485BPOS 1 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. 89	[X]
and
REGISTRATION STATEMENT (No. 811-03114)
		UNDER THE INVESTMENT COMPANY ACT OF 1940	[X]
		Amendment No. 89	[X]

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

82 Devonshire St., Boston, Massachusetts 02109
(Address Of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number: 617-563-7000

Scott C. Goebel, Secretary
82 Devonshire Street
Boston, Massachusetts 02109
(Name and Address of Agent for Service)

It is proposed that this filing will become effective
	( )	immediately upon filing pursuant to paragraph (b).
	(X)	on (April 29, 2009) pursuant to paragraph (b) at 5:30 p.m. Eastern Time.
	( )	60 days after filing pursuant to paragraph (a)(1) at 5:30 p.m. Eastern Time.
	( )	on ( ) pursuant to paragraph (a)(1) of Rule 485 at 5:30 p.m. Eastern Time.
	( )	75 days after filing pursuant to paragraph (a)(2) at 5:30 p.m. Eastern Time.
	( )	on ( ) pursuant to paragraph (a)(2) of Rule 485 at 5:30 p.m. Eastern Time.

If appropriate, check the following box:
	( )	this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Supplement to the
Fidelity^® Select Portfolios^®
April 29, 2009
Prospectus

Effective the close of business on March 19, 2009, new positions in each of Paper and Forest Products Portfolio and Networking and Infrastructure Portfolio may no longer be opened. Shareholders of Paper and Forest Products Portfolio and Networking and Infrastructure Portfolio on that date may continue to add to their fund positions existing on that date. Investors who did not own shares of Paper and Forest Products Portfolio and Networking and Infrastructure Portfolio on March 19, 2009, generally will not be allowed to buy shares of the funds except that new fund positions may be opened: 1) by participants in most group employer retirement plans (and their successor plans) if the fund had been established (or was in the process of being established) as an investment option under the plans (or under another plan sponsored by the same employer) by March 19, 2009, 2) by participants in a 401(a) plan covered by a master record keeping services agreement between Fidelity and a national federation of employers that included the fund as a core investment option by March 19, 2009, 3) for accounts managed on a discretionary basis by certain registered investment advisers that have discretionary assets of at least $500 million invested in mutual funds and have included the fund in their discretionary account program since March 19, 2009, 4) by a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, and 5) by a portfolio manager of the fund. These restrictions generally will apply to investments made directly with Fidelity and investments made through intermediaries. Investors may be required to demonstrate eligibility to buy shares of Paper and Forest Products Portfolio and Networking and Infrastructure Portfolio before an investment is accepted.

Proposed Reorganizations. The Board of Trustees of Fidelity Select Portfolios has unanimously approved Agreements and Plans of Reorganization ("Agreements") between Paper and Forest Products Portfolio and Materials Portfolio, and Networking and Infrastructure Portfolio and Communications Equipment Portfolio.

The Agreements provide for the transfer of all of the assets and the assumption of all of the liabilities of each of Paper and Forest Products Portfolio and Networking and Infrastructure Portfolio in exchange for shares of Materials Portfolio and Communications Equipment Portfolio, respectively, equal in value to the relative net asset value of the outstanding shares of Paper and Forest Products Portfolio and Networking and Infrastructure Portfolio. After the exchange, each of Paper and Forest Products Portfolio and Networking and Infrastructure Portfolio will distribute the Materials Portfolio and Communications Equipment Portfolio shares to its shareholders pro rata, in liquidation of Paper and Forest Products Portfolio and Networking and Infrastructure Portfolio (these transactions are referred to as the "Reorganizations").

The Reorganizations can be consummated only if, among other things, they are approved by a "majority of the outstanding voting securities" of the respective fund, as that term is defined under the Investment Company Act of 1940. Special Meetings ("Meetings") of the Shareholders of Paper and Forest Products Portfolio and Networking and Infrastructure Portfolio are expected to be held on May 19, 2009, and approval of the Agreements will be voted on at that time. Shareholders of record on March 23, 2009 will be entitled to vote. In connection with the Meetings, Paper and Forest Products Portfolio and Networking and Infrastructure Portfolio will be filing with the Securities and Exchange Commission and delivering to their shareholders of record a Proxy Statement describing their respective Reorganizations and a Prospectus for Materials Portfolio or Communications Equipment Portfolio.

If the Agreements are approved at the Meetings and certain conditions required by the Agreements are satisfied, the Reorganizations are expected to take place in June 2009. If shareholder approval of any Agreement is delayed due to failure to meet a quorum or otherwise, that Reorganization will become effective, if approved, as soon as practicable thereafter.

In the event Paper and Forest Products Portfolio or Networking and Infrastructure Portfolio shareholders fail to approve that fund's Agreement, that fund will continue to engage in business as a registered investment company and FMR will consider other options for that fund, potentially including liquidation.

The foregoing is not a solicitation of any proxy. For free copies of the Proxy Statements describing the Reorganizations (and containing important information about fees, expenses and risk considerations) and a Prospectus for Materials Portfolio or Communications Equipment Portfolio, please call 1-800-544-3198. Each prospectus/proxy statement will also be available for free on the Securities and Exchange Commission's web site (www.sec.gov).

SEL-09-05		April 29, 2009
1.482105.221

Like securities of all mutual funds, these securities have not been approved or disapproved by the Securities and Exchange Commission, and the Securities and Exchange Commission has not determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Fidelity^®

Select

Portfolios^®

	Fund Number	Trading Symbol
Air Transportation Portfolio	034	FSAIX
Automotive Portfolio	502	FSAVX
Banking Portfolio	507	FSRBX
Biotechnology Portfolio	042	FBIOX
Brokerage and Investment Management Portfolio	068	FSLBX
Chemicals Portfolio	069	FSCHX
Communications Equipment Portfolio	518	FSDCX
Computers Portfolio	007	FDCPX
Construction and Housing Portfolio	511	FSHOX
Consumer Discretionary Portfolio	517	FSCPX
Consumer Staples Portfolio	009	FDFAX
Defense and Aerospace Portfolio	067	FSDAX
Electronics Portfolio	008	FSELX
Energy Portfolio	060	FSENX
Energy Service Portfolio	043	FSESX
Environmental Portfolio	516	FSLEX
Financial Services Portfolio	066	FIDSX
Gold Portfolio	041	FSAGX
Health Care Portfolio	063	FSPHX
Home Finance Portfolio	098	FSVLX
Industrial Equipment Portfolio	510	FSCGX
Industrials Portfolio	515	FCYIX
Insurance Portfolio	045	FSPCX
IT Services Portfolio	353	FBSOX
Leisure Portfolio	062	FDLSX
Materials Portfolio	509	FSDPX
Medical Delivery Portfolio	505	FSHCX
Medical Equipment and Systems Portfolio	354	FSMEX
Multimedia Portfolio	503	FBMPX
Natural Gas Portfolio	513	FSNGX
Natural Resources Portfolio	514	FNARX
Networking and Infrastructure Portfolio	912	FNINX
Paper and Forest Products Portfolio	506	FSPFX
Pharmaceuticals Portfolio	580	FPHAX
Retailing Portfolio	046	FSRPX
Software and Computer Services Portfolio	028	FSCSX
Technology Portfolio	064	FSPTX
Telecommunications Portfolio	096	FSTCX
Transportation Portfolio	512	FSRFX
<R>Utilities Portfolio (formerly Utilities Growth Portfolio)	065	FSUTX</R>
Wireless Portfolio	963	FWRLX

Prospectus

<R>April 29, 2009</R>

(fidelity_logo_graphic)
82 Devonshire Street, Boston, MA 02109

Fund Summary	<Click Here>	Investment Summary
	<Click Here>	Performance
	<Click Here>	Fee Table
Fund Basics	<Click Here>	Investment Details
	<Click Here>	Valuing Shares
Shareholder Information	<Click Here>	Buying and Selling 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

Prospectus

Fund Summary

Each of Consumer Staples, Gold, Materials, and Telecommunications is composed of multiple classes of shares. All classes of a multiple class fund have a common investment objective and investment portfolio. Only one class of shares of each multiple class fund is offered through this prospectus.

In this prospectus, the term "shares" (as it relates to the funds) means, as applicable, the shares of a non-multiple class fund offered through this prospectus or the one class of shares of a multiple class fund offered through this prospectus.

Investment Summary

Investment Objective

Air Transportation seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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, and the price of fuel.
<R>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.</R>

<R>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.</R>

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.

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.

Investment Objective

Automotive seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Automotive Industry Concentration. The automotive industry is highly cyclical and can be significantly affected by labor relations and fluctuating component prices.
<R>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.</R>

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.

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.

Investment Objective

Banking seeks capital appreciation.

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in banking.

Prospectus

Fund Summary - continued

Investing in domestic and foreign issuers.
Using fundamental analysis to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Banking Industry Concentration. The banking industry can be significantly affected by legislation, competition and by changes in general economic conditions and interest rates.
<R>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.</R>

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.

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.

Investment Objective

Biotechnology seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Biotechnology Industry Concentration. The biotechnology industry can be significantly affected by patent considerations, intense competition, rapid technological change and obsolescence, and government regulation.
<R>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.</R>

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.

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.

Investment Objective

Brokerage and Investment Management seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

Prospectus

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.

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.

Investment Objective

Chemicals seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Chemical Industry Concentration. The chemical 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.
<R>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.</R>

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.

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.

Investment Objective

Communications Equipment seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

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.

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.

Investment Objective

Computers seeks capital appreciation.

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.

Prospectus

Fund Summary - continued

Investing in domestic and foreign issuers.
Using fundamental analysis to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

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.

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.

Investment Objective

Construction and Housing seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Construction and Housing Industry Concentration. The construction and housing industry can be significantly affected by changes in government spending, interest rates, consumer confidence and spending, taxation, demographic patterns, housing starts, and the level of new and existing home sales.
<R>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.</R>

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.

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.

Investment Objective

Consumer Discretionary seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

Prospectus

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.
<R>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.</R>

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.

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.

Investment Objective

Consumer Staples seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
<R>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, and government regulation, the performance of the overall economy, interest rates, and consumer confidence.</R>
<R>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.</R>

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.

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.

Investment Objective

Defense and Aerospace seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Defense and Aerospace Industry Concentration. The defense and aerospace industry can be significantly affected by government defense and aerospace regulation and spending policies.
<R>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.</R>

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.

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.

Prospectus

Fund Summary - continued

Investment Objective

Electronics seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Electronics Industry Concentration. The electronics industry can be significantly affected by rapid obsolescence, intense competition, and global demand.
<R>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.</R>

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.

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.

Investment Objective

Energy seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

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.

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.

Investment Objective

Energy Service seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.

Prospectus

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 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, and economic conditions.
<R>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.</R>

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.

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.

Investment Objective

Environmental seeks capital appreciation.

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 distribution of products, processes, or services related to waste management, pollution control or reduction, conservation, improving the environment or other environmental concerns.
Investing in domestic and foreign issuers.
Using fundamental analysis to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Environmental Industry Concentration. The environmental industry can be significantly affected by intense competition and legislation resulting in more strict government regulations and enforcement policies and specific expenditures for cleanup efforts, and can be subject to risks associated with hazardous materials.
<R>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.</R>

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.

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.

Investment Objective

Financial Services seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

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.

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.

Investment Objective

Gold seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
<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. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile.</R>
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.
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.
<R>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.</R>

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.

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.

Investment Objective

Health Care seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

Prospectus

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.

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.

Investment Objective

Home Finance seeks capital appreciation.

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in providing mortgages and other consumer loans and related services associated with home finance.
Investing in domestic and foreign issuers.
Using fundamental analysis to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Home Finance Industry Concentration. The home finance industry can be significantly affected by regulatory changes, interest rate movements, home mortgage demand, refinancing activity, and residential delinquency trends.
<R>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.</R>

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.

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.

Investment Objective

Industrial Equipment seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

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.

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.

Investment Objective

Industrials seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.

Prospectus

Fund Summary - continued

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.
<R>Industrials Industry Concentration. Industrial industries can be significantly affected by general economic trends, change in consumer sentiment and spending commodity prices, legislation, government regulation and spending, import controls, and worldwide competition, and can be subject to liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.</R>
<R>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.</R>

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.

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.

Investment Objective

Insurance seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

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.

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.

Investment Objective

IT Services seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

Prospectus

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.

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.

Investment Objective

Leisure seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Leisure Industry Concentration. The leisure industry can be significantly affected by the performance of the overall economy, changing consumer tastes, intense competition, technological developments, and government regulation.
<R>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.</R>

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.

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.

Investment Objective

Materials seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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 controls, worldwide competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.
<R>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.</R>

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.

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.

Investment Objective

Medical Delivery seeks capital appreciation.

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.

Prospectus

Fund Summary - continued

Investing in domestic and foreign issuers.
Using fundamental analysis to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

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.

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.

Investment Objective

Medical Equipment and Systems seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Medical Equipment and Systems Industry Concentration. The medical equipment and systems industry can be significantly affected by patent considerations, rapid technological change and obsolescence, government regulation, and government reimbursement for medical expenses.
<R>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.</R>

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.

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.

Investment Objective

Multimedia seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

Prospectus

Multimedia Industry Concentration. The multimedia industry can be significantly affected by the federal deregulation of cable and broadcasting, competitive pressures, and government regulation.
<R>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.</R>

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.

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.

Investment Objective

Natural Gas seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

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.

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.

Investment Objective

Natural Resources seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

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.

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.

Investment Objective

Networking and Infrastructure seeks capital appreciation.

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, sale, or distribution of products, services, or technologies that support the flow of electronic information, including voice, data, images, and commercial transactions.
Investing in domestic and foreign issuers.
Using fundamental analysis to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Networking and Infrastructure Industry Concentration. The networking and infrastructure industry is rapidly evolving and can be significantly affected by corporate capital expenditure trends, competitive pressures, and rapid obsolescence due to technological innovation or changing consumer preferences.
<R>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.</R>

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.

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.

Investment Objective

Paper and Forest Products seeks capital appreciation.

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, research, sale, or distribution of paper products, packaging products, building materials, and other products related to the paper and forest products industry.
Investing in domestic and foreign issuers.
Using fundamental analysis to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Paper and Forest Products Industry Concentration. The paper and forest products industry can be significantly affected by the health of the economy, worldwide production capacity, and interest rates.
<R>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.</R>

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.

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.

Investment Objective

Pharmaceuticals seeks capital appreciation.

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.

Prospectus

Investing in domestic and foreign issuers.
Using fundamental analysis to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

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.

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.

Investment Objective

Retailing seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Retail Industry Concentration. The retail industry can be significantly affected by consumer confidence and spending, intense competition, and changing consumer tastes.
<R>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.</R>

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.

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.

Investment Objective

Software and Computer Services seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

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.

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.

Investment Objective

Technology seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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.
<R>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.</R>

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.

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.

Investment Objective

Telecommunications seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Telecom Services Industry Concentration. The telecom services industry is subject to government regulation of rates of return and services that may be offered and can be significantly affected by intense competition.
<R>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.</R>

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.

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.

Investment Objective

Transportation seeks capital appreciation.

Principal Investment Strategies

Normally investing primarily in common stocks.

Prospectus

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Transportation Industry Concentration. The transportation industry can be significantly affected by changes in the economy, fuel prices, labor relations, insurance costs, and government regulation.
<R>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.</R>

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.

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.

Investment Objective

<R>Utilities seeks capital appreciation.</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 utilities industry and companies deriving a majority of their revenues from their utility operations.
Investing in domestic and foreign issuers.
Using fundamental analysis to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Utilities Industry Concentration. The utilities industries can be significantly affected by government regulation, financing difficulties, supply and demand of services or fuel, and natural resource conservation.
<R>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.</R>

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.

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.

Investment Objective

Wireless seeks capital appreciation.

Principal Investment Strategies

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in activities relating to wireless communications services or products.
Investing in domestic and foreign issuers.
Using fundamental analysis to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Wireless Industry Concentration. The wireless industry can be significantly affected by failure or delays in obtaining financing or regulatory approval, intense competition, product incompatibility, changing consumer preferences, rapid obsolescence, significant capital expenditures, and heavy debt burdens.

Prospectus

Fund Summary - continued

<R>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.</R>

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.

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.

Performance

<R>The following information is intended to help you understand the risks of investing in each fund. The information illustrates the changes in the performance of each fund's shares from year to year, and compares the performance of each fund's shares to the performance of a market index over various periods of time. Each fund also compares the performance of its shares to the performance of an additional index over various periods of time. Prior to October 1, 2006, Communications Equipment was named Developing Communications, Consumer Discretionary was named Consumer Industries, Consumer Staples was named Food and Agriculture, Industrials was named Cyclical Industries, IT Services was named Business Service and Outsourcing, Materials was named Industrial Materials, and each of these funds operated under certain different investment policies and compared its performance to a different additional index. The historical performance for each of these funds may not represent its current investment policies. Prior to October 1, 2006, Utilities 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. Returns (before and after taxes) are based on past results and are not an indication of future performance.</R>

<R>Visit www.fidelity.com for current return information.</R>

Year-by-Year Returns

<R>Air Transportation</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	34.49%	39.71%	-15.09%	-26.19%	35.96%	14.06%	21.91%	22.46%	-1.92%	-32.57%</R>

<R>During the periods shown in the chart for Air Transportation:	Returns	Quarter ended</R>
<R>Highest Quarter Return	35.23%	June 30, 2003</R>
<R>Lowest Quarter Return	-27.27%	September 30, 2001</R>
<R>Year-to-Date Return	-30.25%	March 31, 2009</R>

<R>Automotive</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	-13.47%	-7.24%	22.82%	-6.48%	43.53%	7.11%	-1.75%	13.33%	0.01%	-61.20%</R>

<R>During the periods shown in the chart for Automotive:	Returns	Quarter ended</R>
<R>Highest Quarter Return	26.81%	December 31, 2001</R>
<R>Lowest Quarter Return	-44.67%	December 31, 2008</R>
<R>Year-to-Date Return	-13.71%	March 31, 2009</R>

<R>Banking</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	-10.07%	18.28%	0.44%	-7.74%	32.29%	11.68%	-0.14%	13.15%	-21.18%	-37.48%</R>

<R>During the periods shown in the chart for Banking:	Returns	Quarter ended</R>
<R>Highest Quarter Return	20.58%	September 30, 2000</R>
<R>Lowest Quarter Return	-20.84%	June 30, 2008</R>
<R>Year-to-Date Return	-33.33%	March 31, 2009</R>

<R>Biotechnology</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	77.77%	32.75%	-24.98%	-40.53%	32.92%	11.99%	8.76%	3.60%	2.65%	-11.35%</R>

<R>During the periods shown in the chart for Biotechnology:	Returns	Quarter ended</R>
<R>Highest Quarter Return	40.70%	December 31, 1999</R>
<R>Lowest Quarter Return	-34.80%	March 31, 2001</R>
<R>Year-to-Date Return	-2.69%	March 31, 2009</R>

<R>Brokerage and Investment Management</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	30.65%	28.08%	-9.09%	-17.24%	36.47%	12.95%	29.87%	21.27%	-0.15%	-49.31%</R>

<R>During the periods shown in the chart for Brokerage and Investment Management:	Returns	Quarter ended</R>
<R>Highest Quarter Return	27.60%	June 30, 2003</R>
<R>Lowest Quarter Return	-29.70%	December 31, 2008</R>
<R>Year-to-Date Return	-11.18%	March 31, 2009</R>

<R>Chemicals</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	19.19%	2.93%	12.36%	-9.62%	35.10%	32.81%	1.10%	16.84%	28.42%	-43.34%</R>

<R>During the periods shown in the chart for Chemicals:	Returns	Quarter ended</R>
<R>Highest Quarter Return	25.21%	December 31, 2003</R>
<R>Lowest Quarter Return	-31.90%	December 31, 2008</R>
<R>Year-to-Date Return	5.45%	March 31, 2009</R>

<R>Communications Equipment</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	122.50%	-28.77%	-36.13%	-47.78%	68.09%	16.52%	3.52%	2.25%	9.78%	-48.49%</R>

<R>During the periods shown in the chart for Communications Equipment:	Returns	Quarter ended</R>
<R>Highest Quarter Return	63.51%	December 31, 1999</R>
<R>Lowest Quarter Return	-36.53%	December 31, 2000</R>
<R>Year-to-Date Return	6.42%	March 31, 2009</R>

<R>Computers</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	81.10%	-30.39%	-27.33%	-42.05%	62.70%	-1.98%	2.65%	9.45%	22.44%	-48.52%</R>

<R>During the periods shown in the chart for Computers:	Returns	Quarter ended</R>
<R>Highest Quarter Return	41.69%	December 31, 1999</R>
<R>Lowest Quarter Return	-37.06%	September 30, 2001</R>
<R>Year-to-Date Return	7.91%	March 31, 2009</R>

<R>Construction and Housing</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	-12.45%	8.86%	20.01%	-8.50%	44.09%	28.52%	9.36%	7.12%	-13.87%	-26.81%</R>

<R>During the periods shown in the chart for Construction and Housing:	Returns	Quarter ended</R>
<R>Highest Quarter Return	25.42%	December 31, 2001</R>
<R>Lowest Quarter Return	-22.43%	September 30, 2002</R>
<R>Year-to-Date Return	-13.07%	March 31, 2009</R>

<R>Consumer Discretionary</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	10.14%	-9.33%	-3.14%	-17.08%	23.90%	9.23%	2.82%	13.06%	-8.31%	-34.64%</R>

<R>During the periods shown in the chart for Consumer Discretionary:	Returns	Quarter ended</R>
<R>Highest Quarter Return	14.05%	December 31, 1999</R>
<R>Lowest Quarter Return	-22.55%	December 31, 2008</R>
<R>Year-to-Date Return	-3.66%	March 31, 2009</R>

<R>Consumer Staples^A</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	-20.47%	29.85%	-0.47%	-6.67%	14.11%	15.81%	5.85%	20.18%	21.49%	-22.31%</R>

<R>During the periods shown in the chart for Consumer Staples:	Returns	Quarter ended</R>
<R>Highest Quarter Return	17.29%	December 31, 2000</R>
<R>Lowest Quarter Return	-13.69%	September 30, 2002</R>
<R>Year-to-Date Return	-10.32%	March 31, 2009</R>

<R>^AThe returns shown above are for a class of shares of the fund.</R>

<R>Defense and Aerospace</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	11.83%	18.92%	1.18%	-6.80%	38.07%	19.54%	17.89%	20.66%	17.81%	-40.17%</R>

<R>During the periods shown in the chart for Defense and Aerospace:	Returns	Quarter ended</R>
<R>Highest Quarter Return	21.69%	December 31, 2003</R>
<R>Lowest Quarter Return	-18.55%	December 31, 2008</R>
<R>Year-to-Date Return	-16.67%	March 31, 2009</R>

<R>Electronics</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	106.68%	-17.54%	-14.73%	-50.54%	71.89%	-9.81%	15.75%	0.30%	4.67%	-49.87%</R>

<R>During the periods shown in the chart for Electronics:	Returns	Quarter ended</R>
<R>Highest Quarter Return	47.25%	December 31, 2001</R>
<R>Lowest Quarter Return	-37.41%	September 30, 2001</R>
<R>Year-to-Date Return	8.30%	March 31, 2009</R>

<R>Energy</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	34.23%	31.77%	-11.97%	-11.48%	22.87%	31.68%	51.99%	14.21%	45.53%	-54.00%</R>

<R>During the periods shown in the chart for Energy:	Returns	Quarter ended</R>
<R>Highest Quarter Return	24.12%	September 30, 2005</R>
<R>Lowest Quarter Return	-37.94%	September 30, 2008</R>
<R>Year-to-Date Return	-5.45%	March 31, 2009</R>

<R>Energy Service</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	72.15%	50.34%	-21.01%	-0.68%	7.59%	34.93%	54.14%	8.64%	55.21%	-63.16%</R>

<R>During the periods shown in the chart for Energy Service:	Returns	Quarter ended</R>
<R>Highest Quarter Return	39.07%	December 31, 2001</R>
<R>Lowest Quarter Return	-50.71%	December 31, 2008</R>
<R>Year-to-Date Return	-1.39%	March 31, 2009</R>

<R>Environmental</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	-25.85%	34.49%	-9.33%	-16.37%	28.97%	7.44%	9.37%	10.49%	12.44%	-30.45%</R>

<R>During the periods shown in the chart for Environmental:	Returns	Quarter ended</R>
<R>Highest Quarter Return	21.53%	June 30, 1999</R>
<R>Lowest Quarter Return	-30.60%	September 30, 1999</R>
<R>Year-to-Date Return	-17.63%	March 31, 2009</R>

<R>Financial Services</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	1.56%	28.50%	-9.12%	-11.40%	30.57%	11.20%	7.48%	16.12%	-13.59%	-49.89%</R>

<R>During the periods shown in the chart for Financial Services:	Returns	Quarter ended</R>
<R>Highest Quarter Return	22.47%	September 30, 2000</R>
<R>Lowest Quarter Return	-27.62%	December 31, 2008</R>
<R>Year-to-Date Return	-22.39%	March 31, 2009</R>

<R>Gold^A</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	8.36%	-18.05%	24.99%	64.28%	32.09%	-9.79%	40.59%	25.38%	24.93%	-20.49%</R>

<R>During the periods shown in the chart for Gold:	Returns	Quarter ended</R>
<R>Highest Quarter Return	35.72%	March 31, 2002</R>
<R>Lowest Quarter Return	-28.72%	September 30, 2008</R>
<R>Year-to-Date Return	8.01%	March 31, 2009</R>

<R>^AThe returns shown above are for a class of shares of the fund.</R>

<R>Health Care</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	-2.88%	36.65%	-15.01%	-18.05%	15.91%	8.66%	16.88%	4.98%	12.45%	-32.44%</R>

<R>During the periods shown in the chart for Health Care:	Returns	Quarter ended</R>
<R>Highest Quarter Return	20.83%	June 30, 2000</R>
<R>Lowest Quarter Return	-18.22%	March 31, 2001</R>
<R>Year-to-Date Return	-1.32%	March 31, 2009</R>

<R>Home Finance</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	-12.37%	50.23%	-3.17%	-0.70%	36.92%	13.25%	-7.12%	12.17%	-37.96%	-58.55%</R>

<R>During the periods shown in the chart for Home Finance:	Returns	Quarter ended</R>
<R>Highest Quarter Return	30.96%	September 30, 2000</R>
<R>Lowest Quarter Return	-25.20%	December 31, 2007</R>
<R>Year-to-Date Return	-20.64%	March 31, 2009</R>

<R>Industrial Equipment</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	17.39%	-4.22%	-1.00%	-22.92%	41.46%	12.82%	7.41%	17.04%	23.18%	-46.77%</R>

<R>During the periods shown in the chart for Industrial Equipment:	Returns	Quarter ended</R>
<R>Highest Quarter Return	24.31%	December 31, 2003</R>
<R>Lowest Quarter Return	-28.55%	December 31, 2008</R>
<R>Year-to-Date Return	-16.21%	March 31, 2009</R>

<R>Industrials</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	13.05%	9.80%	2.27%	-19.96%	37.64%	23.48%	12.33%	14.80%	17.70%	-40.14%</R>

<R>During the periods shown in the chart for Industrials:	Returns	Quarter ended</R>
<R>Highest Quarter Return	21.17%	December 31, 2001</R>
<R>Lowest Quarter Return	-25.19%	December 31, 2008</R>
<R>Year-to-Date Return	-14.92%	March 31, 2009</R>

<R>Insurance</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	-5.95%	53.26%	-4.91%	-5.64%	27.47%	12.79%	13.76%	11.35%	-4.35%	-46.99%</R>

<R>During the periods shown in the chart for Insurance:	Returns	Quarter ended</R>
<R>Highest Quarter Return	26.79%	September 30, 2000</R>
<R>Lowest Quarter Return	-19.02%	September 30, 1999</R>
<R>Year-to-Date Return	-17.71%	March 31, 2009</R>

<R>IT Services</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	29.39%	-1.61%	9.61%	-26.90%	26.14%	14.60%	6.10%	14.65%	11.54%	-32.91%</R>

<R>During the periods shown in the chart for IT Services:	Returns	Quarter ended</R>
<R>Highest Quarter Return	25.22%	December 31, 2001</R>
<R>Lowest Quarter Return	-23.79%	December 31, 2008</R>
<R>Year-to-Date Return	1.61%	March 31, 2009</R>

<R>Leisure</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	32.83%	-24.45%	3.25%	-21.13%	41.85%	17.51%	3.99%	16.28%	4.19%	-29.05%</R>

<R>During the periods shown in the chart for Leisure:	Returns	Quarter ended</R>
<R>Highest Quarter Return	21.69%	June 30, 2003</R>
<R>Lowest Quarter Return	-22.89%	September 30, 2001</R>
<R>Year-to-Date Return	-6.11%	March 31, 2009</R>

<R>Materials^A</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	16.48%	-5.43%	7.77%	1.03%	50.32%	13.04%	14.32%	19.47%	29.21%	-47.56%</R>

<R>During the periods shown in the chart for Materials:	Returns	Quarter ended</R>
<R>Highest Quarter Return	25.19%	December 31, 2003</R>
<R>Lowest Quarter Return	-30.14%	December 31, 2008</R>
<R>Year-to-Date Return	3.25%	March 31, 2009</R>

<R>^AThe returns shown above are for a class of shares of the fund.</R>

<R>Medical Delivery</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	-29.59%	67.82%	-2.32%	-12.13%	30.15%	45.46%	29.02%	-1.63%	16.86%	-44.56%</R>

<R>During the periods shown in the chart for Medical Delivery:	Returns	Quarter ended</R>
<R>Highest Quarter Return	29.79%	December 31, 2004</R>
<R>Lowest Quarter Return	-25.94%	March 31, 2008</R>
<R>Year-to-Date Return	-9.38%	March 31, 2009</R>

<R>Medical Equipment and Systems</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	10.72%	50.37%	0.32%	-6.24%	33.36%	17.48%	7.46%	4.03%	17.87%	-23.38%</R>

<R>During the periods shown in the chart for Medical Equipment and Systems:	Returns	Quarter ended</R>
<R>Highest Quarter Return	15.33%	June 30, 2000</R>
<R>Lowest Quarter Return	-25.55%	December 31, 2008</R>
<R>Year-to-Date Return	0.11%	March 31, 2009</R>

<R>Multimedia</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	44.14%	-23.11%	-0.97%	-12.84%	43.89%	3.01%	7.44%	13.97%	-9.28%	-39.29%</R>

<R>During the periods shown in the chart for Multimedia:	Returns	Quarter ended</R>
<R>Highest Quarter Return	30.17%	June 30, 2003</R>
<R>Lowest Quarter Return	-24.41%	December 31, 2008</R>
<R>Year-to-Date Return	-10.50%	March 31, 2009</R>

<R>Natural Gas</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	26.19%	71.29%	-22.75%	-9.55%	28.68%	40.26%	45.71%	5.24%	40.91%	-56.65%</R>

<R>During the periods shown in the chart for Natural Gas:	Returns	Quarter ended</R>
<R>Highest Quarter Return	26.34%	September 30, 2005</R>
<R>Lowest Quarter Return	-40.29%	September 30, 2008</R>
<R>Year-to-Date Return	0.00%	March 31, 2009</R>

<R>Natural Resources</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	38.80%	30.43%	-11.37%	-11.74%	29.48%	23.54%	46.01%	19.07%	50.08%	-52.39%</R>

<R>During the periods shown in the chart for Natural Resources:	Returns	Quarter ended</R>
<R>Highest Quarter Return	24.30%	September 30, 2005</R>
<R>Lowest Quarter Return	-37.37%	September 30, 2008</R>
<R>Year-to-Date Return	-3.13%	March 31, 2009</R>

<R>Networking and Infrastructure</R>
<R>Calendar Years	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	-50.25%	-49.49%	57.05%	0.43%	0.00%	5.11%	0.40%	-50.40%</R>

<R>During the periods shown in the chart for Networking and Infrastructure:	Returns	Quarter ended</R>
<R>Highest Quarter Return	46.77%	December 31, 2001</R>
<R>Lowest Quarter Return	-44.01%	March 31, 2001</R>
<R>Year-to-Date Return	12.20%	March 31, 2009</R>

<R>Paper and Forest Products</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	30.51%	1.12%	6.50%	-2.30%	19.07%	8.00%	-8.29%	11.66%	0.76%	-49.04%</R>

<R>During the periods shown in the chart for Paper and Forest Products:	Returns	Quarter ended</R>
<R>Highest Quarter Return	21.00%	December 31, 2000</R>
<R>Lowest Quarter Return	-38.45%	December 31, 2008</R>
<R>Year-to-Date Return	-10.76%	March 31, 2009</R>

<R>Pharmaceuticals</R>
<R>Calendar Years	2002	2003	2004	2005	2006	2007	2008</R>
<R>	-23.37%	20.33%	3.31%	9.79%	12.45%	13.40%	-22.71%</R>

<R>During the periods shown in the chart for Pharmaceuticals:	Returns	Quarter ended</R>
<R>Highest Quarter Return	16.50%	June 30, 2003</R>
<R>Lowest Quarter Return	-17.06%	September 30, 2002</R>
<R>Year-to-Date Return	-4.09%	March 31, 2009</R>

<R>Retailing</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	5.20%	-11.27%	-2.39%	-18.94%	31.10%	16.10%	7.13%	15.12%	-7.97%	-29.58%</R>

<R>During the periods shown in the chart for Retailing:	Returns	Quarter ended</R>
<R>Highest Quarter Return	23.55%	June 30, 2003</R>
<R>Lowest Quarter Return	-20.25%	September 30, 2002</R>
<R>Year-to-Date Return	10.28%	March 31, 2009</R>

<R>Software and Computer Services</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	93.12%	-20.19%	-6.99%	-23.39%	35.02%	7.63%	0.04%	24.92%	23.88%	-42.14%</R>

<R>During the periods shown in the chart for Software and Computer Services:	Returns	Quarter ended</R>
<R>Highest Quarter Return	57.10%	December 31, 1999</R>
<R>Lowest Quarter Return	-41.13%	September 30, 2001</R>
<R>Year-to-Date Return	2.98%	March 31, 2009</R>

<R>Technology</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	131.75%	-32.30%	-31.70%	-37.79%	59.39%	0.43%	4.92%	7.51%	19.78%	-51.09%</R>

<R>During the periods shown in the chart for Technology:	Returns	Quarter ended</R>
<R>Highest Quarter Return	62.10%	December 31, 1999</R>
<R>Lowest Quarter Return	-38.25%	September 30, 2001</R>
<R>Year-to-Date Return	6.33%	March 31, 2009</R>

<R>Telecommunications^A</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	66.60%	-37.41%	-27.97%	-29.32%	25.51%	17.54%	5.15%	26.78%	8.20%	-47.64%</R>

<R>During the periods shown in the chart for Telecommunications:	Returns	Quarter ended</R>
<R>Highest Quarter Return	36.60%	December 31, 2002</R>
<R>Lowest Quarter Return	-29.29%	June 30, 2002</R>
<R>Year-to-Date Return	9.19%	March 31, 2009</R>

<R>^AThe returns shown above are for a class of shares of the fund.</R>

<R>Transportation</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	27.69%	17.74%	6.21%	-16.44%	38.14%	27.02%	11.90%	9.50%	-0.59%	-27.03%</R>

<R>During the periods shown in the chart for Transportation:	Returns	Quarter ended</R>
<R>Highest Quarter Return	23.82%	June 30, 2003</R>
<R>Lowest Quarter Return	-22.05%	September 30, 2002</R>
<R>Year-to-Date Return	-21.28%	March 31, 2009</R>

<R>Utilities</R>
<R>Calendar Years	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	25.92%	-13.52%	-21.89%	-30.40%	26.42%	24.22%	9.36%	30.08%	18.13%	-36.00%</R>

<R>During the periods shown in the chart for Utilities:	Returns	Quarter ended</R>
<R>Highest Quarter Return	23.50%	June 30, 2003</R>
<R>Lowest Quarter Return	-26.14%	September 30, 2008</R>
<R>Year-to-Date Return	-11.80%	March 31, 2009</R>

<R>Wireless</R>
<R>Calendar Years	2001	2002	2003	2004	2005	2006	2007	2008</R>
<R>	-34.74%	-55.25%	68.31%	42.54%	17.32%	8.67%	27.46%	-49.62%</R>

<R>During the periods shown in the chart for Wireless:	Returns	Quarter ended</R>
<R>Highest Quarter Return	27.87%	June 30, 2003</R>
<R>Lowest Quarter Return	-30.50%	June 30, 2002</R>
<R>Year-to-Date Return	13.52%	March 31, 2009</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. 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. 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.

