dollar amount or number of shares

Certain methods of contacting Fidelity may be unavailable or delayed (for example, during periods of unusual market activity). In addition, the level and type of service available may be restricted.

Frequent Purchases and Redemptions

A fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excessive trading, at any time.

Each fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

Exceptions

Prospectus

Shareholder Information - continued

Omnibus Accounts

If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account.

Retirement Plans

Qualified Wrap Programs

Other Information about the Excessive Trading Policy

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

<R>In addition to these policies, each fund imposes a short-term redemption fee on redemptions from the fund, which is discussed in "Selling Shares." As described in "Valuing Shares," the fund also uses fair value pricing to help reduce arbitrage opportunities available to short-term traders. There is no assurance that the fund's excessive trading policy will be effective, or will successfully detect or deter excessive or disruptive trading.</R>

Buying Shares

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after your investment is received in proper form.

<R>Shares are generally available only to investors residing in the United States.</R>

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

Prospectus

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees a fund or Fidelity has incurred.

<R>Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.</R>

Selling Shares

The price to sell one share is its NAV, minus the short-term redemption fee, if applicable.

Each fund also permits waivers of the short-term redemption fee for the following transactions:

Redemptions due to Fidelity fund small balance maintenance fees.
Redemptions related to death or due to a divorce decree.
Certain types of IRA account transactions, including: redemptions pursuant to systematic withdrawal programs, withdrawals due to disability, return of excess contribution amounts, and redemptions related to payment of custodian fees.
Certain types of employer-sponsored and 403(b) retirement plan transactions, including: loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability, or qualified domestic relations order.
Certain types of transactions in employer-sponsored and 403(b) retirement plans recordkept by Fidelity, including redemptions in conjunction with plan sponsor events and redemptions of shares purchased through plan sponsor events, plan contributions or loan repayments.

When you wish to sell more than $100,000 worth of shares.
When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address.
When you are requesting that redemption proceeds be paid to someone other than the account owner.
In certain situations when the redemption proceeds are being transferred to a Fidelity mutual fund account with a different registration.

Prospectus

Shareholder Information - continued

When you place an order to sell shares, note the following:

If you are selling some but not all of your shares, keep your fund balance above the required minimum to keep your fund position open, except fund positions not subject to balance minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected.
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.
Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of a fund.
You will not receive interest on amounts represented by uncashed redemption checks.
If you hold your shares in a Fidelity mutual fund account and your redemption check remains uncashed for six months, the check may be invested in additional shares at the NAV next calculated on the day of the investment.
<R>Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

To sell shares issued with certificates, call Fidelity for instructions. The funds do not currently issue share certificates.

Exchanging Shares

An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund.

As a shareholder, you have the privilege of exchanging shares for shares of other Fidelity funds.

However, you should note the following policies and restrictions governing exchanges:

The exchange limit may be modified for accounts held by certain institutional retirement plans to conform to plan exchange limits and Department of Labor regulations. See your retirement plan materials for further information.
Each fund may refuse any exchange purchase for any reason. For example, each fund may refuse exchange purchases by any person or group if, in the Adviser's judgment, the fund would be unable to invest the money effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
Before any exchange, read the prospectus for the shares you are purchasing, including any purchase and sale requirements.
The shares you are acquiring by exchange must be available for sale in your state.
Exchanges may have tax consequences for you.
If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.
<R>Under applicable anti-money laundering rules and other regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

The funds may terminate or modify exchange privileges in the future.

Other funds may have different exchange restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund's prospectus for details.

Features and Policies

Features

Electronic Funds Transfer: electronic money movement through the Automated Clearing House

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

• You can use electronic funds transfer to:

- Make periodic (automatic) purchases of Fidelity fund shares or payments to your Fidelity brokerage account.

- Make periodic (automatic) redemptions of Fidelity fund shares or withdrawals from your Fidelity brokerage account.

Wire: electronic money movement through the Federal Reserve wire system

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

Automatic Transactions: periodic (automatic) transactions

• To make contributions from a Fidelity mutual fund account to a Fidelity mutual fund IRA.

• To sell shares of a Fidelity money market fund and simultaneously to buy shares of another Fidelity fund in a Fidelity mutual fund account.

Policies

The following policies apply to you as a shareholder.

Statements that Fidelity sends to you include the following:

Confirmation statements (after transactions affecting your fund balance except, to the extent applicable, reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).
Monthly or quarterly account statements (detailing fund balances and all transactions completed during the prior month or quarter).

Fidelity may charge a fee for certain services, such as providing historical account documents.

Dividends and Capital Gain Distributions

Each fund normally pays dividends and capital gain distributions in April and December.

Distribution Options

When you open an account, specify on your application how you want to receive your distributions. The following distribution options are available:

Prospectus

Shareholder Information - continued

2. Income-Earned Option. Any capital gain distributions will be automatically reinvested in additional shares. Any dividends will be paid in cash.

3. Cash Option. Any dividends and capital gain distributions will be paid in cash.

If your dividend check(s) remains uncashed for six months, your check(s) may be invested in additional shares at the NAV next calculated on the day of the investment.

Tax Consequences

Taxes on distributions. Distributions you receive from each fund are subject to federal income tax, and may also be subject to state or local taxes.

<R>If you buy shares when a fund has realized but not yet distributed income or capital gains, you will be "buying a dividend" by paying the full price for the shares and then receiving a portion of the price back in the form of a taxable distribution.</R>

Any taxable distributions you receive from a fund will normally be taxable to you when you receive them, regardless of your distribution option.

Prospectus

Fund Services

Fund Management

Each fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

The Adviser began managing the funds on August 1, 2013. Prior to such date, the funds were managed by FMR, an affiliated investment adviser.

As the manager, the Adviser has overall responsibility for directing each fund's investments and handling its business affairs.

FMRC serves as a sub-adviser for each fund. FMRC has day-to-day responsibility for choosing investments for each fund.

<R>FMRC is an affiliate of the Adviser. As of December 31, 2014, FMRC had approximately $918.6 billion in discretionary assets under management.</R>

Other investment advisers assist the Adviser with foreign investments:

<R>FMR Investment Management (U.K.) Limited (FMR U.K.), at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for each fund. As of December 31, 2014, FMR U.K. had approximately $18.1 billion in discretionary assets under management. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR U.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for each fund. As of December 31, 2014, FMR H.K. had approximately $8.3 billion in discretionary assets under management. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR H.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for each fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR Japan is an affiliate of the Adviser.</R>

Rajiv Kaul is portfolio manager of Biotechnology Portfolio, which he has managed since October 2005. He also manages other funds. Since joining Fidelity Investments in 1996, Mr. Kaul has worked as a research analyst and portfolio manager.

Edward Yoon is portfolio manager of Health Care Portfolio and Medical Equipment and Systems Portfolio, which he has managed since October 2008 and May 2007, respectively. He also manages other funds. Since joining Fidelity Investments in 2006, Mr. Yoon has worked as a research analyst and portfolio manager.

Steven Bullock is portfolio manager of Medical Delivery Portfolio, which he has managed since July 2012. Since joining Fidelity Investments in 2006, Mr. Bullock has worked as a research analyst and portfolio manager.

Asher Anolic is portfolio manager of Pharmaceuticals Portfolio, which he has managed since April 2013. Since joining Fidelity Investments in 2008, Mr. Anolic has worked as a research analyst and portfolio manager.

The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio managers.

The group fee rate is based on the average net assets of all funds advised by SelectCo or FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2015, the group fee rate was 0.25%. The individual fund fee rate is 0.30%.</R>

Prospectus

	Total Management Fee
Biotechnology Portfolio	0.55%
Health Care Portfolio	0.55%
Medical Delivery Portfolio	0.55%
Medical Equipment and Systems Portfolio	0.55%
Pharmaceuticals Portfolio	0.55%

The Adviser pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

<R>	</R>
<R>Biotechnology Portfolio</R>
Rate	1.15%
<R>	</R>
<R>Health Care Portfolio</R>
Rate	1.15%
<R>	</R>
<R>Medical Delivery Portfolio</R>
Rate	1.15%
<R>	</R>
<R>Medical Equipment and Systems Portfolio</R>
Rate	1.15%
<R>	</R>
<R>Pharmaceuticals Portfolio</R>
Rate	1.15%

Fund Distribution

FDC distributes each fund's shares.

Prospectus

Appendix

Financial Highlights

Biotechnology Portfolio

<R>Years ended February 28,	2015	2014	2013	2012 ^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 221.45	$ 120.51	$ 97.78	$ 74.01	$ 67.83</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	(.87)	(.54)	(.16)	(.23)	(.41)^E</R>
<R>Net realized and unrealized gain (loss)	51.24	101.91	29.36	24.11	6.59</R>
<R>Total from investment operations	50.37	101.37	29.20	23.88	6.18</R>
<R>Distributions from net realized gain	(23.84)	(.46)	(6.48)	(.12)	-</R>
<R>Redemption fees added to paid in capital ^B	.02	.03	.01	.01	-^H</R>
<R>Net asset value, end of period	$ 248.00	$ 221.45	$ 120.51	$ 97.78	$ 74.01</R>
<R>Total Return^A	24.21%	84.25%	31.78%	32.31%	9.11%</R>
<R>Ratios to Average Net Assets^{C, F}					</R>
<R>Expenses before reductions	.74%	.76%	.81%	.83%	.87%</R>
<R>Expenses net of fee waivers, if any	.74%	.76%	.80%	.83%	.87%</R>
<R>Expenses net of all reductions	.74%	.75%	.79%	.83%	.86%</R>
<R>Net investment income (loss)	(.41)%	(.32)%	(.15)%	(.27)%	(.59)%^E</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 13,277,052	$ 11,033,313	$ 3,450,725	$ 1,741,830	$ 1,012,907</R>
<R>Portfolio turnover rate^D	61%	35%	42%	106%	119%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a large, non-recurring dividend which amounted to $.11 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.75)%.

<R></R>

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

Prospectus

Health Care Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^H	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 216.88	$ 144.20	$ 133.07	$ 133.93	$ 109.17</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	(.38)	(.20)	.50	-^I	.04</R>
<R>Net realized and unrealized gain (loss)	50.00	92.44	24.74	10.86	24.90</R>
<R>Total from investment operations	49.62	92.24	25.24	10.86	24.94</R>
<R>Distributions from net investment income	-	(.03)	(.44)	-	(.17)</R>
<R>Distributions from net realized gain	(30.08)	(19.53)	(13.67)	(11.72)	(.01)</R>
<R>Total distributions	(30.08)	(19.57)^J	(14.11)	(11.72)	(.18)</R>
<R>Redemption fees added to paid in capital ^B	.01	.01	-^I	-^I	-^I</R>
<R>Net asset value, end of period	$ 236.43	$ 216.88	$ 144.20	$ 133.07	$ 133.93</R>
<R>Total Return^A	25.44%	67.13%	20.07%	9.10%	22.86%</R>
<R>Ratios to Average Net Assets^{C, F}					</R>
<R>Expenses before reductions	.74%	.77%	.79%	.80%	.82%</R>
<R>Expenses net of fee waivers, if any	.74%	.77%	.79%	.80%	.82%</R>
<R>Expenses net of all reductions	.74%	.76%	.78%	.80%	.82%</R>
<R>Net investment income (loss)	(.18)%	(.11)%	.36%	.00%^E	.03%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 9,831,808	$ 6,180,280	$ 2,724,341	$ 2,176,224	$ 1,991,604</R>
<R>Portfolio turnover rate^D	98%^G	99%	95%	130%	99%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Amount represents less than .01%.

<R>^G Portfolio turnover rate excludes securities received or delivered in-kind.</R>

^H For the year ended February 29.

^I Amount represents less than $.01 per share.

<R></R>

<R>^J Total distributions of $19.57 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $19.532 per share.</R>

Prospectus

Appendix - continued

Medical Delivery Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 75.55	$ 59.90	$ 61.26	$ 55.32	$ 44.38</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	(.09)	(.07)	.06	(.03)	(.25)</R>
<R>Net realized and unrealized gain (loss)	19.25	20.08	1.77	5.96	11.19</R>
<R>Total from investment operations	19.16	20.01	1.83	5.93	10.94</R>
<R>Distributions from net investment income	-	-	(.03)	-	-</R>
<R>Distributions from net realized gain	(7.45)	(4.36)	(3.16)	-	-</R>
<R>Total distributions	(7.45)	(4.36)	(3.19)	-	-</R>
<R>Redemption fees added to paid in capital ^B	-^G	-^G	-^G	.01	-^G</R>
<R>Net asset value, end of period	$ 87.26	$ 75.55	$ 59.90	$ 61.26	$ 55.32</R>
<R>Total Return^A	26.88%	34.22%	3.17%	10.74%	24.65%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.79%	.82%	.84%	.86%	.89%</R>
<R>Expenses net of fee waivers, if any	.79%	.82%	.84%	.86%	.89%</R>
<R>Expenses net of all reductions	.79%	.82%	.83%	.84%	.88%</R>
<R>Net investment income (loss)	(.12)%	(.10)%	.10%	(.05)%	(.54)%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 878,416	$ 692,486	$ 562,949	$ 870,358	$ 566,400</R>
<R>Portfolio turnover rate^D	44%	65%	96%	86%	55%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

Prospectus

Medical Equipment and Systems Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 38.03	$ 30.60	$ 28.02	$ 29.55	$ 25.23</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.04	.01	.04	.01	(.01)^E</R>
<R>Net realized and unrealized gain (loss)	9.86	10.94	3.77	(.10)	4.33</R>
<R>Total from investment operations	9.90	10.95	3.81	(.09)	4.32</R>
<R>Distributions from net investment income	(.05)	-	(.05)	(.02)	-</R>
<R>Distributions from net realized gain	(5.98)	(3.52)	(1.18)	(1.43)	-</R>
<R>Total distributions	(6.03)	(3.52)	(1.23)	(1.44)^I	-</R>
<R>Redemption fees added to paid in capital ^{B, H}	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 41.90	$ 38.03	$ 30.60	$ 28.02	$ 29.55</R>
<R>Total Return^A	28.52%	37.03%	14.09%	.23%	17.12%</R>
<R>Ratios to Average Net Assets^{C, F}					</R>
<R>Expenses before reductions	.77%	.80%	.83%	.84%	.86%</R>
<R>Expenses net of fee waivers, if any	.77%	.80%	.83%	.84%	.86%</R>
<R>Expenses net of all reductions	.77%	.79%	.82%	.84%	.86%</R>
<R>Net investment income (loss)	.11%	.04%	.13%	.02%	(.04)%^E</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 2,107,515	$ 1,720,317	$ 1,404,437	$ 1,361,012	$ 1,408,343</R>
<R>Portfolio turnover rate^D	106%	75%	69%	120%	92%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.18)%.

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

^I Total distributions of $1.44 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $1.426 per share.

Prospectus

Appendix - continued

Pharmaceuticals Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 21.39	$ 16.13	$ 14.11	$ 12.74	$ 10.93</R>
Income from Investment Operations
<R>Net investment income (loss) ^B	.14	.26	.23	.15	.17</R>
<R>Net realized and unrealized gain (loss)	3.76	6.96	2.26	1.64	1.96</R>
<R>Total from investment operations	3.90	7.22	2.49	1.79	2.13</R>
<R>Distributions from net investment income	(.18)	(.18)	(.20)	(.11)	(.13)</R>
<R>Distributions from net realized gain	(2.03)	(1.77)	(.27)	(.31)	(.19)</R>
<R>Total distributions	(2.21)	(1.96)^I	(.47)	(.42)	(.32)</R>
<R>Redemption fees added to paid in capital ^{B, H}	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 23.08	$ 21.39	$ 16.13	$ 14.11	$ 12.74</R>
<R>Total Return^A	20.04%	46.77%	17.93%	14.34%	19.68%</R>
<R>Ratios to Average Net Assets^{C, E}					</R>
<R>Expenses before reductions	.79%	.82%	.85%	.89%	.94%</R>
<R>Expenses net of fee waivers, if any	.79%	.81%	.85%	.89%	.94%</R>
<R>Expenses net of all reductions	.79%	.81%	.84%	.88%	.94%</R>
<R>Net investment income (loss)	.66%	1.39%	1.54%	1.12%	1.42%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 1,892,865	$ 1,634,743	$ 911,064	$ 715,882	$ 391,020</R>
<R>Portfolio turnover rate^D	72%^F	95%	54%	73%	102%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

<R>^F Portfolio turnover rate excludes securities received or delivered in-kind.</R>

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

<R>^I Total distributions of $1.96 per share is comprised of distributions from net investment income of $.182 and distributions from net realized gain of $1.773 per share.</R>

Prospectus

Additional Index Information

MSCI U.S. IMI Biotechnology 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Biotechnology companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Biotechnology Index.

MSCI U.S. IMI Health Care 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Health Care companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Health Care Index.

MSCI U.S. IMI Health Care Equipment & Supplies 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Health Care Equipment & Supplies companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Health Care Equipment & Supplies Index.

MSCI U.S. IMI Health Care Providers & Services 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Health Care Providers & Services companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Health Care Providers & Services Index.

S&P 500^® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

S&P^® Custom Pharmaceuticals Index is a modified market capitalization-weighted index of stocks designed to measure the performance of companies engaged in the research, development, manufacture, sale, or distribution of pharmaceuticals and drugs of all types. These companies are identified by S&P based on the specific policies of the fund. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Pharmaceuticals Index.

Prospectus

Notes

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

Investment Company Act of 1940, File Number, 811-03114

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.

The third-party marks appearing above are the marks of their respective owners.

<R>1.910405.105 SELHC-PRO-0415</R>

Fidelity^® Select Portfolios^®

Materials Sector

Fund	Ticker
Chemicals Portfolio	FSCHX
Gold Portfolio Class/Ticker Gold Portfolio	FSAGX
Materials Portfolio Class/Ticker Materials Portfolio	FSDPX

In this prospectus, the term "shares" (as it relates to a fund) means the class of shares offered through this prospectus.

Prospectus

<R>April 29, 2015</R>

pwe839355

Fund Summary	(Click Here)	Chemicals Portfolio
	(Click Here)	Gold Portfolio
	(Click Here)	Materials Portfolio
Fund Basics	(Click Here)	Investment Details
	(Click Here)	Valuing Shares
Shareholder Information	(Click Here)	Additional Information about the Purchase and Sale of Shares
	(Click Here)	Exchanging Shares
	(Click Here)	Features and Policies
	(Click Here)	Dividends and Capital Gain Distributions
	(Click Here)	Tax Consequences
Fund Services	(Click Here)	Fund Management
	(Click Here)	Fund Distribution
Appendix	(Click Here)	Financial Highlights
	(Click Here)	Additional Index Information

Prospectus

Fund Summary

Fund:
Chemicals 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.24%</R>
<R>Total annual operating expenses	0.79%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 81</R>
<R>3 years	$ 252</R>
<R>5 years	$ 439</R>
<R>10 years	$ 978</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the research, development, manufacture, or marketing of products or services related to the chemical process industries.
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, including different market sectors, and different types of securities 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.
Chemicals Industry Concentration. The chemicals industry can be significantly affected by intense competition, product obsolescence, raw materials prices, and government regulation, and can be subject to risks associated with the production, handling, and disposal of hazardous components.
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.

Prospectus

Fund Summary - continued

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	1.10%	16.84%	28.42%	-43.34%	65.32%	30.73%	0.29%	30.01%	29.86%	4.56%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	25.28%	September 30, 2009</R>
<R>Lowest Quarter Return	-31.90%	December 31, 2008</R>
<R>Year-to-Date Return	0.41%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Chemicals Portfolio
<R>Return Before Taxes	4.56%	18.27%	12.64%</R>
<R>Return After Taxes on Distributions	3.33%	17.36%	11.76%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	3.05%	14.75%	10.38%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Chemicals 25-50 Index (reflects no deduction for fees, expenses, or taxes)	9.09%	17.99%	11.64%</R>

Investment Adviser

Portfolio Manager(s)

Mahmoud Sharaf (portfolio manager) has managed the fund since April 2010.

Prospectus

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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 Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund/Class:
Gold Portfolio/Gold 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.

<R></R>

<R>Shareholder fees (fees paid directly from your investment)							</R>
<R>Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%</R>

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.34%</R>
<R>Acquired fund fees and expenses^A	0.05%</R>
Total annual operating expenses	0.94%
<R>Fee waiver and/or expense reimbursement^A	0.04%</R>
<R>Total annual operating expenses after fee waiver and/or expense reimbursement	0.90%</R>

^AThe fund may invest in a wholly-owned subsidiary. The subsidiary has entered into a separate contract with Fidelity Management & Research Company (FMR), an affiliate of Fidelity SelectCo, LLC (SelectCo), the fund's investment adviser, for the management of its portfolio pursuant to which the subsidiary pays FMR a fee at an annual rate of 0.30% of its net assets. The subsidiary also pays certain other expenses including custody fees. SelectCo has contractually agreed to waive the fund's management fee in an amount equal to the management fee paid to FMR by the subsidiary. This arrangement will remain in effect for at least one year from the effective date of the prospectus, and will remain in effect thereafter as long as FMR's contract with the subsidiary is in place. If FMR's contract with the subsidiary is terminated, SelectCo, in its sole discretion, may discontinue the arrangement.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 92</R>
<R>3 years	$ 287</R>
<R>5 years	$ 498</R>
<R>10 years	$ 1,108</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks and in certain precious metals.
Investing primarily in companies engaged in exploration, mining, processing, or dealing in gold, or to a lesser degree, in silver, platinum, diamonds, or other precious metals and minerals.
Normally investing at least 80% of assets in securities of companies principally engaged in gold-related activities, and in gold bullion or coins.

Prospectus

Fund Summary - continued

Investing up to 25% of assets in gold and other precious metals through a wholly-owned subsidiary.
Potentially investing in other precious metals, instruments whose value is linked to the price of precious metals, and securities of companies that manufacture and distribute precious metal and minerals products (such as jewelry, watches, and metal foil and leaf) and companies that invest in other companies engaged in gold and other precious metal and mineral-related activities.
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, including different market sectors, and different types of securities can react differently to these developments.
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.
Gold Industry Concentration. The gold industry can be significantly affected by international monetary and political developments such as currency devaluations or revaluations, central bank movements, economic and social conditions within a country, trade imbalances, or trade or currency restrictions between countries, as well as supply and demand for gold and operational costs associated with mining.
Subsidiary Risk. Investment in an unregistered subsidiary is not subject to the investor protections of the Investment Company Act of 1940 (1940 Act) and is subject to the risks associated with the gold industry. Changes in tax and other laws could negatively affect investments in the subsidiary.
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.

Performance

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	40.59%	25.38%	24.93%	-20.49%	38.00%	35.25%	-16.34%	-12.43%	-51.41%	-8.51%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	25.51%	September 30, 2005</R>
<R>Lowest Quarter Return	-37.37%	June 30, 2013</R>
<R>Year-to-Date Return	-1.09%	March 31, 2015</R>

Average Annual Returns

Prospectus

Fund Summary - continued

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Gold Portfolio
<R>Return Before Taxes	-8.51%	-15.12%	0.62%</R>
<R>Return After Taxes on Distributions	-8.51%	-15.70%	-0.55%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-4.82%	-9.91%	1.43%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>S&P^® Global BMI Gold Capped Index (reflects no deduction for fees, expenses, or taxes)	-11.85%	-16.06%	-2.25%</R>

Investment Adviser

Portfolio Manager(s)

Joe Wickwire (portfolio manager) has managed the fund since August 2007.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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 Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Summary

Fund/Class:
Materials Portfolio/Materials 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.

<R></R>

<R>Shareholder fees (fees paid directly from your investment)							</R>
<R>Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%</R>

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.25%</R>
<R>Total annual operating expenses	0.80%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 82</R>
<R>3 years	$ 255</R>
<R>5 years	$ 444</R>
<R>10 years	$ 990</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the manufacture, mining, processing, or distribution of raw materials and intermediate goods.
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.

Prospectus

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, including different market sectors, and different types of securities 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.
Materials Industry Concentration. The materials industries can be significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import and export controls, worldwide competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.
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.

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 Index Information section of the prospectus. Prior to October 1, 2006, the fund was named Industrial Materials Portfolio, and the fund operated under certain different investment policies and compared its performance to a different additional index. The fund's historical performance may not represent its current investment policies. 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

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	14.32%	19.47%	29.21%	-47.56%	78.68%	28.09%	-8.20%	20.17%	21.90%	-0.06%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	26.47%	September 30, 2009</R>
<R>Lowest Quarter Return	-30.14%	December 31, 2008</R>
<R>Year-to-Date Return	0.66%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Materials Portfolio
<R>Return Before Taxes	-0.06%	11.48%	11.03%</R>
<R>Return After Taxes on Distributions	-2.28%	10.63%	10.25%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	1.80%	9.21%	9.13%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Materials 25-50 Index (reflects no deduction for fees, expenses, or taxes)	6.04%	11.96%	8.41%</R>

Investment Adviser

Portfolio Manager(s)

Tobias Welo (portfolio manager) has managed the fund since January 2008.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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 Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Basics

Investment Details

Principal Investment Strategies

Chemicals Portfolio

The fund invests primarily in companies engaged in the research, development, manufacture or marketing of products or services related to the chemical process industries. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, companies that produce industrial and basic chemicals, including plastics, synthetic fibers, and commodity-based paints and pigments; producers of fertilizer and other agriculture-related chemical products; manufacturers of industrial gases; and companies that produce adhesives, sealants, and other high value-added chemicals.

Gold Portfolio

The fund invests primarily in companies engaged in exploration, mining, processing, or dealing in gold, or, to a lesser degree, in silver, platinum, diamonds, or other precious metals and minerals. The fund normally invests at least 80% of its assets in securities of companies principally engaged in gold-related activities, and in gold bullion or coins.

Gold-related activities may include exploration, mining, processing, or dealing in gold, or the manufacture or distribution of gold products such as jewelry, watches, and gold foil and leaf. Companies principally engaged in gold-related activities may also include companies that invest in other companies engaged in gold-related activities. The Adviser treats investments in instruments whose value is linked to the price of gold as investments in gold bullion or coins.

The Adviser may invest up to 25% of the fund's assets in a wholly-owned subsidiary of the fund organized under the laws of the Cayman Islands (the Subsidiary). The Subsidiary is managed by FMR and has the same investment objective as the fund. FMR intends to invest the Subsidiary's assets directly in gold and other precious metals, but may also make indirect investments through exchange traded funds. The Adviser may also invest the fund's assets in other precious metals in the form of bullion, coins, instruments whose value is linked to the price of precious metals, and securities of companies that manufacture and distribute precious metal and minerals products (such as jewelry, watches, and metal foils and leaf) and companies that invest in other companies engaged in other precious metal and mineral-related activities.

Materials Portfolio

The fund invests primarily in companies engaged in the manufacture, mining, processing, or distribution of raw materials and intermediate goods. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

Materials refers to industrial or agricultural materials and unfinished goods, such as chemicals, gases, metals, or other natural or synthetic materials.

These companies may include, for example, manufacturers of sand, lime, concrete and other building materials, metal, glass, plastic, or cardboard containers or packaging; producers of industrial and basic chemicals, including plastics, synthetic fibers, and commodity-based paints and pigments; fertilizer and other agriculture-related chemical products; companies that produce adhesives, sealants, and other high value-added chemicals; producers of aluminum and related materials; companies engaged in producing and extracting metals and minerals; producers of gold, iron, steel, and companies mining precious metals and minerals; and manufacturers of timber, related wood products, and paper.

The following applies to all funds. See the sections above for information unique to each fund.

Each fund seeks capital appreciation.

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests each fund's assets primarily in common stocks (and potentially in precious metals for Gold Portfolio).

Each fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of some funds' assets at times.

In addition to the principal investment strategies discussed above, the Adviser may lend a fund's securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Prospectus

Principal Investment Risks

The following factors can significantly affect a fund's performance:

Investing in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and political uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.

The chemicals industry can be significantly affected by competition, product obsolescence, raw materials prices, and government regulation. As regulations are developed and enforced, chemical companies could be required to alter or cease production of a product, to pay fines, to pay for cleaning up a disposal site, or to agree to restrictions on their operations. Some of the materials and processes used by these companies involve hazardous components and there can be risks associated with their production, handling, and disposal.

The gold industry can be significantly affected by international monetary and political developments such as currency devaluations or revaluations, central bank movements, economic and social conditions within a country, trade imbalances, or trade or currency restrictions between countries. The prices of gold and other precious metal mining securities can be significantly impacted by changes in supply and demand and are subject to substantial fluctuations over short periods of time. Operational costs including labor and fuel can affect miners and the industry as a whole.

The materials industries can be significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import and export controls, and worldwide competition. At times, worldwide production of materials has exceeded demand as a result of over-building or economic downturns, which has led to commodity price declines and unit price reductions. Companies in these industries also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.

Subsidiary Risk. The investments held by the Subsidiary are generally similar to those that are permitted to be held by Gold Portfolio and, therefore, the Subsidiary is subject to risks similar to those of that fund, including the risks of investing in the gold industry. Because the Subsidiary is organized under Cayman Islands law and is not registered under the 1940 Act, the Subsidiary is not subject to the investor protections of the 1940 Act. Gold Portfolio relies on a private letter ruling from the Internal Revenue Service with respect to its investment in the Subsidiary. Changes in U.S. or Cayman Islands laws could result in the inability of the fund and/or the Subsidiary to operate as described in this prospectus.

Prospectus

Fund Basics - continued

Valuing Shares

Each fund is open for business each day the NYSE is open.

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Prospectus

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

General Information

Fidelity Investments was established in 1946 to manage one of America's first mutual funds. Today, Fidelity is one of the world's largest providers of financial services.

You should include the following information with any order:

Your name
Your account number
Type of transaction requested
Name(s) of fund(s) and class(es)
Dollar amount or number of shares

Certain methods of contacting Fidelity may be unavailable or delayed (for example, during periods of unusual market activity). In addition, the level and type of service available may be restricted.

Frequent Purchases and Redemptions

A fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excessive trading, at any time.

Each fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

Exceptions

Prospectus

Omnibus Accounts

If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account.

Retirement Plans

Qualified Wrap Programs

Other Information about the Excessive Trading Policy

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

Buying Shares

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after your investment is received in proper form.

<R>Shares are generally available only to investors residing in the United States.</R>

Prospectus

Shareholder Information - continued

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees a fund or Fidelity has incurred.

<R>Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.</R>

Selling Shares

The price to sell one share is its NAV, minus the short-term redemption fee, if applicable.

The short-term redemption fee does not apply to: (i) redemptions of shares acquired by reinvesting dividends and distributions; (ii) rollovers, transfers, and changes of account registration within a fund, or transfers between classes of a multiple class fund (if applicable) as long as the money never leaves the fund; and (iii) redemptions in kind.

Each fund also permits waivers of the short-term redemption fee for the following transactions:

Redemptions due to Fidelity fund small balance maintenance fees.
Redemptions related to death or due to a divorce decree.
Certain types of IRA account transactions, including: redemptions pursuant to systematic withdrawal programs, withdrawals due to disability, return of excess contribution amounts, and redemptions related to payment of custodian fees.
Certain types of employer-sponsored and 403(b) retirement plan transactions, including: loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability, or qualified domestic relations order.
Certain types of transactions in employer-sponsored and 403(b) retirement plans recordkept by Fidelity, including redemptions in conjunction with plan sponsor events and redemptions of shares purchased through plan sponsor events, plan contributions or loan repayments.

When you wish to sell more than $100,000 worth of shares.
When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address.
When you are requesting that redemption proceeds be paid to someone other than the account owner.
In certain situations when the redemption proceeds are being transferred to a Fidelity mutual fund account with a different registration.

Prospectus

When you place an order to sell shares, note the following:

If you are selling some but not all of your shares, keep your fund balance above the required minimum to keep your fund position open, except fund positions not subject to balance minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected.
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.
Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of a fund.
You will not receive interest on amounts represented by uncashed redemption checks.
If you hold your shares in a Fidelity mutual fund account and your redemption check remains uncashed for six months, the check may be invested in additional shares at the NAV next calculated on the day of the investment.
<R>Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

To sell shares issued with certificates, call Fidelity for instructions. The funds do not currently issue share certificates.

Exchanging Shares

An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund.

As a shareholder, you have the privilege of exchanging shares for shares of other Fidelity funds.

However, you should note the following policies and restrictions governing exchanges:

The exchange limit may be modified for accounts held by certain institutional retirement plans to conform to plan exchange limits and Department of Labor regulations. See your retirement plan materials for further information.
Each fund may refuse any exchange purchase for any reason. For example, each fund may refuse exchange purchases by any person or group if, in the Adviser's judgment, the fund would be unable to invest the money effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
Before any exchange, read the prospectus for the shares you are purchasing, including any purchase and sale requirements.
The shares you are acquiring by exchange must be available for sale in your state.
Exchanges may have tax consequences for you.
If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.
<R>Under applicable anti-money laundering rules and other regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

The funds may terminate or modify exchange privileges in the future.

Other funds may have different exchange restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund's prospectus for details.

Features and Policies

Features

<R>Electronic Funds Transfer: electronic money movement through the Automated Clearing House</R>

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

• You can use electronic funds transfer to:

- Make periodic (automatic) purchases of Fidelity fund shares or payments to your Fidelity brokerage account.

- Make periodic (automatic) redemptions of Fidelity fund shares or withdrawals from your Fidelity brokerage account.

Wire: electronic money movement through the Federal Reserve wire system

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

<R>Automatic Transactions: periodic (automatic) transactions</R>

• To make contributions from a Fidelity mutual fund account to a Fidelity mutual fund IRA.

• To sell shares of a Fidelity money market fund and simultaneously to buy shares of another Fidelity fund in a Fidelity mutual fund account.

Policies

The following policies apply to you as a shareholder.

Statements that Fidelity sends to you include the following:

Confirmation statements (after transactions affecting your fund balance except, to the extent applicable, reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).
Monthly or quarterly account statements (detailing fund balances and all transactions completed during the prior month or quarter).

Fidelity may charge a fee for certain services, such as providing historical account documents.

Dividends and Capital Gain Distributions

Each fund normally pays dividends and capital gain distributions in April and December.

Distribution Options

When you open an account, specify on your application how you want to receive your distributions. The following distribution options are available:

Prospectus

2. Income-Earned Option. Any capital gain distributions will be automatically reinvested in additional shares. Any dividends will be paid in cash.

3. Cash Option. Any dividends and capital gain distributions will be paid in cash.

If your dividend check(s) remains uncashed for six months, your check(s) may be invested in additional shares at the NAV next calculated on the day of the investment.

Tax Consequences

Taxes on distributions. Distributions you receive from each fund are subject to federal income tax, and may also be subject to state or local taxes.

Any taxable distributions you receive from a fund will normally be taxable to you when you receive them, regardless of your distribution option.

Prospectus

Fund Services

Fund Management

Each fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

The Adviser is each fund's manager. The address of the Adviser is 1225 17th Street, Denver, Colorado 80202-5541. FMR manages the Subsidiary. The address of FMR and other Fidelity advisers, unless otherwise indicated below, is 245 Summer Street, Boston, Massachusetts 02210.

The Adviser began managing the funds on August 1, 2013. Prior to such date, the funds were managed by FMR, an affiliated investment adviser.

As the manager, the Adviser has overall responsibility for directing each fund's investments and handling its business affairs.

FMRC serves as a sub-adviser for each fund. FMRC has day-to-day responsibility for choosing investments for each fund.

<R>FMRC is an affiliate of the Adviser. As of December 31, 2014, FMRC had approximately $918.6 billion in discretionary assets under management.</R>

Other investment advisers assist the Adviser with foreign investments:

<R>FMR Investment Management (U.K.) Limited (FMR U.K.), at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for each fund. As of December 31, 2014, FMR U.K. had approximately $18.1 billion in discretionary assets under management. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR U.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for each fund. As of December 31, 2014, FMR H.K. had approximately $8.3 billion in discretionary assets under management. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR H.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for each fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR Japan is an affiliate of the Adviser.</R>

Mahmoud Sharaf is portfolio manager of Chemicals Portfolio, which he has managed since April 2010. Since joining Fidelity Investments in 2006, Mr. Sharaf has worked as a research analyst and portfolio manager.

Joe Wickwire is portfolio manager of Gold Portfolio, which he has managed since August 2007. He also manages other funds. Since joining Fidelity Investments in 2007, Mr. Wickwire has worked as a research analyst and portfolio manager.

Tobias Welo is portfolio manager of Materials Portfolio, which he has managed since January 2008. He also manages other funds. Since joining Fidelity Investments in 2005, Mr. Welo has worked as a research analyst and portfolio manager. He is also a member of FMR's Stock Selector Large Cap Group.

The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio managers.

The group fee rate is based on the average net assets of all funds advised by SelectCo or FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2015, the group fee rate was 0.25%. The individual fund fee rate is 0.30%.</R>

The Subsidiary has entered into a separate contract with FMR for the management of its portfolio pursuant to which the Subsidiary pays FMR a fee at an annual rate of 0.30% of its net assets. The Adviser has contractually agreed to waive Gold Portfolio's management fee in an amount equal to the management fee paid to FMR by the Subsidiary. This arrangement may not be discontinued by the Adviser as long as its contract with the Subsidiary is in place.

Prospectus

Fund Services - continued

	Total Management Fee
Chemicals Portfolio	0.55%
Gold Portfolio	0.55%
Materials Portfolio	0.55%

The Adviser pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

Chemicals Portfolio
Rate	1.15%
Gold Portfolio
Rate	1.15%
Materials Portfolio
Rate	1.15%

Fund Distribution

Each of Gold Portfolio and Materials Portfolio is composed of multiple classes of shares. All classes of a multiple class fund have a common investment objective and investment portfolio.

FDC distributes each fund's shares.

<R>Each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) with respect to its shares that recognizes that the Adviser may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of shares of each fund and/or shareholder support services. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for shares of each fund.</R>

If payments made by the Adviser to FDC or to intermediaries under a Distribution and Service Plan were considered to be paid out of a fund's or class's assets on an ongoing basis, they might increase the cost of your investment and might cost you more than paying other types of sales charges.