<R>For the periods ended December 31, 2008	Past 1 year	Past 5 years	Past 10 years/Life of fund</R>
<R>Air Transportation			</R>
<R>Return Before Taxes	-32.57%	2.40%	6.07%</R>
<R>Return After Taxes on Distributions	-33.43%	1.63%	4.75%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-19.62%	2.38%	4.96%</R>
<R>S&P 500^® (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>S&P^® Custom Air Transportation Index (reflects no deduction for fees, expenses, or taxes)	-36.96%	0.64%	--</R>
<R>Automotive			</R>
<R>Return Before Taxes	-61.20%	-14.28%	-4.79%</R>
<R>Return After Taxes on Distributions	-61.32%	-14.49%	-4.90%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-39.62%	-11.45%	-3.90%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI^® US Investable Market Automobiles & Components Index (reflects no deduction for fees, expenses, or taxes)	-64.52%	-21.82%	-13.46%</R>
<R>Banking			</R>
<R>Return Before Taxes	-37.48%	-9.06%	-2.07%</R>
<R>Return After Taxes on Distributions	-37.88%	-10.38%	-3.55%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-23.96%	-6.71%	-1.52%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Banks Index (reflects no deduction for fees, expenses, or taxes)	-40.27%	-11.29%	-2.78%</R>
<R>Biotechnology			</R>
<R>Return Before Taxes	-11.35%	2.80%	4.86%</R>
<R>Return After Taxes on Distributions	-11.35%	2.80%	4.62%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-7.38%	2.40%	4.13%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Biotechnology Index (reflects no deduction for fees, expenses, or taxes)	5.07%	6.17%	10.15%</R>
<R>Brokerage and Investment Management			</R>
<R>Return Before Taxes	-49.31%	-2.08%	4.46%</R>
<R>Return After Taxes on Distributions	-49.91%	-3.21%	3.26%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-30.93%	-1.20%	3.99%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Capital Markets Index (reflects no deduction for fees, expenses, or taxes)	-59.58%	-8.11%	--</R>
<R>Chemicals			</R>
<R>Return Before Taxes	-43.34%	2.68%	6.75%</R>
<R>Return After Taxes on Distributions	-43.46%	1.88%	6.13%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-28.00%	2.44%	5.89%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Chemicals Index (reflects no deduction for fees, expenses, or taxes)	-42.55%	1.13%	3.09%</R>
<R>Communications Equipment			</R>
<R>Return Before Taxes	-48.49%	-6.96%	-4.67%</R>
<R>Return After Taxes on Distributions	-48.53%	-6.97%	-5.86%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-31.49%	-5.78%	-3.72%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Communications Equipment Index (reflects no deduction for fees, expenses, or taxes)	-40.88%	-6.74%	-8.91%</R>
<R>Computers			</R>
<R>Return Before Taxes	-48.52%	-7.04%	-4.99%</R>
<R>Return After Taxes on Distributions	-48.52%	-7.04%	-5.98%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-31.54%	-5.84%	-3.84%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Computers & Peripherals Index (reflects no deduction for fees, expenses, or taxes)	-41.69%	-0.59%	-2.92%</R>
<R>Construction and Housing			</R>
<R>Return Before Taxes	-26.81%	-1.04%	3.65%</R>
<R>Return After Taxes on Distributions	-27.25%	-1.97%	2.66%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-16.71%	-0.53%	3.05%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Construction & Housing Custom Index (reflects no deduction for fees, expenses, or taxes)	-27.27%	-3.79%	--</R>
<R>Consumer Discretionary			</R>
<R>Return Before Taxes	-34.64%	-5.32%	-2.75%</R>
<R>Return After Taxes on Distributions	-34.70%	-6.14%	-3.74%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-22.43%	-4.17%	-2.23%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Consumer Discretionary Index (reflects no deduction for fees, expenses, or taxes)	-38.05%	-6.85%	-2.55%</R>
<R>Consumer Staples^A			</R>
<R>Return Before Taxes	-22.31%	6.82%	4.29%</R>
<R>Return After Taxes on Distributions	-22.47%	6.19%	3.50%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-14.30%	5.86%	3.45%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Consumer Staples Index (reflects no deduction for fees, expenses, or taxes)	-16.38%	4.59%	2.68%</R>
<R>Defense and Aerospace			</R>
<R>Return Before Taxes	-40.17%	3.69%	7.57%</R>
<R>Return After Taxes on Distributions	-40.80%	2.77%	6.87%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-24.74%	3.53%	6.69%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Aerospace & Defense Index (reflects no deduction for fees, expenses, or taxes)	-36.59%	5.97%	5.32%</R>
<R>Electronics			</R>
<R>Return Before Taxes	-49.87%	-11.29%	-3.80%</R>
<R>Return After Taxes on Distributions	-49.94%	-11.33%	-4.49%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-32.34%	-9.19%	-2.78%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Semiconductors & Semiconductor Equipment Index (reflects no deduction for fees, expenses, or taxes)	-48.98%	-14.38%	--</R>
<R>Energy			</R>
<R>Return Before Taxes	-54.00%	8.88%	9.99%</R>
<R>Return After Taxes on Distributions	-54.13%	7.93%	9.00%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-34.62%	7.93%	8.71%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Energy Index (reflects no deduction for fees, expenses, or taxes)	-36.93%	13.08%	10.85%</R>
<R>Energy Service			</R>
<R>Return Before Taxes	-63.16%	5.25%	10.93%</R>
<R>Return After Taxes on Distributions	-63.39%	4.85%	10.72%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-40.03%	5.03%	10.03%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Energy Equipment & Services Index (reflects no deduction for fees, expenses, or taxes)	-59.00%	6.53%	7.87%</R>
<R>Environmental			</R>
<R>Return Before Taxes	-30.45%	0.30%	-0.10%</R>
<R>Return After Taxes on Distributions	-30.51%	0.28%	-0.11%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-19.72%	0.26%	-0.08%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Industrials Index (reflects no deduction for fees, expenses, or taxes)	-39.90%	-0.44%	1.55%</R>
<R>Financial Services			</R>
<R>Return Before Taxes	-49.89%	-9.69%	-1.91%</R>
<R>Return After Taxes on Distributions	-50.11%	-10.72%	-2.85%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-32.15%	-7.24%	-1.28%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Financials Index (reflects no deduction for fees, expenses, or taxes)	-49.11%	-9.45%	-1.38%</R>
<R>Gold^A			</R>
<R>Return Before Taxes	-20.49%	9.57%	14.29%</R>
<R>Return After Taxes on Distributions	-20.54%	7.89%	13.04%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-13.22%	7.85%	12.40%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>S&P BMI Global Gold Index (reflects no deduction for fees, expenses, or taxes)	-23.10%	5.85%	10.81%</R>
<R>Health Care			</R>
<R>Return Before Taxes	-32.44%	0.26%	0.82%</R>
<R>Return After Taxes on Distributions	-32.92%	-0.95%	-0.26%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-20.21%	0.48%	0.68%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Health Care Index (reflects no deduction for fees, expenses, or taxes)	-23.36%	0.03%	0.82%</R>
<R>Home Finance			</R>
<R>Return Before Taxes	-58.55%	-21.22%	-6.23%</R>
<R>Return After Taxes on Distributions	-58.94%	-22.49%	-7.28%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-37.70%	-14.65%	-3.77%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Thrifts & Mortgage Finance Index (reflects no deduction for fees, expenses, or taxes)	-70.54%	-28.83%	--</R>
<R>Industrial Equipment			</R>
<R>Return Before Taxes	-46.77%	-1.44%	1.22%</R>
<R>Return After Taxes on Distributions	-47.03%	-2.06%	0.34%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-29.87%	-0.98%	0.95%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Capital Goods Index (reflects no deduction for fees, expenses, or taxes)	-44.48%	-0.85%	1.61%</R>
<R>Industrials			</R>
<R>Return Before Taxes	-40.14%	2.33%	4.61%</R>
<R>Return After Taxes on Distributions	-40.27%	1.21%	3.97%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-25.89%	2.07%	4.04%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Industrials Index (reflects no deduction for fees, expenses, or taxes)	-39.90%	-0.44%	1.55%</R>
<R>Insurance			</R>
<R>Return Before Taxes	-46.99%	-6.24%	1.79%</R>
<R>Return After Taxes on Distributions	-47.14%	-6.80%	0.94%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-30.37%	-4.86%	1.54%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Insurance Index (reflects no deduction for fees, expenses, or taxes)	-46.75%	-6.64%	-0.80%</R>
<R>IT Services			</R>
<R>Return Before Taxes	-32.91%	0.85%	2.99%</R>
<R>Return After Taxes on Distributions	-32.91%	-0.04%	2.00%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-21.39%	0.90%	2.40%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market IT Services Index (reflects no deduction for fees, expenses, or taxes)	-28.36%	-0.25%	-6.98%</R>
<R>Leisure			</R>
<R>Return Before Taxes	-29.05%	0.99%	1.99%</R>
<R>Return After Taxes on Distributions	-29.20%	-0.09%	0.97%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-18.66%	0.93%	1.60%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Consumer Services Index (reflects no deduction for fees, expenses, or taxes)	-30.79%	3.73%	4.32%</R>
<R>Materials^A			</R>
<R>Return Before Taxes	-47.56%	0.91%	6.55%</R>
<R>Return After Taxes on Distributions	-47.61%	0.21%	6.04%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-30.85%	0.92%	5.75%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Materials Index (reflects no deduction for fees, expenses, or taxes)	-46.66%	-0.36%	2.95%</R>
<R>Medical Delivery			</R>
<R>Return Before Taxes	-44.56%	3.65%	4.67%</R>
<R>Return After Taxes on Distributions	-44.64%	2.71%	4.20%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-28.80%	3.28%	4.16%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Health Care Providers & Services Index (reflects no deduction for fees, expenses, or taxes)	-43.17%	1.31%	3.05%</R>
<R>Medical Equipment and Systems			</R>
<R>Return Before Taxes	-23.38%	3.47%	9.49%</R>
<R>Return After Taxes on Distributions	-23.88%	2.56%	8.17%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-14.65%	2.97%	7.84%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Health Care Equipment & Supplies Index (reflects no deduction for fees, expenses, or taxes)	-30.29%	0.09%	3.90%</R>
<R>Multimedia			</R>
<R>Return Before Taxes	-39.29%	-7.03%	-0.45%</R>
<R>Return After Taxes on Distributions	-39.55%	-8.04%	-1.50%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-24.98%	-5.37%	-0.28%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Media Index (reflects no deduction for fees, expenses, or taxes)	-41.18%	-10.60%	-6.48%</R>
<R>Natural Gas			</R>
<R>Return Before Taxes	-56.65%	5.61%	9.83%</R>
<R>Return After Taxes on Distributions	-56.94%	4.28%	9.02%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-35.76%	5.41%	8.91%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>S&P Custom Natural Gas Index (reflects no deduction for fees, expenses, or taxes)	-40.08%	9.64%	--</R>
<R>Natural Resources			</R>
<R>Return Before Taxes	-52.39%	8.94%	10.90%</R>
<R>Return After Taxes on Distributions	-52.48%	8.36%	10.35%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-33.75%	7.86%	9.67%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>S&P North American Natural Resources Sector Index (reflects no deduction for fees, expenses, or taxes)	-42.55%	8.96%	8.37%</R>
<R>Networking and Infrastructure			</R>
<R>Return Before Taxes	-50.40%	-12.07%	-22.36%^B</R>
<R>Return After Taxes on Distributions	-50.40%	-12.07%	-22.36%^B</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-32.76%	-9.81%	-15.23%^B</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-3.84%^B</R>
<R>MSCI US Investable Market Information Technology Index (reflects no deduction for fees, expenses, or taxes)	-42.76%	-5.47%	-13.38%^B</R>
<R>Paper and Forest Products			</R>
<R>Return Before Taxes	-49.04%	-10.70%	-0.74%</R>
<R>Return After Taxes on Distributions	-49.16%	-11.00%	-0.95%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-31.72%	-8.58%	-0.55%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Materials Index (reflects no deduction for fees, expenses, or taxes)	-46.66%	-0.36%	2.95%</R>
<R>Pharmaceuticals			</R>
<R>Return Before Taxes	-22.71%	2.25%	-0.28%^C</R>
<R>Return After Taxes on Distributions	-22.95%	1.90%	-0.50%^C</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-14.43%	1.95%	-0.22%^C</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-2.00%^C</R>
<R>MSCI US Investable Market Pharmaceuticals Index (reflects no deduction for fees, expenses, or taxes)	-18.03%	-2.37%	-3.75%^C</R>
<R>Retailing			</R>
<R>Return Before Taxes	-29.58%	-1.48%	-1.06%</R>
<R>Return After Taxes on Distributions	-29.65%	-2.56%	-2.32%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-19.13%	-0.90%	-0.92%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Retailing Index (reflects no deduction for fees, expenses, or taxes)	-33.68%	-5.59%	-0.30%</R>
<R>Software and Computer Services			</R>
<R>Return Before Taxes	-42.14%	-0.73%	3.64%</R>
<R>Return After Taxes on Distributions	-42.14%	-0.76%	2.67%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-27.39%	-0.62%	3.04%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Software & Services Index (reflects no deduction for fees, expenses, or taxes)	-40.72%	-2.29%	-4.67%</R>
<R>Technology			</R>
<R>Return Before Taxes	-51.09%	-7.87%	-3.43%</R>
<R>Return After Taxes on Distributions	-51.11%	-7.89%	-4.43%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-33.18%	-6.51%	-2.86%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Information Technology Index (reflects no deduction for fees, expenses, or taxes)	-42.76%	-5.47%	-5.39%</R>
<R>Telecommunications^A			</R>
<R>Return Before Taxes	-47.64%	-2.36%	-5.12%</R>
<R>Return After Taxes on Distributions	-47.81%	-2.54%	-5.84%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-30.73%	-1.92%	-4.10%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Telecommunications Services Index (reflects no deduction for fees, expenses, or taxes)	-33.16%	3.35%	-6.60%</R>
<R>Transportation			</R>
<R>Return Before Taxes	-27.03%	2.46%	7.60%</R>
<R>Return After Taxes on Distributions	-27.40%	1.95%	6.51%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-16.86%	2.28%	6.21%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Transportation Index (reflects no deduction for fees, expenses, or taxes)	-21.60%	3.02%	3.23%</R>
<R>Utilities			</R>
<R>Return Before Taxes	-36.00%	5.97%	0.00%</R>
<R>Return After Taxes on Distributions	-36.20%	5.69%	-1.01%</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-23.14%	5.18%	-0.35%</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-1.38%</R>
<R>MSCI US Investable Market Utilities Index (reflects no deduction for fees, expenses, or taxes)	-27.99%	7.88%	3.53%</R>
<R>Wireless			</R>
<R>Return Before Taxes	-49.62%	3.14%	-8.53%^B</R>
<R>Return After Taxes on Distributions	-49.73%	2.81%	-8.71%^B</R>
<R>Return After Taxes on Distributions and Sale of Fund Shares	-32.11%	2.86%	-6.76%^B</R>
<R>S&P 500 (reflects no deduction for fees, expenses, or taxes)	-37.00%	-2.19%	-3.84%^B</R>
<R>S&P Custom Wireless Index (reflects no deduction for fees, expenses, or taxes)	-44.80%	2.53%	--</R>

<R>^AThe returns shown above are for a class of shares of the fund.</R>

<R>^BFrom September 21, 2000.</R>

<R>^CFrom June 18, 2001.</R>

Standard & Poor's 500^SM Index (S&P 500^®) 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.

<R>Standard & Poor's^® (S&P^®) Custom Air Transportation Index is an 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.</R>

<R>MSCI^® U.S. Investable Market Automobiles & Components Index is a market capitalization-weighted index of stocks designed to measure the performance of Automobiles & Components companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Banks Index is a market capitalization-weighted index of stocks designed to measure the performance of Bank companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Biotechnology Index is a market capitalization-weighted index of stocks designed to measure the performance of Biotechnology companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Capital Markets Index is a market capitalization-weighted index of stocks designed to measure the performance of Capital Markets companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Chemicals Index is a market capitalization-weighted index of stocks designed to measure the performance of Chemicals companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Communications Equipment Index is a market capitalization-weighted index of stocks designed to measure the performance of Communications Equipment companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Computers & Peripherals Index is a market capitalization-weighted index of stocks designed to measure the performance of Computers companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Construction & Housing Custom Index is a U.S. 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.</R>

<R>MSCI U.S. Investable Market Consumer Discretionary Index is a U.S. market capitalization-weighted index of stocks designed to measure the performance of Consumer Discretionary companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Consumer Staples Index is a market capitalization-weighted index of stocks designed to measure the performance of Consumer Staples companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Aerospace & Defense Index is a market capitalization-weighted index of stocks designed to measure the performance of Aerospace & Defense companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Semiconductors & Semiconductor Equipment Index is a 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.</R>

Prospectus

<R>MSCI U.S. Investable Market Energy Index is a market capitalization-weighted index of stocks designed to measure the performance of Energy companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Energy Equipment & Services Index is a 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.</R>

<R>MSCI U.S. Investable Market Industrials Index is a market capitalization-weighted index of stocks designed to measure the performance of Industrials companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Financials Index is a market capitalization-weighted index of stocks designed to measure the performance of Financials companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>S&P BMI Global Gold Index is a 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.</R>

<R>MSCI U.S. Investable Market Health Care Index is a market capitalization-weighted index of stocks designed to measure the performance of Health Care companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Thrifts & Mortgage Finance Index is a market capitalization-weighted index of stocks designed to measure the performance of Thrifts & Mortgage Finance companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Capital Goods Index is a market capitalization-weighted index of stocks designed to measure the performance of Capital Goods companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Insurance Index is a market capitalization-weighted index of stocks designed to measure the performance of Insurance companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market IT Services Index is a market capitalization-weighted index of stocks designed to measure the performance of IT Services companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Consumer Services Index is a market capitalization-weighted index of stocks designed to measure the performance of Consumer Services companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Materials Index is a market capitalization-weighted index of stocks designed to measure the performance of Materials companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Health Care Providers & Services Index is a 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.</R>

<R>MSCI U.S. Investable Market Health Care Equipment & Supplies Index is a 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.</R>

<R>MSCI U.S. Investable Market Media Index is a market capitalization-weighted index of stocks designed to measure the performance of Media companies in the MSCI U.S. Investable Market 2500 Index.</R>

S&P Custom Natural Gas Index is an index of 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. These companies are identified by S&P based on the specific policies of the fund.

<R>S&P North American Natural Resources Sector Index is a modified capitalization-weighted index of U.S. traded stocks designed to measure the performance of companies in the natural resources sector. Constituent weights are capped at 7.5%.</R>

<R>MSCI U.S. Investable Market Information Technology Index is a market capitalization-weighted index of stocks designed to measure the performance of Information Technology companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Pharmaceuticals Index is a market capitalization-weighted index of stocks designed to measure the performance of Pharmaceuticals companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Retailing Index is a market capitalization-weighted index of stocks designed to measure the performance of Retailing companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Software & Services Index is a market capitalization-weighted index of stocks designed to measure the performance of Software & Services companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Telecommunications Services Index is a market capitalization-weighted index of stocks designed to measure the performance of Telecommunications Services companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market Transportation Index is a market capitalization-weighted index of stocks designed to measure the performance of Transportation companies in the MSCI U.S. Investable Market 2500 Index.</R>

Prospectus

Fund Summary - continued

<R>MSCI U.S. Investable Market Utilities Index is a market capitalization-weighted index of stocks designed to measure the performance of Utilities companies in the MSCI U.S. Investable Market 2500 Index.</R>

S&P Custom Wireless Index is an index of stocks designed to measure the performance of companies engaged in activities relating to wireless communications services or products. These companies are identified by S&P based on the specific policies of the fund.

<R>MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 Indexes.</R>

Fee Table

<R>The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of a fund. The following fees and expenses are based on the average net assets during the fund's most recent fiscal year. To the extent that current net assets are less or greater than the average during the most recent fiscal year, total annual operating expenses for the current fiscal year may be higher or lower than the information presented.</R>

Shareholder fees (paid by the investor directly)

Sales charge (load) on purchases and reinvested distributions	None
Deferred sales charge (load) on redemptions	None
Redemption fee on shares held less than 30 days (as a % of amount redeemed)^A	0.75%

^AA redemption fee may be charged when you sell your shares or if your shares are redeemed because your fund balance falls below the balance minimum for any reason, including solely due to declines in net asset value per share.

Annual operating expenses (paid from fund or class assets, as applicable)

<R>Air Transportation	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.52%</R>
<R>	Total annual fund operating expenses^A	1.08%</R>
<R>Automotive	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.91%</R>
<R>	Total annual fund operating expenses^A	1.47%</R>
<R>Banking	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.37%</R>
<R>	Total annual fund operating expenses^A	0.93%</R>
<R>Biotechnology	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.33%</R>
<R>	Total annual fund operating expenses^A	0.89%</R>
<R>Brokerage and Investment Management	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.34%</R>
<R>	Total annual fund operating expenses^A	0.90%</R>
<R>Chemicals	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.35%</R>
<R>	Total annual fund operating expenses^A	0.91%</R>
<R>Communications Equipment	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.39%</R>
<R>	Total annual fund operating expenses^A	0.95%</R>
<R>Computers	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.36%</R>
<R>	Total annual fund operating expenses^A	0.92%</R>
<R>Construction and Housing	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.47%</R>
<R>	Total annual fund operating expenses^A	1.03%</R>
<R>Consumer Discretionary	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.63%</R>
<R>	Total annual fund operating expenses^A	1.19%</R>
<R>Consumer Staples	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.35%</R>
<R>	Total annual class operating expenses^B	0.91%</R>
<R>Defense and Aerospace	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.32%</R>
<R>	Total annual fund operating expenses^A	0.88%</R>
<R>Electronics	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.33%</R>
<R>	Total annual fund operating expenses^A	0.89%</R>
<R>Energy	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.27%</R>
<R>	Total annual fund operating expenses^A	0.83%</R>
<R>Energy Service	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.26%</R>
<R>	Total annual fund operating expenses^A	0.82%</R>
<R>Environmental	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.50%</R>
<R>	Total annual fund operating expenses^A	1.06%</R>
<R>Financial Services	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.38%</R>
<R>	Total annual fund operating expenses^A	0.94%</R>
<R>Gold	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.31%</R>
<R>	Acquired fund fees and expenses^C	0.02%</R>
<R>	Total annual class operating expenses^B	0.89%</R>
<R>	Less Waiver^C	0.02%</R>
<R>	Net Expenses	0.87%</R>
<R>Health Care	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.30%</R>
<R>	Total annual fund operating expenses^A	0.86%</R>
<R>Home Finance	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.43%</R>
<R>	Total annual fund operating expenses^A	0.99%</R>
<R>Industrial Equipment	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.34%</R>
<R>	Total annual fund operating expenses^A	0.90%</R>
<R>Industrials	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.44%</R>
<R>	Total annual fund operating expenses^A	1.00%</R>
<R>Insurance	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.41%</R>
<R>	Total annual fund operating expenses^A	0.97%</R>
<R>IT Services	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.44%</R>
<R>	Total annual fund operating expenses^A	1.00%</R>
<R>Leisure	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.37%</R>
<R>	Total annual fund operating expenses^A	0.93%</R>
<R>Materials	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.34%</R>
<R>	Total annual class operating expenses^B	0.90%</R>
<R>Medical Delivery	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.38%</R>
<R>	Total annual fund operating expenses^A	0.94%</R>
<R>Medical Equipment and Systems	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.31%</R>
<R>	Total annual fund operating expenses^A	0.87%</R>
<R>Multimedia	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.51%</R>
<R>	Total annual fund operating expenses^A	1.07%</R>
<R>Natural Gas	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.29%</R>
<R>	Total annual fund operating expenses^A	0.85%</R>
<R>Natural Resources	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.29%</R>
<R>	Total annual fund operating expenses^A	0.85%</R>
<R>Networking and Infrastructure	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.49%</R>
<R>	Total annual fund operating expenses^A	1.05%</R>
<R>Paper and Forest Products	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.81%</R>
<R>	Total annual fund operating expenses^A	1.37%</R>
<R>Pharmaceuticals	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.44%</R>
<R>	Total annual fund operating expenses^A	1.00%</R>
<R>Retailing	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.51%</R>
<R>	Total annual fund operating expenses^A	1.07%</R>
<R>Software and Computer Services	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.31%</R>
<R>	Total annual fund operating expenses^A	0.87%</R>
<R>Technology	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.34%</R>
<R>	Total annual fund operating expenses^A	0.90%</R>
<R>Telecommunications	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.41%</R>
<R>	Total annual class operating expenses^B	0.97%</R>
<R>Transportation	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.47%</R>
<R>	Total annual fund operating expenses^A	1.03%</R>
<R>Utilities	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.33%</R>
<R>	Total annual fund operating expenses^A	0.89%</R>
<R>Wireless	Management fee	0.56%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.39%</R>
<R>	Total annual fund operating expenses^A	0.95%</R>

<R>^AEffective January 1, 2007, FMR has voluntarily agreed to reimburse each fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed 1.15%. These arrangements may be discontinued by FMR at any time.</R>

<R>^BEffective January 1, 2007, FMR has voluntarily agreed to reimburse the class of shares of each fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed 1.15%. These arrangements may be discontinued by FMR at any time.</R>

<R>^CThe fund may invest in the Subsidiary. 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 Subsidiary also pays certain other expenses including custody fees. FMR 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 FMR as long as its contract with the Subsidiary is in place.</R>

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

Let's say, hypothetically, that the annual return for shares of each fund is 5% and that your shareholder fees and the annual operating expenses for shares of each 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>Air Transportation	1 year	$ 110</R>
<R>	3 years	$ 343</R>
<R>	5 years	$ 595</R>
<R>	10 years	$ 1,317</R>
<R>Automotive	1 year	$ 150</R>
<R>	3 years	$ 465</R>
<R>	5 years	$ 803</R>
<R>	10 years	$ 1,757</R>
<R>Banking	1 year	$ 95</R>
<R>	3 years	$ 296</R>
<R>	5 years	$ 515</R>
<R>	10 years	$ 1,143</R>
<R>Biotechnology	1 year	$ 91</R>
<R>	3 years	$ 284</R>
<R>	5 years	$ 493</R>
<R>	10 years	$ 1,096</R>
<R>Brokerage and Investment Management	1 year	$ 92</R>
<R>	3 years	$ 287</R>
<R>	5 years	$ 498</R>
<R>	10 years	$ 1,108</R>
<R>Chemicals	1 year	$ 93</R>
<R>	3 years	$ 290</R>
<R>	5 years	$ 504</R>
<R>	10 years	$ 1,120</R>
<R>Communications Equipment	1 year	$ 97</R>
<R>	3 years	$ 303</R>
<R>	5 years	$ 525</R>
<R>	10 years	$ 1,166</R>
<R>Computers	1 year	$ 94</R>
<R>	3 years	$ 293</R>
<R>	5 years	$ 509</R>
<R>	10 years	$ 1,131</R>
<R>Construction and Housing	1 year	$ 105</R>
<R>	3 years	$ 328</R>
<R>	5 years	$ 569</R>
<R>	10 years	$ 1,259</R>
<R>Consumer Discretionary	1 year	$ 121</R>
<R>	3 years	$ 378</R>
<R>	5 years	$ 654</R>
<R>	10 years	$ 1,443</R>
<R>Consumer Staples^A	1 year	$ 93</R>
<R>	3 years	$ 290</R>
<R>	5 years	$ 504</R>
<R>	10 years	$ 1,120</R>
<R>Defense and Aerospace	1 year	$ 90</R>
<R>	3 years	$ 281</R>
<R>	5 years	$ 488</R>
<R>	10 years	$ 1,084</R>
<R>Electronics	1 year	$ 91</R>
<R>	3 years	$ 284</R>
<R>	5 years	$ 493</R>
<R>	10 years	$ 1,096</R>
<R>Energy	1 year	$ 85</R>
<R>	3 years	$ 265</R>
<R>	5 years	$ 460</R>
<R>	10 years	$ 1,025</R>
<R>Energy Service	1 year	$ 84</R>
<R>	3 years	$ 262</R>
<R>	5 years	$ 455</R>
<R>	10 years	$ 1,014</R>
<R>Environmental	1 year	$ 108</R>
<R>	3 years	$ 337</R>
<R>	5 years	$ 585</R>
<R>	10 years	$ 1,294</R>
<R>Financial Services	1 year	$ 96</R>
<R>	3 years	$ 300</R>
<R>	5 years	$ 520</R>
<R>	10 years	$ 1,155</R>
<R>Gold^A	1 year	$ 91</R>
<R>	3 years	$ 284</R>
<R>	5 years	$ 493</R>
<R>	10 years	$ 1,096</R>
<R>Health Care	1 year	$ 88</R>
<R>	3 years	$ 274</R>
<R>	5 years	$ 477</R>
<R>	10 years	$ 1,061</R>
<R>Home Finance	1 year	$ 101</R>
<R>	3 years	$ 315</R>
<R>	5 years	$ 547</R>
<R>	10 years	$ 1,213</R>
<R>Industrial Equipment	1 year	$ 92</R>
<R>	3 years	$ 287</R>
<R>	5 years	$ 498</R>
<R>	10 years	$ 1,108</R>
<R>Industrials	1 year	$ 102</R>
<R>	3 years	$ 318</R>
<R>	5 years	$ 552</R>
<R>	10 years	$ 1,225</R>
<R>Insurance	1 year	$ 99</R>
<R>	3 years	$ 309</R>
<R>	5 years	$ 536</R>
<R>	10 years	$ 1,190</R>
<R>IT Services	1 year	$ 102</R>
<R>	3 years	$ 318</R>
<R>	5 years	$ 552</R>
<R>	10 years	$ 1,225</R>
<R>Leisure	1 year	$ 95</R>
<R>	3 years	$ 296</R>
<R>	5 years	$ 515</R>
<R>	10 years	$ 1,143</R>
<R>Materials^A	1 year	$ 92</R>
<R>	3 years	$ 287</R>
<R>	5 years	$ 498</R>
<R>	10 years	$ 1,108</R>
<R>Medical Delivery	1 year	$ 96</R>
<R>	3 years	$ 300</R>
<R>	5 years	$ 520</R>
<R>	10 years	$ 1,155</R>
<R>Medical Equipment and Systems	1 year	$ 89</R>
<R>	3 years	$ 278</R>
<R>	5 years	$ 482</R>
<R>	10 years	$ 1,073</R>
<R>Multimedia	1 year	$ 109</R>
<R>	3 years	$ 340</R>
<R>	5 years	$ 590</R>
<R>	10 years	$ 1,306</R>
<R>Natural Gas	1 year	$ 87</R>
<R>	3 years	$ 271</R>
<R>	5 years	$ 471</R>
<R>	10 years	$ 1,049</R>
<R>Natural Resources	1 year	$ 87</R>
<R>	3 years	$ 271</R>
<R>	5 years	$ 471</R>
<R>	10 years	$ 1,049</R>
<R>Networking and Infrastructure	1 year	$ 107</R>
<R>	3 years	$ 334</R>
<R>	5 years	$ 579</R>
<R>	10 years	$ 1,283</R>
<R>Paper and Forest Products	1 year	$ 139</R>
<R>	3 years	$ 434</R>
<R>	5 years	$ 750</R>
<R>	10 years	$ 1,646</R>
<R>Pharmaceuticals	1 year	$ 102</R>
<R>	3 years	$ 318</R>
<R>	5 years	$ 552</R>
<R>	10 years	$ 1,225</R>
<R>Retailing	1 year	$ 109</R>
<R>	3 years	$ 340</R>
<R>	5 years	$ 590</R>
<R>	10 years	$ 1,306</R>
<R>Software and Computer Services	1 year	$ 89</R>
<R>	3 years	$ 278</R>
<R>	5 years	$ 482</R>
<R>	10 years	$ 1,073</R>
<R>Technology	1 year	$ 92</R>
<R>	3 years	$ 287</R>
<R>	5 years	$ 498</R>
<R>	10 years	$ 1,108</R>
<R>Telecommunications^A	1 year	$ 99</R>
<R>	3 years	$ 309</R>
<R>	5 years	$ 536</R>
<R>	10 years	$ 1,190</R>
<R>Transportation	1 year	$ 105</R>
<R>	3 years	$ 328</R>
<R>	5 years	$ 569</R>
<R>	10 years	$ 1,259</R>
<R>Utilities	1 year	$ 91</R>
<R>	3 years	$ 284</R>
<R>	5 years	$ 493</R>
<R>	10 years	$ 1,096</R>
<R>Wireless	1 year	$ 97</R>
<R>	3 years	$ 303</R>
<R>	5 years	$ 525</R>
<R>	10 years	$ 1,166</R>

<R>^AThe expenses shown above are for a class of shares of the fund.</R>

Prospectus

Fund Basics

Investment Details

Principal Investment Strategies

Air Transportation

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.

Automotive

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.

Banking

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.

Biotechnology

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.

Brokerage and Investment Management

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.

Chemicals

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.

Communications Equipment

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

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.

Construction and Housing

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.

Prospectus

Fund Basics - continued

Consumer Discretionary

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.

Consumer Staples

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.

Defense and Aerospace

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.

Electronics

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.

Energy

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

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.

Environmental

The fund invests primarily in companies engaged in the research, development, manufacture or distribution of products, processes or services related to waste management, pollution control or reduction, conservation, improving the environment or other environmental concerns. The fund normally invests at least 80% of its assets in securities of companies principally engaged in these activities.

Prospectus

These companies may include, for example, companies involved in the transportation, treatment, and disposal of hazardous or other wastes; transforming waste into energy; recycling; and participating in remedial projects, including groundwater and underground storage tank decontamination, asbestos cleanup, and emergency cleanup response. They may also include companies involved in the detection, analysis, evaluation, and treatment of both existing and potential environmental problems such as contaminated water, air pollution, and acid rain; companies that provide sanitation or filtration equipment or services; companies involved in the reduction of hazardous emissions or other pollution reduction or prevention efforts; companies that provide design, engineering, construction, and consulting services to companies engaged in waste management or pollution control; and companies that are manufacturing wind turbines, electric utilities with geothermal-fired plants, or organic foods suppliers.

Financial Services

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.

Gold

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. Fidelity Management & Research Company (FMR) treats investments in instruments whose value is linked to the price of gold as investments in gold bullion or coins.

FMR 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. FMR 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.

Health Care

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.

Home Finance

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

These companies include, for example, financial institutions providing mortgages and mortgage-related services.

Industrial Equipment

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.

Prospectus

Fund Basics - continued

Industrials

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.

Insurance

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.

IT Services

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.

Leisure

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.

Materials

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.

Medical Delivery

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

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.

Multimedia

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.

Prospectus

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.

Natural Gas

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

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. FMR treats investments in instruments whose value is linked to the price of precious metals as investments in precious metals.

Networking and Infrastructure

The fund invests primarily in companies engaged in the development, manufacture, sale or distribution of products, services or technologies that support the flow of electronic information, including voice, data, images and commercial transactions. 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 telecommunications and networking equipment, data storage, systems software, internet hardware including servers, routers, switches, and related equipment, systems for data encryption and security, internet services including hosting and commercial exchanges, fiber optics, satellites, cable equipment, and other companies involved in supporting the flow of information.

Paper and Forest Products

The fund invests primarily in companies engaged in the manufacture, research, sale, or distribution of paper products, packaging products, building materials (such as lumber and paneling products), and other products related to the paper and forest products 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, paper production and office product companies, printers, publishers, and real estate investment trusts that own or deal in forest products.

Pharmaceuticals

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.

Retailing

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, FMR generally does not emphasize retailers of consumer staples such as food and drug stores.

Software and Computer Services

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.

Prospectus

Fund Basics - continued

Technology

The fund invests primarily in companies which FMR 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.

Telecommunications

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 FMR generally emphasizes communications services companies and not communications equipment companies.

Transportation

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.

<R>Utilities</R>

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 FMR generally emphasizes power and gas utilities and not telephone companies and telecommunications utilities.

Wireless

The fund invests primarily in companies engaged in activities relating to wireless communications services or products. 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 cellular communications, paging, mobile radio, wireless LANs, microwave transmission, personal communications devices and networks, related software, or other companies with products or services related to wireless communications.

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

Each fund seeks capital appreciation.

FMR 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.

FMR normally invests each fund's assets primarily in common stocks (and potentially in precious metals for Gold and Natural Resources).

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 (except for Banking, Financial Services, Home Finance, and Natural Resources, which are diversified funds).

<R>In buying and selling securities for a fund, FMR 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.</R>

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

FMR 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 FMR'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.

Prospectus

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 events will be affected by the types of securities in which the fund invests, the financial condition, industry and economic sector, geographic location of an issuer, and the fund's level of investment in the securities of that issuer. Because FMR concentrates each fund's 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 FMR may invest a significant percentage of the assets of each fund (except Banking, Financial Services, Home Finance, and Natural Resources) 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.

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 can be dramatic over the short as well as long term, and different parts of the market and different types of equity securities can react differently to these developments. For example, 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>

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 currencies; 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.

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.

Industry Concentration. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or a group of related industries, and the securities of companies in that industry or group of industries could react similarly to these or other developments.

The air transportation industry can be significantly affected by competition within the industry, domestic and foreign economies, government regulation, labor relations, and the price of fuel. Airline deregulation has substantially diminished the government's role in the air transport industry while promoting an increased level of competition. However, regulations and policies of various domestic and foreign governments can still affect the profitability of individual carriers as well as the entire industry.

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.

The banking industry can be significantly affected by legislation, competition, and changing economic conditions. Changes in legislation in past years have increased competition in the industry. In addition, interest rate changes can have a significant impact on the banking industry, particularly on banks that face exposure to credit losses.

The biotechnology industry can be significantly affected by patent considerations, intense competition, rapid technological change and obsolescence, and government regulation. Biotechnology companies can have persistent losses during a new product's transition from development to production, and revenue patterns can be erratic.

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.

Prospectus

Fund Basics - continued

The chemical industry can be significantly affected by intense 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. In addition, some of the materials and processes used by these companies involve hazardous components. There can be risks associated with their production, handling, and disposal.

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.

The construction and housing industry can be significantly affected by changes in 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, demographic patterns, housing starts, and the level of new and existing home sales.

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 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, and consumer confidence. In the United States, the agricultural products industry is subject to regulation by numerous federal and state government agencies.

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

The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels caused by events relating to international politics, 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 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 environmental industry can be significantly affected by intense competition and legislation resulting in more strict government regulations and enforcement policies for both commercial and governmental generators of waste materials as well as specific expenditures designated for remedial cleanup efforts. As regulations are developed and enforced, companies could be required to alter or cease production of a product or service or to agree to restrictions on their operations. In addition, hazardous materials involved in environmental industries can present significant liability risk.

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 funds and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers can negatively affect the financial services industries. Insurance companies can be subject to severe price competition. The financial services industries are currently undergoing relatively rapid change as existing distinctions between financial service segments become less clear. For example, recent business combinations have included insurance, finance, and securities brokerage under single ownership. Some primarily retail corporations have expanded into securities and insurance industries.

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 subject to substantial fluctuations over short periods of time.

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 home finance industry can be significantly affected by regulatory changes, interest rate movements, home mortgage demand, refinancing activity, and residential delinquency trends. The residential real estate finance industry has changed rapidly over the last decade. Regulatory changes at federally insured institutions, in response to a high failure rate, have mandated higher capital ratios and more prudent underwriting. This reduced capacity has created growth opportunities for uninsured companies and secondary market products to fill unmet demand for home finance. Change continues in the origination, packaging, selling, holding, and insuring of home finance products.

Prospectus

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. For example, commodity price declines and unit volume reductions resulting from an over-supply of materials used in industrials industries can adversely affect those industries. Furthermore, a company in the industrials industries can be subject to liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.

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.

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 leisure industry can be significantly affected by the performance of the overall economy, changing consumer tastes, and intense competition. The industry has reacted strongly to technological developments and to the threat of government regulation.

The materials industries can be significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import 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 can also be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.

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, rapid technological change and obsolescence, government regulation, and government reimbursement for medical expenses.

The multimedia industry can be significantly affected by the federal deregulation of cable and broadcasting, competitive pressures, and government regulation, including regulation of the concentration of investment in AM, FM, or TV stations.

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.

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.

The networking and infrastructure industry is rapidly evolving and can be significantly affected by corporate capital expenditures and competitive pressures. Products and services in the networking and infrastructure industry can be subject to rapid obsolescence due to technological innovation or changing consumer preferences.

The paper and forest products industry can be significantly affected by the health of the economy, worldwide production capacity, and interest rates, which can affect product pricing, costs, and operating margins. These variables can also affect the level of industry and consumer capital spending for paper and forest products.

The pharmaceuticals industry can be significantly affected by government approval of products and services, government regulation and reimbursement rates, patent expirations, and intense competition.

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.

Prospectus

Fund Basics - continued

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.

The telecom services industries, particularly telephone operating companies, are subject to both federal and state government regulations of rates of return and services that may be offered. Many telecommunications companies fiercely compete for market share.

The transportation industry can be significantly affected by changes in the economy, fuel prices, labor relations, and insurance costs. The trend in the United States has been to deregulate the transportation industry, which could have a favorable long-term effect, but future government decisions could adversely affect transportation companies.

The utilities industries can be significantly affected by government regulation, financing difficulties, supply and demand of services or fuel, changes in taxation, and natural resource conservation.

The wireless industry can be significantly affected by failure or delays in obtaining financing or regulatory approval, intense competition, product incompatibility, changing consumer preferences, and rapid obsolescence. Wireless network operators can also face significant capital expenditures to build networks of critical mass, and can carry heavy debt burdens from financings.

Subsidiary Risk. The investments held by the Subsidiary are generally similar to those that are permitted to be held by Gold 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 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.

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 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, FMR may temporarily use a different investment strategy for defensive purposes. If FMR does so, different factors could affect a fund's performance and the fund may not achieve its investment objective.

Valuing Shares

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

Each fund's net asset value per share (NAV) is the value of a single share. Fidelity normally calculates each fund's 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 the fund's NAV. Fidelity calculates net asset value separately for each class of shares of a multiple class fund.

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 each 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.

Each fund's assets are valued primarily on the basis of market quotations or official closing prices. Certain short-term securities are valued on the basis of amortized cost. If market quotations or official closing prices are not readily available or do not accurately reflect fair value for a security or if 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, that security will be valued by another method that the Board of Trustees believes accurately reflects fair value in accordance with the Board's fair value pricing policies. For example, 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 market but prior to the close of the U.S. market. Fair value pricing will be used for high yield debt and floating rate loans when available pricing information is determined to be stale or for other reasons not to accurately reflect fair value. To the extent a fund invests in other open-end funds, the fund will calculate its NAV using the NAV of the underlying funds in which it invests as described in the underlying funds' prospectuses. A fund may invest in other Fidelity funds that use the same fair value pricing policies as the fund or in Fidelity money market funds. A security's valuation may differ depending on the method used for determining value. 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 the fund's NAV by short-term traders. While each fund has policies regarding excessive trading, these too may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Prospectus

Shareholder Information

Buying and Selling Shares

General Information

Fidelity Investments was established in 1946 to manage one of America's first mutual funds. Today, Fidelity is the largest mutual fund company in the country, and is known as an innovative provider of high-quality financial services to individuals and institutions.

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.

You may buy or sell shares of a fund through a Fidelity brokerage account or a Fidelity mutual fund account. If you buy or sell shares of a fund (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 of the funds 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 of a fund through a retirement account or an investment professional, the procedures for buying, selling, and exchanging shares of the fund 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 also apply. For example, you may be charged a transaction fee if you buy or sell shares of a fund through a non-Fidelity broker or other investment professional.

Buying and Selling Information

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
(9:00 a.m. - 9:00 p.m. Eastern time)

You should include the following information with any order to buy, sell, or exchange shares:

· Your name;

· Your account number;

· Name of fund whose shares you want to buy or sell; and

· Dollar amount or number of shares you want to buy or sell.

Certain methods of contacting Fidelity, such as by telephone or electronically, 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 based on criteria established by Fidelity.

Minimums
Initial Purchase	$2,500
For Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype Retirement accounts	$500
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs^A	$200
Subsequent Purchase	$250
Through regular investment plans	$100
Balance	$2,000
For Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype Retirement accounts	$500

^ARequires monthly purchases of $200 until fund balance is $2,500 worth of shares.

<R>There is no minimum balance or initial or subsequent purchase minimum for investments through Portfolio Advisory Services, a mutual fund or a qualified tuition program for which FMR or an affiliate 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. In addition, each fund may waive or lower purchase minimums in other circumstances.</R>

Prospectus

Shareholder Information - continued

Excessive Trading Policy

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), 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 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 each 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, a fund may in its discretion restrict, reject, or cancel any purchases or exchanges that, in FMR's opinion, may be disruptive to the management of that fund or otherwise not be in the fund's interests.

Exceptions

The following transactions are exempt from the funds' 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, each 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 Fidelity funds' 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 Fidelity funds' Treasurer.

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 a 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 a 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 funds' excessive trading policy (described above), or their own excessive trading policy if approved by FMR. 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, focusing on transactions in excess of $250,000. The fund may request transaction information, as frequently as daily, from any intermediary at any time, and may apply the fund's policy to such transactions exceeding $5,000. The fund may prohibit purchases of fund shares by an intermediary or by some or all of any intermediary's clients. FMR will apply these policies through a phased implementation. There is no assurance that FMR 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

Each 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. Adviser transactions 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 funds' 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 FMR sufficient information to permit FMR to identify the individual accounts in the wrap program.

Prospectus

Other Information about the Excessive Trading Policy

Each fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive or disruptive trading than those stated in this prospectus. Each fund's Treasurer is authorized to suspend the funds' policies during periods of severe market turbulence or national emergency. A fund reserves the right to modify its policies at any time without prior notice.

Each 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," each fund also uses fair value pricing to help reduce arbitrage opportunities available to short-term traders. There is no assurance that each 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 of each fund is the fund's NAV. Each fund's shares are sold without a sales charge.

Your shares will be bought at the next NAV 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 next NAV calculated after the order is received by the authorized intermediary. Orders by funds of funds for which FMR or an affiliate 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.

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

If you place an order to buy shares and 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 Fidelity Distributors Corporation (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.

Under applicable anti-money laundering regulations and other federal regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

Selling Shares

The price to sell one share of each fund is the fund's 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, 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; and
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.

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.

Prospectus

Shareholder Information - continued

Your shares will be sold at the next NAV calculated after your 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 next NAV calculated, minus the short-term redemption fee, if applicable, after the order is received by the authorized intermediary. Orders by funds of funds for which FMR or an affiliate 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.

Certain requests must include a signature guarantee. It 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, your request must be made in writing and include a signature guarantee if any of the following situations apply:

You wish to sell more than $100,000 worth of shares;
The address on your account (record address) has changed within the last 15 or 30 days, depending on your account, and you wish to sell $10,000 or more of shares;
You are requesting that a check be mailed to a different address than the record address;
You are requesting that redemption proceeds be paid to someone other than the account owner; or
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 $2000 worth of shares to keep your fund position open ($500 for fund balances in Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype Retirement accounts), 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. This can take up to seven business days after a purchase.

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 FMR 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 more than one year, the check may be invested in additional shares of the fund at the next NAV calculated on the day of the investment.
Under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

To sell shares issued with certificates, call Fidelity for instructions. Each fund no longer issues 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 of a fund 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 FMR'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 exchanging into a fund, read its prospectus.
The fund you are exchanging into 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.
Under applicable anti-money laundering regulations and other federal regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

Prospectus

The funds may terminate or modify the 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 funds 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 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.

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 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).

To reduce expenses, only one copy of most financial reports and prospectuses may be mailed to households, even if more than one person in a household holds shares of a fund. Call Fidelity at 1-800-544-8544 if you need additional copies of financial reports or prospectuses. If you do not want the mailing of these documents to be combined with those for other members of your household, contact Fidelity in writing at P.O. Box 770001, Cincinnati, Ohio 45277-0002.

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.

<R>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 regular investment plans.</R>

<R>If your fund balance falls below $2,000 worth of shares ($500 for fund balances in Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype 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. 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.</R>

Prospectus

Shareholder Information - continued

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 for shares of each fund:

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

2. Income-Earned Option. Your capital gain distributions will be automatically reinvested in additional shares of the fund. Your dividends will be paid in cash.

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

4. Directed Dividends^® Option. Your dividends will be automatically invested in shares of another identically registered Fidelity fund. Your 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.

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 more than six months, your check(s) may be invested in additional shares of the fund at the next NAV 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.

FMR is each fund's manager. FMR also manages the Subsidiary. The address of FMR and its affiliates, unless otherwise indicated below, is 82 Devonshire Street, Boston, Massachusetts 02109.

<R>As of December 31, 2008, FMR had approximately $1.1 billion in discretionary assets under management.</R>

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

FMR Co., Inc. (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 FMR. As of December 31, 2008, FMRC had approximately $433.3 billion in discretionary assets under management.</R>

<R>Fidelity Research & Analysis Company (FRAC), an affiliate of FMR, was organized in 1986. FRAC serves as a sub-adviser for each fund and may provide investment research and advice for the funds.</R>

Affiliates assist FMR with foreign investments:

<R>Fidelity Management & Research (U.K.) Inc. (FMR U.K.), at 10 Paternoster Square, London, EC4M 7DY, England, serves as a sub-adviser for each fund. As of December 31, 2008, FMR U.K. had approximately $8.5 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.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at 99 Queen's Road Central, Hong Kong, serves as a sub-adviser for each fund. FMR H.K. was organized in 2008 to provide investment research and advice on issuers based outside the United States. 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.</R>
<R>Fidelity Management & Research (Japan) Inc. (FMR Japan), at Ark Mori Building 12/F, 1-12-32 Akasaka Minato-ku, Tokyo 107-6012, 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.</R>
<R>FIL Investment Advisors (FIIA), at Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda, serves as a sub-adviser for each fund. As of June 30, 2008, FIIA had approximately $21.3 billion in discretionary assets under management. FIIA may provide investment research and advice on issuers based outside the United States each fund.</R>
<R>FIL Investment Advisors (U.K.) Ltd. (FIIA(U.K.)L), at Oakhill House, 130 Tonbridge Road, Hildenborough, TN11 9DZ, England, serves as a sub-adviser for each fund. As of June 30, 2008, FIIA(U.K.)L had approximately $10.9 billion in discretionary assets under management. FIIA(U.K.)L may provide investment research and advice on issuers based outside the United States for each fund.</R>
<R>Fidelity Investments Japan Limited (FIJ), at Shiroyama Trust Tower, 4-3-1 Toranomon Minato-ku, Tokyo 105-6019, Japan, serves as a sub-adviser for each fund. As of June 30, 2008, FIJ had approximately $44 billion in discretionary assets under management. FIJ may provide investment research and advice on issuers based outside the United States for each fund.</R>

Gavin Baker is manager of Telecommunications and Wireless, both of which he has managed since March 2007. Since joining Fidelity Investments in 1999, Mr. Baker has worked as an equity research analyst.

<R>Stephen Barwikowski is co-manager of Electronics, which he has managed since January 2009. He also manages other Fidelity funds. Since joining Fidelity Investments in 1999, Mr. Barwikowski has worked as both a research associate and research analyst in FMRC's High Income division.</R>

<R>Yun-Min Chai is manager of Communications Equipment, Networking and Infrastructure, and Technology, which he has managed since May 2003, July 2004, and January 2007, respectively. He also manages other Fidelity funds. Since joining Fidelity Investments in 1997, Mr. Chai has worked as a research analyst and portfolio manager.</R>

<R>Peter Dixon is manager of Leisure, which he has managed since March 2008. Mr. Dixon joined Fidelity Investments in 2006 as a research analyst, after receiving an MBA from the Kellogg School of Management at Northwestern University.</R>

<R>John Dowd is manager of Energy, Energy Service, and Natural Resources, which he has managed since July 2006, December 2005, and May 2006, respectively. Mr. Dowd joined Fidelity Investments as an equity research analyst in 2005. Previously, Mr. Dowd was a senior research analyst for Sanford C. Bernstein & Co. from 2000 to 2005.</R>

<R>John M. Harris is manager of Consumer Discretionary, which he has managed since April 2007. He also manages other Fidelity funds. Mr. Harris joined Fidelity Investments in May 2006 as a research analyst.</R>

<R>Andrew Hatem is manager of Medical Delivery, which he has managed since February 2009. Since joining Fidelity Investments in 1994, Mr. Hatem has worked as an investment analyst, sector research specialist, research analyst and portfolio manager.</R>

<R>Benjamin Hesse is manager of Brokerage and Investment Management and Financial Services, which he has managed since June 2007 and October 2008, respectively. Mr. Hesse joined Fidelity Investments as a research analyst in August 2005, after receiving an MBA from Columbia Business School in 2005.</R>

Prospectus

Fund Services - continued

<R>Evan Hornbuckle is manager of Retailing, which he has managed since April 2007. Mr. Hornbuckle joined Fidelity Investments as a research analyst in August 2005, after receiving an MBA from Tuck School of Business at Dartmouth and a bachelor of arts degree from Williams College in 1999.</R>

<R>Jonathan Kasen is manager of Industrial Equipment, which he has managed since May 2008. Mr. Kasen joined Fidelity Investments as a research analyst in 2006, after receiving an MBA from the Marshall School of Business at the University of Southern California.</R>

<R>Rajiv Kaul is manager of Biotechnology, which he has managed since October 2005. He also manages another Fidelity fund. Since joining Fidelity Investments in 1996, Mr. Kaul has worked as a research analyst and portfolio manager.</R>

<R>Daniel Kelley is manager of Construction and Housing, which he has managed since May 2007. Since joining Fidelity Investments in 2005, he has worked as an equity research analyst. Mr. Kelley was an associate in the Institutional Equities Division for Morgan Stanley from 2004 until 2005.</R>

<R>Heather Lawrence is manager of Computers, which she has managed since April 2006. Ms. Lawrence joined Fidelity Investments as an analyst in 2001, after receiving an MBA from Columbia Business School.</R>

<R>Christopher Lee is manager of Home Finance, which he has managed since February 2009. He joined Fidelity Investments in 2004 after receiving his MBA from the Sloan School of Management at the Massachusetts Institute of Technology.</R>

<R>Robert Lee is manager of Consumer Staples, which he has managed since June 2004. He also manages other Fidelity funds. Mr. Lee joined Fidelity Investments as a research analyst in 2001, after receiving an MBA from The Wharton School.</R>

<R>Brian Lempel is manager of Software and Computer Services, which he has managed since February 2009. Since joining Fidelity Investments in 2004, Mr. Lempel has worked as a research associate and research analyst.</R>

<R>Christopher Lin is co-manager of Electronics, which he has managed since January 2009. He also manages other Fidelity funds. Since joining Fidelity Investments in 2003, Mr. Lin has worked as both a research associate and research analyst within the Equity Research division of FMRC.</R>

<R>James McElligot is manager of Natural Gas, which he has managed since November 2005. Mr. McElligot joined Fidelity Investments as an equity research analyst in 2003, after receiving a bachelor of arts degree in economics from Harvard.</R>

<R>John Mirshekari is manager of Air Transportation and Transportation, which he has managed since April 2009 and February 2009, respectively. Since joining Fidelity Investments in 2003, Mr. Mirshekari has worked as a research associate and research analyst covering the engineering, construction, and construction materials sectors for the equity research team.</R>

<R>Vincent Montemaggiore is manager of Banking, which he has managed since June 2008. Mr. Montemaggiore joined Fidelity Investments in 2005 as an equity research analyst. Previously, he worked as an investment banking senior analyst for De Guardiola Advisors, Inc. in New York from 2002 until 2003.</R>

<R>Andrew Oh is manager of Pharmaceuticals, which he has managed since July 2006. Mr. Oh joined Fidelity Investments in 2006 as an equity research analyst. Prior to Fidelity, Mr. Oh was director and senior pharmaceuticals analyst for Leernik Swann & Company in New York. From 2001 to 2004, he was senior equity research associate for JP Morgan Chase.</R>

<R>Kristina Salen is manager of Multimedia, which she has managed since September 2006. Ms. Salen joined Fidelity Investments in 2006 as a research analyst. Previously, Ms. Salen was an assistant vice president and equity analyst at Oppenheimer Capital in New York from 2002 until 2005.</R>

<R>Matthew Schuldt is manager of Chemicals, which he has managed since January 2008. Since joining Fidelity Investments in 2006, Mr. Schuldt has worked as an equity analyst. Prior to joining Fidelity, Mr. Schuldt was co-founder and president of Go4College.com from 2001 until 2006.</R>

<R>John Sheehy is manager of Defense and Aerospace; Paper and Forest Products, which he has managed since April 2009 and March 2008, respectively. Mr. Sheehy joined Fidelity Investments as an equity research analyst in 2007 after receiving an MBA from the Stern School of Business at NYU. From 1998 until 2005, he was an audit manager covering consumer products and manufacturing for Deloitte LLP in New York.</R>

<R>Douglas Simmons is manager of Environmental and Utilities, which he has managed since February 2009 and October 2006, respectively. Mr. Simmons joined Fidelity Investments in 2003 after receiving his MBA from Harvard Business School. </R>

<R>Kyle Weaver is manager of IT Services, which he has managed since February 2009. Prior to joining Fidelity Investments in May 2008 as a research analyst, Mr. Weaver was a research analyst and portfolio manager for RiverSource Investments, LLC since 2002.</R>

<R>Michael Weaver is manager of Automotive, which he has managed since February 2009. Since joining Fidelity Investments in 2005, Mr. Weaver has worked as a research analyst in the High Income department of FMRC covering the automotive and financial sectors.</R>

<R>Tobias W. Welo is manager of Industrials and Materials, which he has managed since January 2007 and January 2008, respectively. Since joining Fidelity Investments in 2005, Mr. Welo has worked as a research analyst and portfolio manager. Prior to joining Fidelity, he worked as a research analyst and assistant portfolio manager for BlackRock.</R>

<R>S. Joseph Wickwire II is manager of Gold, which he has managed since August 2007. He also manages another Fidelity fund. Prior to joining Fidelity Investments in 2007, Mr. Wickwire spent 20 years at Evergreen Investments in Boston where he worked as an analyst and a portfolio manager.</R>

Prospectus

<R>Brian Wilhelm is manager of Insurance, which he has managed since May 2008. Since joining Fidelity Investments, Mr. Wilhelm has worked as a research analyst and portfolio manager. Prior to joining Fidelity Investments in 2006, Mr. Wilhelm spent 10 years at Dowling & Partners, starting as an analyst and leaving the firm as a partner.</R>

<R>Edward Yoon is manager of Health Care and Medical Equipment and Systems, which he has managed since October 2008 and May 2007, respectively. Mr. Yoon joined Fidelity Investments in July 2006 as a research analyst. Prior to joining Fidelity, he worked for JP Morgan Asset Management as a research analyst and co-fund manager from 2002 until 2006.</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 each portfolio manager.

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 FMR. The management fee is calculated and paid to FMR 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 the mutual funds advised by FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2009, the group fee rate was 0.27%. 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. FMR has contractually agreed to waive Gold's management fee in an amount equal to the management fee paid to FMR by the Subsidiary. This arrangement may not be discontinued by FMR as long as its contract with the Subsidiary is in place.

<R>The total management fee, as a percentage of a fund's average net assets, for the fiscal year ended February 28, 2009, for each fund is shown in the following table.</R>

<R>	Total Management Fee</R>
<R>Air Transportation	0.56%</R>
<R>Automotive	0.56%</R>
<R>Banking	0.56%</R>
<R>Biotechnology	0.56%</R>
<R>Brokerage and Investment Management	0.56%</R>
<R>Chemicals	0.56%</R>
<R>Communications Equipment	0.56%</R>
<R>Computers	0.56%</R>
<R>Construction and Housing	0.56%</R>
<R>Consumer Discretionary	0.56%</R>
<R>Consumer Staples	0.56%</R>
<R>Defense and Aerospace	0.56%</R>
<R>Electronics	0.56%</R>
<R>Energy	0.56%</R>
<R>Energy Service	0.56%</R>
<R>Environmental	0.56%</R>
<R>Financial Services	0.56%</R>
<R>Gold	0.56%</R>
<R>Health Care	0.56%</R>
<R>Home Finance	0.56%</R>
<R>Industrial Equipment	0.56%</R>
<R>Industrials	0.56%</R>
<R>Insurance	0.56%</R>
<R>IT Services	0.56%</R>
<R>Leisure	0.56%</R>
<R>Materials	0.56%</R>
<R>Medical Delivery	0.56%</R>
<R>Medical Equipment and Systems	0.56%</R>
<R>Multimedia	0.56%</R>
<R>Natural Gas	0.56%</R>
<R>Natural Resources	0.56%</R>
<R>Networking and Infrastructure	0.56%</R>
<R>Paper and Forest Products	0.56%</R>
<R>Pharmaceuticals	0.56%</R>
<R>Retailing	0.56%</R>
<R>Software and Computer Services	0.56%</R>
<R>Technology	0.56%</R>
<R>Telecommunications	0.56%</R>
<R>Transportation	0.56%</R>
<R>Utilities	0.56%</R>
<R>Wireless	0.56%</R>

<R>FMR pays FMRC, FMR U.K., FMR H.K., and FMR Japan for providing sub-advisory services. FMR and its affiliates pay FRAC for providing sub-advisory services. FMR pays FIIA for providing sub-advisory services, and FIIA in turn pays FIIA(U.K.)L. FIIA in turn pays FIJ for providing sub-advisory services.</R>

<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 semi-annual report for the fiscal period ended August 31, 2008.</R>

FMR may, from time to time, agree to reimburse a fund, or a class of shares of a multiple class fund, as applicable, for management fees and other expenses above a specified limit. FMR retains the ability to be repaid by a fund or class, as applicable, if expenses fall below the specified limit prior to the end of the fiscal year. Reimbursement arrangements, which may be discontinued by FMR at any time, can decrease a fund's or class's expenses and boost its performance.

Fund Distribution

FDC distributes each fund's shares.

Intermediaries, including retirement plan sponsors, administrators, and service-providers (who may be affiliated with FMR or FDC), may receive from FMR, 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 shares of the fund. These payments are described in more detail on the following pages and in the SAI.

Each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act with respect to its shares that recognizes that FMR 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. FMR, directly or through FDC, may pay significant amounts to intermediaries, including retirement plan sponsors, service-providers, and administrators, 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 FMR 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.

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.