Prospectus

Appendix

Financial Highlights

Financial Highlights are intended to help you understand the financial history of fund shares for the past 5 years (or, if shorter, the period of operations). Financial Highlights for Gold Portfolio are presented on a consolidated basis for the fund and its subsidiary. Certain information reflects financial results for a single share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in shares (assuming reinvestment of all dividends and distributions). The annual information has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, whose report, along with fund financial statements, is included in the annual report. Annual reports are available for free upon request.

Chemicals Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^H	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 148.23	$ 122.98	$ 110.52	$ 100.85	$ 75.43</R>
Income from Investment Operations
<R>Net investment income (loss)^B	1.64	1.23	1.84^E	.76	.69</R>
<R>Net realized and unrealized gain (loss)	9.09	32.11	15.10	9.52	27.20</R>
<R>Total from investment operations	10.73	33.34	16.94	10.28	27.89</R>
<R>Distributions from net investment income	(1.42)	(1.18)	(1.55)	(.62)	(.57)</R>
<R>Distributions from net realized gain	(4.20)	(6.92)	(2.95)	-	(1.91)</R>
<R>Total distributions	(5.62)	(8.10)	(4.49)^J	(.62)	(2.47)^K</R>
<R>Redemption fees added to paid in capital^B	-^I	.01	.01	.01	-^I</R>
<R>Net asset value, end of period	$ 153.34	$ 148.23	$ 122.98	$ 110.52	$ 100.85</R>
<R>Total Return^A	7.52%	27.77%	15.61%	10.31%	37.74%</R>
<R>Ratios to Average Net Assets^C,F					</R>
<R>Expenses before reductions	.79%	.81%	.83%	.85%	.90%</R>
<R>Expenses net of fee waivers, if any	.79%	.81%	.83%	.85%	.90%</R>
<R>Expenses net of all reductions	.79%	.80%	.81%	.84%	.89%</R>
<R>Net investment income (loss)	1.10%	.91%	1.62%^E	.77%	.84%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 1,625,067	$ 1,429,434	$ 1,134,777	$ 861,539	$ 692,332</R>
<R>Portfolio turnover rate^D	80%^G	109%	60%	119%	108%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a large, non-recurring dividend which amounted to $.30 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.35%.

<R></R>

<R>^G Portfolio turnover rate excludes securities received or delivered in-kind.</R>

^H For the year ended February 29.

^I Amount represents less than $.01 per share.

^J Total distributions of $4.49 per share is comprised of distributions from net investment income of $1.547 and distributions from net realized gain of $2.947 per share.

^K Total distributions of $2.47 per share is comprised of distributions from net investment income of $.565 and distributions from net realized gain of $1.905 per share.

Prospectus

Gold Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 22.41	$ 30.72	$ 45.96	$ 51.44	$ 40.85</R>
Income from Investment Operations
<R>Net investment income (loss)^B	(.04)	.06	.16	(.02)	(.18)</R>
<R>Net realized and unrealized gain (loss)	(3.87)	(8.38)	(15.40)	(2.85)	15.43</R>
<R>Total from investment operations	(3.91)	(8.32)	(15.24)	(2.87)	15.25</R>
<R>Distributions from net realized gain	-	-	-	(2.61)	(4.67)</R>
<R>Redemption fees added to paid in capital^B	-^G	.01	-^G	-^G	.01</R>
<R>Net asset value, end of period	$ 18.50	$ 22.41	$ 30.72	$ 45.96	$ 51.44</R>
<R>Total Return^A	(17.45)%	(27.05)%	(33.16)%	(6.00)%	37.35%</R>
<R>Ratios to Average Net Assets^C,E					</R>
<R>Expenses before reductions	.94%	.94%	.93%	.89%	.91%</R>
<R>Expenses net of fee waivers, if any	.90%	.92%	.92%	.89%	.90%</R>
<R>Expenses net of all reductions	.90%	.91%	.92%	.89%	.89%</R>
<R>Net investment income (loss)	(.22)%	.27%	.43%	(.03)%	(.37)%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 992,944	$ 1,275,913	$ 2,301,019	$ 3,924,440	$ 4,250,249</R>
<R>Portfolio turnover rate^D	20%	56%	18%	22%	35%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

Prospectus

Appendix - continued

Materials Portfolio

<R>Years ended February 28,	2015	2014	2013	2012^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 86.81	$ 73.68	$ 69.41	$ 70.11	$ 52.61</R>
Income from Investment Operations
<R>Net investment income (loss)^B	.73	.58	.90	.60	1.25^E</R>
<R>Net realized and unrealized gain (loss)	1.05	14.63	5.71	(.37)	17.43</R>
<R>Total from investment operations	1.78	15.21	6.61	.23	18.68</R>
<R>Distributions from net investment income	(.65)	(.48)	(.79)	(.55)	(1.16)</R>
<R>Distributions from net realized gain	(7.17)	(1.60)	(1.55)	(.38)	(.03)</R>
<R>Total distributions	(7.82)	(2.08)	(2.34)	(.93)	(1.19)</R>
<R>Redemption fees added to paid in capital^B	-^H	-^H	-^H	-^H	.01</R>
<R>Net asset value, end of period	$ 80.77	$ 86.81	$ 73.68	$ 69.41	$ 70.11</R>
<R>Total Return^A	2.46%	20.80%	9.71%	.49%	35.70%</R>
<R>Ratios to Average Net Assets^C,F					</R>
<R>Expenses before reductions	.80%	.82%	.85%	.85%	.88%</R>
<R>Expenses net of fee waivers, if any	.80%	.82%	.85%	.85%	.88%</R>
<R>Expenses net of all reductions	.80%	.82%	.84%	.84%	.87%</R>
<R>Net investment income (loss)	.87%	.73%	1.30%	.90%	2.10%^E</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 1,107,689	$ 1,231,942	$ 1,146,782	$ 1,089,619	$ 1,195,371</R>
<R>Portfolio turnover rate^D	76%^I	53%	61%	94%	87%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a large, non-recurring dividend which amounted to $.83 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .70%.

<R></R>

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

<R></R>

^G For the year ended February 29.

^H Amount represents less than $.01 per share.

<R>^I Portfolio turnover rate excludes securities received or delivered in-kind.</R>

Prospectus

Additional Index Information

MSCI U.S. IMI Chemicals 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Chemicals companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Chemicals Index.

MSCI U.S. IMI Materials 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Materials companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Materials Index.

S&P 500^® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

S&P^® Global BMI Gold Capped Index is a modified market capitalization-weighted index of stocks designed to measure the performance of companies that produce gold and related products, including companies that mine or process gold and the South African finance houses which primarily invest in, but do not operate, gold mines.

Prospectus

Notes

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

Investment Company Act of 1940, File Number, 811-03114

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.

The third-party marks appearing above are the marks of their respective owners.

<R>1.910413.105 SELMT-PRO-0415</R>

Fidelity^® Select Portfolios^®

Consumer Staples Sector

Fund	Ticker
Consumer Staples Portfolio Class/Ticker Consumer Staples Portfolio	FDFAX

In this prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this prospectus.

Prospectus

<R>April 29, 2015</R>

pwe839377

Fund Summary	(Click Here)	Consumer Staples Portfolio
Fund Basics	(Click Here)	Investment Details
	(Click Here)	Valuing Shares
Shareholder Information	(Click Here)	Additional Information about the Purchase and Sale of Shares
	(Click Here)	Exchanging Shares
	(Click Here)	Features and Policies
<R>	(Click Here)	Dividends and Capital Gain Distributions</R>
	(Click Here)	Tax Consequences
Fund Services	(Click Here)	Fund Management
	(Click Here)	Fund Distribution
Appendix	(Click Here)	Financial Highlights
	(Click Here)	Additional Index Information

Prospectus

Fund Summary

Fund/Class:
Consumer Staples Portfolio/Consumer Staples 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)
Redemption fee on shares held less than 30 days (as a % of amount redeemed)	0.75%

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.22%</R>
<R>Total annual operating expenses	0.77%</R>

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 79</R>
<R>3 years	$ 246</R>
<R>5 years	$ 428</R>
<R>10 years	$ 954</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the manufacture, sale, or distribution of consumer staples.
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, including different market sectors, and different types of securities 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.
Consumer Staples Industry Concentration. The consumer staples industries can be significantly affected by demographics and product trends, competitive pricing, food fads, marketing campaigns, environmental factors, government regulation, the performance of the overall economy, interest rates, consumer confidence, and the cost of commodities.
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.

Prospectus

Fund Summary - continued

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 Index Information section of the prospectus. Prior to October 1, 2006, the fund was named Food and Agriculture Portfolio, and the fund operated under certain different investment policies and compared its performance to a different additional index. The fund's historical performance may not represent its current investment policies. 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

<R>Calendar Years	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>	5.85%	20.18%	21.49%	-22.31%	20.93%	15.20%	8.84%	15.39%	21.63%	14.91%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	14.48%	June 30, 2009</R>
<R>Lowest Quarter Return	-12.95%	December 31, 2008</R>
<R>Year-to-Date Return	1.68%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Past 10 years</R>
Consumer Staples Portfolio
<R>Return Before Taxes	14.91%	15.13%	11.37%</R>
<R>Return After Taxes on Distributions	13.33%	14.06%	10.52%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	9.59%	12.14%	9.36%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.67%</R>
<R>MSCI U.S. IMI Consumer Staples 25-50 Index (reflects no deduction for fees, expenses, or taxes)	15.98%	16.63%	11.07%</R>

Investment Adviser

Prospectus

Portfolio Manager(s)

Robert Lee (portfolio manager) has managed the fund since June 2004.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail

Additional purchases:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Redemptions:

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

TDD - Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment 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 Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts	$500
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Basics

Investment Details

Investment Objective

Consumer Staples Portfolio seeks capital appreciation.

Principal Investment Strategies

The fund invests primarily in companies engaged in the manufacture, sale, or distribution of consumer staples. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

Consumer staples tend to be essential products whose demand remains stable over economic cycles, such as food, beverages, tobacco, and household and personal care products.

These companies may include, for example, drug stores and pharmacies; retail food stores and super centers; producers of packaged foods and tobacco products; breweries, vintners, distillers, and non-alcoholic beverage producers; producers of agricultural products; and producers of non-durable household products and personal and beauty care products.

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests the fund's assets primarily in common stocks.

The fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of the fund's assets at times.

In addition to the principal investment strategies discussed above, the Adviser may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

The fund has a policy of investing primarily in companies engaged in specified activities. This policy cannot be changed without a shareholder vote. The fund also has a policy of normally investing at least 80% of assets in securities of companies principally engaged in specified activities. This policy can be changed without a vote only upon 60 days' prior notice to shareholders of the fund.

Description of Principal Security Types

Principal Investment Risks

The following factors can significantly affect the fund's performance:

Prospectus

Fund Basics - continued

The consumer staples industries can be significantly affected by demographic and product trends, competitive pricing, food fads, marketing campaigns, and environmental factors, as well as the performance of the overall economy, interest rates, consumer confidence, and the cost of commodities. Regulations and policies of various domestic and foreign governments affect agricultural products as well as other consumer staples.

Valuing Shares

The fund is open for business each day the NYSE is open.

NAV is calculated using the values of other open-end funds, if any, in which the fund invests (referred to as underlying funds). Shares of underlying funds are valued at their respective NAVs. Other assets (as well as assets held by an underlying Fidelity non-money market fund) are valued primarily on the basis of market quotations, official closing prices, or information furnished by a pricing service. Certain short-term securities are valued on the basis of amortized cost. If market quotations, official closing prices, or information furnished by a pricing service are not readily available or, in the Adviser's opinion, are deemed unreliable for a security, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. For example, if, in the Adviser's opinion, a security's value has been materially affected by events occurring before a fund's pricing time but after the close of the exchange or market on which the security is principally traded, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. Fair value pricing will be used for high yield debt securities when available pricing information is determined to be stale or for other reasons not to accurately reflect fair value. Assets held by an underlying Fidelity money market fund are valued on the basis of amortized cost.

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Prospectus

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

General Information

Fidelity Investments was established in 1946 to manage one of America's first mutual funds. Today, Fidelity is one of the world's largest providers of financial services.

You should include the following information with any order:

Your name
Your account number
Type of transaction requested
Name(s) of fund(s) and class(es)
Dollar amount or number of shares

Certain methods of contacting Fidelity may be unavailable or delayed (for example, during periods of unusual market activity). In addition, the level and type of service available may be restricted.

Frequent Purchases and Redemptions

The fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excessive trading, at any time.

The fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

Exceptions

Prospectus

Omnibus Accounts

If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account.

Retirement Plans

Qualified Wrap Programs

Other Information about the Excessive Trading Policy

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

Buying Shares

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after your investment is received in proper form.

There is no minimum balance or purchase minimum for investments through Portfolio Advisory Services, a mutual fund or a qualified tuition program for which Fidelity serves as investment manager, certain Fidelity retirement accounts funded through salary deduction, or fund positions opened with the proceeds of distributions from such retirement accounts or from a Fidelity systematic withdrawal service. In addition, the fund may waive or lower purchase minimums in other circumstances.

<R>Shares are generally available only to investors residing in the United States.</R>

The fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees the fund or Fidelity has incurred.

Prospectus

Shareholder Information - continued

<R>Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.</R>

Selling Shares

The price to sell one share is its NAV, minus the short-term redemption fee, if applicable.

If you sell your shares after holding them less than 30 days, a 0.75% short-term redemption fee may be deducted from the redemption amount. For this purpose, shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. The fees are paid to the fund, not Fidelity, and are designed to help offset the brokerage commissions, market impact, and other costs associated with short-term shareholder trading.

The short-term redemption fee does not apply to: (i) redemptions of shares acquired by reinvesting dividends and distributions; (ii) rollovers, transfers, and changes of account registration within the fund, or transfers between classes of a multiple class fund (if applicable) as long as the money never leaves the fund; and (iii) redemptions in kind.

The fund also permits waivers of the short-term redemption fee for the following transactions:

Redemptions due to Fidelity fund small balance maintenance fees.
Redemptions related to death or due to a divorce decree.
Certain types of IRA account transactions, including: redemptions pursuant to systematic withdrawal programs, withdrawals due to disability, return of excess contribution amounts, and redemptions related to payment of custodian fees.
Certain types of employer-sponsored and 403(b) retirement plan transactions, including: loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability, or qualified domestic relations order.
Certain types of transactions in employer-sponsored and 403(b) retirement plans recordkept by Fidelity, including redemptions in conjunction with plan sponsor events and redemptions of shares purchased through plan sponsor events, plan contributions or loan repayments.

When you wish to sell more than $100,000 worth of shares.
When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address.
When you are requesting that redemption proceeds be paid to someone other than the account owner.
In certain situations when the redemption proceeds are being transferred to a Fidelity mutual fund account with a different registration.

Prospectus

When you place an order to sell shares, note the following:

If you are selling some but not all of your shares, keep your fund balance above the required minimum to keep your fund position open, except fund positions not subject to balance minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected.
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.
Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of the fund.
You will not receive interest on amounts represented by uncashed redemption checks.
If you hold your shares in a Fidelity mutual fund account and your redemption check remains uncashed for six months, the check may be invested in additional shares at the NAV next calculated on the day of the investment.
<R>Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

To sell shares issued with certificates, call Fidelity for instructions. The fund does not currently issue share certificates.

Exchanging Shares

An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund.

As a shareholder, you have the privilege of exchanging shares for shares of other Fidelity funds.

However, you should note the following policies and restrictions governing exchanges:

The exchange limit may be modified for accounts held by certain institutional retirement plans to conform to plan exchange limits and Department of Labor regulations. See your retirement plan materials for further information.
The fund may refuse any exchange purchase for any reason. For example, the fund may refuse exchange purchases by any person or group if, in the Adviser's judgment, the fund would be unable to invest the money effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
Before any exchange, read the prospectus for the shares you are purchasing, including any purchase and sale requirements.
The shares you are acquiring by exchange must be available for sale in your state.
Exchanges may have tax consequences for you.
If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.
<R>Under applicable anti-money laundering rules and other regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

The fund may terminate or modify exchange privileges in the future.

Other funds may have different exchange restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund's prospectus for details.

Features and Policies

Features

<R>Electronic Funds Transfer: electronic money movement through the Automated Clearing House</R>

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

• You can use electronic funds transfer to:

- Make periodic (automatic) purchases of Fidelity fund shares or payments to your Fidelity brokerage account.

- Make periodic (automatic) redemptions of Fidelity fund shares or withdrawals from your Fidelity brokerage account.

Wire: electronic money movement through the Federal Reserve wire system

• To transfer money between a bank account and a Fidelity brokerage account or Fidelity mutual fund account.

<R>Automatic Transactions: periodic (automatic) transactions</R>

• To make contributions from a Fidelity mutual fund account to a Fidelity mutual fund IRA.

• To sell shares of a Fidelity money market fund and simultaneously to buy shares of another Fidelity fund in a Fidelity mutual fund account.

Policies

The following policies apply to you as a shareholder.

Statements that Fidelity sends to you include the following:

Confirmation statements (after transactions affecting your fund balance except, to the extent applicable, reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).
Monthly or quarterly account statements (detailing fund balances and all transactions completed during the prior month or quarter).

You may also be asked to provide additional information in order for Fidelity to verify your identity in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations. In addition, the fund reserves the right to involuntarily redeem an account in the case of: (i) actual or suspected threatening conduct or actual or suspected fraudulent, illegal or suspicious activity by the account owner or any other individual associated with the account; or (ii) the failure of the account owner to provide information to the fund related to opening the accounts. Your shares will be sold at the NAV minus, if applicable, any short-term redemption fee, calculated on the day Fidelity closes your fund position.

Fidelity may charge a fee for certain services, such as providing historical account documents.

Dividends and Capital Gain Distributions

The fund normally pays dividends and capital gain distributions in April and December.

Distribution Options

When you open an account, specify on your application how you want to receive your distributions. The following distribution options are available:

Prospectus

2. Income-Earned Option. Any capital gain distributions will be automatically reinvested in additional shares. Any dividends will be paid in cash.

3. Cash Option. Any dividends and capital gain distributions will be paid in cash.

If your dividend check(s) remains uncashed for six months, your check(s) may be invested in additional shares at the NAV next calculated on the day of the investment.

Tax Consequences

Taxes on distributions. Distributions you receive from the fund are subject to federal income tax, and may also be subject to state or local taxes.

Any taxable distributions you receive from the fund will normally be taxable to you when you receive them, regardless of your distribution option.

Prospectus

Fund Services

Fund Management

The fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

The Adviser began managing the fund on August 1, 2013. Prior to such date, the fund was managed by FMR, an affiliated investment adviser.

As the manager, the Adviser has overall responsibility for directing the fund's investments and handling its business affairs.

FMRC serves as a sub-adviser for the fund. FMRC has day-to-day responsibility for choosing investments for the fund.

<R>FMRC is an affiliate of the Adviser. As of December 31, 2014, FMRC had approximately $918.6 billion in discretionary assets under management.</R>

Other investment advisers assist the Adviser with foreign investments:

<R>FMR Investment Management (U.K.) Limited (FMR U.K.), at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for the fund. As of December 31, 2014, FMR U.K. had approximately $18.1 billion in discretionary assets under management. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR U.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for the fund. As of December 31, 2014, FMR H.K. had approximately $8.3 billion in discretionary assets under management. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR H.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for the fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR Japan is an affiliate of the Adviser.</R>

Robert Lee is portfolio manager of the fund, which he has managed since June 2004. He also manages other funds. Since joining Fidelity Investments in 2001, Mr. Lee has worked as a research analyst and portfolio manager. He is also a member of FMR's Stock Selector Large Cap Group.

The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager.

The group fee rate is based on the average net assets of all funds advised by SelectCo or FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2015, the group fee rate was 0.25%. The individual fund fee rate is 0.30%.</R>

The Adviser pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

The Adviser has voluntarily agreed to reimburse fund shares to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of average net assets, exceed the following rate. Voluntary arrangements may be discontinued at any time.

Prospectus

Fund Services - continued

Consumer Staples Portfolio
Rate	1.15%

Fund Distribution

The fund is composed of multiple classes of shares. All classes of the fund have a common investment objective and investment portfolio.

FDC distributes the fund's shares.

<R>The fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) with respect to its shares that recognizes that the Adviser may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of shares of the fund and/or shareholder support services. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of the fund has authorized such payments for shares of the fund.</R>

If payments made by the Adviser to FDC or to intermediaries under the Distribution and Service Plan were considered to be paid out of a class's assets on an ongoing basis, they might increase the cost of your investment and might cost you more than paying other types of sales charges.

No dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those contained in this prospectus and in the related SAI, in connection with the offer contained in this prospectus. If given or made, such other information or representations must not be relied upon as having been authorized by the fund or FDC. This prospectus and the related SAI do not constitute an offer by the fund or by FDC to sell shares of the fund to or to buy shares of the fund from any person to whom it is unlawful to make such offer.

Prospectus

Appendix

Financial Highlights

Selected Per-Share Data and Ratios

<R>Years ended February 28,	2015	2014	2013	2012^F	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 88.51	$ 86.17	$ 75.29	$ 67.98	$ 61.34</R>
Income from Investment Operations
<R>Net investment income (loss)^B	1.64	1.69	1.48	1.42	1.14</R>
<R>Net realized and unrealized gain (loss)	17.40	7.55	11.82	8.76	7.14</R>
<R>Total from investment operations	19.04	9.24	13.30	10.18	8.28</R>
<R>Distributions from net investment income	(1.54)	(1.66)	(1.28)	(1.24)	(.98)</R>
<R>Distributions from net realized gain	(3.98)	(5.24)	(1.14)	(1.64)	(.66)</R>
<R>Total distributions	(5.52)	(6.90)	(2.42)	(2.87)^I	(1.64)</R>
<R>Redemption fees added to paid in capital^B,G	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 102.03	$ 88.51	$ 86.17	$ 75.29	$ 67.98</R>
<R>Total Return^A	22.27%	10.82%	17.94%	15.30%	13.55%</R>
<R>Ratios to Average Net Assets^C,E					</R>
<R>Expenses before reductions	.77%	.79%	.81%	.83%	.86%</R>
<R>Expenses net of fee waivers, if any	.77%	.79%	.81%	.83%	.86%</R>
<R>Expenses net of all reductions	.77%	.79%	.80%	.82%	.86%</R>
<R>Net investment income (loss)	1.73%	1.88%	1.85%	2.01%	1.78%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 2,173,970	$ 1,328,594	$ 1,425,055	$ 1,202,440	$ 877,548</R>
<R>Portfolio turnover rate^D	42%^H	31%	28%	35%	57%</R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F For the year ended February 29.

^G Amount represents less than $.01 per share.

<R>^H Portfolio turnover rate excludes securities received or delivered in-kind.</R>

^I Total distributions of $2.87 per share is comprised of distributions from net investment income of $1.236 and distributions from net realized gain of $1.637 per share.

Prospectus

Appendix - continued

Additional Index Information

MSCI U.S. IMI Consumer Staples 25-50 Index is a modified market capitalization-weighted index of stocks designed to measure the performance of Consumer Staples companies in the MSCI U.S. Investable Market 2500 Index. Index returns shown for periods prior to January 1, 2010 are returns of the MSCI U.S. Investable Market Consumer Staples Index.

S&P 500^® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

Prospectus

Notes

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

Investment Company Act of 1940, File Number, 811-03114

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.

The third-party marks appearing above are the marks of their respective owners.

<R>1.910400.105 SELCS-PRO-0415</R>

Gold Portfolio

Class/Ticker

Fidelity Advisor^® Gold Fund
A/FGDAX T/FGDTX B/FGDBX C/FGDCX

Prospectus

<R>April 29, 2015</R>

pwe839393

Fund Summary	(Click Here)	Gold Portfolio
Fund Basics	(Click Here)	Investment Details
	(Click Here)	Valuing Shares
Shareholder Information	(Click Here)	Additional Information about the Purchase and Sale of Shares
	(Click Here)	Exchanging Shares
	(Click Here)	Account Features and Policies
	(Click Here)	Dividends and Capital Gain Distributions
	(Click Here)	Tax Consequences
Fund Services	(Click Here)	Fund Management
	(Click Here)	Fund Distribution
Appendix	(Click Here)	Financial Highlights
	(Click Here)	Additional Index Information

Prospectus

Fund Summary

Fund/Class:
Gold Portfolio/Fidelity Advisor^® Gold 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 and hold 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)
	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
Redemption fee on shares held less than 30 days (as a % of amount redeemed)	0.75%	0.75%	0.75%	0.75%

^AClass 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.

^BDeclines over 6 years from 5.00% to 0%.

^COn Class C shares redeemed less than one year after purchase.

Annual 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	0.55%	0.55%	0.55%	0.55%
Distribution and/or Service (12b-1) fees	0.25%	0.50%	1.00%	1.00%
<R>Other expenses	0.38%	0.40%	0.37%	0.36%</R>
<R>Acquired fund fees and expenses^A	0.05%	0.05%	0.05%	0.05%</R>
<R>Total annual operating expenses	1.23%	1.50%	1.97%	1.96%</R>
<R>Fee waiver and/or expense reimbursement^A	0.04%	0.04%	0.04%	0.04%</R>
<R>Total annual operating expenses after fee waiver and/or expense reimbursement	1.19%	1.46%	1.93%	1.92%</R>

Prospectus

Fund Summary - continued

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R></R>

<R>	Class A		Class T		Class B		Class C</R>
<R>	Sell All Shares	Hold Shares	Sell All Shares	Hold Shares	Sell All Shares	Hold Shares	Sell All Shares	Hold Shares</R>
<R>1 year	$ 689	$ 689	$ 493	$ 493	$ 696	$ 196	$ 295	$ 195</R>
<R>3 years	$ 931	$ 931	$ 796	$ 796	$ 906	$ 606	$ 603	$ 603</R>
<R>5 years	$ 1,192	$ 1,192	$ 1,120	$ 1,120	$ 1,242	$ 1,042	$ 1,037	$ 1,037</R>
<R>10 years	$ 1,935	$ 1,935	$ 2,035	$ 2,035	$ 1,972	$ 1,972	$ 2,243	$ 2,243</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks and in certain precious metals.
Investing primarily in companies engaged in exploration, mining, processing, or dealing in gold, or to a lesser degree, in silver, platinum, diamonds, or other precious metals and minerals.
Normally investing at least 80% of assets in securities of companies principally engaged in gold-related activities, and in gold bullion or coins.
Investing up to 25% of assets in gold and other precious metals through a wholly-owned subsidiary.

Prospectus

Potentially investing in other precious metals, instruments whose value is linked to the price of precious metals, and securities of companies that manufacture and distribute precious metal and minerals products (such as jewelry, watches, and metal foil and leaf) and companies that invest in other companies engaged in gold and other precious metal and mineral-related activities.
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, including different market sectors, and different types of securities can react differently to these developments.
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.
Gold Industry Concentration. The gold industry can be significantly affected by international monetary and political developments such as currency devaluations or revaluations, central bank movements, economic and social conditions within a country, trade imbalances, or trade or currency restrictions between countries, as well as supply and demand for gold and operational costs associated with mining.
Subsidiary Risk. Investment in an unregistered subsidiary is not subject to the investor protections of the Investment Company Act of 1940 (1940 Act) and is subject to the risks associated with the gold industry. Changes in tax and other laws could negatively affect investments in the subsidiary.
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.

Prospectus

Fund Summary - continued

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.

<R>Calendar Years			2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>			24.50%	-20.77%	37.68%	34.92%	-16.56%	-12.63%	-51.54%	-8.83%</R>

<R></R>

During the periods shown in the chart for Class A:	Returns	Quarter ended
<R>Highest Quarter Return	24.85%	September 30, 2007</R>
<R>Lowest Quarter Return	-37.42%	June 30, 2013</R>
<R>Year-to-Date Return	-1.12%	March 31, 2015</R>

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.

Prospectus

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Life of class^A</R>
<R>Class A - Return Before Taxes	-14.08%	-16.35%	-7.05%</R>
<R> Return After Taxes on Distributions	-14.08%	-16.91%	-7.83%</R>
<R> Return After Taxes on Distributions and Sale of Fund Shares	-7.97%	-10.67%	-4.31%</R>
<R>Class T - Return Before Taxes	-12.24%	-16.18%	-7.02%</R>
<R>Class B - Return Before Taxes	-14.01%	-16.29%	-6.98%</R>
<R>Class C - Return Before Taxes	-10.37%	-15.97%	-7.07%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.07%</R>
<R>S&P^® Global BMI Gold Capped Index (reflects no deduction for fees, expenses, or taxes)	-11.85%	-16.06%	-7.85%</R>

^AFrom December 12, 2006.

Investment Adviser

Portfolio Manager(s)

Joe Wickwire (portfolio manager) has managed the fund since August 2007.

Purchase and Sale of Shares

You may buy or sell shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:

<R>Internet</R> 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 (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.

Prospectus

Fund Summary - continued

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. Shares will be bought at the offering price or NAV, as applicable, next calculated after an 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 the short-term redemption fee, if applicable, and any applicable contingent deferred sales charge (CDSC). Shares will be sold at the NAV next calculated after an order is received in proper form, minus the short-term redemption fee, if applicable, and 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.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Basics

Investment Details

Investment Objective

Gold Portfolio seeks capital appreciation.

Principal Investment Strategies

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests the fund's assets primarily in common stocks and potentially in precious metals.

The fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of the fund's assets at times.

In addition to the principal investment strategies discussed above, the Adviser may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Prospectus

Fund Basics - continued

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Principal Investment Risks

The following factors can significantly affect the fund's performance:

Prospectus

Fund Basics - continued

Valuing Shares

The fund is open for business each day the NYSE is open.

Prospectus

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Prospectus

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

General Information

Subject to certain limited exceptions described below, investments in Class B shares are no longer accepted. Existing Class B shareholders may continue (i) to hold their Class B shares (including any Class B shares acquired pursuant to an exchange or the reinvestment of dividends and capital gain distributions), (ii) to exchange their Class B shares for Class B shares of other Fidelity funds that offer Advisor classes of shares or for Advisor B Class shares of Treasury Fund, and (iii) to add to their accounts through the reinvestment of dividends and capital gain distributions paid on Class B shares (including through the Directed Dividends^® option), in each case until those Class B shares automatically convert to Class A shares under the existing conversion schedule. Any purchase order for Class B shares (other than pursuant to an exchange or the reinvestment of dividends and capital gain distributions) will be deemed to be a purchase order for Class A shares and will be subject to any applicable Class A front-end sales charge. For purposes of determining the applicable Class A sales charge, the value of a shareholder's account will be deemed to include the value of all applicable shares, including Class B shares, in all eligible accounts. For more information, please see the Fund Distribution section of the prospectus.

You may buy or sell shares through a retirement account or an investment professional. When you invest through a retirement account or an investment professional, the procedures for buying, selling, and exchanging shares and the account features, policies, and fees may differ. Additional fees may apply to your investment in shares, including a transaction fee if you buy or sell shares through a broker or other investment professional.

You should include the following information with any order:

Your name
Your account number
Type of transaction requested
Name(s) of fund(s) and class(es)
Dollar amount or number of shares

Certain methods of contacting Fidelity may be unavailable or delayed (for example, during periods of unusual market activity). In addition, the level and type of service available may be restricted.

Frequent Purchases and Redemptions

The fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excessive trading, at any time.

Prospectus

The fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

Exceptions

Omnibus Accounts

Prospectus

Shareholder Information - continued

If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account.

Retirement Plans

Qualified Wrap Programs

Prospectus

Other Information about the Excessive Trading Policy

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

Buying Shares

The price to buy one share of Class A or Class T is its offering price or its NAV, depending on whether you pay a front-end sales charge.

The price to buy one share of Class B or Class C is its NAV. Class B and Class C shares are sold without a front-end sales charge, but may be subject to a CDSC upon redemption.

If you pay a front-end sales charge, your price will be Class A's or Class T's offering price. When you buy Class A or Class T shares at the offering price, Fidelity deducts the appropriate sales charge and invests the rest in Class A or Class T shares of the fund. If you qualify for a front-end sales charge waiver, your price will be Class A's or Class T's NAV.

The offering price of Class A or Class T is its NAV plus the sales charge. The offering price is calculated by dividing Class A's or Class T's NAV by the difference between one and the applicable front-end sales charge percentage and rounding to the nearest cent.

The dollar amount of the sales charge for Class A or Class T is the difference between the offering price of the shares purchased and the NAV of those shares. Since the offering price per share is calculated to the nearest cent using standard rounding criteria, the percentage sales charge you actually pay may be higher or lower than the sales charge percentages shown in this prospectus due to rounding. The impact of rounding may vary with the amount of your investment and the size of the class's NAV.

Your investment professional can help you choose the class of shares that best suits your investment needs.

Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.

It is the responsibility of your investment professional to transmit your order to buy shares to Fidelity before the close of business on the day you place your order.

Prospectus

Shareholder Information - continued

The fund has authorized certain intermediaries to accept orders to buy shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be bought at the offering price or NAV, as applicable, next calculated after the order is received by the authorized intermediary. Orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

There is no minimum balance or purchase minimum for (i) certain Fidelity retirement accounts funded through salary deduction, or fund positions opened with the proceeds of distributions from such retirement accounts or from a Fidelity systematic withdrawal service, or (ii) certain mutual fund wrap program accounts. An eligible wrap program must offer asset allocation services, charge an asset-based fee to its participants for asset allocation and/or other advisory services, and meet trading and other operational requirements under an appropriate agreement with FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.

<R>Shares are generally available only to investors residing in the United States.</R>

The fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees the fund or Fidelity has incurred.

Class A, Class T, Class B, and Class C shares can be bought or sold through investment professionals using an automated order placement and settlement system that guarantees payment for orders on a specified date.

Certain financial institutions that meet creditworthiness criteria established by FDC may enter confirmed purchase orders on behalf of customers by phone, with payment to follow no later than close of business on the next business day. If payment is not received by that time, the order will be canceled and the financial institution will be liable for any losses.

<R>Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.</R>

Selling Shares

The price to sell one share of Class A, Class T, Class B, or Class C is its NAV, minus the short-term redemption fee, if applicable, and any applicable CDSC.

If you sell your shares after holding them less than 30 days, a 0.75% short-term redemption fee may be deducted from the redemption amount. For this purpose, shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. The fees are paid to the fund, not Fidelity, and are designed to help offset the brokerage commissions, market impact, and other costs associated with short-term shareholder trading.

Prospectus

The short-term redemption fee does not apply to: (i) redemptions of shares acquired by reinvesting dividends and distributions; (ii) rollovers, transfers, and changes of account registration within the fund, or transfers between classes of a multiple class fund (if applicable) as long as the money never leaves the fund; and (iii) redemptions in kind.

The fund also permits waivers of the short-term redemption fee for the following transactions:

Redemptions related to death or due to a divorce decree.
Certain types of IRA account transactions, including: redemptions pursuant to systematic withdrawal programs, withdrawals due to disability, return of excess contribution amounts, and redemptions related to payment of custodian fees.
Certain types of employer-sponsored and 403(b) retirement plan transactions, including: loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability, or qualified domestic relations order.
Certain types of transactions in employer-sponsored and 403(b) retirement plans recordkept by Fidelity, including redemptions in conjunction with plan sponsor events and redemptions of shares purchased through plan sponsor events, plan contributions or loan repayments.

Prospectus

Shareholder Information - continued

Any applicable CDSC is calculated before deducting any applicable redemption fee.

Shares will be sold at the NAV next calculated after an order is received in proper form, minus the short-term redemption fee, if applicable, and any applicable CDSC. Normally, redemptions will be processed by the next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect the fund.

It is the responsibility of your investment professional to transmit your order to sell shares to Fidelity before the close of business on the day you place your order.

The fund has authorized certain intermediaries to accept orders to sell shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be sold at the NAV next calculated after the order is received by the authorized intermediary, minus the short-term redemption fee, if applicable, and any applicable CDSC. Orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

A signature guarantee is designed to protect you and Fidelity from fraud. Fidelity may require that your request be made in writing and include a signature guarantee in certain circumstances, such as:

When you wish to sell more than $100,000 worth of shares.
When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address.
When you are requesting that redemption proceeds be paid to someone other than the account owner.
In certain situations when the redemption proceeds are being transferred to a Fidelity account with a different registration.

You should be able to obtain a signature guarantee from a bank, broker-dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee.

When you place an order to sell shares, note the following:

If you are selling some but not all of your shares, keep your fund balance above the required minimum to keep your fund position open, except fund positions not subject to balance minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected.
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.

Prospectus

Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of the fund.
You will not receive interest on amounts represented by uncashed redemption checks.
<R>Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

Exchanging Shares

An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund.

As a Class A shareholder, you have the privilege of exchanging Class A shares for the same class of shares of other Fidelity funds that offer Advisor classes of shares at NAV or for Daily Money Class shares of Treasury Fund, Prime Fund, or Tax-Exempt Fund.

As a Class T shareholder, you have the privilege of exchanging Class T shares for the same class of shares of other Fidelity funds that offer Advisor classes of shares at NAV or for Daily Money Class shares of Treasury Fund, Prime Fund, or Tax-Exempt Fund. If you purchased your Class T shares through certain investment professionals that have signed an agreement with FDC, you also have the privilege of exchanging your Class T shares for shares of Fidelity^® Capital Appreciation Fund.

As a Class B shareholder, you have the privilege of exchanging Class B shares for the same class of shares of other Fidelity funds that offer Advisor classes of shares or for Advisor B Class shares of Treasury Fund.

<R>As a Class C shareholder, you have the privilege of exchanging Class C shares for the same Class of shares of other Fidelity funds that offer Advisor classes of shares or for Advisor C Class shares of Treasury Fund.</R>

Through your investment professional, you may also move between certain share classes of the same fund. For more information, see the statement of additional information (SAI) or consult your investment professional.