Prospectus

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

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

Air Transportation

<R>Years ended February 28,	2009	2008 ^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 37.47	$ 50.74	$ 43.14	$ 33.46	$ 30.04</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	(.10)	(.04) ^F	(.06)	(.04)	.07</R>
<R>Net realized and unrealized gain (loss)	(17.05)	(7.61)	8.48	10.44	3.73</R>
<R>Total from investment operations	(17.15)	(7.65)	8.42	10.40	3.80</R>
<R>Distributions from net investment income	-	-	-	(.01)	(.06)</R>
<R>Distributions from net realized gain	(2.99)	(5.63)	(.86)	(.75)	(.36)</R>
<R>Total distributions	(2.99)	(5.63)	(.86)	(.76)	(.42)</R>
<R>Redemption fees added to paid in capital ^C	.02	.01	.04	.04	.04</R>
<R>Net asset value, end of period	$ 17.35	$ 37.47	$ 50.74	$ 43.14	$ 33.46</R>
<R>Total Return ^A,B	(49.44)%	(16.72)%	19.81%	31.40%	12.92%</R>
<R>Ratios to Average Net Assets ^D,G					</R>
<R>Expenses before reductions	1.08%	1.01%	1.00%	1.16%	1.23%</R>
<R>Expenses net of fee waivers, if any	1.08%	1.01%	1.00%	1.16%	1.23%</R>
<R>Expenses net of all reductions	1.07%	1.01%	.99%	1.11%	1.21%</R>
<R>Net investment income (loss)	(.37)%	(.08)% ^F	(.12)%	(.11)%	.22%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 34,911	$ 46,943	$ 147,302	$ 117,641	$ 35,292</R>
<R>Portfolio turnover rate ^E	66%	47%	165%	93%	71%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^D Fees and expenses of the 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.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.28)%.</R>

<R>^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 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>

<R>^H For the year ended February 29.</R>

Prospectus

Automotive

<R>Years ended February 28,	2009	2008 ^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 34.23	$ 40.24	$ 34.35	$ 34.10	$ 32.36</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.42	.18	.06	.06	(.11)</R>
<R>Net realized and unrealized gain (loss)	(24.30)	(4.98)	5.85	.21	1.81</R>
<R>Total from investment operations	(23.88)	(4.80)	5.91	.27	1.70</R>
<R>Distributions from net investment income	(.28)	(.13)	(.06)	(.07)	-</R>
<R>Distributions from net realized gain	(.01)	(1.11)	-	-	-</R>
<R>Total distributions	(.29)	(1.24)	(.06)	(.07)	-</R>
<R>Redemption fees added to paid in capital ^C	.01	.03	.04	.05	.04</R>
<R>Net asset value, end of period	$ 10.07	$ 34.23	$ 40.24	$ 34.35	$ 34.10</R>
<R>Total Return^A,B	(69.99)%	(12.11)%	17.33%	.94%	5.38%</R>
<R>Ratios to Average Net Assets^D,F					</R>
<R>Expenses before reductions	1.47%	1.19%	1.58%	1.59%	1.64%</R>
<R>Expenses net of fee waivers, if any	1.15%	1.15%	1.22%	1.25%	1.58%</R>
<R>Expenses net of all reductions	1.15%	1.15%	1.21%	1.19%	1.56%</R>
<R>Net investment income (loss)	1.73%	.44%	.16%	.17%	(.34)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 7,581	$ 25,823	$ 47,708	$ 15,361	$ 16,954</R>
<R>Portfolio turnover rate ^E	156%	258%	256%	206%	188%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</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 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>

<R>^G For the year ended February 29.</R>

Prospectus

Appendix - continued

Banking

<R>Years ended February 28,	2009	2008^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 22.24	$ 33.52	$ 36.71	$ 37.98	$ 40.80</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.67	.81	.78	.76	.67</R>
<R>Net realized and unrealized gain (loss)	(13.32)	(9.57)	2.12	1.82	.54</R>
<R>Total from investment operations	(12.65)	(8.76)	2.90	2.58	1.21</R>
<R>Distributions from net investment income	(.51)	(.64)	(.71)	(.62)	(.57)</R>
<R>Distributions from net realized gain	(.05)	(1.88)	(5.39)	(3.23)	(3.46)</R>
<R>Total distributions	(.56)	(2.52)	(6.10)	(3.85)	(4.03)</R>
<R>Redemption fees added to paid in capital^C	.01	-^H	.01	-^H	-^H</R>
<R>Net asset value, end of period	$ 9.04	$ 22.24	$ 33.52	$ 36.71	$ 37.98</R>
<R>Total Return^{A, B}	(57.85)%	(27.30)%	8.23%	7.22%	2.68%</R>
<R>Ratios to Average Net Assets^{D, F}					</R>
<R>Expenses before reductions	.93%	.91%	.93%	.94%	.95%</R>
<R>Expenses net of fee waivers, if any	.93%	.91%	.93%	.94%	.95%</R>
<R>Expenses net of all reductions	.93%	.90%	.91%	.92%	.94%</R>
<R>Net investment income (loss)	3.86%	2.75%	2.15%	2.04%	1.70%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 151,158	$ 293,767	$ 349,271	$ 367,009	$ 475,509</R>
<R>Portfolio turnover rate^E	199%	86%	112%	70%	51%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G For the year ended February 29.</R>

<R>^H Amount represents less than $.01 per share.</R>

Prospectus

Biotechnology

<R>Years ended February 28,	2009	2008 ^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 62.59	$ 63.89	$ 68.06	$ 49.04	$ 55.39</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	(.38) ^F	(.53)	(.47)	(.48)	(.52)</R>
<R>Net realized and unrealized gain (loss)	(7.60)	(.77)	(3.71)	19.49	(5.84)</R>
<R>Total from investment operations	(7.98)	(1.30)	(4.18)	19.01	(6.36)</R>
<R>Redemption fees added to paid in capital ^C	.01	- ^I	.01	.01	.01</R>
<R>Net asset value, end of period	$ 54.62	$ 62.59	$ 63.89	$ 68.06	$ 49.04</R>
<R>Total Return ^{A, B}	(12.73)%	(2.03)%	(6.13)%	38.78%	(11.46)%</R>
<R>Ratios to Average Net Assets ^{D, G}					</R>
<R>Expenses before reductions	.89%	.89%	.93%	.97%	.99%</R>
<R>Expenses net of fee waivers, if any	.89%	.89%	.93%	.97%	.99%</R>
<R>Expenses net of all reductions	.89%	.89%	.92%	.93%	.98%</R>
<R>Net investment income (loss)	(.61)% ^F	(.79)%	(.75)%	(.83)%	(.94)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 1,152,137	$ 1,088,003	$ 1,369,309	$ 1,811,492	$ 1,487,400</R>
<R>Portfolio turnover rate ^E	55%	143%	70%	63%	19%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.05 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.69)%.</R>

<R>^H For the year ended February 29.</R>

<R>^I Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Brokerage and Investment Management

<R>Years ended February 28,	2009	2008^I	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 59.56	$ 73.69	$ 76.12	$ 54.95	$ 54.13</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.78	1.01^F	.61	.98^G	.20</R>
<R>Net realized and unrealized gain (loss)	(30.23)	(8.50)	6.18	23.81	.85</R>
<R>Total from investment operations	(29.45)	(7.49)	6.79	24.79	1.05</R>
<R>Distributions from net investment income	(.93)	(.87)	(.59)	(.19)	(.24)</R>
<R>Distributions from net realized gain	(2.51)	(5.78)	(8.65)	(3.45)	-</R>
<R>Total distributions	(3.44)	(6.65)	(9.24)	(3.64)	(.24)</R>
<R>Redemption fees added to paid in capital^C	.01	.01	.02	.02	.01</R>
<R>Net asset value, end of period	$ 26.68	$ 59.56	$ 73.69	$ 76.12	$ 54.95</R>
<R>Total Return^{A, B}	(51.86)%	(11.16)%	9.27%	45.77%	1.96%</R>
<R>Ratios to Average Net Assets^{D, H}					</R>
<R>Expenses before reductions	.90%	.88%	.90%	.95%	.98%</R>
<R>Expenses net of fee waivers, if any	.90%	.88%	.90%	.95%	.98%</R>
<R>Expenses net of all reductions	.89%	.87%	.89%	.89%	.94%</R>
<R>Net investment income (loss)	1.74%	1.41%^F	.82%	1.51%^G	.40%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 294,618	$ 699,205	$ 1,252,565	$ 1,246,298	$ 415,237</R>
<R>Portfolio turnover rate^E	351%	84%	124%	112%	98%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.18 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.</R>

<R>^G Investment income per share reflects a special dividend which amounted to $.58 per share. Excluding special dividend, the ratio of net investment income (loss) to average net assets would have been .63%.</R>

<R>^H 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 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>

<R>^I For the year ended February 29.</R>

Prospectus

Chemicals

<R>Years ended February 28,	2009	2008 ^I	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 81.31	$ 70.60	$ 69.50	$ 71.52	$ 51.75</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.73	.85	.82 ^F	.52	.45 ^G</R>
<R>Net realized and unrealized gain (loss)	(38.63)	12.80	11.08	(.33)	19.83</R>
<R>Total from investment operations	(37.90)	13.65	11.90	.19	20.28</R>
<R>Distributions from net investment income	(.68)	(.49)	(.87)	(.52)	(.18)</R>
<R>Distributions from net realized gain	(.02)	(2.46)	(9.96)	(1.72)	(.38)</R>
<R>Total distributions	(.70)	(2.95)	(10.83)	(2.24)	(.56)</R>
<R>Redemption fees added to paid in capital ^C	.03	.01	.03	.03	.05</R>
<R>Net asset value, end of period	$ 42.74	$ 81.31	$ 70.60	$ 69.50	$ 71.52</R>
<R>Total Return^A,B	(46.68)%	19.40%	18.51%	.51%	39.38%</R>
<R>Ratios to Average Net Assets^D,H					</R>
<R>Expenses before reductions	.91%	.93%	1.06%	1.04%	1.08%</R>
<R>Expenses net of fee waivers, if any	.91%	.93%	1.06%	1.04%	1.08%</R>
<R>Expenses net of all reductions	.90%	.93%	1.06%	.99%	1.04%</R>
<R>Net investment income (loss)	1.05%	1.08%	1.19% ^F	.78%	.73% ^G</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 243,144	$ 320,835	$ 119,675	$ 114,729	$ 237,144</R>
<R>Portfolio turnover rate ^E	201%	65%	90%	141%	73%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.26 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .82%.</R>

<R>^G As a result in the change in the estimate of the return of capital components of dividend income realized in the year ended February 29, 2004, net investment income per share and the ratio of net investment income to average net assets for the year ended February 28, 2005 have been reduced by $.07 per share and .12%, respectively. The change in estimate has no impact on total net assets or total return of the Fund.</R>

<R>^I For the year ended February 29.</R>

Prospectus

Appendix - continued

Communications Equipment

<R>Years ended February 28,	2009	2008^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 19.50	$ 20.64	$ 21.67	$ 17.67	$ 20.25</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.04	(.12)	(.13)	(.09)	(.11)</R>
<R>Net realized and unrealized gain (loss)	(8.77)	(1.02)	(.90)	4.09	(2.48)</R>
<R>Total from investment operations	(8.73)	(1.14)	(1.03)	4.00	(2.59)</R>
<R>Distributions from net investment income	(.05)	-	-	-	-</R>
<R>Redemption fees added to paid in capital^C	-^H	-^H	-^H	-^H	.01</R>
<R>Net asset value, end of period	$ 10.72	$ 19.50	$ 20.64	$ 21.67	$ 17.67</R>
<R>Total Return^{A, B}	(44.79)%	(5.52)%	(4.75)%	22.64%	(12.74)%</R>
<R>Ratios to Average Net Assets^{D, F}					</R>
<R>Expenses before reductions	.95%	.93%	1.01%	1.06%	1.07%</R>
<R>Expenses net of fee waivers, if any	.95%	.93%	1.01%	1.06%	1.07%</R>
<R>Expenses net of all reductions	.94%	.93%	1.00%	.94%	.89%</R>
<R>Net investment income (loss)	.25%	(.55)%	(.63)%	(.48)%	(.64)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 125,918	$ 241,213	$ 321,967	$ 480,127	$ 511,210</R>
<R>Portfolio turnover rate^E	120%	39%	122%	167%	226%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G For the year ended February 29.</R>

<R>^H Amount represents less than $.01 per share.</R>

Prospectus

Computers

<R>Years ended February 28,	2009	2008 ^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 40.26	$ 39.29	$ 37.55	$ 34.65	$ 37.50</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	(.02)	(.12)	(.10)	(.20)	(.21) ^F</R>
<R>Net realized and unrealized gain (loss)	(16.80)	1.09	1.83	3.10	(2.64)</R>
<R>Total from investment operations	(16.82)	.97	1.73	2.90	(2.85)</R>
<R>Redemption fees added to paid in capital ^C	- ^I	- ^I	.01	- ^I	- ^I</R>
<R>Net asset value, end of period	$ 23.44	$ 40.26	$ 39.29	$ 37.55	$ 34.65</R>
<R>Total Return ^{A, B}	(41.78)%	2.47%	4.63%	8.37%	(7.60)%</R>
<R>Ratios to Average Net Assets ^{D, G}					</R>
<R>Expenses before reductions	.92%	.92%	1.02%	1.04%	1.05%</R>
<R>Expenses net of fee waivers, if any	.92%	.92%	1.02%	1.04%	1.05%</R>
<R>Expenses net of all reductions	.91%	.91%	1.00%	.98%	.98%</R>
<R>Net investment income (loss)	(.05)%	(.26)%	(.28)%	(.56)%	(.63)% ^F</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 207,163	$ 437,251	$ 460,532	$ 531,707	$ 667,801</R>
<R>Portfolio turnover rate ^E	183%	234%	214%	112%	100%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.69)%.</R>

<R>^H For the year ended February 29.</R>

<R>^I Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Construction and Housing

<R>Years ended February 28,	2009	2008 ^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 33.19	$ 45.98	$ 49.42	$ 45.82	$ 36.04</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.31	.26	.19	-^H	.02</R>
<R>Net realized and unrealized gain (loss)	(14.35)	(8.49)	2.28	3.99	10.78</R>
<R>Total from investment operations	(14.04)	(8.23)	2.47	3.99	10.80</R>
<R>Distributions from net investment income	(.30)	(.16)	(.05)	(.01)	-</R>
<R>Distributions from net realized gain	(.85)	(4.41)	(5.87)	(.42)	(1.06)</R>
<R>Total distributions	(1.15)	(4.57)	(5.92)	(.43)	(1.06)</R>
<R>Redemption fees added to paid in capital ^C	.01	.01	.01	.04	.04</R>
<R>Net asset value, end of period	$ 18.01	$ 33.19	$ 45.98	$ 49.42	$ 45.82</R>
<R>Total Return^A,B	(43.68)%	(18.11)%	5.41%	8.98%	30.28%</R>
<R>Ratios to Average Net Assets^D,F					</R>
<R>Expenses before reductions	1.03%	.98%	1.02%	1.05%	1.09%</R>
<R>Expenses net of fee waivers, if any	1.03%	.98%	1.02%	1.05%	1.09%</R>
<R>Expenses net of all reductions	1.02%	.97%	1.02%	1.01%	1.08%</R>
<R>Net investment income (loss)	1.14%	.63%	.41%	-%	.04%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 82,219	$ 84,685	$ 163,981	$ 244,403	$ 239,205</R>
<R>Portfolio turnover rate ^E	85%	102%	54%	154%	119%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G For the year ended February 29.</R>

<R>^H Amount represents less than $.01 per share.</R>

Prospectus

Consumer Discretionary

<R>Years ended February 28,	2009	2008 ^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 19.70	$ 26.85	$ 25.74	$ 24.23	$ 24.21</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.10	.01	.11^F	(.03)	(.07)</R>
<R>Net realized and unrealized gain (loss)	(8.05)	(3.95)	3.15	1.80	1.05</R>
<R>Total from investment operations	(7.95)	(3.94)	3.26	1.77	.98</R>
<R>Distributions from net investment income	(.08)	(.06)	-	-	-</R>
<R>Distributions from net realized gain	(.01)	(3.15)	(2.16)	(.26)	(.97)</R>
<R>Total distributions	(.09)	(3.21)	(2.16)	(.26)	(.97)</R>
<R>Redemption fees added to paid in capital ^C	.01	-^I	.01	-^I	.01</R>
<R>Net asset value, end of period	$ 11.67	$ 19.70	$ 26.85	$ 25.74	$ 24.23</R>
<R>Total Return^A,B	(40.37)%	(16.15)%	12.99%	7.31%	4.18%</R>
<R>Ratios to Average Net Assets^D,G					</R>
<R>Expenses before reductions	1.19%	1.12%	1.14%	1.15%	1.23%</R>
<R>Expenses net of fee waivers, if any	1.15%	1.12%	1.14%	1.15%	1.22%</R>
<R>Expenses net of all reductions	1.15%	1.12%	1.13%	1.13%	1.19%</R>
<R>Net investment income (loss)	.62%	.03%	.43% ^F	(.11)%	(.31)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 21,325	$ 24,297	$ 40,249	$ 49,682	$ 39,748</R>
<R>Portfolio turnover rate ^E	71%	108%	244%	71%	112%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.12 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.03)%.</R>

<R>^H For the year ended February 29.</R>

<R>^I Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Consumer Staples

<R>Years ended February 28,	2009	2008 ^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 63.25	$ 58.13	$ 52.18	$ 51.42	$ 46.50</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.88	.71	.56	.50	.29</R>
<R>Net realized and unrealized gain (loss)	(19.31)	7.30	8.88	3.25	4.90</R>
<R>Total from investment operations	(18.43)	8.01	9.44	3.75	5.19</R>
<R>Distributions from net investment income	(.67)	(.46)	(.32)	(.44)	(.29)</R>
<R>Distributions from net realized gain	(.03)	(2.44)	(3.18)	(2.56)	-</R>
<R>Total distributions	(.69) ^H	(2.90)	(3.50)	(3.00)	(.29)</R>
<R>Redemption fees added to paid in capital ^C	.01	.01	.01	.01	.02</R>
<R>Net asset value, end of period	$ 44.14	$ 63.25	$ 58.13	$ 52.18	$ 51.42</R>
<R>Total Return^A,B	(29.23)%	13.72%	18.43%	7.50%	11.24%</R>
<R>Ratios to Average Net Assets^D,F					</R>
<R>Expenses before reductions	.91%	.91%	1.01%	1.04%	1.06%</R>
<R>Expenses net of fee waivers, if any	.91%	.90%	.99%	1.04%	1.06%</R>
<R>Expenses net of all reductions	.90%	.90%	.98%	1.03%	1.05%</R>
<R>Net investment income (loss)	1.55%	1.12%	.99%	.97%	.61%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 657,263	$ 655,224	$ 374,930	$ 125,007	$ 139,328</R>
<R>Portfolio turnover rate ^E	70%	71%	99%	75%	86%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</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 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.</R>

<R>^H Total distributions of $.69 per share is comprised of distributions from net investment income of $.668 and distributions from net realized gain of $.025.</R>

Prospectus

Defense and Aerospace

<R>Years ended February 28,	2009	2008 ^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 79.93	$ 84.46	$ 78.91	$ 67.18	$ 55.07</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.58	.24	.08	.13	.25</R>
<R>Net realized and unrealized gain (loss)	(36.29)	2.46	12.07	15.04	12.28</R>
<R>Total from investment operations	(35.71)	2.70	12.15	15.17	12.53</R>
<R>Distributions from net investment income	(.51)	(.14)	(.05)	(.11)	(.19)</R>
<R>Distributions from net realized gain	(4.75)	(7.10)	(6.56)	(3.34)	(.25)</R>
<R>Total distributions	(5.26)	(7.24)	(6.61)	(3.45)	(.44)</R>
<R>Redemption fees added to paid in capital ^C	- ^H	.01	.01	.01	.02</R>
<R>Net asset value, end of period	$ 38.96	$ 79.93	$ 84.46	$ 78.91	$ 67.18</R>
<R>Total Return ^A,B	(47.61)%	2.80%	15.90%	23.02%	22.82%</R>
<R>Ratios to Average Net Assets ^D,F					</R>
<R>Expenses before reductions	.88%	.87%	.92%	.97%	1.02%</R>
<R>Expenses net of fee waivers, if any	.88%	.87%	.92%	.97%	1.02%</R>
<R>Expenses net of all reductions	.88%	.87%	.92%	.95%	1.00%</R>
<R>Net investment income (loss)	.91%	.27%	.10%	.19%	.41%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 436,291	$ 1,207,867	$ 1,203,294	$ 902,049	$ 583,116</R>
<R>Portfolio turnover rate ^E	58%	57%	82%	50%	38%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G For the year ended February 29.</R>

<R>^H Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Electronics

<R>Years ended February 28,	2009	2008 ^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 37.17	$ 46.14	$ 46.60	$ 38.93	$ 43.67</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.34	.17	.05	(.07)	(.17)</R>
<R>Net realized and unrealized gain (loss)	(16.19)	(8.85)	(.48)	7.73	(4.58)</R>
<R>Total from investment operations	(15.85)	(8.68)	(.43)	7.66	(4.75)</R>
<R>Distributions from net investment income	(.19)	(.17)	(.03)	-	-</R>
<R>Distributions from net realized gain	-	(.12)	-	-	-</R>
<R>Total distributions	(.19)	(.29)	(.03)	-	-</R>
<R>Redemption fees added to paid in capital ^C	- ^H	- ^H	- ^H	.01	.01</R>
<R>Net asset value, end of period	$ 21.13	$ 37.17	$ 46.14	$ 46.60	$ 38.93</R>
<R>Total Return ^{A, B}	(42.63)%	(18.95)%	(.92)%	19.70%	(10.85)%</R>
<R>Ratios to Average Net Assets ^{D, F}					</R>
<R>Expenses before reductions	.89%	.87%	.91%	.95%	.96%</R>
<R>Expenses net of fee waivers, if any	.89%	.87%	.91%	.95%	.96%</R>
<R>Expenses net of all reductions	.88%	.86%	.89%	.88%	.89%</R>
<R>Net investment income (loss)	1.05%	.36%	.11%	(.17)%	(.45)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 563,453	$ 1,201,825	$ 1,944,223	$ 2,840,570	$ 2,797,324</R>
<R>Portfolio turnover rate ^E	91%	87%	97%	80%	119%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G For the year ended February 29.</R>

<R>^H Amount represents less than $.01 per share.</R>

Prospectus

Energy

<R>Years ended February 28,	2009	2008 ^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 64.48	$ 48.80	$ 49.20	$ 38.71	$ 26.52</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.02	.01	.18	.12	.19</R>
<R>Net realized and unrealized gain (loss)	(35.81)	19.61	4.13	12.87	12.43</R>
<R>Total from investment operations	(35.79)	19.62	4.31	12.99	12.62</R>
<R>Distributions from net investment income	(.01)	(.05)	(.10)	(.09)	(.17)</R>
<R>Distributions from net realized gain	(1.26)	(3.90)	(4.62)	(2.44)	(.28)</R>
<R>Total distributions	(1.27)	(3.95)	(4.72)	(2.53)	(.45)</R>
<R>Redemption fees added to paid in capital ^C	.01	.01	.01	.03	.02</R>
<R>Net asset value, end of period	$ 27.43	$ 64.48	$ 48.80	$ 49.20	$ 38.71</R>
<R>Total Return^A,B	(56.63)%	40.72%	8.57%	34.39%	48.07%</R>
<R>Ratios to Average Net Assets^D,F					</R>
<R>Expenses before reductions	.83%	.84%	.89%	.94%	.97%</R>
<R>Expenses net of fee waivers, if any	.83%	.84%	.89%	.94%	.97%</R>
<R>Expenses net of all reductions	.83%	.84%	.89%	.89%	.93%</R>
<R>Net investment income (loss)	.03%	.02%	.36%	.27%	.62%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 1,337,382	$ 3,155,852	$ 2,145,397	$ 2,547,799	$ 1,148,860</R>
<R>Portfolio turnover rate ^E	148%	55%	102%	128%	91%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G For the year ended February 29.</R>

Prospectus

Appendix - continued

Energy Service

<R>Years ended February 28,	2009	2008 ^J	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 92.62	$ 66.82	$ 68.03	$ 49.44	$ 35.65</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	(.02) ^F	(.21)	(.21) ^G	(.12)^H	(.20)</R>
<R>Net realized and unrealized gain (loss)	(54.75)	28.45	3.07	18.64	13.95</R>
<R>Total from investment operations	(54.77)	28.24	2.86	18.52	13.75</R>
<R>Distributions from net realized gain	(4.00)	(2.46)	(4.15)	-	-</R>
<R>Redemption fees added to paid in capital ^C	.02	.02	.08	.07	.04</R>
<R>Net asset value, end of period	$ 33.87	$ 92.62	$ 66.82	$ 68.03	$ 49.44</R>
<R>Total Return^A,B	(61.89)%	42.91%	3.92%	37.60%	38.68%</R>
<R>Ratios to Average Net Assets^D,I					</R>
<R>Expenses before reductions	.82%	.83%	.88%	.94%	.98%</R>
<R>Expenses net of fee waivers, if any	.82%	.83%	.88%	.94%	.98%</R>
<R>Expenses net of all reductions	.82%	.83%	.88%	.91%	.96%</R>
<R>Net investment income (loss)	(.03)% ^F	(.23)%	(.30)% ^G	(.21)% ^H	(.53)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 740,946	$ 2,256,105	$ 1,221,404	$ 1,734,076	$ 896,252</R>
<R>Portfolio turnover rate ^E	82%	64%	92%	58%	34%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.07 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.11)%.</R>

<R>^G Investment income per share reflects a special dividend which amounted to $.06 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.39)%.</R>

<R>^H Investment income per share reflects a special dividend which amounted to $.08 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.34)%.</R>

<R>^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 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>

<R>^J For the year ended February 29.</R>

Prospectus

Environmental

<R>Years ended February 28,	2009	2008 ^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 17.71	$ 17.21	$ 17.35	$ 13.80	$ 13.29</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.06	.04	(.02)	(.02)	(.14)</R>
<R>Net realized and unrealized gain (loss)	(6.76)	.53	(.14)	3.55	.64</R>
<R>Total from investment operations	(6.70)	.57	(.16)	3.53	.50</R>
<R>Distributions from net investment income	(.07)	(.07)	-	-	-</R>
<R>Redemption fees added to paid in capital ^C	- ^H	- ^H	.02	.02	.01</R>
<R>Net asset value, end of period	$ 10.94	$ 17.71	$ 17.21	$ 17.35	$ 13.80</R>
<R>Total Return ^A,B	(37.88)%	3.27%	(.81)%	25.72%	3.84%</R>
<R>Ratios to Average Net Assets ^D,F					</R>
<R>Expenses before reductions	1.06%	1.08%	1.11%	1.40%	1.87%</R>
<R>Expenses net of fee waivers, if any	1.06%	1.08%	1.11%	1.25%	1.83%</R>
<R>Expenses net of all reductions	1.06%	1.07%	1.09%	1.16%	1.74%</R>
<R>Net investment income (loss)	.37%	.22%	(.12)%	(.14)%	(1.06)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 39,004	$ 38,510	$ 46,377	$ 55,397	$ 12,005</R>
<R>Portfolio turnover rate ^E	107%	76%	224%	166%	220%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G For the year ended February 29.</R>

<R>^H Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Financial Services

<R>Years ended February 28,	2009	2008^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 84.31	$ 117.33	$ 120.01	$ 114.70	$ 121.09</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	1.58	1.73	1.56	1.41	1.11</R>
<R>Net realized and unrealized gain (loss)	(51.12)	(27.77)	10.14	13.73	2.75</R>
<R>Total from investment operations	(49.54)	(26.04)	11.70	15.14	3.86</R>
<R>Distributions from net investment income	(1.22)	(1.45)	(1.29)	(1.34)	(.89)</R>
<R>Distributions from net realized gain	(.13)	(5.54)	(13.10)	(8.50)	(9.37)</R>
<R>Total distributions	(1.35)	(6.99)	(14.39)	(9.84)	(10.26)</R>
<R>Redemption fees added to paid in capital^C	.03	.01	.01	.01	.01</R>
<R>Net asset value, end of period	$ 33.45	$ 84.31	$ 117.33	$ 120.01	$ 114.70</R>
<R>Total Return^{A, B}	(59.22)%	(23.05)%	10.14%	14.51%	3.29%</R>
<R>Ratios to Average Net Assets^{D, F}					</R>
<R>Expenses before reductions	.94%	.90%	.93%	.97%	.97%</R>
<R>Expenses net of fee waivers, if any	.94%	.90%	.93%	.97%	.97%</R>
<R>Expenses net of all reductions	.93%	.89%	.92%	.95%	.94%</R>
<R>Net investment income (loss)	2.57%	1.57%	1.31%	1.26%	.96%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 227,344	$ 382,468	$ 541,576	$ 490,239	$ 487,073</R>
<R>Portfolio turnover rate^E	129%	53%	55%	47%	101%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G For the year ended February 29.</R>

Prospectus

Gold

<R>Years ended February 28,	2009	2008 ^I	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 46.37	$ 36.54	$ 35.91	$ 27.46	$ 27.21</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	(.04)	(.02)	.22 ^F	.04	.02 ^G</R>
<R>Net realized and unrealized gain (loss)	(15.51)	15.05	5.49	12.21	.18</R>
<R>Total from investment operations	(15.55)	15.03	5.71	12.25	.20</R>
<R>Distributions from net investment income	-	(.18)	(.02)	(.02)	-</R>
<R>Distributions from net realized gain	(.17)	(5.03)	(5.10)	(3.84)	-</R>
<R>Total distributions	(.17)	(5.21)	(5.12)	(3.86)	-</R>
<R>Redemption fees added to paid in capital ^C	.02	.01	.04	.06	.05</R>
<R>Net asset value, end of period	$ 30.67	$ 46.37	$ 36.54	$ 35.91	$ 27.46</R>
<R>Total Return^A,B	(33.59)%	45.10%	16.19%	48.84%	.92%</R>
<R>Ratios to Average Net Assets^D,H					</R>
<R>Expenses before reductions	.89%	.85%	.90%	.97%	1.00%</R>
<R>Expenses net of fee waivers, if any	.87%	.85%	.90%	.97%	1.00%</R>
<R>Expenses net of all reductions	.86%	.81%	.87%	.82%	.89% </R>
<R>Net investment income (loss)	(.13)%	(.05)%	.62% ^F	.13%	.07% ^G</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 1,881,600	$ 2,381,114	$ 1,473,400	$ 1,325,665	$ 705,216</R>
<R>Portfolio turnover rate ^E	42%	55%	85%	108%	79%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.08 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .40%.</R>

<R>^G Investment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.08)%.</R>

<R>^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 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>^I For the year ended February 29.</R>

Prospectus

Appendix - continued

Health Care

<R>Years ended February 28,	2009	2008 ^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 114.24	$ 126.78	$ 139.09	$ 127.07	$ 123.36</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.42	.39 ^F	.39	(.17)	.14</R>
<R>Net realized and unrealized gain (loss)	(35.98)	1.63	4.49	25.97	3.69</R>
<R>Total from investment operations	(35.56)	2.02	4.88	25.80	3.83</R>
<R>Distributions from net investment income	(.37)	(.39)	(.20)	(.04)	(.13)</R>
<R>Distributions from net realized gain	(4.66)	(14.17)	(16.99)	(13.75)	-</R>
<R>Total distributions	(5.03)	(14.56)	(17.19)	(13.79)	(.13)</R>
<R>Redemption fees added to paid in capital ^C	- ^I	- ^I	- ^I	.01	.01</R>
<R>Net asset value, end of period	$ 73.65	$ 114.24	$ 126.78	$ 139.09	$ 127.07</R>
<R>Total Return ^{A, B}	(32.34)%	.72%	4.13%	20.42%	3.12%</R>
<R>Ratios to Average Net Assets ^{D, G}					</R>
<R>Expenses before reductions	.86%	.85%	.88%	.91%	.93%</R>
<R>Expenses net of fee waivers, if any	.86%	.85%	.88%	.91%	.93%</R>
<R>Expenses net of all reductions	.86%	.84%	.87%	.87%	.92%</R>
<R>Net investment income (loss)	.44%	.30% ^F	.31%	(.12) %	.11%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 1,191,143	$ 1,948,147	$ 2,073,783	$ 2,380,323	$ 1,906,252</R>
<R>Portfolio turnover rate ^E	173%	120%	91%	120%	32%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.13 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .20%.</R>

<R>^H For the year ended February 29.</R>

<R>^I Amount represents less than $.01 per share.</R>

Prospectus

Home Finance

<R>Years ended February 28,	2009	2008^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 25.83	$ 48.40	$ 51.83	$ 59.12	$ 68.76</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.75	.86	.81	1.32^F	.54</R>
<R>Net realized and unrealized gain (loss)	(17.60)	(20.77)	3.01	(.77)	(.54)</R>
<R>Total from investment operations	(16.85)	(19.91)	3.82	.55	-</R>
<R>Distributions from net investment income	(.56)	(.80)	(.80)	(.99)	(.56)</R>
<R>Distributions from net realized gain	(.05)	(1.86)	(6.45)	(6.85)	(9.09)</R>
<R>Total distributions	(.61)	(2.66)	(7.25)	(7.84)	(9.65)</R>
<R>Redemption fees added to paid in capital^C	.01	-^I	-^I	-^I	.01</R>
<R>Net asset value, end of period	$ 8.38	$ 25.83	$ 48.40	$ 51.83	$ 59.12</R>
<R>Total Return^{A, B}	(65.96)%	(42.37)%	7.10%	.99%	(.46)%</R>
<R>Ratios to Average Net Assets^{D, G}					</R>
<R>Expenses before reductions	.99%	.93%	.93%	.97%	.97%</R>
<R>Expenses net of fee waivers, if any	.99%	.93%	.93%	.97%	.97%</R>
<R>Expenses net of all reductions	.99%	.92%	.93%	.94%	.96%</R>
<R>Net investment income (loss)	4.48%	2.21%	1.55%	2.36%^F	.83%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 51,439	$ 151,202	$ 256,873	$ 292,124	$ 396,088</R>
<R>Portfolio turnover rate^E	79%	36%	52%	76%	37%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.54 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.40%.</R>