However, you should note the following policies and restrictions governing exchanges:

The exchange limit may be modified for accounts held by certain institutional retirement plans to conform to plan exchange limits and Department of Labor regulations. See your retirement plan materials for further information.
The fund may refuse any exchange purchase for any reason. For example, the fund may refuse exchange purchases by any person or group if, in the Adviser's judgment, the fund would be unable to invest the money effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
Any exchanges of Class A, Class T, Class B, and Class C shares are not subject to a CDSC.
Before any exchange, read the prospectus for the shares you are purchasing, including any purchase and sale requirements.

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Shareholder Information - continued

The shares you are acquiring by exchange must be available for sale in your state.
Exchanges may have tax consequences for you.
If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.
<R>Under applicable anti-money laundering rules and other regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

The fund may terminate or modify exchange privileges in the future.

Other funds may have different exchange restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund's prospectus for details.

Account Features and Policies

Features

The following features may be available to buy and sell shares of the fund. Visit www.advisor.fidelity.com or contact your investment professional for more information.

Electronic Funds Transfer (Fidelity Advisor Money Line®): electronic money movement through the Automated Clearing House

• To transfer money between a bank account and your fund account.

• You can use electronic funds transfer to:

- Make periodic (automatic) purchases of shares.

- Make periodic (automatic) redemptions of shares.

Wire: electronic money movement through the Federal Reserve wire system

• To transfer money between a bank account and your fund account.

Automatic Transactions: periodic (automatic) transactions

• To make contributions from your fund account to your Fidelity Advisor IRA.

• To sell shares of a Fidelity money market fund and simultaneously to buy shares of a Fidelity fund that offers Advisor classes of shares.

Policies

The following policies apply to you as a shareholder.

Statements that Fidelity sends to you include the following:

Confirmation statements (after transactions affecting your fund balance except, to the extent applicable, reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).

Prospectus

Monthly or quarterly account statements (detailing fund balances and all transactions completed during the prior month or quarter).

Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. We will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-877-208-0098. We will begin sending individual copies to you within 30 days of receiving your call.

You may also be asked to provide additional information in order for Fidelity to verify your identity in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations. In addition, the fund reserves the right to involuntarily redeem an account in the case of: (i) actual or suspected threatening conduct or actual or suspected fraudulent, illegal or suspicious activity by the account owner or any other individual associated with the account; or (ii) the failure of the account owner to provide information to the fund related to opening the accounts. Your shares will be sold at the NAV minus, if applicable, any short-term redemption fee or CDSC, calculated on the day Fidelity closes your fund position.

If your fund balance falls below $1,000 worth of shares for any reason, including solely due to declines in NAV, and you do not increase your balance, Fidelity may sell all of your shares and send the proceeds to you after providing you with at least 30 days' notice to reestablish the minimum balance. Your shares will be sold at the NAV, minus the short-term redemption fee, if applicable, and any applicable CDSC, on the day Fidelity closes your fund position. Certain fund positions are not subject to these balance requirements and will not be closed for failure to maintain a minimum balance.

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Shareholder Information - continued

Fidelity may charge a fee for certain services, such as providing historical account documents.

Dividends and Capital Gain Distributions

The fund normally pays dividends and capital gain distributions in April and December.

Distribution Options

When you open an account, specify on your application how you want to receive your distributions. The following distribution options are available:

2. Income-Earned Option. Any capital gain distributions will be automatically reinvested in additional shares. Any dividends will be paid in cash.

3. Cash Option. Any dividends and capital gain distributions will be paid in cash.

4. Directed Dividends^® Option. Any dividends will be automatically invested in the same class of shares of another identically registered Fidelity fund. Any capital gain distributions will be automatically invested in the same class of shares of another identically registered Fidelity fund, automatically reinvested in additional shares of the fund, or paid in cash.

Not all distribution options may be available for every account and certain restrictions may apply. If the option you prefer is not listed on your account application, or if you want to change your current option, contact your investment professional directly or call Fidelity.

Tax Consequences

Prospectus

Taxes on distributions. Distributions you receive from the fund are subject to federal income tax, and may also be subject to state or local taxes.

Any taxable distributions you receive from the fund will normally be taxable to you when you receive them, regardless of your distribution option.

Prospectus

Fund Services

Fund Management

The fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

The Adviser is the fund's manager. The address of the Adviser is 1225 17th Street, Denver, Colorado 80202-5541. FMR manages the Subsidiary. The address of FMR and other Fidelity advisers, unless otherwise indicated below, is 245 Summer Street, Boston, Massachusetts 02210.

The Adviser began managing the fund on August 1, 2013. Prior to such date, the fund was managed by FMR, an affiliated investment adviser.

As the manager, the Adviser has overall responsibility for directing the fund's investments and handling its business affairs.

FMRC serves as a sub-adviser for the fund. FMRC has day-to-day responsibility for choosing investments for the fund.

<R>FMRC is an affiliate of the Adviser. As of December 31, 2014, FMRC had approximately $918.6 billion in discretionary assets under management.</R>

Other investment advisers assist the Adviser with foreign investments:

<R>FMR Investment Management (U.K.) Limited (FMR U.K.), at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for the fund. As of December 31, 2014, FMR U.K. had approximately $18.1 billion in discretionary assets under management. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR U.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for the fund. As of December 31, 2014, FMR H.K. had approximately $8.3 billion in discretionary assets under management. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR H.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for the fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR Japan is an affiliate of the Adviser.</R>

Joe Wickwire is portfolio manager of the fund, which he has managed since August 2007. He also manages other funds. Since joining Fidelity Investments in 2007, Mr. Wickwire has worked as a research analyst and portfolio manager.

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Fund Services - continued

The SAI provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager.

The group fee rate is based on the average net assets of all funds advised by SelectCo or FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2015, the group fee rate was 0.25%. The individual fund fee rate is 0.30%.</R>

The Subsidiary has entered into a separate contract with FMR for the management of its portfolio pursuant to which the Subsidiary pays FMR a fee at an annual rate of 0.30% of its net assets. The Adviser has contractually agreed to waive the fund's management fee in an amount equal to the management fee paid to FMR by the Subsidiary. This arrangement may not be discontinued by the Adviser as long as its contract with the Subsidiary is in place.

<R>The total management fee for the fiscal year ended February 28, 2015, was 0.55%, after reimbursement, of the fund's average net assets. Because the fund's management fee rate may fluctuate, the fund's management fee may be higher or lower in the future.</R>

The Adviser pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

Prospectus

Gold Portfolio	Class A	Class T	Class B	Class C
Rate	1.40%	1.65%	2.15%	2.15%

Fund Distribution

The fund is composed of multiple classes of shares. All classes of the fund have a common investment objective and investment portfolio.

FDC distributes each class's shares.

Intermediaries may receive from the Adviser, FDC, and/or their affiliates compensation for their services intended to result in the sale of class shares. This compensation may take the form of:

Sales charges and concessions.
Distribution and/or service (12b-1) fees.
Finder's fees.
Payments for additional distribution-related activities and/or shareholder services.
Payments for educational seminars and training, including seminars sponsored by Fidelity, or by an intermediary.

These payments are described in more detail in this section and in the SAI.

You may pay a sales charge when you buy or sell your Class A, Class T, Class B, and Class C shares.

FDC collects the sales charge.

As described in detail in this section, you may be entitled to a waiver of your sales charge, or to pay a reduced sales charge, when you buy or sell Class A, Class T, Class B, and Class C shares. In the event of changes in sales charges, sales charges, if any, in effect at the time of purchase generally will apply.

The front-end sales charge will be reduced for purchases of Class A and Class T shares according to the sales charge schedules below.

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Fund Services - continued

Sales Charges and Concessions - Class A

	Sales Charge
	As a % of offering price^A	As an approximate % of net amount invested^A	Investment professional concession as % of offering price
Less than $50,000^B	5.75%	6.10%	5.00%
$50,000 but less than $100,000	4.50%	4.71%	3.75%
$100,000 but less than $250,000	3.50%	3.63%	2.75%
$250,000 but less than $500,000	2.50%	2.56%	2.00%
$500,000 but less than $1,000,000	2.00%	2.04%	1.75%
$1,000,000 but less than $4,000,000	None	None	1.00%^C
$4,000,000 but less than $25,000,000	None	None	0.50%^C
$25,000,000 or more	None	None	0.25%^C

^AThe actual sales charge you pay may be higher or lower than those calculated using these percentages due to rounding. The impact of rounding may vary with the amount of your investment and the size of the class's NAV.

<R>^BPurchases of $10.00 or less will not pay a sales charge.</R>

<R>^CCertain conditions and exceptions apply. See "Finder's Fees" on page 35.</R>

Investments in Class A shares of $1 million or more may, upon redemption less than 18 months after purchase, for any reason, including failure to maintain the account minimum, be assessed a CDSC of 1.00%. The actual CDSC you pay may be higher or lower than that calculated using this percentage due to rounding. The impact of rounding may vary with the amount of your investment and the size of the class's NAV.

When exchanging Class A shares of one fund for Class A shares of another Fidelity fund that offers Advisor classes of shares or Daily Money Class shares of Treasury Fund, Prime Fund, or Tax-Exempt Fund, your Class A shares retain the CDSC schedule in effect when they were originally bought.

Sales Charges and Concessions - Class T

	Sales Charge
	As a % of offering price^A	As an approximate % of net amount invested^A	Investment professional concession as % of offering price
<R>Less than $50,000^B	3.50%	3.63%	3.00%</R>
$50,000 but less than $100,000	3.00%	3.09%	2.50%
$100,000 but less than $250,000	2.50%	2.56%	2.00%
$250,000 but less than $500,000	1.50%	1.52%	1.25%
$500,000 but less than $1,000,000	1.00%	1.01%	0.75%
<R>$1,000,000 or more	None	None	0.25%^C</R>

<R>^BPurchases of $10.00 or less will not pay a sales charge.</R>

Prospectus

<R>^CCertain conditions and exceptions apply. See "Finder's Fees" on page 35.</R>

Investments in Class T shares of $1 million or more may, upon redemption less than one year after purchase, for any reason, including failure to maintain the account minimum, be assessed a CDSC of 0.25%. The actual CDSC you pay may be higher or lower than that calculated using this percentage due to rounding. The impact of rounding may vary with the amount of your investment and the size of the class's NAV.

When exchanging Class T shares of one fund for Class T shares of another Fidelity fund that offers Advisor classes of shares or Daily Money Class shares of Treasury Fund, Prime Fund, or Tax-Exempt Fund, your Class T shares retain the CDSC schedule in effect when they were originally bought.

Class A or Class T shares purchased by an individual or company through the Combined Purchase, Rights of Accumulation, or Letter of Intent program may receive a reduced front-end sales charge according to the sales charge schedules above. To qualify for a Class A or Class T front-end sales charge reduction under one of these programs, you must notify Fidelity in advance of your purchase.

Combined Purchase, Rights of Accumulation, and Letter of Intent Programs. The following qualify as an "individual" or "company" for the purposes of determining eligibility for the Combined Purchase and Rights of Accumulation program: an individual, spouse, and their children under age 21 purchasing for his/her or their own account; a trustee, administrator, or other fiduciary purchasing for a single trust estate or a single fiduciary account or for a single or parent-subsidiary group of "employee benefit plans" (except SEP and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) and 403(b) programs; and tax-exempt organizations (as defined in Section 501(c)(3) of the Internal Revenue Code). The following qualify as an "individual" or "company" for the purposes of determining eligibility for the Letter of Intent program: an individual, spouse, and their children under age 21 purchasing for his/her or their own account; a trustee, administrator, or other fiduciary purchasing for a single trust estate or a single fiduciary account (except SEP and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)); an IRA or plans covering sole-proprietors (formerly Keogh/H.R. 10 plans); plans investing through the Fidelity Advisor 403(b) program; and tax-exempt organizations (as defined in Section 501(c)(3) of the Internal Revenue Code).

Combined Purchase. To receive a Class A or Class T front-end sales charge reduction, if you are a new shareholder, you may combine your purchase of Class A or Class T shares with purchases of: (i) Class A, Class T, Class B, and Class C shares of any Fidelity fund that offers Advisor classes of shares, (ii) Advisor B Class shares and Advisor C Class shares of Treasury Fund, and (iii) Class A Units (New and Old), Class B Units (New and Old), Class C Units, Class D Units, and Class P Units of the Fidelity Advisor 529 Plan. For your purchases to be aggregated for the purpose of qualifying for the Combined Purchase program, they must be made on the same day through one intermediary.

Prospectus

Fund Services - continued

Rights of Accumulation. To receive a Class A or Class T front-end sales charge reduction, if you are an existing shareholder, you may add to your purchase of Class A or Class T shares the current value of your holdings in: (i) Class A, Class T, Class B, and Class C shares of any Fidelity fund that offers Advisor classes of shares, (ii) Advisor B Class shares and Advisor C Class shares of Treasury Fund, (iii) Daily Money Class shares of Treasury Fund, Prime Fund, or Tax-Exempt Fund acquired by exchange from any Fidelity fund that offers Advisor classes of shares, (iv) Class O shares of Fidelity Advisor^® Diversified Stock Fund and Fidelity Advisor Capital Development Fund, and (v) Class A Units (New and Old), Class B Units (New and Old), Class C Units, Class D Units, and Class P Units of the Fidelity Advisor 529 Plan. The current value of your holdings is determined at the NAV at the close of business on the day prior to your purchase of Class A or Class T shares. The current value of your holdings will be added to your purchase of Class A or Class T shares for the purpose of qualifying for the Rights of Accumulation program. For your purchases and holdings to be aggregated for the purpose of qualifying for the Rights of Accumulation program, they must have been made through one intermediary.

Letter of Intent. You may receive a Class A or Class T front-end sales charge reduction on your purchases of Class A and Class T shares made during a 13-month period by signing a Letter of Intent (Letter). File your Letter with Fidelity no later than the date of the initial purchase toward completing your Letter. Each Class A or Class T purchase you make toward completing your Letter will be entitled to the reduced front-end sales charge applicable to the total investment indicated in the Letter. Purchases of the following may be aggregated for the purpose of completing your Letter: (i) Class A and Class T shares of any Fidelity fund that offers Advisor classes of shares (except those acquired by exchange from Daily Money Class shares of Treasury Fund, Prime Fund, or Tax-Exempt Fund that had been previously exchanged from a Fidelity fund that offers Advisor classes of shares), (ii) Class B and Class C shares of any Fidelity fund that offers Advisor classes of shares, (iii) Advisor B Class shares and Advisor C Class shares of Treasury Fund, and (iv) Class A Units (New and Old), Class B Units (New and Old), Class C Units, Class D Units, and Class P Units of the Fidelity Advisor 529 Plan. Reinvested income and capital gain distributions will not be considered purchases for the purpose of completing your Letter. For your purchases to be aggregated for the purpose of completing your Letter, they must be made through one intermediary. Your initial purchase toward completing your Letter must be at least 5% of the total investment specified in your Letter. Fidelity will register Class A or Class T shares equal to 5% of the total investment specified in your Letter in your name and will hold those shares in escrow. You will earn income, dividends and capital gain distributions on escrowed Class A and Class T shares. The escrow will be released when you complete your Letter. You are not obligated to complete your Letter. If you do not complete your Letter, you must pay the increased front-end sales charges due in accordance with the sales charge schedule in effect when your shares were originally bought. Fidelity may redeem sufficient escrowed Class A or Class T shares to pay any applicable front-end sales charges. If you purchase more than the amount specified in your Letter and qualify for additional Class A or Class T front-end sales charge reductions, the front-end sales charge will be adjusted to reflect your total purchase at the end of 13 months and the surplus amount will be applied to your purchase of additional Class A or Class T shares at the then-current offering price applicable to the total investment.

Prospectus

Detailed information about these programs also is available on www.advisor.fidelity.com. In order to obtain the benefit of a front-end sales charge reduction for which you may be eligible, you may need to inform your investment professional of other accounts you, your spouse, or your children maintain with your investment professional or other investment professionals from the same intermediary.

Class B shares may, upon redemption for any reason, including failure to maintain the account minimum, be assessed a CDSC based on the following schedule:

From Date of Purchase	Contingent Deferred Sales Charge^A
Less than 1 year	5%
1 year to less than 2 years	4%
2 years to less than 3 years	3%
3 years to less than 4 years	3%
4 years to less than 5 years	2%
5 years to less than 6 years	1%
6 years to less than 7 years^B	0%

^AThe actual CDSC you pay may be higher or lower than those calculated using these percentages due to rounding. The impact of rounding may vary with the amount of your investment and the size of the class's NAV.

^BAfter a maximum of seven years, Class B shares will convert automatically to Class A shares of the fund.

When exchanging Class B shares of one fund for Class B shares of another Fidelity fund that offers Advisor classes of shares or Advisor B Class shares of Treasury Fund, your Class B shares retain the CDSC schedule in effect when they were originally bought.

Except as provided below, investment professionals receive as compensation from FDC, at the time of sale, a concession equal to 4.00% of your purchase of Class B shares. For purchases of Class B shares through reinvested dividends or capital gain distributions, investment professionals do not receive a concession at the time of sale.

Class C shares may, upon redemption less than one year after purchase, for any reason, including failure to maintain the account minimum, be assessed a CDSC of 1.00%. The actual CDSC you pay may be higher or lower than that calculated using this percentage due to rounding. The impact of rounding may vary with the amount of your investment and the size of the class's NAV.

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Fund Services - continued

Except as provided below, investment professionals will receive as compensation from FDC, at the time of the sale, a concession equal to 1.00% of your purchase of Class C shares. For purchases of Class C shares made for an intermediary-sponsored managed account program, employee benefit plan, 403(b) program or plan covering a sole-proprietor (formerly Keogh/H.R. 10 plan) or through reinvested dividends or capital gain distributions, investment professionals do not receive a concession at the time of sale.

The CDSC for Class A, Class T, Class B, and Class C shares will be calculated based on the lesser of the cost of each class's shares, as applicable, at the initial date of purchase or the value of those shares, as applicable, at redemption, not including any reinvested dividends or capital gains. Class A, Class T, Class B, and Class C shares acquired through reinvestment of dividends or capital gain distributions will not be subject to a CDSC. In determining the applicability and rate of any CDSC at redemption, shares representing reinvested dividends and capital gains will be redeemed first, followed by those shares that have been held for the longest period of time.

A front-end sales charge will not apply to the following Class A or Class T shares:

1. Purchased for an employee benefit plan other than a plan investing through the Fidelity Advisor 403(b) program. For this purpose, employee benefit plans generally include 401(a), 401(k), 403(b), and 457(b) governmental plans, but do not include: IRAs, SIMPLE, SEP, or SARSEP plans; or health savings accounts.

2. Purchased for an insurance company separate account.

3. Purchased for managed account programs that charge an asset-based fee by a broker-dealer, registered investment adviser, insurance company, trust institution or bank trust department.

<R>4. Purchased with the proceeds of a redemption of Fidelity or Fidelity Advisor fund shares held in (i) an insurance company separate account, or (ii) an employee benefit plan (as described in waiver number 1 above, including the Fidelity Advisor 403(b) program), the proceeds of which must be reinvested directly into Fidelity Advisor fund shares held in an account for which Fidelity Management Trust Company or an affiliate serves as custodian.</R>

<R>5. Purchased with any proceeds of a distribution from a Fidelity recordkept employee benefit plan (as described in waiver number 1 above, including the Fidelity Advisor 403(b) program) that is rolled directly into a Fidelity Advisor IRA for which Fidelity Management Trust Company or an affiliate serves as custodian.</R>

6. Purchased by a bank trust officer, registered representative, or other employee (or a member of one of their immediate families) of intermediaries having agreements with FDC. A member of the immediate family of a bank trust officer, a registered representative, or other employee of intermediaries having agreements with FDC, is a spouse of one of those individuals, an account for which one of those individuals is acting as custodian for a minor child, and a trust account that is registered for the sole benefit of a minor child of one of those individuals.