<R>^H For the year ended February 29.</R>

<R>^I Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Industrial Equipment

<R>Years ended February 28,	2009	2008 ^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 32.45	$ 31.50	$ 29.15	$ 26.85	$ 24.60</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.33	.28	.18	.07	(.04)</R>
<R>Net realized and unrealized gain (loss)	(17.96)	2.73 ^F	2.59	4.02	3.26</R>
<R>Total from investment operations	(17.63)	3.01	2.77	4.09	3.22</R>
<R>Distributions from net investment income	(.34)	(.23)	(.10)	(.02)	-</R>
<R>Distributions from net realized gain	(.50)	(1.83)	(.33)	(1.78)	(.98)</R>
<R>Total distributions	(.84)	(2.06)	(.43)	(1.80)	(.98)</R>
<R>Redemption fees added to paid in capital ^C	- ^I	- ^I	.01	.01	.01</R>
<R>Net asset value, end of period	$ 13.98	$ 32.45	$ 31.50	$ 29.15	$ 26.85</R>
<R>Total Return ^A,B	(55.46)%	9.25%	9.59%	16.17%	13.37%</R>
<R>Ratios to Average Net Assets ^D,G					</R>
<R>Expenses before reductions	.90%	.88%	.99%	1.03%	1.07%</R>
<R>Expenses net of fee waivers, if any	.90%	.88%	.99%	1.03%	1.07%</R>
<R>Expenses net of all reductions	.90%	.88%	.98%	1.02%	1.06%</R>
<R>Net investment income (loss)	1.22%	.80%	.60%	.27%	(.17)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 47,260	$ 169,045	$ 82,528	$ 74,770	$ 46,305</R>
<R>Portfolio turnover rate ^E	136%	92%	104%	40%	51%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.</R>

<R>^H For the year ended February 29.</R>

<R>^I Amount represents less than $.01 per share.</R>

Prospectus

Industrials

<R>Years ended February 28,	2009	2008 ^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 20.50	$ 20.70	$ 20.97	$ 19.21	$ 16.22</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.18	.11	.14	.06	.05</R>
<R>Net realized and unrealized gain (loss)	(10.35)	1.40	1.55	3.06	3.99</R>
<R>Total from investment operations	(10.17)	1.51	1.69	3.12	4.04</R>
<R>Distributions from net investment income	(.15)	(.09)	(.08)	(.05)	(.02)</R>
<R>Distributions from net realized gain	(.06)	(1.62)	(1.89)	(1.32)	(1.04)</R>
<R>Total distributions	(.21)	(1.71)	(1.97)	(1.37)	(1.06)</R>
<R>Redemption fees added to paid in capital ^C	- ^H	- ^H	.01	.01	.01</R>
<R>Net asset value, end of period	$ 10.12	$ 20.50	$ 20.70	$ 20.97	$ 19.21</R>
<R>Total Return ^A,B	(49.92)%	7.14%	8.34%	17.23%	25.60%</R>
<R>Ratios to Average Net Assets ^D,F					</R>
<R>Expenses before reductions	1.00%	1.00%	1.10%	1.12%	1.19%</R>
<R>Expenses net of fee waivers, if any	1.00%	1.00%	1.10%	1.12%	1.19%</R>
<R>Expenses net of all reductions	.99%	.99%	1.09%	1.07%	1.15%</R>
<R>Net investment income (loss)	1.08%	.49%	.66%	.34%	.27%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 83,542	$ 124,443	$ 76,011	$ 83,680	$ 64,969</R>
<R>Portfolio turnover rate ^E	132%	108%	185%	168%	151%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G For the year ended February 29.</R>

<R>^H Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Insurance

<R>Years ended February 28,	2009	2008^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 54.02	$ 69.38	$ 68.72	$ 62.15	$ 59.67</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.51	.45	.44	.70^F	.23</R>
<R>Net realized and unrealized gain (loss)	(30.02)	(10.95)	5.25	7.71	2.92</R>
<R>Total from investment operations	(29.51)	(10.50)	5.69	8.41	3.15</R>
<R>Distributions from net investment income	(.54)	(.30)	(.40)	(.60)	(.10)</R>
<R>Distributions from net realized gain	(.02)	(4.56)	(4.64)	(1.26)	(.59)</R>
<R>Total distributions	(.56)	(4.86)	(5.04)	(1.86)	(.69)</R>
<R>Redemption fees added to paid in capital^C	-^I	-^I	.01	.02	.02</R>
<R>Net asset value, end of period	$ 23.95	$ 54.02	$ 69.38	$ 68.72	$ 62.15</R>
<R>Total Return^{A, B}	(54.83)%	(16.04)%	8.33%	13.68%	5.35%</R>
<R>Ratios to Average Net Assets^{D, G}					</R>
<R>Expenses before reductions	.97%	.93%	.98%	1.03%	1.05%</R>
<R>Expenses net of fee waivers, if any	.97%	.93%	.98%	1.03%	1.05%</R>
<R>Expenses net of all reductions	.97%	.93%	.98%	1.02%	1.04%</R>
<R>Net investment income (loss)	1.27%	.65%	.64%	1.08%^F	.39%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 76,580	$ 154,063	$ 244,251	$ 208,927	$ 173,377</R>
<R>Portfolio turnover rate^E	426%	60%	58%	44%	50%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.38 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .50%.</R>

<R>^H For the year ended February 29.</R>

<R>^I Amount represents less than $.01 per share.</R>

Prospectus

IT Services

<R>Years ended February 28,	2009	2008 ^I	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 14.77	$ 17.40	$ 17.43	$ 15.50	$ 14.14</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	(.02)	(.06)	(.07)	(.03) ^F	(.10) ^G</R>
<R>Net realized and unrealized gain (loss)	(4.14)	(.25)	1.73	2.59	1.70</R>
<R>Total from investment operations	(4.16)	(.31)	1.66	2.56	1.60</R>
<R>Distributions from net realized gain	-	(2.32)	(1.70)	(.63)	(.24)</R>
<R>Redemption fees added to paid in capital ^C	.01	- ^J	.01	- ^J	- ^J</R>
<R>Net asset value, end of period	$ 10.62	$ 14.77	$ 17.40	$ 17.43	$ 15.50</R>
<R>Total Return ^{A, B}	(28.10)%	(2.94)%	10.11%	17.14%	11.26%</R>
<R>Ratios to Average Net Assets ^{D, H}					</R>
<R>Expenses before reductions	1.00%	1.06%	1.19%	1.22%	1.24%</R>
<R>Expenses net of fee waivers, if any	1.00%	1.06%	1.16%	1.22%	1.23%</R>
<R>Expenses net of all reductions	1.00%	1.06%	1.15%	1.18%	1.21%</R>
<R>Net investment income (loss)	(.14)%	(.32)%	(.42)%	(.17)% ^F	(.66)% ^G</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 48,039	$ 38,842	$ 34,104	$ 39,392	$ 37,165</R>
<R>Portfolio turnover rate ^E	140%	212%	200%	73%	88%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.81)%.</R>

<R>^I For the year ended February 29.</R>

<R>^J Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Leisure

<R>Years ended February 28,	2009	2008 ^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 69.03	$ 79.61	$ 80.64	$ 75.07	$ 74.40</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.60	.69	.25 ^F	(.28)	(.20)</R>
<R>Net realized and unrealized gain (loss)	(22.57)	(5.73)	10.52	8.83	5.55</R>
<R>Total from investment operations	(21.97)	(5.04)	10.77	8.55	5.35</R>
<R>Distributions from net investment income	(.54)	(.55)	(.12)	-	-</R>
<R>Distributions from net realized gain	(.28)	(4.99)	(11.69)	(2.98)	(4.70)</R>
<R>Total distributions	(.82)	(5.54)	(11.81)	(2.98)	(4.70)</R>
<R>Redemption fees added to paid in capital ^C	- ^I	- ^I	.01	- ^I	.02</R>
<R>Net asset value, end of period	$ 46.24	$ 69.03	$ 79.61	$ 80.64	$ 75.07</R>
<R>Total Return ^A,B	(32.07)%	(7.09)%	13.61%	11.67%	7.43%</R>
<R>Ratios to Average Net Assets ^D,G					</R>
<R>Expenses before reductions	.93%	.91%	.96%	.99%	1.01%</R>
<R>Expenses net of fee waivers, if any	.93%	.91%	.96%	.99%	1.01%</R>
<R>Expenses net of all reductions	.93%	.91%	.94%	.94%	.96%</R>
<R>Net investment income (loss)	1.00%	.86%	.31% ^F	(.37)%	(.28)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 159,115	$ 210,424	$ 258,340	$ 205,290	$ 206,406</R>
<R>Portfolio turnover rate ^E	120%	74%	179%	107%	117%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.09 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .20%.</R>

<R>^H For the year ended February 29.</R>

<R>^I Amount represents less than $.01 per share.</R>

Prospectus

Materials

<R>Years ended February 28,	2009	2008 ^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 57.01	$ 50.92	$ 46.35	$ 40.78	$ 35.99</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.38	.64	.42	.32	.15</R>
<R>Net realized and unrealized gain (loss)	(29.54)	8.01	9.36	6.40	5.47</R>
<R>Total from investment operations	(29.16)	8.65	9.78	6.72	5.62</R>
<R>Distributions from net investment income	(.20)	(.36)	(.48)	(.25)	(.12)</R>
<R>Distributions from net realized gain	-	(2.21)	(4.79)	(.93)	(.74)</R>
<R>Total distributions	(.20)	(2.57) ^H	(5.27)	(1.18)	(.86)</R>
<R>Redemption fees added to paid in capital ^C	.01	.01	.06	.03	.03</R>
<R>Net asset value, end of period	$ 27.66	$ 57.01	$ 50.92	$ 46.35	$ 40.78</R>
<R>Total Return ^A,B	(51.15)%	17.10%	22.29%	17.01%	16.09%</R>
<R>Ratios to Average Net Assets ^D,F					</R>
<R>Expenses before reductions	.90%	.91%	1.01%	1.05%	1.06%</R>
<R>Expenses net of fee waivers, if any	.90%	.90%	.98%	1.05%	1.06%</R>
<R>Expenses net of all reductions	.90%	.89%	.96%	1.01%	1.02%</R>
<R>Net investment income (loss)	.78%	1.14%	.87%	.78%	.42%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 127,551	$ 353,185	$ 230,147	$ 169,523	$ 144,442</R>
<R>Portfolio turnover rate ^E	117%	77%	185%	124%	89%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G For the year ended February 29.</R>

<R>^H Total distributions of $2.573 per share is comprised of distributions from net investment income of $.363 and distributions from net realized gain of $2.210 per share.</R>

Prospectus

Appendix - continued

Medical Delivery

<R>Years ended February 28,	2009	2008 ^I	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 45.27	$ 51.02	$ 54.98	$ 46.80	$ 32.76</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	(.18)	.11 ^F	(.29)	(.31)	(.28)</R>
<R>Net realized and unrealized gain (loss)	(19.18)	(1.69)	1.20 ^G	11.41	14.28</R>
<R>Total from investment operations	(19.36)	(1.58)	.91	11.10	14.00</R>
<R>Distributions from net investment income	(.03)	-	-	-	-</R>
<R>Distributions from net realized gain	(.35)	(4.17)	(4.88)	(2.94)	-</R>
<R>Total distributions	(.38)	(4.17)	(4.88)	(2.94)	-</R>
<R>Redemption fees added to paid in capital ^C	- ^J	- ^J	.01	.02	.04</R>
<R>Net asset value, end of period	$ 25.53	$ 45.27	$ 51.02	$ 54.98	$ 46.80</R>
<R>Total Return ^{A, B}	(43.05)%	(4.00)%	2.23%	24.54%	42.86%</R>
<R>Ratios to Average Net Assets ^{D, H}					</R>
<R>Expenses before reductions	.94%	.92%	.95%	.95%	1.03%</R>
<R>Expenses net of fee waivers, if any	.94%	.92%	.95%	.95%	1.03%</R>
<R>Expenses net of all reductions	.94%	.91%	.94%	.91%	.92%</R>
<R>Net investment income (loss)	(.50)%	.22% ^F	(.58)%	(.60)%	(.72)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 263,503	$ 540,497	$ 643,641	$ 1,469,861	$ 706,183</R>
<R>Portfolio turnover rate ^E	122%	113%	92%	106%	244%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.</R>

<R>^I For the year ended February 29.</R>

<R>^J Amount represents less than $.01 per share.</R>

Prospectus

Medical Equipment and Systems

<R>Years ended February 28,	2009	2008 ^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 24.41	$ 23.67	$ 24.62	$ 23.70	$ 20.99</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.01	(.05)	(.05)	(.04)	(.06)</R>
<R>Net realized and unrealized gain (loss)	(6.35)	2.97	1.35	1.80	2.88</R>
<R>Total from investment operations	(6.34)	2.92	1.30	1.76	2.82</R>
<R>Distributions from net investment income	(.01)	-	-	-	-</R>
<R>Distributions from net realized gain	(.77)	(2.18)	(2.25)	(.84)	(.11)</R>
<R>Total distributions	(.78)	(2.18)	(2.25)	(.84)	(.11)</R>
<R>Redemption fees added to paid in capital ^C	.01	- ^H	- ^H	- ^H	- ^H</R>
<R>Net asset value, end of period	$ 17.30	$ 24.41	$ 23.67	$ 24.62	$ 23.70</R>
<R>Total Return ^{A, B}	(26.81)%	12.57%	5.66%	7.36%	13.49%</R>
<R>Ratios to Average Net Assets ^{D, F}					</R>
<R>Expenses before reductions	.87%	.88%	.93%	.96%	1.00%</R>
<R>Expenses net of fee waivers, if any	.87%	.88%	.93%	.96%	1.00%</R>
<R>Expenses net of all reductions	.87%	.88%	.92%	.92%	.98%</R>
<R>Net investment income (loss)	.06%	(.20)%	(.22)%	(.18)%	(.28)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 1,012,464	$ 1,169,861	$ 796,975	$ 1,115,117	$ 966,579</R>
<R>Portfolio turnover rate ^E	116%	129%	71%	99%	28%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G For the year ended February 29.</R>

<R>^H Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Multimedia

<R>Years ended February 28,	2009	2008 ^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 35.30	$ 47.31	$ 47.33	$ 43.55	$ 44.83</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.06	.01	(.07)	(.12)	(.18)</R>
<R>Net realized and unrealized gain (loss)	(16.17)	(5.79)	6.27	4.70	.19</R>
<R>Total from investment operations	(16.11)	(5.78)	6.20	4.58	.01</R>
<R>Distributions from net investment income	(.06)	-	-	-	-</R>
<R>Distributions from net realized gain	(.86)	(6.23)	(6.23)	(.80)	(1.30)</R>
<R>Total distributions	(.92)	(6.23)	(6.23)	(.80)	(1.30)</R>
<R>Redemption fees added to paid in capital ^C	- ^H	- ^H	.01	- ^H	.01</R>
<R>Net asset value, end of period	$ 18.27	$ 35.30	$ 47.31	$ 47.33	$ 43.55</R>
<R>Total Return ^A,B	(46.75)%	(13.88)%	13.73%	10.48%	.01%</R>
<R>Ratios to Average Net Assets ^D,F					</R>
<R>Expenses before reductions	1.07%	.99%	1.04%	1.07%	1.07%</R>
<R>Expenses net of fee waivers, if any	1.07%	.99%	1.04%	1.07%	1.07%</R>
<R>Expenses net of all reductions	1.07%	.98%	1.04%	1.04%	1.03%</R>
<R>Net investment income (loss)	.22%	.01%	(.16)%	(.27)%	(.42)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 26,183	$ 62,141	$ 90,806	$ 80,715	$ 125,615</R>
<R>Portfolio turnover rate ^E	39%	68%	179%	48%	88%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G For the year ended February 29.</R>

<R>^H Amount represents less than $.01 per share.</R>

Prospectus

Natural Gas

<R>Years ended February 28,	2009	2008 ^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 49.91	$ 39.61	$ 38.86	$ 34.41	$ 23.00</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	(.05)	(.05)	(.03) ^F	(.09)	.01</R>
<R>Net realized and unrealized gain (loss)	(28.62)	14.53	4.08	8.58	11.83</R>
<R>Total from investment operations	(28.67)	14.48	4.05	8.49	11.84</R>
<R>Distributions from net investment income	-	-	-	-	(.02)</R>
<R>Distributions from net realized gain	(2.09)	(4.19)	(3.31)	(4.08)	(.44)</R>
<R>Total distributions	(2.09)	(4.19)	(3.31)	(4.08)	(.46)</R>
<R>Redemption fees added to paid in capital ^C	.01	.01	.01	.04	.03</R>
<R>Net asset value, end of period	$ 19.16	$ 49.91	$ 39.61	$ 38.86	$ 34.41</R>
<R>Total Return^A,B	(59.99)%	38.08%	10.43%	26.28%	52.01%</R>
<R>Ratios to Average Net Assets^D,G					</R>
<R>Expenses before reductions	.85%	.85%	.90%	.95%	.98%</R>
<R>Expenses net of fee waivers, if any	.85%	.85%	.90%	.95%	.98%</R>
<R>Expenses net of all reductions	.85%	.85%	.89%	.88%	.94%</R>
<R>Net investment income (loss)	(.13)%	(.10)%	(.09)% ^F	(.24)%	.02%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 705,002	$ 1,603,270	$ 1,025,589	$ 1,555,579	$ 947,538</R>
<R>Portfolio turnover rate ^E	81%	68%	59%	148%	190%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^H For the year ended February 29.</R>

Prospectus

Appendix - continued

Natural Resources

<R>Years ended February 28,	2009	2008 ^G	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 39.00	$ 28.75	$ 25.87	$ 20.07	$ 14.90</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.01	.03	.08	.05	.09</R>
<R>Net realized and unrealized gain (loss)	(21.29)	11.74	3.81	6.72	5.42</R>
<R>Total from investment operations	(21.28)	11.77	3.89	6.77	5.51</R>
<R>Distributions from net investment income	(.01)	(.03)	(.07)	(.04)	(.07)</R>
<R>Distributions from net realized gain	(.48)	(1.50)	(.95)	(.95)	(.28)</R>
<R>Total distributions	(.49)	(1.53)	(1.02)	(.99)	(.35)</R>
<R>Redemption fees added to paid in capital ^C	.01	.01	.01	.02	.01</R>
<R>Net asset value, end of period	$ 17.24	$ 39.00	$ 28.75	$ 25.87	$ 20.07</R>
<R>Total Return^A,B	(55.24)%	41.62%	15.18%	34.50%	37.51%</R>
<R>Ratios to Average Net Assets^D,F					</R>
<R>Expenses before reductions	.85%	.85%	.93%	.99%	1.04%</R>
<R>Expenses net of fee waivers, if any	.85%	.85%	.93%	.99%	1.04%</R>
<R>Expenses net of all reductions	.84%	.85%	.92%	.93%	1.00%</R>
<R>Net investment income (loss)	.03%	.09%	.31%	.21%	.55%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 923,110	$ 2,428,375	$ 958,443	$ 880,840	$ 308,695</R>
<R>Portfolio turnover rate ^E	136%	44%	116%	119%	101%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G For the year ended February 29.</R>

Prospectus

Networking and Infrastructure

<R>Years ended February 28,	2009	2008 ^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 1.97	$ 2.49	$ 2.58	$ 2.14	$ 2.66</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	(.01) ^F	(.02)	(.02)	(.02)	(.02)</R>
<R>Net realized and unrealized gain (loss)	(.75)	(.50)	(.07)	.46	(.50)</R>
<R>Total from investment operations	(.76)	(.52)	(.09)	.44	(.52)</R>
<R>Redemption fees added to paid in capital ^{C, I}	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 1.21	$ 1.97	$ 2.49	$ 2.58	$ 2.14</R>
<R>Total Return ^{A, B}	(38.58)%	(20.88)%	(3.49)%	20.56%	(19.55)%</R>
<R>Ratios to Average Net Assets ^{D, G}					</R>
<R>Expenses before reductions	1.05%	1.02%	1.09%	1.14%	1.17%</R>
<R>Expenses net of fee waivers, if any	1.05%	1.02%	1.09%	1.14%	1.17%</R>
<R>Expenses net of all reductions	1.05%	1.01%	1.08%	1.02%	1.07%</R>
<R>Net investment income (loss)	(.54)% ^F	(.76)%	(.84)%	(.84)%	(.89)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 38,492	$ 48,758	$ 91,129	$ 125,367	$ 109,960</R>
<R>Portfolio turnover rate ^E	116%	37%	136%	201%	160%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.00 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.58)%.</R>

<R>^H For the year ended February 29.</R>

<R>^I Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Paper and Forest Products

<R>Years ended February 28,	2009	2008 ^J	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 27.62	$ 34.53	$ 30.63	$ 31.64	$ 31.64</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.26	.92 ^F	.89 ^G	.61 ^H	.14</R>
<R>Net realized and unrealized gain (loss)	(15.05)	(6.46)	4.37	(1.53)	(.06)</R>
<R>Total from investment operations	(14.79)	(5.54)	5.26	(.92)	.08</R>
<R>Distributions from net investment income	(.25)	(1.39)	(1.37)	(.13)	(.12)</R>
<R>Redemption fees added to paid in capital ^C	.01	.02	.01	.04	.04</R>
<R>Net asset value, end of period	$ 12.59	$ 27.62	$ 34.53	$ 30.63	$ 31.64</R>
<R>Total Return^A,B	(53.68)%	(16.45)%	17.70%	(2.77)%	.37%</R>
<R>Ratios to Average Net Assets^D,I					</R>
<R>Expenses before reductions	1.37%	1.11%	1.25%	1.31%	1.33%</R>
<R>Expenses net of fee waivers, if any	1.15%	1.11%	1.20%	1.25%	1.32%</R>
<R>Expenses net of all reductions	1.13%	1.09%	1.19%	1.21%	1.30%</R>
<R>Net investment income (loss)	1.14%	2.67% ^F	2.85% ^G	2.10% ^H	.45%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 7,734	$ 18,104	$ 56,527	$ 28,716	$ 27,685</R>
<R>Portfolio turnover rate ^E	150%	221%	126%	207%	65%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G Investment income per share reflects a special dividend which amounted to $.30 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.88%.</R>

<R>^H Investment income per share reflects a special dividend which amounted to $.42 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .64%.</R>

<R>^J For the year ended February 29.</R>

Prospectus

Pharmaceuticals

<R>Years ended February 28,	2009	2008 ^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 10.52	$ 10.88	$ 10.41	$ 8.64	$ 8.95</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.18	.10	.08	.02	- ^I</R>
<R>Net realized and unrealized gain (loss)	(2.91)	.13 ^F	.74	1.77	(.31)</R>
<R>Total from investment operations	(2.73)	.23	.82	1.79	(.31)</R>
<R>Distributions from net investment income	(.13)	(.11)	(.04)	(.02)	-</R>
<R>Distributions from net realized gain	(.06)	(.48)	(.31)	-	-</R>
<R>Total distributions	(.19)	(.59)	(.35)	(.02)	-</R>
<R>Redemption fees added to paid in capital ^{C, I}	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 7.60	$ 10.52	$ 10.88	$ 10.41	$ 8.64</R>
<R>Total Return ^{A, B}	(26.23)%	1.64%	8.05%	20.68%	(3.46)%</R>
<R>Ratios to Average Net Assets ^{D, G}					</R>
<R>Expenses before reductions	1.00%	.95%	1.02%	1.11%	1.20%</R>
<R>Expenses net of fee waivers, if any	1.00%	.95%	1.02%	1.11%	1.20%</R>
<R>Expenses net of all reductions	.99%	.95%	1.01%	1.03%	1.19%</R>
<R>Net investment income (loss)	1.89%	.85%	.73%	.23%	.05%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 142,011	$ 167,330	$ 195,128	$ 142,471	$ 95,502</R>
<R>Portfolio turnover rate ^E	240%	119%	204%	207%	42%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^H For the year ended February 29.</R>

<R>^I Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Retailing

<R>Years ended February 28,	2009	2008 ^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 36.57	$ 54.98	$ 50.78	$ 50.89	$ 47.39</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.21	(.01)	.30 ^F	(.10)	(.01)</R>
<R>Net realized and unrealized gain (loss)	(10.11)	(10.59)	7.46	6.24	4.00</R>
<R>Total from investment operations	(9.90)	(10.60)	7.76	6.14	3.99</R>
<R>Distributions from net investment income	(.20)	(.22)	-	-	(.01)</R>
<R>Distributions from net realized gain	-	(7.60)	(3.58)	(6.29)	(.50)</R>
<R>Total distributions	(.20)	(7.82)	(3.58)	(6.29)	(.51)</R>
<R>Redemption fees added to paid in capital ^C	.01	.01	.02	.04	.02</R>
<R>Net asset value, end of period	$ 26.48	$ 36.57	$ 54.98	$ 50.78	$ 50.89</R>
<R>Total Return ^A,B	(27.09)%	(21.43)%	15.79%	12.77%	8.47%</R>
<R>Ratios to Average Net Assets ^D,G					</R>
<R>Expenses before reductions	1.07%	1.02%	1.06%	1.06%	1.08%</R>
<R>Expenses net of fee waivers, if any	1.07%	1.02%	1.06%	1.06%	1.08%</R>
<R>Expenses net of all reductions	1.06%	1.02%	1.06%	1.04%	1.03%</R>
<R>Net investment income (loss)	.63%	(.02)%	.58% ^F	(.20)%	(.02)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 40,335	$ 48,038	$ 83,843	$ 67,009	$ 105,346</R>
<R>Portfolio turnover rate ^E	504%	260%	202%	114%	94%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects special dividends which amounted to $.37 per share. Excluding these special dividends, the ratio of net investment income (loss) to average net assets would have been (.13)%.</R>

<R>^H For the year ended February 29.</R>

Prospectus

Software and Computer Services

<R>Years ended February 28,	2009	2008 ^H	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 66.77	$ 65.47	$ 53.94	$ 47.60	$ 51.37</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	(.07)	(.20)	(.21)	(.25)	.53 ^F</R>
<R>Net realized and unrealized gain (loss)	(22.32)	1.49	11.73	6.58	(3.79)</R>
<R>Total from investment operations	(22.39)	1.29	11.52	6.33	(3.26)</R>
<R>Distributions from net investment income	-	-	-	-	(.51)</R>
<R>Redemption fees added to paid in capital ^C	- ^I	.01	.01	.01	- ^I</R>
<R>Net asset value, end of period	$ 44.38	$ 66.77	$ 65.47	$ 53.94	$ 47.60</R>
<R>Total Return ^{A, B}	(33.53)%	1.99%	21.38%	13.32%	(6.43)%</R>
<R>Ratios to Average Net Assets ^{D, G}					</R>
<R>Expenses before reductions	.87%	.86%	.92%	.96%	.98%</R>
<R>Expenses net of fee waivers, if any	.87%	.86%	.92%	.96%	.98%</R>
<R>Expenses net of all reductions	.87%	.86%	.91%	.91%	.92%</R>
<R>Net investment income (loss)	(.12)%	(.27)%	(.34)%	(.49)%	1.09% ^F</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 488,980	$ 767,777	$ 924,664	$ 563,799	$ 680,988</R>
<R>Portfolio turnover rate ^E	49%	38%	139%	59%	94%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.76 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.48)%.</R>

<R>^H For the year ended February 29.</R>

<R>^I Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Technology

<R>Years ended February 28,	2009	2008 ^I	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 66.65	$ 69.84	$ 65.24	$ 57.62	$ 61.94</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.15	(.36) ^F	(.15)	(.27)	.11 ^G</R>
<R>Net realized and unrealized gain (loss)	(29.57)	(2.84)	4.75	7.88	(4.28)</R>
<R>Total from investment operations	(29.42)	(3.20)	4.60	7.61	(4.17)</R>
<R>Distributions from net investment income	(.11)	-	-	-	(.16)</R>
<R>Redemption fees added to paid in capital ^C	- ^J	.01	- ^J	.01	.01</R>
<R>Net asset value, end of period	$ 37.12	$ 66.65	$ 69.84	$ 65.24	$ 57.62</R>
<R>Total Return ^{A, B}	(44.15)%	(4.57)%	7.05%	13.22%	(6.73)%</R>
<R>Ratios to Average Net Assets ^{D, H}					</R>
<R>Expenses before reductions	.90%	.89%	.95%	.99%	1.01%</R>
<R>Expenses net of fee waivers, if any	.90%	.89%	.95%	.99%	1.01%</R>
<R>Expenses net of all reductions	.89%	.88%	.95%	.93%	.94%</R>
<R>Net investment income (loss)	.26%	(.47)% ^F	(.24)%	(.44)%	.20% ^G</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 773,373	$ 1,549,499	$ 1,696,389	$ 1,923,316	$ 1,954,017</R>
<R>Portfolio turnover rate ^E	235%	204%	113%	100%	104%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G Investment income per share reflects a special dividend which amounted to $.48 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.65)%.</R>

<R>^I For the year ended February 29.</R>

<R>^J Amount represents less than $.01 per share.</R>

Prospectus

Telecommunications

<R>Years ended February 28,	2009	2008 ^I	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 42.70	$ 50.91	$ 41.97	$ 34.83	$ 35.79</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.30	.43	.61 ^F	.36	.49 ^G</R>
<R>Net realized and unrealized gain (loss)	(15.65)	(8.12)	8.85	7.11	(.96)</R>
<R>Total from investment operations	(15.35)	(7.69)	9.46	7.47	(.47)</R>
<R>Distributions from net investment income	(.41) ^L	(.52)	(.53)	(.33)	(.49)</R>
<R>Distributions from net realized gain	(.20) ^L	-	-	-	-</R>
<R>Total distributions	(.61) ^K	(.52)	(.53)	(.33)	(.49)</R>
<R>Redemption fees added to paid in capital ^C	- ^J	- ^J	.01	- ^J	- ^J</R>
<R>Net asset value, end of period	$ 26.74	$ 42.70	$ 50.91	$ 41.97	$ 34.83</R>
<R>Total Return ^A,B	(36.00)%	(15.30)%	22.69%	21.54%	(1.40)%</R>
<R>Ratios to Average Net Assets ^D,H					</R>
<R>Expenses before reductions	.97%	.91%	.99%	1.05%	1.09%</R>
<R>Expenses net of fee waivers, if any	.97%	.90%	.97%	1.05%	1.09%</R>
<R>Expenses net of all reductions	.96%	.90%	.97%	.96%	1.02%</R>
<R>Net investment income (loss)	.85%	.79%	1.34% ^F	.96%	1.44% ^G</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 196,231	$ 334,565	$ 624,427	$ 402,334	$ 333,642</R>
<R>Portfolio turnover rate ^E	168%	134%	162%	148%	56%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.11 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.09%.</R>

<R>^G Investment income per share reflects a special dividend which amounted to $.26 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .68%. </R>

<R>^I For the year ended February 29.</R>

<R>^J Amount represents less than $.01 per share.</R>

<R>^K Total distributions of $.61 per share is comprised of distributions from net investment income of $.408 and distributions from net realized gain of $.202 per share.</R>

<R>^L The amount shown reflects certain reclassifications related to book to tax differences.</R>

Prospectus

Appendix - continued

Transportation

<R>Years ended February 28,	2009	2008 ^J	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 44.34	$ 53.00	$ 50.22	$ 42.08	$ 32.84</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.29	.19 ^F	.04	.17	.20 ^G</R>
<R>Net realized and unrealized gain (loss)	(19.29)	(4.66)	3.72 ^H	8.99	9.24</R>
<R>Total from investment operations	(19.00)	(4.47)	3.76	9.16	9.44</R>
<R>Distributions from net investment income	(.25)	(.07)	(.02)	(.10)	(.11)</R>
<R>Distributions from net realized gain	(1.21)	(4.13)	(1.01)	(.96)	(.13)</R>
<R>Total distributions	(1.46)	(4.20)	(1.03)	(1.06)	(.24)</R>
<R>Redemption fees added to paid in capital ^C	.01	.01	.05	.04	.04</R>
<R>Net asset value, end of period	$ 23.89	$ 44.34	$ 53.00	$ 50.22	$ 42.08</R>
<R>Total Return ^A,B	(44.20)%	(8.89)%	7.65%	22.24%	28.86%</R>
<R>Ratios to Average Net Assets ^D,I					</R>
<R>Expenses before reductions	1.03%	.99%	1.03%	1.13%	1.17%</R>
<R>Expenses net of fee waivers, if any	1.03%	.99%	1.03%	1.13%	1.17%</R>
<R>Expenses net of all reductions	1.03%	.99%	1.02%	1.11%	1.14%</R>
<R>Net investment income (loss)	.79%	.36% ^F	.09%	.40%	.53% ^G</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 79,705	$ 92,432	$ 105,027	$ 103,927	$ 81,958</R>
<R>Portfolio turnover rate ^E	81%	84%	133%	142%	148%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^G Investment income per share reflects a special dividend which amounted to $.09 per share and an in-kind dividend received in a corporate reorganization which amounted to $.08 per share. Excluding these dividends, the ratio of net investment income (loss) to average net assets would have been .06%.</R>

<R>^H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.</R>

<R>^J For the year ended February 29.</R>

Prospectus

Utilities

<R>Years ended February 28,	2009	2008 ^I	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 57.09	$ 58.27	$ 46.44	$ 40.04	$ 33.94</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.99	.84	1.00	.73	.76 ^F,G</R>
<R>Net realized and unrealized gain (loss)	(22.29)	(.82)	11.45	6.59	5.95</R>
<R>Total from investment operations	(21.30)	.02	12.45	7.32	6.71</R>
<R>Distributions from net investment income	(.85)	(1.21)	(.64)	(.93)	(.62)</R>
<R>Redemption fees added to paid in capital ^C	- ^J	.01	.02	.01	.01</R>
<R>Net asset value, end of period	$ 34.94	$ 57.09	$ 58.27	$ 46.44	$ 40.04</R>
<R>Total Return ^A,B	(37.47)%	(.22)%	26.95%	18.48%	19.90%</R>
<R>Ratios to Average Net Assets ^D,H					</R>
<R>Expenses before reductions	.89%	.88%	.93%	.97%	1.02%</R>
<R>Expenses net of fee waivers, if any	.89%	.88%	.93%	.97%	1.02%</R>
<R>Expenses net of all reductions	.89%	.87%	.93%	.92%	.99%</R>
<R>Net investment income (loss)	1.95%	1.35%	1.93%	1.71%	2.06% ^F,G</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 301,529	$ 606,083	$ 795,683	$ 298,371	$ 324,732</R>
<R>Portfolio turnover rate ^E	167%	121%	107%	101%	51%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.22 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.47%.</R>

<R>^G As a result in the change in the estimate of the return of capital components of dividend income realized in the year ended February 29, 2004, net investment income per share and the ratio of net investment income to average net assets for the year ended February 28, 2005 have been reduced by $0.02 per share and .06%, respectively. The change in estimate has no impact on total net assets or total return of the Fund.</R>

<R>^I For the year ended February 29.</R>

<R>^J Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Wireless

<R>Years ended February 28,	2009	2008 ^J	2007	2006	2005</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 7.23	$ 7.13	$ 7.20	$ 5.69	$ 4.85</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.05	.03 ^F	.05 ^G	- ^K	(.01)</R>
<R>Net realized and unrealized gain (loss)	(2.78)	.36 ^H	.32	1.51	.85</R>
<R>Total from investment operations	(2.73)	.39	.37	1.51	.84</R>
<R>Distributions from net investment income	(.06)	(.03)	-	-	-</R>
<R>Distributions from net realized gain	-	(.26)	(.44)	-	-</R>
<R>Total distributions	(.06)	(.29)	(.44)	-	-</R>
<R>Redemption fees added to paid in capital ^{C, K}	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 4.44	$ 7.23	$ 7.13	$ 7.20	$ 5.69</R>
<R>Total Return ^{A, B}	(37.68)%	4.71%	5.16%	26.54%	17.32%</R>
<R>Ratios to Average Net Assets ^{D, I}					</R>
<R>Expenses before reductions	.95%	.91%	.97%	1.00%	1.04%</R>
<R>Expenses net of fee waivers, if any	.95%	.91%	.97%	1.00%	1.04%</R>
<R>Expenses net of all reductions	.94%	.91%	.96%	.89%	.97%</R>
<R>Net investment income (loss)	.85%	.32% ^F	.69% ^G	.04%	(.27)%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 181,114	$ 434,916	$ 278,371	$ 502,702	$ 372,705</R>
<R>Portfolio turnover rate ^E	191%	191%	124%	162%	96%</R>

<R>^A Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^B Total returns do not include the effect of the former sales charges.</R>

<R>^C Calculated based on average shares outstanding during the period.</R>

<R>^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^F Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .19%.</R>

<R>^G Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .30%.</R>

<R>^J For the year ended February 29.</R>

<R>^K Amount represents less than $.01 per share.</R>

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. 20549-0102. 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.

Fidelity, Select Portfolios, Fidelity Investments & (Pyramid) Design, FAST, and Directed Dividends are registered trademarks of FMR LLC.

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

Fidelity^® Select Portfolios^®

<R>Air Transportation Portfolio, Automotive Portfolio, Banking Portfolio, Biotechnology Portfolio, Brokerage and Investment Management Portfolio, Chemicals Portfolio, Communications Equipment Portfolio, Computers Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Consumer Staples Portfolio, Defense and Aerospace Portfolio, Electronics Portfolio, Energy Portfolio, Energy Service Portfolio, Environmental Portfolio, Financial Services Portfolio, Gold Portfolio, Health Care Portfolio, Home Finance Portfolio, Industrial Equipment Portfolio, Industrials Portfolio, Insurance Portfolio, IT Services Portfolio, Leisure Portfolio, Materials Portfolio, Medical Delivery Portfolio, Medical Equipment and Systems Portfolio, Multimedia Portfolio, Natural Gas Portfolio, Natural Resources Portfolio, Networking and Infrastructure Portfolio, Paper and Forest Products Portfolio, Pharmaceuticals Portfolio, Retailing Portfolio, Software and Computer Services Portfolio, Technology Portfolio, Telecommunications Portfolio, Transportation Portfolio, Utilities Portfolio (formerly Utilities Growth Portfolio), and Wireless Portfolio</R>

STATEMENT OF ADDITIONAL INFORMATION

<R>April 29, 2009</R>

This statement of additional information (SAI) is not a prospectus. Portions of each fund's annual reports are incorporated herein. The annual reports are supplied with this SAI.

<R>To obtain a free additional copy of the prospectus or SAI, dated April 29, 2009, or an annual report, please call Fidelity at 1-800-544-8544 or visit Fidelity's web site at www.fidelity.com.</R>

TABLE OF CONTENTS	PAGE
Investment Policies and Limitations	<Click Here>
<R>Special Considerations Regarding Emerging Markets	<Click Here></R>
Portfolio Transactions	<Click Here>
Valuation	<Click Here>
Buying, Selling, and Exchanging Information	<Click Here>
Distributions and Taxes	<Click Here>
Trustees and Officers	<Click Here>
Control of Investment Advisers	<Click Here>
Management Contracts	<Click Here>
Proxy Voting Guidelines	<Click Here>
Distribution Services	<Click Here>
Transfer and Service Agent Agreements	<Click Here>
Description of the Trust	<Click Here>
Financial Statements	<Click Here>
Fund Holdings Information	<Click Here>
Appendix	<Click Here>

(fidelity_logo_graphic)
82 Devonshire Street, Boston, MA 02109

INVESTMENT POLICIES AND LIMITATIONS

The following policies and limitations supplement those set forth in the prospectus. Unless otherwise noted, whenever an investment policy or limitation states a maximum percentage of a fund's assets that may be invested in any security or other asset, or sets forth a policy regarding quality standards, such standard or percentage limitation will be determined immediately after and as a result of the fund's acquisition of such security or other asset. Accordingly, any subsequent change in values, net assets, or other circumstances will not be considered when determining whether the investment complies with the fund's investment policies and limitations.

<R>A fund's fundamental investment policies and limitations cannot be changed without approval by a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940 (1940 Act)) of the fund. However, except for the fundamental investment limitations listed below, the investment policies and limitations described in this SAI are not fundamental and may be changed without shareholder approval.</R>

The following are each fund's fundamental investment limitations set forth in their entirety.

Diversification

For Banking, Financial Services, Home Finance, and Natural Resources:

The fund may not with respect to 75% of the fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, or securities of other investment companies) if, as a result, (a) more than 5% of the fund's total assets would be invested in the securities of that issuer, or (b) the fund would hold more than 10% of the outstanding voting securities of that issuer.

Senior Securities

For each fund:

The fund may not issue senior securities, except in connection with the insurance program established by the fund pursuant to an exemptive order issued by the Securities and Exchange Commission or as otherwise permitted under the Investment Company Act of 1940.

Borrowing

For each fund:

The fund may not borrow money, except that the fund may borrow money for temporary or emergency purposes (not for leveraging or investment) in an amount not exceeding 33 1/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings). Any borrowings that come to exceed this amount will be reduced within three days (not including Sundays and holidays) to the extent necessary to comply with the 33 1/3% limitation.

Underwriting

For each fund:

The fund may not underwrite securities issued by others, except to the extent that the fund may be considered an underwriter within the meaning of the Securities Act of 1933 in the disposition of restricted securities or in connection with investments in other investment companies.

Concentration

<R>For each fund (other than Banking, Brokerage and Investment Management, Communications Equipment, Construction and Housing, Consumer Discretionary, Consumer Staples, Financial Services, Home Finance, Industrials, IT Services, and Materials):</R>

<R>The fund may not purchase the securities of any issuer if, as a result, less than 25% of the fund's total assets would be invested in the securities of issuers principally engaged in the business activities having the specific characteristics denoted by the fund.</R>

<R>For purposes of each fund's (other than Banking, Brokerage and Investment Management, Communications Equipment, Construction and Housing, Consumer Discretionary, Consumer Staples, Financial Services, Home Finance, Industrials, IT Services, and Materials) concentration limitation discussed above, with respect to any investment in Fidelity^® Money Market Central Fund and/or any non-money market central fund, Fidelity Management & Research Company (FMR) looks through to the holdings of the central fund.</R>

<R>For purposes of each fund's (other than Banking, Brokerage and Investment Management, Communications Equipment, Construction and Housing, Consumer Discretionary, Consumer Staples, Financial Services, Home Finance, Industrials, IT Services, and Materials) concentration limitation discussed above, FMR may consider an issuer to be principally engaged in the business activity or activities if: (i) at least a plurality of an issuer's assets, income, sales, or profits are committed to, derived from, or related to the designated business activity or activities, or (ii) a third party has given the issuer an industry or sector classification consistent with the designated business activity or activities.</R>

For Banking:

The fund may not purchase the securities of any issuer if, as a result, less than 25% of the fund's total assets would be invested in the securities of issuers principally engaged in banking.

For purposes of the fund's concentration limitation discussed above, with respect to any investment in Fidelity Money Market Central Fund and/or any non-money market central fund, FMR looks through to the holdings of the central fund.

For purposes of the fund's concentration limitation discussed above, FMR may consider an issuer to be principally engaged in the business activity or activities if: (i) at least a plurality of an issuer's assets, income, sales, or profits are committed to, derived from, or related to the designated business activity or activities, or (ii) a third party has given the issuer an industry or sector classification consistent with the designated business activity or activities.

<R>For Brokerage and Investment Management and Financial Services:</R>

<R>For purposes of each of Brokerage and Investment Management's and Financial Services' concentration limitation discussed above, with respect to any investment in Fidelity Money Market Central Fund and/or any non-money market central fund, FMR looks through to the holdings of the central fund.</R>

<R>For purposes of each of Brokerage and Investment Management's and Financial Services' concentration limitation discussed above, FMR may consider an issuer to be principally engaged in the business activity or activities if: (i) at least a plurality of an issuer's assets, income, sales, or profits are committed to, derived from, or related to the designated business activity or activities, or (ii) a third party has given the issuer an industry or sector classification consistent with the designated business activity or activities. An issuer that derives more than 15% of revenues or profits from brokerage or investment management activities is considered to be principally engaged in the business activities identified for the fund.</R>

For Communications Equipment:

The fund may not purchase the securities of any issuer if, as a result, less than 25% of the fund's total assets would be invested in the securities of issuers principally engaged in the communications equipment industries.

For Construction and Housing:

For Consumer Discretionary:

For Consumer Staples:

For Home Finance:

For Industrials:

For IT Services:

For Materials:

Real Estate

For each fund:

The fund may not purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business).

Commodities

For each fund (other than Gold and Natural Resources):

The fund may not purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities).

For Gold:

The fund may not purchase any precious metals if, as a result, more than 50% of its total assets would be invested in precious metals.

The fund may not purchase or sell physical commodities other than precious metals, provided that the fund may sell physical commodities acquired as a result of ownership of securities or other instruments. This limitation shall not prevent the fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities.

For purposes of Gold's precious metals and commodities limitations discussed above, FMR currently intends to treat investments in securities whose redemption value is indexed to the price of gold or other precious metals as investments in precious metals.

For Natural Resources:

For purposes of Natural Resources's commodities limitation discussed above, FMR currently intends to treat investments in securities whose redemption value is indexed to the price of precious metals as investments in precious metals.

Loans

For each fund:

The fund may not lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this limitation does not apply to purchases of debt securities or to repurchase agreements, or to acquisitions of loans, loan participations or other forms of debt instruments.

Pooled Funds

For each fund (other than IT Services, Industrials, Medical Equipment and Systems, Natural Resources, Networking and Infrastructure, Pharmaceuticals, and Wireless):

The fund may, notwithstanding any other fundamental investment policy or limitation, invest all of its assets in the securities of a single open-end management investment company with substantially the same fundamental investment objective, policies, and limitations as the fund.

For IT Services, Industrials, Medical Equipment and Systems, and Natural Resources:

The fund may, notwithstanding any other fundamental investment policy or limitation, invest all of its assets in the securities of a single open-end management investment company managed by Fidelity Management & Research Company or an affiliate or successor with substantially the same fundamental investment objective, policies, and limitations as the fund.

In addition, as a matter of fundamental policy:

Air Transportation invests primarily in companies engaged in the regional, national, and international movement of passengers, mail and freight via aircraft.

Automotive invests primarily in companies engaged in the manufacture, marketing or sale of automobiles, trucks, specialty vehicles, parts, tires, and related services.

Banking invests primarily in companies engaged in banking.

Biotechnology 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.

Brokerage and Investment Management 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.

Chemicals invests primarily in companies engaged in the research, development, manufacture or marketing of products or services related to the chemical process industries.

Communications Equipment invests primarily in companies engaged in the development, manufacture, or sale of communications equipment.

Computers 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.

Construction and Housing 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.

Consumer Discretionary invests primarily in companies engaged in the manufacture and distribution of consumer discretionary products and services.

Consumer Staples invests primarily in companies engaged in the manufacture, sale, or distribution of consumer staples.

Defense and Aerospace invests primarily in companies engaged in the research, manufacture or sale of products or services related to the defense or aerospace industries.

Electronics 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.

Energy 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.

Energy Service 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.

Environmental invests primarily in companies engaged in the research, development, manufacture or distribution of products, processes or services related to waste management, pollution control or reduction, conservation, improving the environment or other environmental concerns.

Financial Services invests primarily in companies that provide financial services to consumers and industry.

Gold 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.

Health Care 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.

Home Finance invests primarily in companies providing mortgages and other consumer loans and related services associated with home finance.

Industrial Equipment 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.

Industrials invests primarily in companies engaged in the research, development, manufacture, distribution, supply, or sale of industrial products, services, or equipment.

Insurance invests primarily in companies engaged in underwriting, reinsuring, selling, distributing, or placing of property and casualty, life, or health insurance.

IT Services invests primarily in companies engaged in providing information technology services.

Leisure invests primarily in companies engaged in the design, production, or distribution of goods or services in the leisure industries.

Materials invests primarily in companies engaged in the manufacture, mining, processing, or distribution of raw materials and intermediate goods.

Medical Delivery 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.

Medical Equipment and Systems invests primarily in companies engaged in research, development, manufacture, distribution, supply or sale of medical equipment and devices and related technologies.

Multimedia invests primarily in companies engaged in the development, production, sale and distribution of goods or services used in the broadcast and media industries.

Natural Gas 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.

Natural Resources invests primarily in companies that own or develop natural resources, or supply goods and services to such companies.

Networking and Infrastructure invests primarily in companies engaged in the development, manufacture, sale or distribution of products, services or technologies that support the flow of electronic information, including voice, data, images and commercial transactions.

Paper and Forest Products invests primarily in companies engaged in the manufacture, research, sale, or distribution of paper products, packaging products, building materials (such as lumber and paneling products), and other products related to the paper and forest products industry.

Pharmaceuticals invests primarily in companies engaged in the research, development, manufacture, sale, or distribution of pharmaceuticals and drugs of all types.

Retailing invests primarily in companies engaged in merchandising finished goods and services primarily to individual consumers.

Software and Computer Services invests primarily in companies engaged in research, design, production or distribution of products or processes that relate to software or information-based services.

Technology invests primarily in companies which FMR believes have, or will develop, products, processes or services that will provide or will benefit significantly from technological advances and improvements.

Telecommunications invests primarily in companies engaged in the development, manufacture, or sale of communications services or communications equipment.

Transportation invests primarily in companies engaged in providing transportation services or companies engaged in the design, manufacture, distribution, or sale of transportation equipment.

<R>Utilities invests primarily in companies in the utilities industry and companies deriving a majority of their revenues from their utility operations.</R>

Wireless invests primarily in companies engaged in activities relating to wireless communications services or products.

<R>Each of Air Transportation, Automotive, Banking, Biotechnology, Brokerage and Investment Management, Chemicals, Communications Equipment, Computers, Construction and Housing, Consumer Discretionary, Consumer Staples, Defense and Aerospace, Electronics, Energy, Energy Service, Environmental, Financial Services, Gold, Health Care, Home Finance, Industrial Equipment, Industrials, Insurance, IT Services, Leisure, Materials, Medical Delivery, Medical Equipment and Systems, Multimedia, Natural Gas, Natural Resources, Networking and Infrastructure, Paper and Forest Products, Pharmaceuticals, Retailing, Software and Computer Services, Technology, Telecommunications, Transportation, Utilities, and Wireless seeks capital appreciation.</R>

With the exception of IT Services, Industrials, Medical Equipment and Systems, Natural Resources, Networking and Infrastructure, Pharmaceuticals, and Wireless, each Select stock fund seeks to achieve its investment objective by investing primarily in equity securities, including common stocks and securities convertible into common stocks, and for Gold, in certain precious metals. For each Select stock fund (except IT Services, Industrials, Medical Equipment and Systems, Natural Resources, Networking and Infrastructure, Pharmaceuticals, and Wireless), FMR 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 following investment limitations are not fundamental and may be changed without shareholder approval.

Diversification

For each fund (other than Banking, Financial Services, Home Finance, and Natural Resources):

In order to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended, the fund currently intends to comply with certain diversification limits imposed by Subchapter M.

For purposes of the fund's diversification limitation discussed above, Subchapter M generally requires the fund to invest no more than 25% of its total assets in securities of any one issuer and to invest at least 50% of its total assets so that (a) no more than 5% of the fund's total assets are invested in securities of any one issuer, and (b) the fund does not hold more than 10% of the outstanding voting securities of that issuer. However, Subchapter M allows unlimited investments in cash, cash items, government securities (as defined in Subchapter M) and securities of other regulated investment companies. These tax requirements are generally applied at the end of each quarter of the fund's taxable year.

Short Sales

For each fund:

The fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that transactions in futures contracts and options are not deemed to constitute selling securities short.

For each fund:

The fund does not currently intend to hedge more than 40% of its total assets with short sales against the box under normal conditions.

Margin Purchases

For each fund:

The fund does not currently intend to purchase securities on margin, except that the fund may obtain such short-term credits as are necessary for the clearance of transactions, and provided that margin payments in connection with futures contracts and options on futures contracts shall not constitute purchasing securities on margin.

Borrowing

For each fund:

The fund may borrow money only (a) from a bank or from a registered investment company or portfolio for which FMR or an affiliate serves as investment adviser or (b) by engaging in reverse repurchase agreements with any party (reverse repurchase agreements are treated as borrowings for purposes of the fundamental borrowing investment limitation).

Illiquid Securities

For each fund:

The fund does not currently intend to purchase any security if, as a result, more than 10% of its net assets would be invested in securities that are deemed to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

For purposes of each fund's illiquid securities limitation discussed above, if through a change in values, net assets, or other circumstances, the fund were in a position where more than 10% of its net assets were invested in illiquid securities, it would consider appropriate steps to protect liquidity.

Loans

For each fund:

The fund does not currently intend to lend assets other than securities to other parties, except by (a) lending money (up to 15% of the fund's net assets) to a registered investment company or portfolio for which FMR or an affiliate serves as investment adviser or (b) assuming any unfunded commitments in connection with the acquisition of loans, loan participations, or other forms of debt instruments. (This limitation does not apply to purchases of debt securities, to repurchase agreements, or to acquisitions of loans, loan participations or other forms of debt instruments.)

Pooled Funds

For each fund (other than IT Services, Industrials, Medical Equipment and Systems, Natural Resources, Networking and Infrastructure, Pharmaceuticals, and Wireless):

The fund does not currently intend to invest all of its assets in the securities of a single open-end management investment company with substantially the same fundamental investment objective, policies, and limitations as the fund.

For IT Services, Industrials, Medical Equipment and Services, and Natural Resources:

The fund does not currently intend to invest all of its assets in the securities of a single open-end management investment company managed by Fidelity Management & Research Company or an affiliate or successor with substantially the same fundamental investment objective, policies, and limitations as the fund.

In addition to each fund's fundamental and non-fundamental limitations discussed above:

Brokerage and Investment Management. The extent to which the fund may invest in a company that engages in securities-related activities is limited by federal securities laws.

Financial Services. The extent to which the fund may invest in a company that engages in securities-related activities is limited by federal securities laws.

Multimedia. The extent to which the fund may invest in corporate broadcast licensees is limited by Federal Communications Commission regulations.

The following pages contain more detailed information about types of instruments in which a fund may invest, strategies FMR may employ in pursuit of a fund's investment objective, and a summary of related risks. FMR may not buy all of these instruments or use all of these techniques unless it believes that doing so will help a fund achieve its goal.

Affiliated Bank Transactions. A fund may engage in transactions with financial institutions that are, or may be considered to be, "affiliated persons" of the fund under the 1940 Act. These transactions may involve repurchase agreements with custodian banks; short-term obligations of, and repurchase agreements with, the 50 largest U.S. banks (measured by deposits); municipal securities; U.S. Government securities with affiliated financial institutions that are primary dealers in these securities; short-term currency transactions; and short-term borrowings. In accordance with exemptive orders issued by the Securities and Exchange Commission (SEC), the Board of Trustees has established and periodically reviews procedures applicable to transactions involving affiliated financial institutions.

Borrowing. Each fund may borrow from banks or from other funds advised by FMR or its affiliates, or through reverse repurchase agreements. If a fund borrows money, its share price may be subject to greater fluctuation until the borrowing is paid off. If a fund makes additional investments while borrowings are outstanding, this may be considered a form of leverage.

Cash Management. A fund can hold uninvested cash or can invest it in cash equivalents such as money market securities, repurchase agreements, or shares of money market or short-term bond funds. Generally, these securities offer less potential for gains than other types of securities.

Central Funds are special types of investment vehicles created by Fidelity for use by the Fidelity funds and other advisory clients. FMR uses central funds to invest in particular security types or investment disciplines, or for cash management. Central funds incur certain costs related to their investment activity (such as custodial fees and expenses), but do not pay additional management fees to Fidelity. The investment results of the portions of the fund's assets invested in the central funds will be based upon the investment results of those funds.

Common Stock represents an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

Convertible Securities are bonds, debentures, notes, or other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by a fund is called for redemption or conversion, the fund could be required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at prices above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest-rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.

Companies "Principally Engaged" in a Designated Business Activity. For purposes of each fund's policy of investing at least 80% of its assets in securities of companies principally engaged in the business activity or activities identified for the fund, FMR may consider a company to be principally engaged in the designated business activity or activities if: (i) at least a plurality of a company's assets, income, sales, or profits are committed to, derived from, or related to the designated business activity or activities, or (ii) a third party has given the company an industry or sector classification consistent with the designated business activity or activities. For each of Brokerage and Investment Management and Financial Services, an issuer that derives more than 15% of revenues or profits from brokerage or investment management activities is considered to be principally engaged in the business activities identified for the fund.

Debt Securities are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Some debt securities, such as zero coupon bonds, do not pay interest but are sold at a deep discount from their face values. Debt securities include corporate bonds, government securities, repurchase agreements, and mortgage and other asset-backed securities.

<R>Exposure to Foreign Markets. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations may involve significant risks in addition to the risks inherent in U.S. investments.</R>

Foreign investments involve risks relating to local political, economic, regulatory, or social instability, military action or unrest, or adverse diplomatic developments, and may be affected by actions of foreign governments adverse to the interests of U.S. investors. Such actions may include expropriation or nationalization of assets, confiscatory taxation, restrictions on U.S. investment or on the ability to repatriate assets or convert currency into U.S. dollars, or other government intervention. Additionally, governmental issuers of foreign debt securities may be unwilling to pay interest and repay principal when due and may require that the conditions for payment be renegotiated. There is no assurance that FMR will be able to anticipate these potential events or counter their effects. In addition, the value of securities denominated in foreign currencies and of dividends and interest paid with respect to such securities will fluctuate based on the relative strength of the U.S. dollar.

It is anticipated that in most cases the best available market for foreign securities will be on an exchange or in over-the-counter (OTC) markets located outside of the United States. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. Foreign security trading, settlement and custodial practices (including those involving securities settlement where fund assets may be released prior to receipt of payment) are often less developed than those in U.S. markets, and may result in increased risk or substantial delays in the event of a failed trade or the insolvency of, or breach of duty by, a foreign broker-dealer, securities depository, or foreign subcustodian. In addition, the costs associated with foreign investments, including withholding taxes, brokerage commissions, and custodial costs, are generally higher than with U.S. investments.

Foreign markets may offer less protection to investors than U.S. markets. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to U.S. issuers. Adequate public information on foreign issuers may not be available, and it may be difficult to secure dividends and information regarding corporate actions on a timely basis. In general, there is less overall governmental supervision and regulation of securities exchanges, brokers, and listed companies than in the United States. OTC markets tend to be less regulated than stock exchange markets and, in certain countries, may be totally unregulated. Regulatory enforcement may be influenced by economic or political concerns, and investors may have difficulty enforcing their legal rights in foreign countries.

Some foreign securities impose restrictions on transfer within the United States or to U.S. persons. Although securities subject to such transfer restrictions may be marketable abroad, they may be less liquid than foreign securities of the same class that are not subject to such restrictions.

American Depositary Receipts (ADRs) as well as other "hybrid" forms of ADRs, including European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs), are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk as well as the political and economic risks of the underlying issuer's country.

The risks of foreign investing may be magnified for investments in emerging markets. Security prices in emerging markets can be significantly more volatile than those in more developed markets, reflecting the greater uncertainties of investing in less established markets and economies. In particular, countries with emerging markets may have relatively unstable governments, may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less protection of property rights than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.

Foreign Currency Transactions. A fund may conduct foreign currency transactions on a spot (i.e., cash) or forward basis (i.e., by entering into forward contracts to purchase or sell foreign currencies). Although foreign exchange dealers generally do not charge a fee for such conversions, they do realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency at one rate, while offering a lesser rate of exchange should the counterparty desire to resell that currency to the dealer. Forward contracts are customized transactions that require a specific amount of a currency to be delivered at a specific exchange rate on a specific date or range of dates in the future. Forward contracts are generally traded in an interbank market directly between currency traders (usually large commercial banks) and their customers. The parties to a forward contract may agree to offset or terminate the contract before its maturity, or may hold the contract to maturity and complete the contemplated currency exchange.

The following discussion summarizes the principal currency management strategies involving forward contracts that could be used by a fund. A fund may also use swap agreements, indexed securities, and options and futures contracts relating to foreign currencies for the same purposes.

A "settlement hedge" or "transaction hedge" is designed to protect a fund against an adverse change in foreign currency values between the date a security is purchased or sold and the date on which payment is made or received. Entering into a forward contract for the purchase or sale of the amount of foreign currency involved in an underlying security transaction for a fixed amount of U.S. dollars "locks in" the U.S. dollar price of the security. Forward contracts to purchase or sell a foreign currency may also be used by a fund in anticipation of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected by FMR.

A fund may also use forward contracts to hedge against a decline in the value of existing investments denominated in foreign currency. For example, if a fund owned securities denominated in pounds sterling, it could enter into a forward contract to sell pounds sterling in return for U.S. dollars to hedge against possible declines in the pound's value. Such a hedge, sometimes referred to as a "position hedge," would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. A fund could also hedge the position by selling another currency expected to perform similarly to the pound sterling. This type of hedge, sometimes referred to as a "proxy hedge," could offer advantages in terms of cost, yield, or efficiency, but generally would not hedge currency exposure as effectively as a direct hedge into U.S. dollars. Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated.

A fund may enter into forward contracts to shift its investment exposure from one currency into another. This may include shifting exposure from U.S. dollars to a foreign currency, or from one foreign currency to another foreign currency. This type of strategy, sometimes known as a "cross-hedge," will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased, much as if a fund had sold a security denominated in one currency and purchased an equivalent security denominated in another. A fund may cross-hedge its U.S. dollar exposure in order to achieve a representative weighted mix of the major currencies in its benchmark index and/or to cover an underweight country or region exposure in its portfolio. Cross-hedges protect against losses resulting from a decline in the hedged currency, but will cause a fund to assume the risk of fluctuations in the value of the currency it purchases.

Successful use of currency management strategies will depend on FMR's skill in analyzing currency values. Currency management strategies may substantially change a fund's investment exposure to changes in currency exchange rates and could result in losses to a fund if currencies do not perform as FMR anticipates. For example, if a currency's value rose at a time when FMR had hedged a fund by selling that currency in exchange for dollars, a fund would not participate in the currency's appreciation. If FMR hedges currency exposure through proxy hedges, a fund could realize currency losses from both the hedge and the security position if the two currencies do not move in tandem. Similarly, if FMR increases a fund's exposure to a foreign currency and that currency's value declines, a fund will realize a loss. A fund may be required to limit its hedging transactions in foreign currency forwards, futures, and options in order to maintain its classification as a "regulated investment company" under the Internal Revenue Code (Code). Hedging transactions could result in the application of the mark-to-market provisions of the Code, which may cause an increase (or decrease) in the amount of taxable dividends paid by a fund and could affect whether dividends paid by a fund are classified as capital gains or ordinary income. There is no assurance that FMR's use of currency management strategies will be advantageous to a fund or that it will employ currency management strategies at appropriate times.

Options and Futures Relating to Foreign Currencies. Currency futures contracts are similar to forward currency exchange contracts, except that they are traded on exchanges (and have margin requirements) and are standardized as to contract size and delivery date. Most currency futures contracts call for payment or delivery in U.S. dollars. The underlying instrument of a currency option may be a foreign currency, which generally is purchased or delivered in exchange for U.S. dollars, or may be a futures contract. The purchaser of a currency call obtains the right to purchase the underlying currency, and the purchaser of a currency put obtains the right to sell the underlying currency.

The uses and risks of currency options and futures are similar to options and futures relating to securities or indices, as discussed below. A fund may purchase and sell currency futures and may purchase and write currency options to increase or decrease its exposure to different foreign currencies. Currency options may also be purchased or written in conjunction with each other or with currency futures or forward contracts. Currency futures and options values can be expected to correlate with exchange rates, but may not reflect other factors that affect the value of a fund's investments. A currency hedge, for example, should protect a Yen-denominated security from a decline in the Yen, but will not protect a fund against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value of a fund's foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to match the amount of currency options and futures to the value of the fund's investments exactly over time.

Funds' Rights as Investors. The funds do not intend to direct or administer the day-to-day operations of any company. A fund, however, may exercise its rights as a shareholder or lender and may communicate its views on important matters of policy to management, the Board of Directors, shareholders of a company, and holders of other securities of the company when FMR determines that such matters could have a significant effect on the value of the fund's investment in the company. The activities in which a fund may engage, either individually or in conjunction with others, may include, among others, supporting or opposing proposed changes in a company's corporate structure or business activities; seeking changes in a company's directors or management; seeking changes in a company's direction or policies; seeking the sale or reorganization of the company or a portion of its assets; supporting or opposing third-party takeover efforts; supporting the filing of a bankruptcy petition; or foreclosing on collateral securing a security. This area of corporate activity is increasingly prone to litigation and it is possible that a fund could be involved in lawsuits related to such activities. FMR will monitor such activities with a view to mitigating, to the extent possible, the risk of litigation against a fund and the risk of actual liability if a fund is involved in litigation. No guarantee can be made, however, that litigation against a fund will not be undertaken or liabilities incurred. The funds' proxy voting guidelines are included in this SAI.

Futures, Options, and Swaps. The success of any strategy involving futures, options, and swaps depends on an adviser's analysis of many economic and mathematical factors and a fund's return may be higher if it never invested in such instruments. Additionally, some of the contracts discussed below are new instruments without a trading history and there can be no assurance that a market for the instruments will continue to exist.

Futures Contracts. In purchasing a futures contract, the buyer agrees to purchase a specified underlying instrument at a specified future date. In selling a futures contract, the seller agrees to sell a specified underlying instrument at a specified future date. The price at which the purchase and sale will take place is fixed when the buyer and seller enter into the contract. Some currently available futures contracts are based on specific securities, such as U.S. Treasury bonds or notes, and some are based on indices of securities prices, such as the Standard & Poor's 500^SM Index (S&P 500^®). Futures can be held until their delivery dates, or can be closed out before then if a liquid market is available.

The value of a futures contract tends to increase and decrease in tandem with the value of its underlying instrument. Therefore, purchasing futures contracts will tend to increase a fund's exposure to positive and negative price fluctuations in the underlying instrument, much as if it had purchased the underlying instrument directly. When a fund sells a futures contract, by contrast, the value of its futures position will tend to move in a direction contrary to the market. Selling futures contracts, therefore, will tend to offset both positive and negative market price changes, much as if the underlying instrument had been sold.

The purchaser or seller of a futures contract or an option for a futures contract is not required to deliver or pay for the underlying instrument unless the contract is held until the delivery date. However, both the purchaser and seller are required to deposit "initial margin" with a futures broker, known as a futures commission merchant (FCM), when the contract is entered into. If the value of either party's position declines, that party will be required to make additional "variation margin" payments to settle the change in value on a daily basis. This process of "marking to market" will be reflected in the daily calculation of open positions computed in a fund's net asset value per share (NAV). The party that has a gain is entitled to receive all or a portion of this amount. Initial and variation margin payments do not constitute purchasing securities on margin for purposes of a fund's investment limitations. In the event of the bankruptcy or insolvency of an FCM that holds margin on behalf of a fund, the fund may be entitled to return of margin owed to it only in proportion to the amount received by the FCM's other customers, potentially resulting in losses to the fund. A fund is required to segregate liquid assets equivalent to the fund's outstanding obligations under the contract in excess of the initial margin and variation margin, if any.