Prospectus

<R></R>

7. Purchased to repay a loan against Class A, Class T, or Class B shares held in the investor's Fidelity Advisor 403(b) program.

<R>8. Purchased for an employer-sponsored health savings account.</R>

9. (Applicable only to Class A purchases after October 23, 2009) Purchased by a shareholder who redeemed Destiny® Plan assets and received the proceeds in the form of directly held shares of a Fidelity Advisor fund after September 30, 2008.

<R>Pursuant to Rule 22d-1 under the 1940 Act, FDC exercises its right to waive Class A's and Class T's front-end sales charge on shares acquired through reinvestment of dividends and capital gain distributions or in connection with a fund's merger with or acquisition of any investment company or trust. FDC also exercises its right to waive Class A's and Class T's front-end sales charge on purchases of $10.00 or less.</R>

The CDSC may be waived on the redemption of shares (applies to Class A, Class T, Class B, and Class C, unless otherwise noted):

1. For disability or death.

2. From employer-sponsored retirement plans (except SIMPLE IRAs, SEPs, and SARSEPs) starting the year in which age 70 1/2 is attained.

3. For minimum required distributions from Traditional IRAs, Rollover IRAs, SIMPLE IRAs, SEPs, and SARSEPs (excludes Roth accounts) starting the year in which age 70 1/2 is attained.

4. Through the Fidelity Advisor Systematic Withdrawal Program, if the amount does not exceed 12% of the account balance in a rolling 12-month period.

5. (Applicable to Class A and Class T only) Held by insurance company separate accounts.

6. (Applicable to Class A and Class T only) From an employee benefit plan (except SIMPLE IRAs, SEPs, SARSEPs, and plans covering self-employed individuals and their employees) or 403(b) programs (except Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian).

7. (Applicable to Class A and Class T only) On which a finder's fee was eligible to be paid to an investment professional at the time of purchase, but was not paid because payment was declined (to determine your eligibility for this CDSC waiver, please ask your investment professional if he or she received a finder's fee at the time of purchase).

8. (Applicable to Class C only) On which investment professionals did not receive a concession at the time of purchase.

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Fund Services - continued

9. (Applicable to Class B only) From the Fidelity Advisor 403(b) program.

To qualify for a Class A or Class T front-end sales charge reduction or waiver, you must notify Fidelity in advance of your purchase.

You may be required to notify Fidelity in advance of your redemption to qualify for a Class A, Class T, Class B, or Class C CDSC waiver.

Information on sales charge reductions and waivers is available free of charge on www.advisor.fidelity.com.

<R>Finder's Fees. Finder's fees may be paid to investment professionals who sell Class A and Class T shares in purchase amounts of $1 million or more. For Class A share purchases, investment professionals may be compensated at the time of purchase with a finder's fee at the rate of 1.00% of the purchase amount for purchases of $1 million up to $4 million, 0.50% of the purchase amount for purchases of $4 million up to $25 million, and 0.25% of the purchase amount for purchases of $25 million or more. For Class T share purchases, investment professionals may be compensated at the time of purchase with a finder's fee at the rate of 0.25% of the purchase amount.</R>

Investment professionals may be eligible for a finder's fee on the following purchases of Class A and Class T shares made through broker-dealers and banks: a trade that brings the value of the accumulated account(s) of an investor, including a 403(b) program or an employee benefit plan (except a SEP or SARSEP plan or a plan covering self-employed individuals and their employees (formerly a Keogh/H.R. 10 plan)), over $1 million; a trade for an investor with an accumulated account value of $1 million or more; and an incremental trade toward an investor's $1 million Letter. Accumulated account value for purposes of finder's fees eligibility is determined the same as it is for Rights of Accumulation. Daily Money Class shares of Treasury Fund, Prime Fund, or Tax-Exempt Fund are not counted for this purpose unless acquired by exchange from any Fidelity fund that offers Advisor classes of shares. For information, see "Combined Purchase, Rights of Accumulation, and Letter of Intent Programs" above.

Finder's fees are not paid in connection with purchases of Class A or Class T shares by insurance company separate accounts or managed account programs that charge an asset-based fee, or purchases of Class A or Class T shares made with the proceeds from the redemption of shares of any Fidelity fund or any retirement plan recordkept at Fidelity.

Investment professionals should contact Fidelity in advance to determine if they qualify to receive a finder's fee. Finder's fees will be paid in connection with shares recordkept in a Fidelity Advisor 401(k) Retirement Plan only at the time of the initial conversion of assets. Investment professionals should contact Fidelity for more information.

Reinstatement Privilege. If you have sold all or part of your Class A, Class T, or Class C shares of the fund, you may reinvest an amount equal to all or a portion of the redemption proceeds in the same class of the fund or another Fidelity fund that offers Advisor classes of shares, at the NAV next determined after receipt in proper form of your investment order, provided that such reinvestment is made within 90 days of redemption. Under these circumstances, the dollar amount of the CDSC you paid, if any, on shares will be reimbursed to you by reinvesting that amount in Class A, Class T, or Class C shares, as applicable. If you have sold all or part of your Class B shares of the fund, you may reinvest an amount equal to all or a portion of the redemption proceeds in Class A shares (without incurring a front-end sales charge) of the fund or another Fidelity fund that offers Advisor classes of shares at the NAV next determined after receipt in proper form of your investment order, provided that such reinvestment is made within 90 days of redemption.

Prospectus

You must reinstate your shares into an account with the same registration. This privilege may be exercised only once by a shareholder with respect to the fund and certain restrictions may apply. For purposes of the CDSC schedule, the holding period will continue as if the Class A, Class T, or Class C shares had not been redeemed. To qualify for the reinstatement privilege, you must notify Fidelity in writing in advance of your reinvestment.

Conversion Feature. After a maximum of seven years from the initial date of purchase, Class B shares and any capital appreciation associated with those shares convert automatically to Class A shares of the fund. Conversion to Class A shares will be made at NAV. At the time of conversion, a portion of the Class B shares bought through the reinvestment of dividends or capital gains (Dividend Shares) will also convert to Class A shares. The portion of Dividend Shares that will convert is determined by the ratio of your converting Class B non-Dividend Shares to your total Class B non-Dividend Shares.

Class A has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Class A is authorized to pay FDC a monthly 12b-1 (distribution) fee as compensation for providing services intended to result in the sale of Class A shares. Class A may pay this 12b-1 (distribution) fee at an annual rate of 0.50% of its average net assets, or such lesser amount as the Trustees may determine from time to time. Currently, the Trustees have not approved such payments. The Trustees may approve 12b-1 (distribution) fee payments at an annual rate of up to 0.50% of Class A's average net assets when the Trustees believe that it is in the best interests of Class A shareholders to do so.

In addition, pursuant to the Class A plan, Class A pays FDC a monthly 12b-1 (service) fee at an annual rate of 0.25% of Class A's average net assets throughout the month for providing shareholder support services.

Except as provided below, FDC may reallow up to the full amount of this 12b-1 (service) fee to intermediaries, including its affiliates, for providing shareholder support services. For purchases of Class A shares on which a finder's fee was paid to intermediaries, after the first year of investment, FDC may reallow up to the full amount of the 12b-1 (service) fee paid by such shares to intermediaries, including its affiliates, for providing shareholder support services.

Prospectus

Fund Services - continued

Class T has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Class T is authorized to pay FDC a monthly 12b-1 (distribution) fee as compensation for providing services intended to result in the sale of Class T shares. Class T may pay this 12b-1 (distribution) fee at an annual rate of 0.50% of its average net assets, or such lesser amount as the Trustees may determine from time to time. Class T currently pays FDC a monthly 12b-1 (distribution) fee at an annual rate of 0.25% of its average net assets throughout the month. Class T's 12b-1 (distribution) fee rate may be increased only when the Trustees believe that it is in the best interests of Class T shareholders to do so.

FDC may reallow up to the full amount of this 12b-1 (distribution) fee to intermediaries, including its affiliates, for providing services intended to result in the sale of Class T shares.

In addition, pursuant to the Class T plan, Class T pays FDC a monthly 12b-1 (service) fee at an annual rate of 0.25% of Class T's average net assets throughout the month for providing shareholder support services.

FDC may reallow up to the full amount of this 12b-1 (service) fee to intermediaries, including its affiliates, for providing shareholder support services.

Class B has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Class B is authorized to pay FDC a monthly 12b-1 (distribution) fee as compensation for providing services intended to result in the sale of Class B shares. Class B currently pays FDC a monthly 12b-1 (distribution) fee at an annual rate of 0.75% of its average net assets throughout the month.

In addition, pursuant to the Class B plan, Class B pays FDC a monthly 12b-1 (service) fee at an annual rate of 0.25% of Class B's average net assets throughout the month for providing shareholder support services.

FDC may reallow up to the full amount of this 12b-1 (service) fee to intermediaries, including its affiliates, for providing shareholder support services.

Class C has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Class C is authorized to pay FDC a monthly 12b-1 (distribution) fee as compensation for providing services intended to result in the sale of Class C shares. Class C currently pays FDC a monthly 12b-1 (distribution) fee at an annual rate of 0.75% of its average net assets throughout the month.

In addition, pursuant to the Class C plan, Class C pays FDC a monthly 12b-1 (service) fee at an annual rate of 0.25% of Class C's average net assets throughout the month for providing shareholder support services.

Prospectus

Normally, after the first year of investment, FDC may reallow up to the full amount of the 12b-1 (distribution) fees to intermediaries, including its affiliates, for providing services intended to result in the sale of Class C shares and may reallow up to the full amount of the 12b-1 (service) fee to intermediaries, including its affiliates, for providing shareholder support services.

For purchases of Class C shares made for an intermediary-sponsored managed account program, employee benefit plan, 403(b) program or plan covering a sole-proprietor (formerly Keogh/H.R. 10 plan) or through reinvestment of dividends or capital gain distributions, during the first year of investment and thereafter, FDC may reallow up to the full amount of this 12b-1 (distribution) fee paid by such shares to intermediaries, including its affiliates, for providing services intended to result in the sale of Class C shares and may reallow up to the full amount of this 12b-1 (service) fee paid by such shares to intermediaries, including its affiliates, for providing shareholder support services.

Any fees paid out of a class's assets on an ongoing basis pursuant to a Distribution and Service Plan will increase the cost of your investment and may cost you more than paying other types of sales charges.

In addition to the above payments, each plan specifically recognizes that the Adviser may make payments from its management fee revenue, past profits, or other resources to FDC for expenses incurred in connection with providing services intended to result in the sale of the applicable class's shares and/or shareholder support services. The Adviser, directly or through FDC or one or more affiliates, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of the fund has authorized such payments for Class A, Class T, Class B, and Class C. Please speak with your investment professional to learn more about any payments his or her firm may receive from the Adviser, FDC, and/or their affiliates, as well as fees and/or commissions the investment professional charges. You should also consult disclosures made by your investment professional at the time of purchase.

No dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those contained in this prospectus and in the related SAI, in connection with the offer contained in this prospectus. If given or made, such other information or representations must not be relied upon as having been authorized by the fund or FDC. This prospectus and the related SAI do not constitute an offer by the fund or by FDC to sell shares of the fund to or to buy shares of the fund from any person to whom it is unlawful to make such offer.

Prospectus

Appendix

Financial Highlights

Fidelity Advisor Gold Fund - Class A

<R>Years ended February 28,	2015	2014	2013	2012^I	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 22.01	$ 30.25	$ 45.37	$ 50.92	$ 40.50</R>
Income from Investment Operations
<R>Net investment income (loss)^D	(.10)	-^A	.07	(.13)	(.30)</R>
<R>Net realized and unrealized gain (loss)	(3.80)	(8.25)	(15.19)	(2.83)	15.28</R>
<R>Total from investment operations	(3.90)	(8.25)	(15.12)	(2.96)	14.98</R>
<R>Distributions from net realized gain	-	-	-	(2.59)	(4.57)</R>
<R>Redemption fees added to paid in capital^D	-^A	.01	-^A	-^A	.01</R>
<R>Net asset value, end of period	$ 18.11	$ 22.01	$ 30.25	$ 45.37	$ 50.92</R>
<R>Total Return^{B, C}	(17.72)%	(27.24)%	(33.33)%	(6.24)%	36.99%</R>
<R>Ratios to Average Net Assets^{E, H}					</R>
<R>Expenses before reductions	1.23%	1.21%	1.18%	1.14%	1.16%</R>
<R>Expenses net of fee waivers, if any	1.19%	1.19%	1.17%	1.14%	1.15%</R>
<R>Expenses net of all reductions	1.19%	1.18%	1.17%	1.14%	1.14%</R>
<R>Net investment income (loss)	(.51)%	-%^G	.18%	(.28)%	(.63)%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 46,898	$ 60,270	$ 101,202	$ 152,969	$ 149,178</R>
<R>Portfolio turnover rate^F	20%	56%	18%	22%	35%</R>

<R>^A Amount represents less than $.01 per share.</R>

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^C Total returns do not include the effect of the sales charges.

^D Calculated based on average shares outstanding during the period.

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than .01%.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

Prospectus

Appendix - continued

<R>^I For the year ended February 29. </R>

Prospectus

<R>Fidelity Advisor Gold Fund - Class T</R>

<R>Years ended February 28,	2015	2014	2013	2012^H	2011</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 21.73	$ 29.95	$ 45.04	$ 50.68	$ 40.34</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^D	(.15)	(.06)	(.03)	(.27)	(.43)</R>
<R>Net realized and unrealized gain (loss)	(3.75)	(8.17)	(15.06)	(2.80)	15.21</R>
<R>Total from investment operations	(3.90)	(8.23)	(15.09)	(3.07)	14.78</R>
<R>Distributions from net realized gain	-	-	-	(2.57)	(4.45)</R>
<R>Redemption fees added to paid in capital^D	-^A	.01	-^A	-^A	.01</R>
<R>Net asset value, end of period	$ 17.83	$ 21.73	$ 29.95	$ 45.04	$ 50.68</R>
<R>Total Return^{B, C}	(17.95)%	(27.45)%	(33.50)%	(6.49)%	36.62%</R>
<R>Ratios to Average Net Assets^{E, G}					</R>
<R>Expenses before reductions	1.50%	1.49%	1.45%	1.43%	1.44%</R>
<R>Expenses net of fee waivers, if any	1.46%	1.47%	1.44%	1.42%	1.42%</R>
<R>Expenses net of all reductions	1.46%	1.46%	1.44%	1.42%	1.42%</R>
<R>Net investment income (loss)	(.79)%	(.28)%	(.09)%	(.57)%	(.90)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 16,200	$ 18,402	$ 24,913	$ 40,664	$ 45,846</R>
<R>Portfolio turnover rate^F	20%	56%	18%	22%	35%</R>

^J Amount represents less than $.01 per share.

Prospectus

Appendix - continued

<R></R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

<R>^G For the year ended February 29. </R>

Prospectus

<R>Fidelity Advisor Gold Fund - Class B</R>

<R>Years ended February 28,	2015	2014	2013	2012^H	2011</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 21.14	$ 29.27	$ 44.24	$ 50.02	$ 39.87</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^D	(.24)	(.16)	(.21)	(.49)	(.66)</R>
<R>Net realized and unrealized gain (loss)	(3.63)	(7.98)	(14.76)	(2.76)	15.02</R>
<R>Total from investment operations	(3.87)	(8.14)	(14.97)	(3.25)	14.36</R>
<R>Distributions from net realized gain	-	-	-	(2.53)	(4.21)</R>
<R>Redemption fees added to paid in capital^D	-^A	.01	-^A	-^A	-^A</R>
<R>Net asset value, end of period	$ 17.27	$ 21.14	$ 29.27	$ 44.24	$ 50.02</R>
<R>Total Return^{B, C}	(18.31)%	(27.78)%	(33.84)%	(6.95)%	35.97%</R>
<R>Ratios to Average Net Assets^{E, G}					</R>
<R>Expenses before reductions	1.97%	1.95%	1.93%	1.90%	1.93%</R>
<R>Expenses net of fee waivers, if any	1.93%	1.93%	1.92%	1.90%	1.92%</R>
<R>Expenses net of all reductions	1.93%	1.93%	1.91%	1.90%	1.91%</R>
<R>Net investment income (loss)	(1.26)%	(.75)%	(.57)%	(1.04)%	(1.39)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 2,461	$ 4,373	$ 9,423	$ 20,894	$ 26,837</R>
<R>Portfolio turnover rate^F	20%	56%	18%	22%	35%</R>

^H Amount represents less than $.01 per share.

Prospectus

Appendix - continued

<R></R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

<R>^G For the year ended February 29. </R>

<R>Fidelity Advisor Gold Fund - Class C</R>

<R>Years ended February 28,	2015	2014	2013	2012^H	2011</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 21.06	$ 29.15	$ 44.05	$ 49.81	$ 39.75</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^D	(.23)	(.16)	(.20)	(.47)	(.64)</R>
<R>Net realized and unrealized gain (loss)	(3.63)	(7.94)	(14.70)	(2.76)	14.98</R>
<R>Total from investment operations	(3.86)	(8.10)	(14.90)	(3.23)	14.34</R>
<R>Distributions from net realized gain	-	-	-	(2.53)	(4.28)</R>
<R>Redemption fees added to paid in capital^D	-^A	.01	-^A	-^A	-^A</R>
<R>Net asset value, end of period	$ 17.20	$ 21.06	$ 29.15	$ 44.05	$ 49.81</R>
<R>Total Return^{B, C}	(18.33)%	(27.75)%	(33.83)%	(6.93)%	36.01%</R>
<R>Ratios to Average Net Assets^{E, G}					</R>
<R>Expenses before reductions	1.96%	1.96%	1.93%	1.87%	1.89%</R>
<R>Expenses net of fee waivers, if any	1.92%	1.94%	1.92%	1.87%	1.88%</R>
<R>Expenses net of all reductions	1.92%	1.93%	1.91%	1.87%	1.87%</R>
<R>Net investment income (loss)	(1.25)%	(.76)%	(.57)%	(1.01)%	(1.35)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 39,429	$ 33,811	$ 37,787	$ 67,996	$ 72,431</R>
<R>Portfolio turnover rate^F	20%	56%	18%	22%	35%</R>

^H Amount represents less than $.01 per share.

<R></R>

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

Prospectus

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

<R>^G For the year ended February 29. </R>

<R></R>

Prospectus

Appendix - continued

Additional Index Information

S&P 500^® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

Prospectus

Notes

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

For a free copy of any of these documents or to request other information or ask questions about the fund, call Fidelity at 1-877-208-0098. In addition, you may visit Fidelity's web site at www.advisor.fidelity.com for a free copy of a prospectus, SAI, or annual or semi-annual report or to request other information.

Investment Company Act of 1940, File Number, 811-03114

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.

<R>Fidelity Advisor, Fidelity Investments & Pyramid Design, Directed Dividends, Fidelity, Fidelity Advisor Money Line, and Destiny are registered service marks of FMR LLC. © 2015 FMR LLC. All rights reserved.</R>

The third-party marks appearing above are the marks of their respective owners.

Gold Portfolio

Class/Ticker

Fidelity Advisor^® Gold Fund Institutional/FGDIX

Prospectus

<R>April 29, 2015</R>

pwe839409

Fund Summary	(Click Here)	Gold Portfolio
Fund Basics	(Click Here)	Investment Details
	(Click Here)	Valuing Shares
Shareholder Information	(Click Here)	Additional Information about the Purchase and Sale of Shares
	(Click Here)	Exchanging Shares
	(Click Here)	Account Features and Policies
	(Click Here)	Dividends and Capital Gain Distributions
	(Click Here)	Tax Consequences
Fund Services	(Click Here)	Fund Management
	(Click Here)	Fund Distribution
<R>Appendix	(Click Here)	Financial Highlights</R>
<R>	(Click Here)	Additional Index Information</R>

Prospectus

Fund Summary

Fund/Class:
Gold Portfolio/Fidelity Advisor^® Gold 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 and hold shares of the fund.

<R></R>

<R>Shareholder fees (fees paid directly from your investment)							</R>
<R>Redemption fee on shares held less than 30 days (as a % of amount redeemed)							0.75%</R>

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55%
Distribution and/or Service (12b-1) fees	None
<R>Other expenses	0.30%</R>
<R>Acquired fund fees and expenses^A	0.05%</R>
<R>Total annual operating expenses	0.90%</R>
<R>Fee waiver and/or expense reimbursement^A	0.04%</R>
<R>Total annual operating expenses after fee waiver and/or expense reimbursement	0.86%</R>

Prospectus

Fund Summary - continued

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

<R>1 year	$ 88</R>
<R>3 years	$ 274</R>
<R>5 years	$ 477</R>
<R>10 years	$ 1,061</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks and in certain precious metals.
Investing primarily in companies engaged in exploration, mining, processing, or dealing in gold, or to a lesser degree, in silver, platinum, diamonds, or other precious metals and minerals.
Normally investing at least 80% of assets in securities of companies principally engaged in gold-related activities, and in gold bullion or coins.
Investing up to 25% of assets in gold and other precious metals through a wholly-owned subsidiary.
Potentially investing in other precious metals, instruments whose value is linked to the price of precious metals, and securities of companies that manufacture and distribute precious metal and minerals products (such as jewelry, watches, and metal foil and leaf) and companies that invest in other companies engaged in gold and other precious metal and mineral-related activities.
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.

Prospectus

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, including different market sectors, and different types of securities can react differently to these developments.
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.
Gold Industry Concentration. The gold industry can be significantly affected by international monetary and political developments such as currency devaluations or revaluations, central bank movements, economic and social conditions within a country, trade imbalances, or trade or currency restrictions between countries, as well as supply and demand for gold and operational costs associated with mining.
Subsidiary Risk. Investment in an unregistered subsidiary is not subject to the investor protections of the Investment Company Act of 1940 (1940 Act) and is subject to the risks associated with the gold industry. Changes in tax and other laws could negatively affect investments in the subsidiary.
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.

Performance

Prospectus

Fund Summary - continued

Visit www.advisor.fidelity.com for updated return information.

Year-by-Year Returns

<R>Calendar Years			2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>			24.91%	-20.53%	38.03%	35.32%	-16.28%	-12.36%	-51.38%	-8.46%</R>

<R></R>

During the periods shown in the chart:	Returns	Quarter ended
<R>Highest Quarter Return	24.95%	September 30, 2007</R>
<R>Lowest Quarter Return	-37.34%	June 30, 2013</R>
<R>Year-to-Date Return	-1.09%	March 31, 2015</R>

Average Annual Returns

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Life of class^A</R>
Institutional Class
<R>Return Before Taxes	-8.46%	-15.07%	-6.07%</R>
<R>Return After Taxes on Distributions	-8.46%	-15.65%	-6.87%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-4.79%	-9.87%	-3.65%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.07%</R>
<R>S&P^® Global BMI Gold Capped Index (reflects no deduction for fees, expenses, or taxes)	-11.85%	-16.06%	-7.85%</R>

Prospectus

^AFrom December 12, 2006.

Investment Adviser

Portfolio Manager(s)

Joe Wickwire (portfolio manager) has managed the fund since August 2007.

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 shares 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 is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an 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

Prospectus

Fund Summary - continued

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Basics

Investment Details

Investment Objective

Gold Portfolio seeks capital appreciation.

Principal Investment Strategies

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests the fund's assets primarily in common stocks and potentially in precious metals.

The fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of the fund's assets at times.

In addition to the principal investment strategies discussed above, the Adviser may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Prospectus

Fund Basics - continued

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Principal Investment Risks

The following factors can significantly affect the fund's performance:

Prospectus

Fund Basics - continued

Valuing Shares

The fund is open for business each day the NYSE is open.

Prospectus

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Prospectus

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

General Information

You should include the following information with any order:

Your name
Your account number
Type of transaction requested
Name(s) of fund(s) and class(es)
Dollar amount or number of shares

Certain methods of contacting Fidelity may be unavailable or delayed (for example, during periods of unusual market activity). In addition, the level and type of service available may be restricted.

Frequent Purchases and Redemptions

The fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excessive trading, at any time.

The fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

Prospectus

Shareholder Information - continued

Exceptions

Omnibus Accounts

Prospectus

If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account.

Retirement Plans

Qualified Wrap Programs

Other Information about the Excessive Trading Policy

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

Buying Shares

Institutional Class shares are offered to:

1. Employee benefit plans investing through an intermediary and employee benefit plans not recordkept by Fidelity. For this purpose, employee benefit plans generally include profit sharing, 401(k), and 403(b) plans, but do not include: IRAs; SIMPLE, SEP, or SARSEP plans; plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans); health savings accounts; or plans investing through the Fidelity Advisor 403(b) program;

Prospectus

Shareholder Information - continued

2. Insurance company separate accounts;

3. Broker-dealer, registered investment adviser, insurance company, trust institution and bank trust department managed account programs that charge an asset-based fee;

4. Current or former Trustees or officers of a Fidelity fund or current or retired officers, directors, or regular employees of FMR LLC or FIL Limited or their direct or indirect subsidiaries (Fidelity Trustee or employee), spouses of Fidelity Trustees or employees, Fidelity Trustees or employees acting as a custodian for a minor child, or persons acting as trustee of a trust for the sole benefit of the minor child of a Fidelity Trustee or employee;

5. Any state, county, or city, or any governmental instrumentality, department, authority or agency;

6. Charitable organizations (as defined for purposes of Section 501(c)(3) of the Internal Revenue Code) or charitable remainder trusts or life income pools established for the benefit of a charitable organization;

7. Qualified tuition programs for which Fidelity serves as investment manager, or mutual funds managed by Fidelity or other parties;

<R>8. Employer-sponsored health savings accounts investing through an intermediary; and</R>

<R></R>

<R>9. Destiny^® Planholders who exchange, or have exchanged, from Class O to Institutional Class of Fidelity Advisor funds.</R>

The price to buy one share is its NAV. Institutional Class shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after an order is received in proper form.

It is the responsibility of your investment professional to transmit your order to buy shares to Fidelity before the close of business on the day you place your order.

There is no minimum balance or purchase minimum for (i) investments through Portfolio Advisory Services, (ii) certain Fidelity retirement accounts funded through salary deduction, or fund positions opened with the proceeds of distributions from such retirement accounts or from a Fidelity systematic withdrawal service, (iii) investments through a mutual fund or a qualified tuition program for which Fidelity serves as investment manager, or (iv) certain mutual fund wrap program accounts. An eligible wrap program must offer asset allocation services, charge an asset-based fee to its participants for asset allocation and/or other advisory services, and meet trading and other operational requirements under an appropriate agreement with FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.

Prospectus

<R>Shares are generally available only to investors residing in the United States.</R>

The fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees the fund or Fidelity has incurred.

Institutional Class shares can be bought or sold through investment professionals using an automated order placement and settlement system that guarantees payment for orders on a specified date.

<R>Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.</R>

Selling Shares

The price to sell one share is its NAV, minus the short-term redemption fee, if applicable.

If you sell your shares after holding them less than 30 days, a 0.75% short-term redemption fee may be deducted from the redemption amount. For this purpose, shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. The fees are paid to the fund, not Fidelity, and are designed to help offset the brokerage commissions, market impact, and other costs associated with short-term shareholder trading.

The short-term redemption fee does not apply to: (i) redemptions of shares acquired by reinvesting dividends and distributions; (ii) rollovers, transfers, and changes of account registration within the fund, or transfers between classes of a multiple class fund (if applicable) as long as the money never leaves the fund; and (iii) redemptions in kind.

Prospectus

Shareholder Information - continued

The fund also permits waivers of the short-term redemption fee for the following transactions:

Redemptions related to death or due to a divorce decree.
Certain types of IRA account transactions, including: redemptions pursuant to systematic withdrawal programs, withdrawals due to disability, return of excess contribution amounts, and redemptions related to payment of custodian fees.
Certain types of employer-sponsored and 403(b) retirement plan transactions, including: loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability, or qualified domestic relations order.
Certain types of transactions in employer-sponsored and 403(b) retirement plans recordkept by Fidelity, including redemptions in conjunction with plan sponsor events and redemptions of shares purchased through plan sponsor events, plan contributions or loan repayments.

It is the responsibility of your investment professional to transmit your order to sell shares to Fidelity before the close of business on the day you place your order.

Prospectus

When you wish to sell more than $100,000 worth of shares.
When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address.
When you are requesting that redemption proceeds be paid to someone other than the account owner.
In certain situations when the redemption proceeds are being transferred to a Fidelity account with a different registration.

When you place an order to sell shares, note the following:

If you are selling some but not all of your shares, keep your fund balance above the required minimum to keep your fund position open, except fund positions not subject to balance minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected.
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.
Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of the fund.
You will not receive interest on amounts represented by uncashed redemption checks.
<R>Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

Exchanging Shares

An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund.

As an Institutional Class shareholder, you have the privilege of exchanging Institutional Class shares for Institutional Class shares of other Fidelity funds that offer Advisor classes of shares or for shares of Fidelity funds.

Prospectus

Shareholder Information - continued

However, you should note the following policies and restrictions governing exchanges:

The exchange limit may be modified for accounts held by certain institutional retirement plans to conform to plan exchange limits and Department of Labor regulations. See your retirement plan materials for further information.
The fund may refuse any exchange purchase for any reason. For example, the fund may refuse exchange purchases by any person or group if, in the Adviser's judgment, the fund would be unable to invest the money effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
Before any exchange, read the prospectus for the shares you are purchasing, including any purchase and sale requirements.
The shares you are acquiring by exchange must be available for sale in your state.
Exchanges may have tax consequences for you.
If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.
<R>Under applicable anti-money laundering rules and other regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

The fund may terminate or modify exchange privileges in the future.

Other funds may have different exchange restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund's prospectus for details.

Account Features and Policies

Features

The following features may be available to buy and sell shares of the fund. Visit www.advisor.fidelity.com or contact your investment professional for more information.

Prospectus

<R>Electronic Funds Transfer (Fidelity Advisor Money Line^®): electronic money movement through the Automated Clearing House</R>

• To transfer money between a bank account and your fund account.

• You can use electronic funds transfer to:

- Make periodic (automatic) purchases of shares.

- Make periodic (automatic) redemptions of shares.

<R>Wire: electronic money movement through the Federal Reserve wire system</R>

• To transfer money between a bank account and your fund account.

<R></R>

Policies

The following policies apply to you as a shareholder.

Statements that Fidelity sends to you include the following:

Confirmation statements (after transactions affecting your fund balance except, to the extent applicable, reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).
Monthly or quarterly account statements (detailing fund balances and all transactions completed during the prior month or quarter).

Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. We will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-877-208-0098. We will begin sending individual copies to you within 30 days of receiving your call.

Prospectus

Shareholder Information - continued

You may also be asked to provide additional information in order for Fidelity to verify your identity in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations. In addition, the fund reserves the right to involuntarily redeem an account in the case of: (i) actual or suspected threatening conduct or actual or suspected fraudulent, illegal or suspicious activity by the account owner or any other individual associated with the account; or (ii) the failure of the account owner to provide information to the fund related to opening the accounts. Your shares will be sold at the NAV minus, if applicable, any short-term redemption fee, calculated on the day Fidelity closes your fund position.

If your fund balance falls below $1,000 worth of shares for any reason, including solely due to declines in NAV, and you do not increase your balance, Fidelity may sell all of your shares and send the proceeds to you after providing you with at least 30 days' notice to reestablish the minimum balance. Your shares will be sold at the NAV, minus the short-term redemption fee, if applicable, on the day Fidelity closes your fund position. Certain fund positions are not subject to these balance requirements and will not be closed for failure to maintain a minimum balance.

Fidelity may charge a fee for certain services, such as providing historical account documents.

Dividends and Capital Gain Distributions

The fund normally pays dividends and capital gain distributions in April and December.

Distribution Options

When you open an account, specify on your application how you want to receive your distributions. The following distribution options are available:

2. Income-Earned Option. Any capital gain distributions will be automatically reinvested in additional shares. Any dividends will be paid in cash.

3. Cash Option. Any dividends and capital gain distributions will be paid in cash.

Prospectus

Tax Consequences

Taxes on distributions. Distributions you receive from the fund are subject to federal income tax, and may also be subject to state or local taxes.

Any taxable distributions you receive from the fund will normally be taxable to you when you receive them, regardless of your distribution option.

Prospectus

Fund Services

Fund Management

The fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

The Adviser began managing the fund on August 1, 2013. Prior to such date, the fund was managed by FMR, an affiliated investment adviser.

As the manager, the Adviser has overall responsibility for directing the fund's investments and handling its business affairs.

FMRC serves as a sub-adviser for the fund. FMRC has day-to-day responsibility for choosing investments for the fund.

<R>FMRC is an affiliate of the Adviser. As of December 31, 2014, FMRC had approximately $918.6 billion in discretionary assets under management.</R>

Other investment advisers assist the Adviser with foreign investments:

<R>FMR Investment Management (U.K.) Limited (FMR U.K.), at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for the fund. As of December 31, 2014, FMR U.K. had approximately $18.1 billion in discretionary assets under management. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR U.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for the fund. As of December 31, 2014, FMR H.K. had approximately $8.3 billion in discretionary assets under management. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR H.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for the fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR Japan is an affiliate of the Adviser.</R>

Prospectus

The SAI provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager.

The group fee rate is based on the average net assets of all funds advised by SelectCo or FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2015, the group fee rate was 0.25%. The individual fund fee rate is 0.30%.</R>

The Subsidiary has entered into a separate contract with FMR for the management of its portfolio pursuant to which the Subsidiary pays FMR a fee at an annual rate of 0.30% of its net assets. The Adviser has contractually agreed to waive the fund's management fee in an amount equal to the management fee paid to FMR by the Subsidiary. This arrangement may not be discontinued by the Adviser as long as its contract with the Subsidiary is in place.

The Adviser pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

The Adviser has voluntarily agreed to reimburse fund shares to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of average net assets, exceed the following rate. Voluntary arrangements may be discontinued at any time.

Prospectus

Fund Services - continued

Gold Portfolio	Institutional Class
Rate	1.15%

Fund Distribution

The fund is composed of multiple classes of shares. All classes of the fund have a common investment objective and investment portfolio.

FDC distributes Institutional Class shares.

Intermediaries may receive from the Adviser, FDC, and/or their affiliates compensation for their services intended to result in the sale of Institutional Class shares. This compensation may take the form of payments for additional distribution-related activities and/or shareholder services and payments for educational seminars and training, including seminars sponsored by Fidelity, or by an intermediary. These payments are described in more detail in this section and in the SAI.

Please speak with your investment professional to learn more about any payments his or her firm may receive from the Adviser, FDC, and/or their affiliates, as well as fees and/or commissions the investment professional charges. You should also consult disclosures made by your investment professional at the time of purchase.

Institutional Class has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act that recognizes that the Adviser may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of Institutional Class shares and/or shareholder support services. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of the fund has authorized such payments for Institutional Class.

If payments made by the Adviser to FDC or to intermediaries under the Distribution and Service Plan were considered to be paid out of Institutional Class's assets on an ongoing basis, they might increase the cost of your investment and might cost you more than paying other types of sales charges.

No dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those contained in this prospectus and in the related SAI, in connection with the offer contained in this prospectus. If given or made, such other information or representations must not be relied upon as having been authorized by the fund or FDC. This prospectus and the related SAI do not constitute an offer by the fund or by FDC to sell shares of the fund to or to buy shares of the fund from any person to whom it is unlawful to make such offer.

Prospectus

Appendix

Financial Highlights

<R>Selected Per-Share Data and Ratios</R>

<R>Years ended February 28,	2015	2014	2013	2012 ^G	2011</R>
Selected Per-Share Data
<R>Net asset value, beginning of period	$ 22.41	$ 30.69	$ 45.87	$ 51.32	$ 40.77</R>
Income from Investment Operations
<R>Net investment income (loss) ^C	(.04)	.07	.20	.02	(.15)</R>
<R>Net realized and unrealized gain (loss)	(3.87)	(8.36)	(15.38)	(2.85)	15.41</R>
<R>Total from investment operations	(3.91)	(8.29)	(15.18)	(2.83)	15.26</R>
<R>Distributions from net realized gain	-	-	-	(2.62)	(4.72)</R>
<R>Redemption fees added to paid in capital ^C	-^A	.01	-^A	-^A	.01</R>
<R>Net asset value, end of period	$ 18.50	$ 22.41	$ 30.69	$ 45.87	$ 51.32</R>
<R>Total Return^B	(17.45)%	(26.98)%	(33.09)%	(5.94)%	37.45%</R>
<R>Ratios to Average Net Assets^{D, F}					</R>
<R>Expenses before reductions	.90%	.87%	.84%	.82%	.85%</R>
<R>Expenses net of fee waivers, if any	.86%	.85%	.83%	.81%	.84%</R>
<R>Expenses net of all reductions	.86%	.84%	.82%	.81%	.83%</R>
<R>Net investment income (loss)	(.18)%	.34%	.52%	.04%	(.31)%</R>
Supplemental Data
<R>Net assets, end of period (000 omitted)	$ 23,667	$ 107,830	$ 128,262	$ 168,548	$ 137,246</R>
<R>Portfolio turnover rate ^E	20%	56%	18%	22%	35%</R>

<R>^A Amount represents less than $.01 per share.</R>

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

Prospectus

^G For the year ended February 29.

<R></R>

Prospectus

Appendix - continued

Additional Index Information

S&P 500^® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

Prospectus

Notes

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

Investment Company Act of 1940, File Number, 811-03114

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.

<R>Fidelity Advisor, Fidelity Investments & Pyramid Design, Destiny, Fidelity Advisor Money Line, and Directed Dividends are registered service marks of FMR LLC. © 2015 FMR LLC. All rights reserved.</R>

The third-party marks appearing above are the marks of their respective owners.