Each fund will not: (a) sell futures contracts, purchase put options, or write call options if, as a result, more than 25% of the fund's total assets would be hedged with futures and options under normal conditions; (b) purchase futures contracts or write put options if, as a result, the fund's total obligations upon settlement or exercise of purchased futures contracts and written put options would exceed 25% of its total assets under normal conditions; or (c) purchase call options if, as a result, the current value of option premiums for call options purchased by the fund would exceed 5% of the fund's total assets. These limitations do not apply to options attached to or acquired or traded together with their underlying securities, and do not apply to structured notes.

The requirements for qualification as a regulated investment company also may limit the extent to which a fund may enter into futures, options on futures and forward contracts. See "Distributions and Taxes."

The above limitations on the funds' investments in futures contracts, options, and swaps, and the funds' policies regarding futures contracts, options, and swaps discussed elsewhere herein this SAI are not fundamental policies and may be changed as regulatory agencies permit.

There is no assurance a liquid market will exist for any particular futures contract at any particular time. Exchanges may establish daily price fluctuation limits for futures contracts, and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may be impossible to enter into new positions or close out existing positions. If the market for a contract is not liquid because of price fluctuation limits or other market conditions, it could prevent prompt liquidation of unfavorable positions, and potentially could require a fund to continue to hold a position until delivery or expiration regardless of changes in its value. As a result, a fund's access to other assets held to cover its futures positions could also be impaired.

Because there are a limited number of types of exchange-traded futures contracts, it is likely that the standardized contracts available will not match a fund's current or anticipated investments exactly. A fund may invest in futures contracts based on securities with different issuers, maturities, or other characteristics from the securities in which the fund typically invests, which involves a risk that the futures position will not track the performance of the fund's other investments.

Futures prices can also diverge from the prices of their underlying instruments, even if the underlying instruments match a fund's investments well. Futures prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect correlation may also result from differing levels of demand in the futures markets and the securities markets, from structural differences in how futures and securities are traded, or from imposition of daily price fluctuation limits or trading halts. A fund may purchase or sell futures contracts with a greater or lesser value than the securities it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the securities, although this may not be successful in all cases. If price changes in a fund's futures positions are poorly correlated with its other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

Options. By purchasing a put option, the purchaser obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the purchaser pays the current market price for the option (known as the option premium). Options have various types of underlying instruments, including specific securities, indices of securities prices, and futures contracts. The purchaser may terminate its position in a put option by allowing it to expire or by exercising the option. If the option is allowed to expire, the purchaser will lose the entire premium. If the option is exercised, the purchaser completes the sale of the underlying instrument at the strike price. A purchaser may also terminate a put option position by closing it out in the secondary market at its current price, if a liquid secondary market exists.

The buyer of a typical put option can expect to realize a gain if security prices fall substantially. However, if the underlying instrument's price does not fall enough to offset the cost of purchasing the option, a put buyer can expect to suffer a loss (limited to the amount of the premium, plus related transaction costs).

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right to purchase, rather than sell, the underlying instrument at the option's strike price. A call buyer typically attempts to participate in potential price increases of the underlying instrument with risk limited to the cost of the option if security prices fall. At the same time, the buyer can expect to suffer a loss if security prices do not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option's purchaser. In return for receipt of the premium, the writer assumes the obligation to pay or receive the strike price for the option's underlying instrument if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by closing out the option in the secondary market at its current price. If the secondary market is not liquid for a put option, however, the writer must continue to be prepared to pay the strike price while the option is outstanding, regardless of price changes. When writing an option on a futures contract, a fund will be required to make margin payments to an FCM as described above for futures contracts.

If security prices rise, a put writer would generally expect to profit, although its gain would be limited to the amount of the premium it received. If security prices remain the same over time, it is likely that the writer will also profit, because it should be able to close out the option at a lower price. If security prices fall, the put writer would expect to suffer a loss. This loss should be less than the loss from purchasing the underlying instrument directly, however, because the premium received for writing the option should mitigate the effects of the decline.

Writing a call option obligates the writer to sell or deliver the option's underlying instrument, in return for the strike price, upon exercise of the option. The characteristics of writing call options are similar to those of writing put options, except that writing calls generally is a profitable strategy if prices remain the same or fall. Through receipt of the option premium, a call writer mitigates the effects of a price decline. At the same time, because a call writer must be prepared to deliver the underlying instrument in return for the strike price, even if its current value is greater, a call writer gives up some ability to participate in security price increases.

There is no assurance a liquid market will exist for any particular options contract at any particular time. Options may have relatively low trading volume and liquidity if their strike prices are not close to the underlying instrument's current price. In addition, exchanges may establish daily price fluctuation limits for options contracts, and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may be impossible to enter into new positions or close out existing positions. If the market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions, and potentially could require a fund to continue to hold a position until delivery or expiration regardless of changes in its value. As a result, a fund's access to other assets held to cover its options positions could also be impaired.

Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options (options not traded on exchanges) generally are established through negotiation with the other party to the option contract. While this type of arrangement allows the purchaser or writer greater flexibility to tailor an option to its needs, OTC options generally are less liquid and involve greater credit risk than exchange-traded options, which are backed by the clearing organization of the exchanges where they are traded.

Combined positions involve purchasing and writing options in combination with each other, or in combination with futures or forward contracts, to adjust the risk and return characteristics of the overall position. For example, purchasing a put option and writing a call option on the same underlying instrument would construct a combined position whose risk and return characteristics are similar to selling a futures contract. Another possible combined position would involve writing a call option at one strike price and buying a call option at a lower price, to reduce the risk of the written call option in the event of a substantial price increase. Because combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

A fund may also buy and sell options on swaps. Options on interest rate swaps are known as swaptions. An option on a swap gives a party the right to enter into a new swap agreement or to extend, shorten, cancel or modify an existing swap contract at a specific date in the future in exchange for a premium.

Because there are a limited number of types of exchange-traded options contracts, it is likely that the standardized contracts available will not match a fund's current or anticipated investments exactly. A fund may invest in options contracts based on securities with different issuers, maturities, or other characteristics from the securities in which the fund typically invests, which involves a risk that the options position will not track the performance of the fund's other investments.

Options prices can also diverge from the prices of their underlying instruments, even if the underlying instruments match a fund's investments well. Options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect correlation may also result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded, or from imposition of daily price fluctuation limits or trading halts. A fund may purchase or sell options contracts with a greater or lesser value than the securities it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the securities, although this may not be successful in all cases. If price changes in a fund's options positions are poorly correlated with its other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

Swap Agreements. Swaps are individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Swap agreements are two party contracts entered into primarily by institutional investors. Swap agreements can vary in term like other fixed-income investments. Most swap agreements are traded over-the-counter. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or swapped between the parties are calculated with respect to a notional amount, which is the predetermined dollar principal of the trade representing the hypothetical underlying quantity upon which payment obligations are computed.

Swap agreements can take many different forms and are known by a variety of names. Depending on how they are used, swap agreements may increase or decrease the overall volatility of a fund's investments and its share price.

In a credit default swap, the credit default protection buyer makes periodic payments, known as premiums, to the credit default protection seller. In return the credit default protection seller will make a payment to the credit default protection buyer upon the occurrence of a specified credit event. A credit default swap can refer to a single issuer or asset, a basket of issuers or assets or index of assets, each known as the reference entity or underlying asset. A fund may act as either the buyer or the seller of a credit default swap. A fund may buy or sell credit default protection on a basket of issuers or assets, even if a number of the underlying assets referenced in the basket are lower-quality debt securities. In an unhedged credit default swap, a fund buys credit default protection on a single issuer or asset, a basket of issuers or assets or index of assets without owning the underlying asset or debt issued by the reference entity. Credit default swaps involve greater and different risks than investing directly in the referenced asset, because, in addition to market risk, credit default swaps include liquidity, counterparty and operational risk.

Credit default swaps allow a fund to acquire or reduce credit exposure to a particular issuer, asset or basket of assets. If a swap agreement calls for payments by the fund, the fund must be prepared to make such payments when due. If the fund is the credit default protection seller, the fund will experience a loss if a credit event occurs and the credit of the reference entity or underlying asset has deteriorated. If the fund is the credit default protection buyer, the fund will be required to pay premiums to the credit default protection seller.

If the creditworthiness of the fund's swap counterparty declines, the risk that the counterparty may not perform could increase, potentially resulting in a loss to the fund. To limit the counterparty risk involved in swap agreements, the fund will only enter into swap agreements with counterparties that meet certain standards of creditworthiness.

Swap agreements generally are entered into by "eligible participants" and in compliance with certain other criteria necessary to render them excluded from regulation under the Commodity Exchange Act (CEA) and, therefore not subject to regulation as futures or commodity option transactions under the CEA.

Illiquid Securities cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued. Difficulty in selling securities may result in a loss or may be costly to a fund. Under the supervision of the Board of Trustees, FMR determines the liquidity of a fund's investments and, through reports from FMR, the Board monitors investments in illiquid securities. In determining the liquidity of a fund's investments, various factors may be considered, including (1) the frequency and volume of trades and quotations, (2) the number of dealers and prospective purchasers in the marketplace, (3) dealer undertakings to make a market, and (4) the nature of the security and the market in which it trades (including any demand, put or tender features, the mechanics and other requirements for transfer, any letters of credit or other credit enhancement features, any ratings, the number of holders, the method of soliciting offers, the time required to dispose of the security, and the ability to assign or offset the rights and obligations of the security).

Indexed Securities are instruments whose prices are indexed to the prices of other securities, securities indices, currencies, precious metals or other commodities, or other financial indicators. Indexed securities typically, but not always, are debt securities or deposits whose value at maturity or coupon rate is determined by reference to a specific instrument or statistic.

Gold-indexed securities typically provide for a maturity value that depends on the price of gold, resulting in a security whose price tends to rise and fall together with gold prices. Currency-indexed securities typically are short-term to intermediate-term debt securities whose maturity values or interest rates are determined by reference to the values of one or more specified foreign currencies, and may offer higher yields than U.S. dollar-denominated securities. Currency-indexed securities may be positively or negatively indexed; that is, their maturity value may increase when the specified currency value increases, resulting in a security that performs similarly to a foreign-denominated instrument, or their maturity value may decline when foreign currencies increase, resulting in a security whose price characteristics are similar to a put on the underlying currency. Currency-indexed securities may also have prices that depend on the values of a number of different foreign currencies relative to each other.

The performance of indexed securities depends to a great extent on the performance of the security, currency, or other instrument to which they are indexed, and may also be influenced by interest rate changes in the United States and abroad. Indexed securities may be more volatile than the underlying instruments. Indexed securities are also subject to the credit risks associated with the issuer of the security, and their values may decline substantially if the issuer's creditworthiness deteriorates. Recent issuers of indexed securities have included banks, corporations, and certain U.S. Government agencies.

Gold and Natural Resources may purchase securities indexed to the price of precious metals as an alternative to direct investment in precious metals. Because the value of these securities is directly linked to the price of gold or other precious metals, they involve risks and pricing characteristics similar to direct investments in precious metals. The funds will purchase precious metals-indexed securities only when FMR is satisfied with the creditworthiness of the issuers liable for payment. The securities generally will earn a nominal rate of interest while held by the funds, and may have maturities of one year or more. In addition, the securities may be subject to being put by a fund to the issuer, with payment to be received on no more than seven days' notice. The put feature would ensure the liquidity of the notes in the absence of an active secondary market.

Interfund Borrowing and Lending Program. Pursuant to an exemptive order issued by the SEC, a fund may lend money to, and borrow money from, other funds advised by FMR or its affiliates. A fund will borrow through the program only when the costs are equal to or lower than the cost of bank loans, and will lend through the program only when the returns are higher than those available from an investment in repurchase agreements. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one day's notice. A fund may have to borrow from a bank at a higher interest rate if an interfund loan is called or not renewed. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

Investment-Grade Debt Securities. Investment-grade debt securities include all types of debt instruments that are of medium and high-quality. Investment-grade debt securities include repurchase agreements collateralized by U.S. Government securities as well as repurchase agreements collateralized by equity securities, non-investment-grade debt, and all other instruments in which a fund can perfect a security interest, provided the repurchase agreement counterparty has an investment-grade rating. Some investment-grade debt securities may possess speculative characteristics and may be more sensitive to economic changes and to changes in the financial conditions of issuers. An investment-grade rating means the security or issuer is rated investment-grade by a credit rating agency registered as a nationally recognized statistical rating organization (NRSRO) with the SEC (for example, Moody's^® Investors Service, Inc.), or is unrated but considered to be of equivalent quality by FMR.

Investment in Wholly-Owned Subsidiary (Gold only). Gold may invest up to 25% of its assets in a wholly-owned subsidiary organized under the laws of the Cayman Islands (Subsidiary).

The fund wholly owns and controls the Subsidiary, and the fund and Subsidiary are both managed by FMR. Unlike the fund, the Subsidiary is not registered under the 1940 Act and therefore is not subject to the investor protections of the 1940 Act. The Subsidiary is expected to invest primarily in gold and other precious metals. As a result, the Subsidiary is subject to risks similar to those of the fund, including the risks of investing in the gold industry.

By investing in the Subsidiary, the fund may gain exposure to gold and other precious metals within the limits of Subchapter M of the Internal Revenue Code. Subchapter M requires, among other things, that a fund derive at least 90% of gross income from dividends, interest, and gains from the sale of securities (typically referred to as "qualifying income"). Although income from investment in gold and other commodities typically is not "qualifying income," the fund relies on a private letter ruling from the Internal Revenue Service ruling that income from investment in the Subsidiary will constitute "qualifying income" under Subchapter M. Changes in U.S. or Cayman Islands laws could cause investments in the Subsidiary to fail to work as expected.

Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates (loans and loan participations), to suppliers of goods or services (trade claims or other receivables), or to other parties. Direct debt instruments involve a risk of loss in case of default or insolvency of the borrower and may offer less legal protection to the purchaser in the event of fraud or misrepresentation, or there may be a requirement that a fund supply additional cash to a borrower on demand.

Purchasers of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the borrower for payment of interest and repayment of principal. If scheduled interest or principal payments are not made, the value of the instrument may be adversely affected. Loans that are fully secured provide more protections than an unsecured loan in the event of failure to make scheduled interest or principal payments. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the borrower's obligation, or that the collateral could be liquidated. Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks and may be highly speculative. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or may pay only a small fraction of the amount owed. Direct indebtedness of developing countries also involves a risk that the governmental entities responsible for the repayment of the debt may be unable, or unwilling, to pay interest and repay principal when due.

Investments in loans through direct assignment of a financial institution's interests with respect to a loan may involve additional risks. For example, if a loan is foreclosed, the purchaser could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, a purchaser could be held liable as a co-lender. Direct debt instruments may also involve a risk of insolvency of the lending bank or other intermediary.

A loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. Unless, under the terms of the loan or other indebtedness, the purchaser has direct recourse against the borrower, the purchaser may have to rely on the agent to apply appropriate credit remedies against a borrower. If assets held by the agent for the benefit of a purchaser were determined to be subject to the claims of the agent's general creditors, the purchaser might incur certain costs and delays in realizing payment on the loan or loan participation and could suffer a loss of principal or interest.

Direct indebtedness may include letters of credit, revolving credit facilities, or other standby financing commitments that obligate purchasers to make additional cash payments on demand. These commitments may have the effect of requiring a purchaser to increase its investment in a borrower at a time when it would not otherwise have done so, even if the borrower's condition makes it unlikely that the amount will ever be repaid.

Each fund limits the amount of total assets that it will invest in any one issuer or in issuers within the same industry (see each fund's investment limitations). For purposes of these limitations, a fund generally will treat the borrower as the "issuer" of indebtedness held by the fund. In the case of loan participations where a bank or other lending institution serves as financial intermediary between a fund and the borrower, if the participation does not shift to the fund the direct debtor-creditor relationship with the borrower, SEC interpretations require a fund, in appropriate circumstances, to treat both the lending bank or other lending institution and the borrower as "issuers" for these purposes. Treating a financial intermediary as an issuer of indebtedness may restrict a fund's ability to invest in indebtedness related to a single financial intermediary, or a group of intermediaries engaged in the same industry, even if the underlying borrowers represent many different companies and industries.

Lower-Quality Debt Securities. Lower-quality debt securities include all types of debt instruments that have poor protection with respect to the payment of interest and repayment of principal, or may be in default. These securities are often considered to be speculative and involve greater risk of loss or price changes due to changes in the issuer's capacity to pay. The market prices of lower-quality debt securities may fluctuate more than those of higher-quality debt securities and may decline significantly in periods of general economic difficulty, which may follow periods of rising interest rates.

The market for lower-quality debt securities may be thinner and less active than that for higher-quality debt securities, which can adversely affect the prices at which the former are sold. Adverse publicity and changing investor perceptions may affect the liquidity of lower-quality debt securities and the ability of outside pricing services to value lower-quality debt securities.

Because the risk of default is higher for lower-quality debt securities, FMR's research and credit analysis are an especially important part of managing securities of this type. FMR will attempt to identify those issuers of high-yielding securities whose financial condition is adequate to meet future obligations, has improved, or is expected to improve in the future. FMR's analysis focuses on relative values based on such factors as interest or dividend coverage, asset coverage, earnings prospects, and the experience and managerial strength of the issuer.

A fund may choose, at its expense or in conjunction with others, to pursue litigation or otherwise to exercise its rights as a security holder to seek to protect the interests of security holders if it determines this to be in the best interest of the fund's shareholders.

Precious Metals. Precious metals, such as gold, silver, platinum, and palladium, at times have been subject to substantial price fluctuations over short periods of time and may be affected by unpredictable monetary and political policies such as currency devaluations or revaluations, economic and social conditions within a country, trade imbalances, or trade or currency restrictions between countries. The prices of gold and other precious metals, however, are less subject to local and company-specific factors than securities of individual companies. As a result, precious metals may be more or less volatile in price than securities of companies engaged in precious metals-related businesses. Investments in precious metals can present concerns such as delivery, storage and maintenance, possible illiquidity, and the unavailability of accurate market valuations. Although precious metals can be purchased in any form, including bullion and coins, FMR intends to purchase only those forms of precious metals that are readily marketable and that can be stored in accordance with custody regulations applicable to mutual funds. A fund may incur higher custody and transaction costs for precious metals than for securities. Also, precious metals investments do not pay income.

For a fund to qualify as a regulated investment company under current federal tax law, gains from selling precious metals may not exceed 10% of the fund's gross income for its taxable year. This tax requirement could cause a fund to hold or sell precious metals or securities when it would not otherwise do so.

Preferred Stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

Real Estate Investment Trusts. Equity real estate investment trusts own real estate properties, while mortgage real estate investment trusts make construction, development, and long-term mortgage loans. Their value may be affected by changes in the value of the underlying property of the trusts, the creditworthiness of the issuer, property taxes, interest rates, and tax and regulatory requirements, such as those relating to the environment. Both types of trusts are dependent upon management skill, are not diversified, and are subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, and the possibility of failing to qualify for tax-free status of income under the Internal Revenue Code and failing to maintain exemption from the 1940 Act.

Repurchase Agreements involve an agreement to purchase a security and to sell that security back to the original seller at an agreed-upon price. The resale price reflects the purchase price plus an agreed-upon incremental amount which is unrelated to the coupon rate or maturity of the purchased security. As protection against the risk that the original seller will not fulfill its obligation, the securities are held in a separate account at a bank, marked-to-market daily, and maintained at a value at least equal to the sale price plus the accrued incremental amount. The value of the security purchased may be more or less than the price at which the counterparty has agreed to purchase the security. In addition, delays or losses could result if the other party to the agreement defaults or becomes insolvent. The funds will engage in repurchase agreement transactions with parties whose creditworthiness has been reviewed and found satisfactory by FMR.

Restricted Securities are subject to legal restrictions on their sale. Difficulty in selling securities may result in a loss or be costly to a fund. Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the Securities Act of 1933 (1933 Act), or in a registered public offering. Where registration is required, the holder of a registered security may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time it may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the holder might obtain a less favorable price than prevailed when it decided to seek registration of the security.

Reverse Repurchase Agreements. In a reverse repurchase agreement, a fund sells a security to another party, such as a bank or broker-dealer, in return for cash and agrees to repurchase that security at an agreed-upon price and time. The funds will enter into reverse repurchase agreements with parties whose creditworthiness has been reviewed and found satisfactory by FMR. Such transactions may increase fluctuations in the market value of fund assets and may be viewed as a form of leverage.

Securities Lending. A fund may lend securities to parties such as broker-dealers or other institutions, including Fidelity Brokerage Services LLC (FBS LLC). FBS LLC is a member of the New York Stock Exchange (NYSE) and an indirect subsidiary of FMR LLC.

Securities lending allows a fund to retain ownership of the securities loaned and, at the same time, earn additional income. The borrower provides the fund with collateral in an amount at least equal to the value of the securities loaned. The fund seeks to maintain the ability to obtain the right to vote or consent on proxy proposals involving material events affecting securities loaned. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. These delays and costs could be greater for foreign securities. If a fund is not able to recover the securities loaned, a fund may sell the collateral and purchase a replacement investment in the market. The value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased. Loans will be made only to parties deemed by FMR to be in good standing and when, in FMR's judgment, the income earned would justify the risks.

Cash received as collateral through loan transactions may be invested in other eligible securities, including shares of a money market fund. Investing this cash subjects that investment, as well as the securities loaned, to market appreciation or depreciation.

Securities of Other Investment Companies, including shares of closed-end investment companies, unit investment trusts, and open-end investment companies, represent interests in professionally managed portfolios that may invest in any type of instrument. Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but may involve additional expenses at the investment company-level, such as portfolio management fees and operating expenses. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their NAV. Others are continuously offered at NAV, but may also be traded in the secondary market.

The extent to which a fund can invest in securities of other investment companies is limited by federal securities laws.

Short Sales "Against the Box" are short sales of securities that a fund owns or has the right to obtain (equivalent in kind or amount to the securities sold short). If a fund enters into a short sale against the box, it will be required to set aside securities equivalent in kind and amount to the securities sold short (or securities convertible or exchangeable into such securities) and will be required to hold such securities while the short sale is outstanding. The fund will incur transaction costs, including interest expenses, in connection with opening, maintaining, and closing short sales against the box.

Structured Notes are derivative debt securities, the interest rate or principal of which is determined by an unrelated indicator. A structured note may be positively, negatively or both positively and negatively indexed; that is, its value or interest rate may increase or decrease if the value of the reference instrument increases. Similarly, its value may increase or decrease if the value of the reference instrument decreases. Further, the change in the principal amount payable with respect to, or the interest rate of, a structured note may be a multiple of the percentage change (positive or negative) in the value of the underlying reference instrument(s). Structured or indexed securities may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities.

Temporary Defensive Policies. Each fund reserves the right to invest without limitation in preferred stocks and investment-grade debt instruments for temporary, defensive purposes.

<R>Transfer Agent Bank Accounts. Proceeds from shareholder purchases of a fund pass through a series of demand deposit bank accounts before being held at the fund's custodian. Redemption proceeds will pass from the custodian to the shareholder through a similar series of bank accounts.</R>

<R>The bank accounts are registered to the transfer agent or an affiliate, who acts as an agent for the funds when opening, closing and conducting business in the bank accounts. The transfer agent or an affiliate may invest overnight balances in the accounts in repurchase agreements. Any balances that are not invested in repurchase agreements remain in the bank accounts overnight. Any risks associated with these accounts are investment risks of the funds. A fund faces the risk of loss of these balances if the bank becomes insolvent.</R>

Warrants. Warrants are instruments which entitle the holder to buy an equity security at a specific price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss.

Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments.

Zero Coupon Bonds do not make interest payments; instead, they are sold at a discount from their face value and are redeemed at face value when they mature. Because zero coupon bonds do not pay current income, their prices can be more volatile than other types of fixed-income securities when interest rates change. In calculating a fund's dividend, a portion of the difference between a zero coupon bond's purchase price and its face value is considered income.

SPECIAL CONSIDERATIONS REGARDING EMERGING MARKETS

<R>Investing in companies domiciled in emerging market countries may be subject to potentially higher risks than investments in developed countries. These risks include: (i) less social, political, and economic stability; (ii) greater illiquidity and price volatility due to smaller or limited local capital markets for such securities, or low or non-existent trading volumes; (iii) foreign exchanges and broker-dealers may be subject to less scrutiny and regulation by local authorities; (iv) local governments may decide to seize or confiscate securities held by foreign investors and/or local governments may decide to suspend or limit an issuer's ability to make dividend or interest payments; (v) local governments may limit or entirely restrict repatriation of invested capital, profits, and dividends; (vi) capital gains may be subject to local taxation, including on a retroactive basis; (vii) issuers facing restrictions on dollar or euro payments imposed by local governments may attempt to make dividend or interest payments to foreign investors in the local currency; (viii) investors may experience difficulty in enforcing legal claims related to the securities and/or local judges may favor the interests of the issuer over those of foreign investors; (ix) bankruptcy judgments may only be permitted to be paid in the local currency; (x) limited public information regarding the issuer may result in greater difficulty in determining market valuations of the securities, and (xi) lax financial reporting on a regular basis, substandard disclosure, and differences in accounting standards may make it difficult to ascertain the financial health of an issuer. In addition, unlike developed countries, many emerging countries' economic growth highly depends on exports and inflows of external capital, making them more vulnerable to the downturns of the world economy. As the current global economic crisis weakens the global demand for their exports and tightens international credit supplies, many emerging countries are facing significant economic difficulties and some countries are falling into recession.</R>

Many emerging market countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be difficult to interpret and laws may be too new to provide any precedential value. Laws regarding foreign investment and private property may be weak or non-existent. Sudden changes in governments may result in policies which are less favorable to investors such as policies designed to expropriate or nationalize "sovereign" assets. Certain emerging market countries in the past have expropriated large amounts of private property, in many cases with little or no compensation, and there can be no assurance that such expropriation will not occur in the future.

Many emerging market countries in which a fund invests lack the social, political, and economic stability characteristic of the United States. Political instability among emerging market countries can be common and may be caused by an uneven distribution of wealth, social unrest, labor strikes, civil wars, and religious oppression. Economic instability in emerging market countries may take the form of: (i) high interest rates; (ii) high levels of inflation, including hyperinflation; (iii) high levels of unemployment or underemployment; (iv) changes in government economic and tax policies, including confiscatory taxation; and (v) imposition of trade barriers.

Currencies of emerging market countries are subject to significantly greater risks than currencies of developed countries. Some emerging market currencies may not be internationally traded or may be subject to strict controls by local governments, resulting in undervalued or overvalued currencies. Some emerging market countries have experienced balance of payment deficits and shortages in foreign exchange reserves. Governments have responded by restricting currency conversions. Future restrictive exchange controls could prevent or restrict a company's ability to make dividend or interest payments in the original currency of the obligation (usually U.S. dollars). In addition, even though the currencies of some emerging market countries may be convertible into U.S. dollars, the conversion rates may be artificial to their actual market values.

In the past, governments of many emerging market countries have become overly reliant on the international capital markets and other forms of foreign credit to finance large public spending programs which cause huge budget deficits. Often, interest payments have become too overwhelming for these governments to meet, representing a large percentage of total GDP. These foreign obligations have become the subject of political debate and served as fuel for political parties of the opposition, which pressure the governments not to make payments to foreign creditors, but instead to use these funds for social programs. Either due to an inability to pay or submission to political pressure, the governments have been forced to seek a restructuring of their loan and/or bond obligations, have declared a temporary suspension of interest payments, or have defaulted. These events have adversely affected the values of securities issued by the governments and corporations domiciled in these emerging market countries and have negatively affected not only their cost of borrowing, but their ability to borrow in the future as well.

<R>In addition to their over-reliance on international capital markets, many emerging economies are also highly dependent on international trade and exports, including exports of oil and other commodities. As a result, these economies are particularly vulnerable to downturns of the world economy. As the current global economic crisis tightens international credit supplies and weakens global demand for their exports, these economies are now facing significant difficulties and some economies are falling into recession.</R>

PORTFOLIO TRANSACTIONS

All orders for the purchase or sale of portfolio securities are placed on behalf of each fund by FMR pursuant to authority contained in the management contract. FMR may also be responsible for the placement of portfolio transactions for other investment companies and investment accounts for which it has or its affiliates have investment discretion. If FMR grants investment management authority to a sub-adviser (see the section entitled "Management Contracts"), that sub-adviser is authorized to provide the services described in the sub-advisory agreement, and in accordance with the policies described in this section.

Purchases and sales of equity securities on a securities exchange or OTC are effected through brokers who receive compensation for their services. Generally, compensation relating to securities traded on foreign exchanges will be higher than compensation relating to securities traded on U.S. exchanges and may not be subject to negotiation. Compensation may also be paid in connection with principal transactions (in both OTC securities and securities listed on an exchange) and agency OTC transactions executed with an electronic communications network (ECN) or an alternative trading system. Equity securities may be purchased from underwriters at prices that include underwriting fees.

Purchases and sales of fixed-income securities are generally made with an issuer or a primary market-maker acting as principal. Although there is no stated brokerage commission paid by the fund for any fixed-income security, the price paid by the fund to an underwriter includes the disclosed underwriting fee and prices in secondary trades usually include an undisclosed dealer commission or markup reflecting the spread between the bid and ask prices of the fixed-income security.

The Trustees of each fund periodically review FMR's performance of its responsibilities in connection with the placement of portfolio transactions on behalf of the fund. The Trustees also review the compensation paid by the fund over representative periods of time to determine if it was reasonable in relation to the benefits to the fund.

The Selection of Brokers

<R>In selecting brokers or dealers (including affiliates of FMR) to execute each fund's portfolio transactions, FMR considers factors deemed relevant in the context of a particular trade and in regard to FMR's overall responsibilities with respect to each fund and other investment accounts, including any instructions from each fund's portfolio manager, which may emphasize, for example, speed of execution over other factors. The factors considered will influence whether it is appropriate to execute an order using ECNs, electronic channels including algorithmic trading, or by actively working an order. Other factors deemed relevant may include, but are not limited to: price; the size and type of the transaction; the reasonableness of compensation to be paid, including spreads and commission rates; the speed and certainty of trade executions, including broker willingness to commit capital; the nature and characteristics of the markets for the security to be purchased or sold, including the degree of specialization of the broker in such markets or securities; the availability of liquidity in the security, including the liquidity and depth afforded by a market center or market-maker; the reliability of a market center or broker; the broker's overall trading relationship with FMR; the trader's assessment of whether and how closely the broker likely will follow the trader's instructions to the broker; the degree of anonymity that a particular broker or market can provide; the potential for avoiding market impact; the execution services rendered on a continuing basis; the execution efficiency, settlement capability, and financial condition of the firm; arrangements for payment of fund expenses, if applicable; and the provision of additional brokerage and research products and services, if applicable. In seeking best qualitative execution, FMR may select a broker using a trading method for which the broker may charge a higher commission than its lowest available commission rate. FMR also may select a broker that charges more than the lowest available commission rate available from another broker. For futures transactions, the selection of an FCM is generally based on the overall quality of execution and other services provided by the FCM.</R>

The Acquisition of Brokerage and Research Products and Services

Brokers (who are not affiliates of FMR) that execute transactions for each fund may receive higher compensation from each fund than other brokers might have charged each fund, in recognition of the value of the brokerage or research products and services they provide to FMR or its affiliates.

<R>Research Products and Services. These products and services may include: economic, industry, company, municipal, sovereign (U.S. and non-U.S.), legal, or political research reports; market color; company meeting facilitation; compilation of securities prices, earnings, dividends and similar data; quotation services, data, information and other services; analytical computer software and services; and investment recommendations. FMR may request that a broker provide a specific proprietary or third-party product or service. Some of these products and services supplement FMR's own research activities in providing investment advice to the funds.</R>

Execution Services. In addition, products and services may include those that assist in the execution, clearing, and settlement of securities transactions, as well as other incidental functions (including but not limited to communication services related to trade execution, order routing and algorithmic trading, post-trade matching, exchange of messages among brokers or dealers, custodians and institutions, and the use of electronic confirmation and affirmation of institutional trades).

Mixed-Use Products and Services. In addition to receiving brokerage and research products and services via written reports and computer-delivered services, such reports may also be provided by telephone and in personal meetings with securities analysts, corporate and industry spokespersons, economists, academicians and government representatives and others with relevant professional expertise. FMR and its affiliates may use commission dollars to obtain certain products or services that are not used exclusively in FMR's or its affiliates' investment decision-making process (mixed-use products or services). In those circumstances, FMR or its affiliates will make a good faith judgment to evaluate the various benefits and uses to which they intend to put the mixed-use product or service, and will pay for that portion of the mixed-use product or service that does not qualify as brokerage and research products and services with their own resources (referred to as "hard dollars").

Benefit to FMR. FMR's expenses would likely be increased if it attempted to generate these additional products and services through its own efforts, or if it paid for these products or services itself. Certain of the brokerage and research products and services FMR receives from brokers are furnished by brokers on their own initiative, either in connection with a particular transaction or as part of their overall services. Some of these products or services may not have an explicit cost associated with such product or service.