<R>1.835875.110 AGLDI-PRO-0415</R>

Telecommunications Portfolio

Class/Ticker

Fidelity Advisor^® Telecommunications Fund A/FTUAX T/FTUTX B/FTUBX C/FTUCX

Prospectus

<R>April 29, 2015</R>

pwe839425

Fund Summary	(Click Here)	Telecommunications Portfolio
Fund Basics	(Click Here)	Investment Details
	(Click Here)	Valuing Shares
Shareholder Information	(Click Here)	Additional Information about the Purchase and Sale of Shares
	(Click Here)	Exchanging Shares
	(Click Here)	Account Features and Policies
	(Click Here)	Dividends and Capital Gain Distributions
<R>	(Click Here)	Tax Consequences</R>
Fund Services	(Click Here)	Fund Management
	(Click Here)	Fund Distribution
Appendix	(Click Here)	Financial Highlights
	(Click Here)	Additional Index Information

Prospectus

Fund Summary

Fund/Class:
Telecommunications Portfolio/Fidelity Advisor^® Telecommunications 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 and hold shares of the fund.

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
Redemption fee on shares held less than 30 days (as a % of amount redeemed)	0.75%	0.75%	0.75%	0.75%

^BDeclines over 6 years from 5.00% to 0%.

^COn Class C shares redeemed less than one year after purchase.

Annual 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	0.55%	0.55%	0.55%	0.55%
Distribution and/or Service (12b-1) fees	0.25%	0.50%	1.00%	1.00%
<R>Other expenses	0.35%	0.42%	0.38%	0.30%</R>
<R>Total annual operating expenses	1.15%	1.47%	1.93%	1.85%</R>

Prospectus

Fund Summary - continued

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

	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
<R>1 year	$ 685	$ 685	$ 494	$ 494	$ 696	$ 196	$ 288	$ 188</R>
<R>3 years	$ 919	$ 919	$ 799	$ 799	$ 906	$ 606	$ 582	$ 582</R>
<R>5 years	$ 1,172	$ 1,172	$ 1,125	$ 1,125	$ 1,242	$ 1,042	$ 1,001	$ 1,001</R>
<R>10 years	$ 1,892	$ 1,892	$ 2,046	$ 2,046	$ 1,956	$ 1,956	$ 2,169	$ 2,169</R>

Portfolio Turnover

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the development, manufacture, or sale of communications services or communications equipment.
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, including different market sectors, and different types of securities 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.

Prospectus

Telecom Services Industry Concentration. The telecom services industry is subject to government regulation and can be significantly affected by intense competition and technology changes.
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.

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.

Prospectus

Fund Summary - continued

<R>Calendar Years			2007	2008	2009	2010	2011	2012	2013	2014</R>
<R>			7.92%	-47.80%	51.19%	18.01%	-4.52%	18.27%	21.12%	3.27%</R>

<R></R>

During the periods shown in the chart for Class A:	Returns	Quarter ended
<R>Highest Quarter Return	18.58%	June 30, 2009</R>
<R>Lowest Quarter Return	-22.06%	December 31, 2008</R>
<R>Year-to-Date Return	2.49%	March 31, 2015</R>

Average Annual Returns

<R>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.</R>

<R>For the periods ended December 31, 2014	Past 1 year	Past 5 years	Life of class^A</R>
<R>Class A - Return Before Taxes	-2.66%	9.45%	3.90%</R>
<R> Return After Taxes on Distributions	-3.46%	9.02%	3.58%</R>
<R> Return After Taxes on Distributions and Sale of Fund Shares	-0.90%	7.51%	3.07%</R>
<R>Class T - Return Before Taxes	-0.66%	9.65%	3.91%</R>
<R>Class B - Return Before Taxes	-2.51%	9.65%	3.99%</R>
<R>Class C - Return Before Taxes	1.57%	9.96%	3.91%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	13.69%	15.45%	7.07%</R>
<R>MSCI U.S. IMI Telecommunications Services 25-50 Index (reflects no deduction for fees, expenses, or taxes)	4.16%	12.01%	4.99%</R>

^AFrom December 12, 2006.

Investment Adviser

Portfolio Manager(s)

Matthew Drukker (portfolio manager) has managed the fund since January 2013.

Purchase and Sale of Shares

You may buy or sell shares 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

Prospectus

Fund Summary - continued

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.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Prospectus

Fund Basics

Investment Details

Investment Objective

Telecommunications Portfolio seeks capital appreciation.

Principal Investment Strategies

The fund invests primarily in companies engaged in the development, manufacture, or sale of communications services or communications equipment. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

These companies may include, for example, providers of communications and high-density data transmission services and equipment; operators of fixed-line telecommunications networks; and providers of cellular or wireless communications services and equipment. In managing the fund the Adviser generally emphasizes communications services companies and not communications equipment companies.

The Adviser does not place any emphasis on income when selecting securities, except when it believes that income may have a favorable effect on a security's market value.

The Adviser normally invests the fund's assets primarily in common stocks.

The fund may invest in domestic and foreign securities. Foreign stocks may make up a majority of the fund's assets at times.

In addition to the principal investment strategies discussed above, the Adviser may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser's strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Prospectus

Principal Investment Risks

The following factors can significantly affect the fund's performance:

Prospectus

Fund Basics - continued

The telecom services industries, particularly telephone operating companies, are subject to both federal and state government regulations. Many telecommunications companies intensely compete for market share and can be impacted by technology changes within the industry such as the shift from wired to wireless communications.

Valuing Shares

The fund is open for business each day the NYSE is open.

Prospectus

<R>NAV is calculated using the values of other open-end funds, if any, in which the fund invests (referred to as underlying funds). Shares of underlying funds are valued at their respective NAVs. Other assets (as well as assets held by an underlying Fidelity non-money market fund) are valued primarily on the basis of market quotations, official closing prices, or information furnished by a pricing service. Certain short-term securities are valued on the basis of amortized cost. If market quotations, official closing prices, or information furnished by a pricing service are not readily available or, in the Adviser's opinion, are deemed unreliable for a security, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. For example, if, in the Adviser's opinion, a security's value has been materially affected by events occurring before a fund's pricing time but after the close of the exchange or market on which the security is principally traded, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. Fair value pricing will be used for high yield debt securities when available pricing information is determined to be stale or for other reasons not to accurately reflect fair value. Assets held by an underlying Fidelity^® money market fund are valued on the basis of amortized cost.</R>

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Prospectus

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

General Information

You should include the following information with any order:

Your name
Your account number
Type of transaction requested
Name(s) of fund(s) and class(es)
Dollar amount or number of shares

Certain methods of contacting Fidelity may be unavailable or delayed (for example, during periods of unusual market activity). In addition, the level and type of service available may be restricted.

Frequent Purchases and Redemptions

The fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excessive trading, at any time.

Prospectus

Shareholder Information - continued

The fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

Exceptions

Omnibus Accounts

Prospectus

If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account.

Retirement Plans

Qualified Wrap Programs

Prospectus

Shareholder Information - continued

Other Information about the Excessive Trading Policy

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

Buying Shares

The price to buy one share of Class A or Class T is its offering price or its NAV, depending on whether you pay a front-end sales charge.

The price to buy one share of Class B or Class C is its NAV. Class B and Class C shares are sold without a front-end sales charge, but may be subject to a CDSC upon redemption.

Your investment professional can help you choose the class of shares that best suits your investment needs.

Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.

It is the responsibility of your investment professional to transmit your order to buy shares to Fidelity before the close of business on the day you place your order.

Prospectus

The fund has authorized certain intermediaries to accept orders to buy shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be bought at the offering price or NAV, as applicable, next calculated after the order is received by the authorized intermediary. Orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

<R>Shares are generally available only to investors residing in the United States.</R>

The fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees the fund or Fidelity has incurred.

<R>Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.</R>

Selling Shares

The price to sell one share of Class A, Class T, Class B, or Class C is its NAV, minus the short-term redemption fee, if applicable, and any applicable CDSC.

If you sell your shares after holding them less than 30 days, a 0.75% short-term redemption fee may be deducted from the redemption amount. For this purpose, shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. The fees are paid to the fund, not Fidelity, and are designed to help offset the brokerage commissions, market impact, and other costs associated with short-term shareholder trading.

Prospectus

Shareholder Information - continued

The short-term redemption fee does not apply to: (i) redemptions of shares acquired by reinvesting dividends and distributions; (ii) rollovers, transfers, and changes of account registration within the fund, or transfers between classes of a multiple class fund (if applicable) as long as the money never leaves the fund; and (iii) redemptions in kind.

The fund also permits waivers of the short-term redemption fee for the following transactions:

Redemptions related to death or due to a divorce decree.
Certain types of IRA account transactions, including: redemptions pursuant to systematic withdrawal programs, withdrawals due to disability, return of excess contribution amounts, and redemptions related to payment of custodian fees.
Certain types of employer-sponsored and 403(b) retirement plan transactions, including: loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability, or qualified domestic relations order.
Certain types of transactions in employer-sponsored and 403(b) retirement plans recordkept by Fidelity, including redemptions in conjunction with plan sponsor events and redemptions of shares purchased through plan sponsor events, plan contributions or loan repayments.

Prospectus

Any applicable CDSC is calculated before deducting any applicable redemption fee.

It is the responsibility of your investment professional to transmit your order to sell shares to Fidelity before the close of business on the day you place your order.

The fund has authorized certain intermediaries to accept orders to sell shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be sold at the NAV next calculated after the order is received by the authorized intermediary, minus the short-term redemption fee, if applicable, and any applicable CDSC. Orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

When you wish to sell more than $100,000 worth of shares.
When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address.
When you are requesting that redemption proceeds be paid to someone other than the account owner.
In certain situations when the redemption proceeds are being transferred to a Fidelity account with a different registration.

When you place an order to sell shares, note the following:

If you are selling some but not all of your shares, keep your fund balance above the required minimum to keep your fund position open, except fund positions not subject to balance minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected.
Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.
Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of the fund.

Prospectus

Shareholder Information - continued

You will not receive interest on amounts represented by uncashed redemption checks.
<R>Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

Exchanging Shares

An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund.

As a Class C shareholder, you have the privilege of exchanging Class C shares for the same class of shares of other Fidelity funds that offer Advisor classes of shares or for Advisor C Class shares of Treasury Fund.

However, you should note the following policies and restrictions governing exchanges:

The exchange limit may be modified for accounts held by certain institutional retirement plans to conform to plan exchange limits and Department of Labor regulations. See your retirement plan materials for further information.
The fund may refuse any exchange purchase for any reason. For example, the fund may refuse exchange purchases by any person or group if, in the Adviser's judgment, the fund would be unable to invest the money effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.
Any exchanges of Class A, Class T, Class B, and Class C shares are not subject to a CDSC.
Before any exchange, read the prospectus for the shares you are purchasing, including any purchase and sale requirements.

Prospectus

The shares you are acquiring by exchange must be available for sale in your state.
Exchanges may have tax consequences for you.
If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.
<R>Under applicable anti-money laundering rules and other regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.</R>

The fund may terminate or modify exchange privileges in the future.

Other funds may have different exchange restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund's prospectus for details.

Account Features and Policies

Features

The following features may be available to buy and sell shares of the fund. Visit www.advisor.fidelity.com or contact your investment professional for more information.

Electronic Funds Transfer (Fidelity Advisor Money Line^®): electronic money movement through the Automated Clearing House

• To transfer money between a bank account and your fund account.

• You can use electronic funds transfer to:

- Make periodic (automatic) purchases of shares.

- Make periodic (automatic) redemptions of shares.

Wire: electronic money movement through the Federal Reserve wire system

• To transfer money between a bank account and your fund account.

Automatic Transactions: periodic (automatic) transactions

• To make contributions from your fund account to your Fidelity Advisor IRA.

• To sell shares of a Fidelity money market fund and simultaneously to buy shares of a Fidelity fund that offers Advisor classes of shares.

Policies

The following policies apply to you as a shareholder.

Statements that Fidelity sends to you include the following:

Confirmation statements (after transactions affecting your fund balance except, to the extent applicable, reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).

Prospectus

Shareholder Information - continued

Monthly or quarterly account statements (detailing fund balances and all transactions completed during the prior month or quarter).

Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. We will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-877-208-0098. We will begin sending individual copies to you within 30 days of receiving your call.

You may also be asked to provide additional information in order for Fidelity to verify your identity in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations. In addition, the fund reserves the right to involuntarily redeem an account in the case of: (i) actual or suspected threatening conduct or actual or suspected fraudulent, illegal or suspicious activity by the account owner or any other individual associated with the account; or (ii) the failure of the account owner to provide information to the fund related to opening the accounts. Your shares will be sold at the NAV minus, if applicable, any short-term redemption fee or CDSC, calculated on the day Fidelity closes your fund position.

Prospectus

Fidelity may charge a fee for certain services, such as providing historical account documents.

Dividends and Capital Gain Distributions

The fund normally pays dividends and capital gain distributions in April and December.

Distribution Options

When you open an account, specify on your application how you want to receive your distributions. The following distribution options are available:

2. Income-Earned Option. Any capital gain distributions will be automatically reinvested in additional shares. Any dividends will be paid in cash.

3. Cash Option. Any dividends and capital gain distributions will be paid in cash.

Tax Consequences

Prospectus

Shareholder Information - continued

Taxes on distributions. Distributions you receive from the fund are subject to federal income tax, and may also be subject to state or local taxes.

Any taxable distributions you receive from the fund will normally be taxable to you when you receive them, regardless of your distribution option.

Prospectus

Fund Services

Fund Management

The fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

The Adviser began managing the fund on August 1, 2013. Prior to such date, the fund was managed by FMR, an affiliated investment adviser.

As the manager, the Adviser has overall responsibility for directing the fund's investments and handling its business affairs.

FMRC serves as a sub-adviser for the fund. FMRC has day-to-day responsibility for choosing investments for the fund.

<R>FMRC is an affiliate of the Adviser. As of December 31, 2014, FMRC had approximately $918.6 billion in discretionary assets under management.</R>

Other investment advisers assist the Adviser with foreign investments:

<R>FMR Investment Management (U.K.) Limited (FMR U.K.), at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for the fund. As of December 31, 2014, FMR U.K. had approximately $18.1 billion in discretionary assets under management. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR U.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for the fund. As of December 31, 2014, FMR H.K. had approximately $8.3 billion in discretionary assets under management. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR H.K. is an affiliate of the Adviser.</R>
<R>Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for the fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for the fund. FMR Japan is an affiliate of the Adviser.</R>

Matthew Drukker is portfolio manager of the fund, which he has managed since January 2013. He also manages other funds. Since joining Fidelity Investments in 2008, Mr. Drukker has worked as a research analyst and portfolio manager.

Prospectus

The SAI provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager.

The group fee rate is based on the average net assets of all funds advised by SelectCo or FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2015, the group fee rate was 0.25%. The individual fund fee rate is 0.30%.</R>

The Adviser pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

Prospectus

Fund Services - continued

Telecommunications Portfolio
	Class A	Class T	Class B	Class C
Rate	1.40%	1.65%	2.15%	2.15%

Fund Distribution

The fund is composed of multiple classes of shares. All classes of the fund have a common investment objective and investment portfolio.

FDC distributes each class's shares.

Intermediaries may receive from the Adviser, FDC, and/or their affiliates compensation for their services intended to result in the sale of class shares. This compensation may take the form of:

Sales charges and concessions.
Distribution and/or service (12b-1) fees.
Finder's fees.
Payments for additional distribution-related activities and/or shareholder services.
Payments for educational seminars and training, including seminars sponsored by Fidelity, or by an intermediary.

These payments are described in more detail in this section and in the SAI.

You may pay a sales charge when you buy or sell your Class A, Class T, Class B, and Class C shares.

FDC collects the sales charge.

The front-end sales charge will be reduced for purchases of Class A and Class T shares according to the sales charge schedules below.

Sales Charges and Concessions - Class A

	Sales Charge
	As a % of offering price^A	As an approximate % of net amount invested^A	Investment professional concession as % of offering price
Less than $50,000^B	5.75%	6.10%	5.00%
$50,000 but less than $100,000	4.50%	4.71%	3.75%
$100,000 but less than $250,000	3.50%	3.63%	2.75%
$250,000 but less than $500,000	2.50%	2.56%	2.00%
$500,000 but less than $1,000,000	2.00%	2.04%	1.75%
$1,000,000 but less than $4,000,000	None	None	1.00%^C
$4,000,000 but less than $25,000,000	None	None	0.50%^C
$25,000,000 or more	None	None	0.25%^C

Prospectus

<R>^BPurchases of $10.00 or less will not pay a sales charge.</R>

<R>^CCertain conditions and exceptions apply. See "Finder's Fees" on page 33.</R>

Sales Charges and Concessions - Class T

	Sales Charge
	As a % of offering price^A	As an approximate % of net amount invested^A	Investment professional concession as % of offering price
<R>Less than $50,000^B	3.50%	3.63%	3.00%</R>
$50,000 but less than $100,000	3.00%	3.09%	2.50%
$100,000 but less than $250,000	2.50%	2.56%	2.00%
$250,000 but less than $500,000	1.50%	1.52%	1.25%
$500,000 but less than $1,000,000	1.00%	1.01%	0.75%
<R>$1,000,000 or more	None	None	0.25%^C</R>

<R>^BPurchases of $10.00 or less will not pay a sales charge.</R>

<R>^CCertain conditions and exceptions apply. See "Finder's Fees" on page 33.</R>

Prospectus

Fund Services - continued

Prospectus

Fund Services - continued

Class B shares may, upon redemption for any reason, including failure to maintain the account minimum, be assessed a CDSC based on the following schedule:

From Date of Purchase	Contingent Deferred Sales Charge^A
Less than 1 year	5%
1 year to less than 2 years	4%
2 years to less than 3 years	3%
3 years to less than 4 years	3%
4 years to less than 5 years	2%
5 years to less than 6 years	1%
6 years to less than 7 years^B	0%

^BAfter a maximum of seven years, Class B shares will convert automatically to Class A shares of the fund.

Prospectus

A front-end sales charge will not apply to the following Class A or Class T shares:

2. Purchased for an insurance company separate account.

3. Purchased for managed account programs that charge an asset-based fee by a broker-dealer, registered investment adviser, insurance company, trust institution or bank trust department.

<R></R>

Prospectus

Fund Services - continued

7. Purchased to repay a loan against Class A, Class T, or Class B shares held in the investor's Fidelity Advisor 403(b) program.

<R>8. Purchased for an employer-sponsored health savings account.</R>

9. (Applicable only to Class A purchases after October 23, 2009) Purchased by a shareholder who redeemed Destiny^® Plan assets and received the proceeds in the form of directly held shares of a Fidelity Advisor fund after September 30, 2008.

<R>Pursuant to Rule 22d-1 under the Investment Company Act of 1940 (1940 Act), FDC exercises its right to waive Class A's and Class T's front-end sales charge on shares acquired through reinvestment of dividends and capital gain distributions or in connection with a fund's merger with or acquisition of any investment company or trust. FDC also exercises its right to waive Class A's and Class T's front-end sales charge on purchases of $10.00 or less.</R>