FMR's Decision-Making Process. Before causing a fund to pay a particular level of compensation, FMR will make a good faith determination that the compensation is reasonable in relation to the value of the brokerage and/or research products and services provided to FMR, viewed in terms of the particular transaction for a fund or FMR's overall responsibilities to a fund or other investment companies and investment accounts. While FMR may take into account the brokerage and/or research products and services provided by a broker in determining whether compensation paid is reasonable, neither FMR nor the funds incur an obligation to any broker, dealer, or third party to pay for any product or service (or portion thereof) by generating a specific amount of compensation or otherwise. Typically, these products and services assist FMR and its affiliates in terms of its overall investment responsibilities to a fund and other investment companies and investment accounts; however, each product or service received may not benefit the fund. Certain funds or investment accounts may use brokerage commissions to acquire brokerage and research products and services that may also benefit other funds or accounts managed by FMR or its affiliates.

<R>Research Contracts. FMR has arrangements with certain third-party research providers and brokers through whom FMR effects fund trades, whereby FMR may pay with fund commissions or hard dollars for all or a portion of the cost of research products and services purchased from such research providers or brokers. If hard dollar payments are used, FMR may still cause a fund to pay more for execution than the lowest commission rate available from the broker providing research products and services to FMR, or that may be available from another broker. FMR views hard dollar payments for research products and services as likely to reduce a fund's total commission costs even though it is expected that in such hard dollar arrangements the commissions available for recapture and to pay fund expenses, as described below, will decrease. FMR's determination to pay for research products and services separately, rather than bundled with fund commissions, is wholly voluntary on FMR's part and may be extended to additional brokers or discontinued with any broker participating in this arrangement.</R>

Commission Recapture

<R>FMR may allocate brokerage transactions to brokers (who are not affiliates of FMR) who have entered into arrangements with FMR under which the broker, using predetermined methodology, rebates a portion of the compensation paid by a fund to offset that fund's expenses, which may be paid to FMR or its affiliates. Not all brokers with whom a fund trades have agreed to participate in brokerage commission recapture.</R>

Affiliated Transactions

FMR may place trades with certain brokers, including National Financial Services LLC (NFS), with whom it is under common control provided FMR determines that these affiliates' trade execution abilities and costs are comparable to those of non-affiliated, qualified brokerage firms.

The Trustees of each fund have approved procedures whereby a fund may purchase securities that are offered in underwritings in which an affiliate of FMR participates. In addition, for underwritings where an FMR affiliate participates as a principal underwriter, certain restrictions may apply that could, among other things, limit the amount of securities that the funds could purchase in the underwritings.

Trade Allocation

Although the Trustees and officers of each fund are substantially the same as those of other funds managed by FMR or its affiliates, investment decisions for each fund are made independently from those of other funds or investment accounts (including proprietary accounts) managed by FMR or its affiliates. The same security is often held in the portfolio of more than one of these funds or investment accounts. Simultaneous transactions are inevitable when several funds and investment accounts are managed by the same investment adviser, particularly when the same security is suitable for the investment objective of more than one fund or investment account.

When two or more funds or investment accounts are simultaneously engaged in the purchase or sale of the same security, including a futures contract, the prices and amounts are allocated in accordance with procedures believed by FMR to be appropriate and equitable to each fund or investment account. In some cases adherence to these procedures could have a detrimental effect on the price or value of the security as far as each fund is concerned. In other cases, however, the ability of the funds to participate in volume transactions will produce better executions and prices for the funds.

Commissions Paid

A fund may pay compensation including both commissions and spreads in connection with the placement of portfolio transactions. The amount of brokerage commissions paid by a fund may change from year to year because of, among other things, changing asset levels, shareholder activity, and/or portfolio turnover.

<R>For the fiscal periods ended February 28, 2009 and February 29, 2008, the portfolio turnover rates for each fund are presented in the table below. Variations in turnover rate may be due to a fluctuating volume of shareholder purchase and redemption orders, market conditions, and/or changes in FMR's investment outlook.</R>

<R>Turnover Rates	2009	2008</R>
<R>Air Transportation	66%	47%</R>
<R>Automotive	156%	258%</R>
<R>Banking	199%	86%</R>
<R>Biotechnology	55%	143%</R>
<R>Brokerage and Investment Management	351%	84%</R>
<R>Chemicals	201%	65%</R>
<R>Communications Equipment	120%	39%</R>
<R>Computers	183%	234%</R>
<R>Construction and Housing	85%	102%</R>
<R>Consumer Discretionary	71%	108%</R>
<R>Consumer Staples	70%	71%</R>
<R>Defense and Aerospace	58%	57%</R>
<R>Electronics	91%	87%</R>
<R>Energy	148%	55%</R>
<R>Energy Service	82%	64%</R>
<R>Environmental	107%	76%</R>
<R>Financial Services	129%	53%</R>
<R>Gold	42%	55%</R>
<R>Health Care	173%	120%</R>
<R>Home Finance	79%	36%</R>
<R>Industrial Equipment	136%	92%</R>
<R>Industrials	132%	108%</R>
<R>Insurance	426%	60%</R>
<R>IT Services	140%	212%</R>
<R>Leisure	120%	74%</R>
<R>Materials	117%	77%</R>
<R>Medical Delivery	122%	113%</R>
<R>Medical Equipment and Systems	116%	129%</R>
<R>Multimedia	39%	68%</R>
<R>Natural Gas	81%	68%</R>
<R>Natural Resources	136%	44%</R>
<R>Networking and Infrastructure	116%	37%</R>
<R>Paper and Forest Products	150%	221%</R>
<R>Pharmaceuticals	240%	119%</R>
<R>Retailing	504%	260%</R>
<R>Software and Computer Services	49%	38%</R>
<R>Technology	235%	204%</R>
<R>Telecommunications	168%	134%</R>
<R>Transportation	81%	84%</R>
<R>Utilities	167%	121%</R>
<R>Wireless	191%	191%</R>

<R>During the fiscal year ended February 28, 2009, each of Banking, Brokerage and Investment Management, Financial Services, and Home Finance held securities issued by one or more of its regular brokers or dealers or a parent company of its regular brokers or dealers. The following table shows the aggregate value of the securities of the regular broker or dealer or parent company held by a fund as of the fiscal year ended February 28, 2009.</R>

<R>Fund	Regular Broker or Dealer	Aggregate Value of Securities Held</R>
<R>Banking	Goldman Sachs Group, Inc.	$ 4,508,460</R>
<R>	JPMorgan Chase & Co.	$ 7,821,555</R>
<R>Brokerage and Investment Management	Citigroup, Inc.	$ 6,899,550</R>
<R>	Credit Suisse Group	$ 15,259,456</R>
<R>	Goldman Sachs Group, Inc.	$ 17,469,144</R>
<R>	JPMorgan Chase & Co.	$ 14,148,720</R>
<R>	Morgan Stanley	$ 22,396,747</R>
<R>	UBS AG	$ 12,520,539</R>
<R>Financial Services	Citigroup, Inc.	$ 6,146,715</R>
<R>	Credit Suisse Group	$ 12,075,168</R>
<R>	Goldman Sachs Group, Inc.	$ 12,241,152</R>
<R>	JPMorgan Chase & Co.	$ 12,417,717</R>
<R>	Morgan Stanley	$ 11,225,730</R>
<R>	UBS AG	$ 3,994,670</R>
<R>Home Finance	Credit Suisse Group	$ 241,600</R>
<R>	Goldman Sachs Group, Inc.	$ 819,720</R>
<R>	JPMorgan Chase & Co.	$ 1,142,500</R>
<R>	Morgan Stanley	$ 488,500</R>

<R>The following table shows the total amount of brokerage commissions paid by each fund, comprising commissions paid on securities and/or futures transactions, as applicable, for the fiscal years ended February 28, 2009, February 29, 2008, and February 28, 2007. The total amount of brokerage commissions paid is stated as a dollar amount and a percentage of the fund's average net assets.</R>

<R>Fund	Fiscal Year Ended	Dollar Amount	Percentage of Average Net Assets</R>
<R>Air Transportation	February 28		</R>
<R>2009		$ 95,632	0.22%</R>
<R>2008^†		$ 106,834	0.14%</R>
<R>2007		$ 258,141	0.22%</R>
<R>Automotive	February 28		</R>
<R>2009		$ 95,777	0.65%</R>
<R>2008^†		$ 153,492	0.37%</R>
<R>2007		$ 114,224	0.44%</R>
<R>Banking	February 28		</R>
<R>2009		$ 1,278,969	0.49%</R>
<R>2008^†		$ 410,129	0.14%</R>
<R>2007		$ 557,419	0.15%</R>
<R>Biotechnology	February 28		</R>
<R>2009		$ 817,717	0.07%</R>
<R>2008^†		$ 2,004,870	0.16%</R>
<R>2007		$ 1,582,169	0.10%</R>
<R>Brokerage and Investment Management	February 28		</R>
<R>2009		$ 2,623,569	0.50%</R>
<R>2008^†		$ 1,202,261	0.13%</R>
<R>2007		$ 1,570,826	0.14%</R>
<R>Chemicals	February 28		</R>
<R>2009		$ 884,080	0.22%</R>
<R>2008^†		$ 210,076	0.10%</R>
<R>2007		$ 97,576	0.10%</R>
<R>Communications Equipment	February 28		</R>
<R>2009		$ 608,422	0.30%</R>
<R>2008^†		$ 346,709	0.11%</R>
<R>2007		$ 1,628,579	0.40%</R>
<R>Computers	February 28		</R>
<R>2009		$ 1,162,708	0.33%</R>
<R>2008^†		$ 1,646,401	0.32%</R>
<R>2007		$ 1,661,071	0.35%</R>
<R>Construction and Housing	February 28		</R>
<R>2009		$ 155,138	0.19%</R>
<R>2008^†		$ 117,448	0.11%</R>
<R>2007		$ 95,539	0.05%</R>
<R>Consumer Discretionary	February 28		</R>
<R>2009		$ 25,972	0.11%</R>
<R>2008^†		$ 40,671	0.12%</R>
<R>2007		$ 105,452	0.20%</R>
<R>Consumer Staples	February 28		</R>
<R>2009		$ 851,809	0.10%</R>
<R>2008^†		$ 488,663	0.10%</R>
<R>2007		$ 225,401	0.10%</R>
<R>Defense and Aerospace	February 28		</R>
<R>2009		$ 418,883	0.05%</R>
<R>2008^†		$ 552,283	0.04%</R>
<R>2007		$ 993,057	0.10%</R>
<R>Electronics	February 28		</R>
<R>2009		$ 2,665,815	0.28%</R>
<R>2008^†		$ 3,582,778	0.21%</R>
<R>2007		$ 5,120,604	0.22%</R>
<R>Energy	February 28		</R>
<R>2009		$ 3,721,339	0.15%</R>
<R>2008^†		$ 1,164,733	0.04%</R>
<R>2007		$ 2,385,253	0.09%</R>
<R>Energy Service	February 28		</R>
<R>2009		$ 1,863,569	0.10%</R>
<R>2008^†		$ 1,200,720	0.06%</R>
<R>2007		$ 1,390,499	0.08%</R>
<R>Environmental	February 28		</R>
<R>2009		$ 87,986	0.19%</R>
<R>2008^†		$ 69,673	0.17%</R>
<R>2007		$ 287,426	0.37%</R>
<R>Financial Services	February 28		</R>
<R>2009		$ 1,352,255	0.39%</R>
<R>2008^†		$ 265,941	0.06%</R>
<R>2007		$ 318,376	0.06%</R>
<R>Gold	February 28		</R>
<R>2009		$ 2,325,423	0.13%</R>
<R>2008^†		$ 3,191,103	0.20%</R>
<R>2007		$ 4,079,464	0.28%</R>
<R>Health Care	February 28		</R>
<R>2009		$ 3,265,382	0.20%</R>
<R>2008^†		$ 2,936,542	0.14%</R>
<R>2007		$ 2,484,573	0.11%</R>
<R>Home Finance	February 28		</R>
<R>2009		$ 420,708	0.41%</R>
<R>2008^†		$ 127,116	0.06%</R>
<R>2007		$ 226,052	0.08%</R>
<R>Industrial Equipment	February 28		</R>
<R>2009		$ 167,834	0.15%</R>
<R>2008^†		$ 119,660	0.08%</R>
<R>2007		$ 61,921	0.07%</R>
<R>Industrials	February 28		</R>
<R>2009		$ 182,758	0.15%</R>
<R>2008^†		$ 103,366	0.10%</R>
<R>2007		$ 120,435	0.15%</R>
<R>Insurance	February 28		</R>
<R>2009		$ 712,502	0.68%</R>
<R>2008^†		$ 152,738	0.07%</R>
<R>2007		$ 104,654	0.05%</R>
<R>IT Services	February 28		</R>
<R>2009		$ 127,700	0.23%</R>
<R>2008^†		$ 104,204	0.21%</R>
<R>2007		$ 100,464	0.26%</R>
<R>Leisure	February 28		</R>
<R>2009		$ 298,389	0.17%</R>
<R>2008^†		$ 211,289	0.09%</R>
<R>2007		$ 733,360	0.32%</R>
<R>Materials	February 28		</R>
<R>2009		$ 459,137	0.14%</R>
<R>2008^†		$ 307,458	0.09%</R>
<R>2007		$ 579,211	0.29%</R>
<R>Medical Delivery	February 28		</R>
<R>2009		$ 718,305	0.20%</R>
<R>2008^†		$ 955,321	0.15%</R>
<R>2007		$ 1,310,754	0.16%</R>
<R>Medical Equipment and Systems	February 28		</R>
<R>2009		$ 1,549,840	0.13%</R>
<R>2008^†		$ 1,212,120	0.13%</R>
<R>2007		$ 910,404	0.10%</R>
<R>Multimedia	February 28		</R>
<R>2009		$ 37,738	0.09%</R>
<R>2008^†		$ 73,367	0.10%</R>
<R>2007		$ 203,417	0.20%</R>
<R>Natural Gas	February 28		</R>
<R>2009		$ 1,552,866	0.10%</R>
<R>2008^†		$ 1,093,898	0.08%</R>
<R>2007		$ 1,125,619	0.09%</R>
<R>Natural Resources	February 28		</R>
<R>2009		$ 2,929,845	0.15%</R>
<R>2008^†		$ 1,124,358	0.07%</R>
<R>2007		$ 1,304,276	0.12%</R>
<R>Networking and Infrastructure	February 28		</R>
<R>2009		$ 148,392	0.32%</R>
<R>2008^†		$ 112,177	0.16%</R>
<R>2007		$ 531,381	0.45%</R>
<R>Paper and Forest Products	February 28		</R>
<R>2009		$ 87,413	0.55%</R>
<R>2008^†		$ 199,907	0.48%</R>
<R>2007		$ 88,544	0.34%</R>
<R>Pharmaceuticals	February 28		</R>
<R>2009		$ 461,739	0.31%</R>
<R>2008^†		$ 326,345	0.16%</R>
<R>2007		$ 517,680	0.26%</R>
<R>Retailing	February 28		</R>
<R>2009		$ 375,663	0.79%</R>
<R>2008^†		$ 194,487	0.29%</R>
<R>2007		$ 167,314	0.20%</R>
<R>Software and Computer Services	February 28		</R>
<R>2009		$ 548,232	0.08%</R>
<R>2008^†		$ 552,497	0.06%</R>
<R>2007		$ 2,127,600	0.29%</R>
<R>Technology	February 28		</R>
<R>2009		$ 5,718,680	0.46%</R>
<R>2008^†		$ 6,006,181	0.33%</R>
<R>2007		$ 3,520,816	0.20%</R>
<R>Telecommunications	February 28		</R>
<R>2009		$ 1,422,073	0.55%</R>
<R>2008^†		$ 1,542,548	0.26%</R>
<R>2007		$ 2,016,465	0.41%</R>
<R>Transportation	February 28		</R>
<R>2009		$ 109,105	0.12%</R>
<R>2008^†		$ 78,007	0.09%</R>
<R>2007		$ 164,525	0.14%</R>
<R>Utilities	February 28		</R>
<R>2009		$ 1,213,753	0.26%</R>
<R>2008^†		$ 1,032,213	0.12%</R>
<R>2007		$ 918,626	0.19%</R>
<R>Wireless	February 28		</R>
<R>2009		$ 1,226,319	0.44%</R>
<R>2008^†		$ 1,227,736	0.25%</R>
<R>2007		$ 1,109,627	0.30%</R>

<R>^†Fiscal year ended February 29.</R>

<R>The first table below shows the total amount of brokerage commissions paid by each fund to NFS for the past three fiscal years. The second table shows the approximate amount of aggregate brokerage commissions paid by a fund to NFS as a percentage of the approximate aggregate dollar amount of transactions for which the fund paid brokerage commissions as well as the percentage of transactions effected by a fund through NFS, in each case for the fiscal year ended 2009. NFS is paid on a commission basis.</R>

<R>Fund	Fiscal Year Ended	Total Amount Paid to NFS</R>
<R>Air Transportation	February 28	</R>
<R>2009		$ 1,099</R>
<R>2008^†		$ 1,146</R>
<R>2007		$ 3,892</R>
<R>Automotive	February 28	</R>
<R>2009		$ 3,307</R>
<R>2008^†		$ 6,374</R>
<R>2007		$ 5,416</R>
<R>Banking	February 28	</R>
<R>2009		$ 22,287</R>
<R>2008^†		$ 2,670</R>
<R>2007		$ 1,286</R>
<R>Biotechnology	February 28	</R>
<R>2009		$ 19,198</R>
<R>2008^†		$ 31,827</R>
<R>2007		$ 5,997</R>
<R>Brokerage and Investment Management	February 28	</R>
<R>2009		$ 150,502</R>
<R>2008^†		$ 2,782</R>
<R>2007		$ 4,553</R>
<R>Chemicals	February 28	</R>
<R>2009		$ 5,636</R>
<R>2008^†		$ 1,078</R>
<R>2007		$ 372</R>
<R>Communications Equipment	February 28	</R>
<R>2009		$ 6,076</R>
<R>2008^†		$ 4,177</R>
<R>2007		$ 31,089</R>
<R>Computers	February 28	</R>
<R>2009		$ 13,671</R>
<R>2008^†		$ 15,970</R>
<R>2007		$ 11,015</R>
<R>Construction and Housing	February 28	</R>
<R>2009		$ 9,981</R>
<R>2008^†		$ 1,800</R>
<R>2007		$ 267</R>
<R>Consumer Discretionary	February 28	</R>
<R>2009		$ 3,264</R>
<R>2008^†		$ 1,004</R>
<R>2007		$ 411</R>
<R>Consumer Staples	February 28	</R>
<R>2009		$ 12,479</R>
<R>2008^†		$ 2,807</R>
<R>2007		$ 1,593</R>
<R>Defense and Aerospace	February 28	</R>
<R>2009		$ 13,047</R>
<R>2008^†		$ 4,137</R>
<R>2007		$ 11,316</R>
<R>Electronics	February 28	</R>
<R>2009		$ 25,047</R>
<R>2008^†		$ 21,694</R>
<R>2007		$ 21,840</R>
<R>Energy	February 28	</R>
<R>2009		$ 18,293</R>
<R>2008^†		$ 10,143</R>
<R>2007		$ 7,298</R>
<R>Energy Service	February 28	</R>
<R>2009		$ 18,590</R>
<R>2008^†		$ 7,933</R>
<R>2007		$ 764</R>
<R>Environmental	February 28	</R>
<R>2009		$ 434</R>
<R>2008^†		$ 779</R>
<R>2007		$ 2,170</R>
<R>Financial Services	February 28	</R>
<R>2009		$ 91,749</R>
<R>2008^†		$ 2,847</R>
<R>2007		$ 1,306</R>
<R>Gold	February 28	</R>
<R>2009		$ 3,396</R>
<R>2008^†		$ 1,784</R>
<R>2007		$ 165</R>
<R>Health Care	February 28	</R>
<R>2009		$ 52,719</R>
<R>2008^†		$ 18,030</R>
<R>2007		$ 7,378</R>
<R>Home Finance	February 28	</R>
<R>2009		$ 36,360</R>
<R>2008^†		$ 1,107</R>
<R>2007		$ 1,128</R>
<R>Industrial Equipment	February 28	</R>
<R>2009		$ 3,815</R>
<R>2008^†		$ 1,494</R>
<R>2007		$ 1,862</R>
<R>Industrials	February 28	</R>
<R>2009		$ 4,923</R>
<R>2008^†		$ 2,912</R>
<R>2007		$ 1,072</R>
<R>Insurance	February 28	</R>
<R>2009		$ 14,386</R>
<R>2008^†		$ 1,598</R>
<R>2007		$ 1,990</R>
<R>IT Services	February 28	</R>
<R>2009		$ 4,072</R>
<R>2008^†		$ 2,579</R>
<R>2007		$ 2,159</R>
<R>Leisure	February 28	</R>
<R>2009		$ 3,565</R>
<R>2008^†		$ 471</R>
<R>2007		$ 1,768</R>
<R>Materials	February 28	</R>
<R>2009		$ 2,685</R>
<R>2008^†		$ 4,847</R>
<R>2007		$ 847</R>
<R>Medical Delivery	February 28	</R>
<R>2009		$ 11,928</R>
<R>2008^†		$ 9,018</R>
<R>2007		$ 10,628</R>
<R>Medical Equipment and Systems	February 28	</R>
<R>2009		$ 32,511</R>
<R>2008^†		$ 9,122</R>
<R>2007		$ 4,915</R>
<R>Multimedia	February 28	</R>
<R>2009		$ 2,827</R>
<R>2008^†		$ 1,864</R>
<R>2007		$ 1,687</R>
<R>Natural Gas	February 28	</R>
<R>2009		$ 18,079</R>
<R>2008^†		$ 6,810</R>
<R>2007		$ 3,933</R>
<R>Natural Resources	February 28	</R>
<R>2009		$ 20,140</R>
<R>2008^†		$ 7,779</R>
<R>2007		$ 4,591</R>
<R>Networking and Infrastructure	February 28	</R>
<R>2009		$ 3,881</R>
<R>2008^†		$ 4,087</R>
<R>2007		$ 19,868</R>
<R>Paper and Forest Products	February 28	</R>
<R>2009		$ 471</R>
<R>2008^†		$ 1,414</R>
<R>2007		$ 397</R>
<R>Pharmaceuticals	February 28	</R>
<R>2009		$ 4,087</R>
<R>2008^†		$ 5,861</R>
<R>2007		$ 1,929</R>
<R>Retailing	February 28	</R>
<R>2009		$ 10,043</R>
<R>2008^†		$ 883</R>
<R>2007		$ 695</R>
<R>Software and Computer Services	February 28	</R>
<R>2009		$ 9,304</R>
<R>2008^†		$ 9,919</R>
<R>2007		$ 31,171</R>
<R>Technology	February 28	</R>
<R>2009		$ 65,879</R>
<R>2008^†		$ 81,442</R>
<R>2007		$ 35,817</R>
<R>Telecommunications	February 28	</R>
<R>2009		$ 9,310</R>
<R>2008^†		$ 17,606</R>
<R>2007		$ 40,816</R>
<R>Transportation	February 28	</R>
<R>2009		$ 2,711</R>
<R>2008^†		$ 2,941</R>
<R>2007		$ 2,516</R>
<R>Utilities	February 28	</R>
<R>2009		$ 17,902</R>
<R>2008^†		$ 3,103</R>
<R>2007		$ 3,439</R>
<R>Wireless	February 28	</R>
<R>2009		$ 11,339</R>
<R>2008^†		$ 21,851</R>
<R>2007		$ 7,667</R>

<R>^†Fiscal year ended February 29.</R>

<R>Fund	Fiscal Year Ended 2009	% of Aggregate Commissions Paid to NFS	% of Aggregate Dollar Amount of Transactions Effected through NFS</R>
<R>Air Transportation^†	February 28	1.15%	5.67%</R>
<R>Automotive^†	February 28	3.45%	21.32%</R>
<R>Banking^†	February 28	1.74%	4.81%</R>
<R>Biotechnology^†	February 28	2.35%	8.90%</R>
<R>Brokerage and Investment Management^†	February 28	5.74%	6.46%</R>
<R>Chemicals	February 28	0.64%	1.97%</R>
<R>Communications Equipment^†	February 28	1.00%	4.00%</R>
<R>Computers^†	February 28	1.18%	3.42%</R>
<R>Construction and Housing^†	February 28	6.43%	21.33%</R>
<R>Consumer Discretionary^†	February 28	12.57%	39.25%</R>
<R>Consumer Staples^†	February 28	1.46%	7.17%</R>
<R>Defense and Aerospace^†	February 28	3.11%	6.70%</R>
<R>Electronics^†	February 28	0.94%	2.95%</R>
<R>Energy	February 28	0.49%	1.54%</R>
<R>Energy Service^†	February 28	1.00%	2.42%</R>
<R>Environmental^†	February 28	0.49%	2.88%</R>
<R>Financial Services^†	February 28	6.78%	12.39%</R>
<R>Gold	February 28	0.15%	0.90%</R>
<R>Health Care^†	February 28	1.61%	6.41%</R>
<R>Home Finance^†	February 28	8.64%	11.75%</R>
<R>Industrial Equipment^†	February 28	2.27%	7.35%</R>
<R>Industrials^†	February 28	2.69%	7.81%</R>
<R>Insurance^†	February 28	2.02%	6.85%</R>
<R>IT Services^†	February 28	3.19%	16.18%</R>
<R>Leisure^†	February 28	1.19%	5.07%</R>
<R>Materials^†	February 28	0.58%	2.29%</R>
<R>Medical Delivery^†	February 28	1.66%	5.44%</R>
<R>Medical Equipment and Systems^†	February 28	2.10%	9.45%</R>
<R>Multimedia^†	February 28	7.49%	35.09%</R>
<R>Natural Gas^†	February 28	1.16%	5.69%</R>
<R>Natural Resources	February 28	0.69%	1.86%</R>
<R>Networking and Infrastructure^†	February 28	2.62%	10.28%</R>
<R>Paper and Forest Products^†	February 28	0.54%	4.56%</R>
<R>Pharmaceuticals^†	February 28	0.88%	3.63%</R>
<R>Retailing^†	February 28	2.67%	11.28%</R>
<R>Software and Computer Services^†	February 28	1.70%	4.88%</R>
<R>Technology^†	February 28	1.15%	3.74%</R>
<R>Telecommunications^†	February 28	0.65%	3.16%</R>
<R>Transportation^†	February 28	2.48%	7.90%</R>
<R>Utilities^†	February 28	1.47%	5.96%</R>
<R>Wireless^†	February 28	0.92%	5.83%</R>

<R>^†The difference between the percentage of aggregate brokerage commissions paid to, and the percentage of the aggregate dollar amount of transactions effected through, NFS is a result of the low commission rates charged by NFS.</R>

<R>The following table shows the dollar amount of brokerage commissions paid to firms that may have provided research or brokerage services and the approximate dollar amount of the transactions involved for the fiscal year ended 2009.</R>

<R>Fund	Fiscal Year Ended 2009	$ Amount of Commissions Paid to Firms for Providing Research or Brokerage Services	$ Amount of Brokerage Transactions Involved</R>
<R>Air Transportation	February 28	$ 70,942	$ 55,739,600</R>
<R>Automotive	February 28	$ 87,774	$ 31,582,182</R>
<R>Banking	February 28	$ 1,175,093	$ 776,205,799</R>
<R>Biotechnology	February 28	$ 736,241	$ 1,106,653,737</R>
<R>Brokerage and Investment Management	February 28	$ 2,173,393	$ 2,390,241,555</R>
<R>Chemicals	February 28	$ 789,212	$ 1,364,784,691</R>
<R>Communications Equipment	February 28	$ 552,378	$ 306,425,448</R>
<R>Computers	February 28	$ 1,087,168	$ 1,051,667,041</R>
<R>Construction and Housing	February 28	$ 133,734	$ 124,132,584</R>
<R>Consumer Discretionary	February 28	$ 21,470	$ 20,239,147</R>
<R>Consumer Staples	February 28	$ 782,242	$ 1,163,548,302</R>
<R>Defense and Aerospace	February 28	$ 375,474	$ 969,867,275</R>
<R>Electronics	February 28	$ 2,420,862	$ 1,437,117,001</R>
<R>Energy	February 28	$ 3,468,409	$ 6,366,684,679</R>
<R>Energy Service	February 28	$ 1,702,700	$ 2,689,538,888</R>
<R>Environmental	February 28	$ 79,876	$ 93,986,350</R>
<R>Financial Services	February 28	$ 1,155,471	$ 674,833,239</R>
<R>Gold	February 28	$ 2,090,142	$ 1,342,216,319</R>
<R>Health Care	February 28	$ 2,949,900	$ 4,093,231,832</R>
<R>Home Finance	February 28	$ 362,902	$ 116,754,063</R>
<R>Industrial Equipment	February 28	$ 140,975	$ 232,956,229</R>
<R>Industrials	February 28	$ 159,875	$ 254,284,836</R>
<R>Insurance	February 28	$ 663,491	$ 728,921,296</R>
<R>IT Services	February 28	$ 95,052	$ 97,462,545</R>
<R>Leisure	February 28	$ 266,084	$ 301,360,644</R>
<R>Materials	February 28	$ 427,553	$ 32,979,318</R>
<R>Medical Delivery	February 28	$ 671,160	$ 762,117,848</R>
<R>Medical Equipment and Systems	February 28	$ 1,456,865	$ 2,226,279,430</R>
<R>Multimedia	February 28	$ 34,554	$ 22,756,037</R>
<R>Natural Gas	February 28	$ 1,459,832	$ 2,144,148,824</R>
<R>Natural Resources	February 28	$ 2,701,896	$ 4,457,913,189</R>
<R>Networking and Infrastructure	February 28	$ 122,445	$ 69,914,821</R>
<R>Paper and Forest Products	February 28	$ 79,307	$ 43,093,263</R>
<R>Pharmaceuticals	February 28	$ 435,953	$ 586,903,568</R>
<R>Retailing	February 28	$ 347,847	$ 369,654,898</R>
<R>Software and Computer Services	February 28	$ 499,573	$ 547,651,488</R>
<R>Technology	February 28	$ 5,233,162	$ 4,428,726,288</R>
<R>Telecommunications	February 28	$ 1,327,330	$ 744,860,518</R>
<R>Transportation	February 28	$ 97,908	$ 141,741,586</R>
<R>Utilities	February 28	$ 1,179,720	$ 1,463,347,616</R>
<R>Wireless	February 28	$ 1,156,942	$ 901,005,619</R>

VALUATION

For each non-multiple class fund, the fund's NAV is the value of a single share. The NAV of each fund is computed by adding the value of the fund's investments, cash, and other assets, subtracting its liabilities, and dividing the result by the number of shares outstanding.

For each multiple class fund, each class's NAV is the value of a single share. The NAV of each class is computed by adding the class's pro rata share of the value of the applicable fund's investments, cash, and other assets, subtracting the class's pro rata share of the applicable fund's liabilities, subtracting the liabilities allocated to the class, and dividing the result by the number of shares of that class that are outstanding.

Portfolio securities are valued by various methods depending on the primary market or exchange on which they trade. Most equity securities for which the primary market is the United States are valued at the official closing price, last sale price or, if no sale has occurred, at the closing bid price. Most equity securities for which the primary market is outside the United States are valued using the official closing price or the last sale price in the principal market in which they are traded. If the last sale price (on the local exchange) is unavailable, the last evaluated quote or closing bid price normally is used. Securities of other open-end investment companies are valued at their respective NAVs.

Debt securities and other assets for which market quotations are readily available may be valued at market values determined by such securities' most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which they normally are traded, as furnished by recognized dealers in such securities or assets. Or, debt securities and convertible securities may be valued on the basis of information furnished by a pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. Use of pricing services has been approved by the Board of Trustees. A number of pricing services are available, and the funds may use various pricing services or discontinue the use of any pricing service.

Futures contracts and options are valued on the basis of market quotations, if available.

Independent brokers or quotation services provide prices of foreign securities in their local currency. Fidelity Service Company, Inc. (FSC) gathers all exchange rates daily at the close of the NYSE using the last quoted price on the local currency and then translates the value of foreign securities from their local currencies into U.S. dollars. Any changes in the value of forward contracts due to exchange rate fluctuations and days to maturity are included in the calculation of NAV. If an event that is expected to materially affect the value of a portfolio security occurs after the close of an exchange or market on which that security is traded, then that security will be valued in good faith by a committee appointed by the Board of Trustees.

Short-term securities with remaining maturities of sixty days or less for which market quotations and information furnished by a pricing service are not readily available are valued either at amortized cost or at original cost plus accrued interest, both of which approximate current value.

The procedures set forth above need not be used to determine the value of the securities owned by a fund if, in the opinion of a committee appointed by the Board of Trustees, some other method would more accurately reflect the fair value of such securities. For example, securities and other assets for which there is no readily available market value may be valued in good faith by a committee appointed by the Board of Trustees. In making a good faith determination of the value of a security, the committee may review price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading.

BUYING, SELLING, AND EXCHANGING INFORMATION

A fund may make redemption payments in whole or in part in readily marketable securities or other property pursuant to procedures approved by the Trustees if FMR determines it is in the best interests of the fund. Such securities or other property will be valued for this purpose as they are valued in computing the NAV of a fund or class, as applicable. Shareholders that receive securities or other property will realize, upon receipt, a gain or loss for tax purposes, and will incur additional costs and be exposed to market risk prior to and upon sale of such securities or other property.

Each fund, in its discretion, may determine to issue its shares in kind in exchange for securities held by the purchaser having a value, determined in accordance with the fund's policies for valuation of portfolio securities, equal to the purchase price of the fund shares issued. A fund will accept for in-kind purchases only securities or other instruments that are appropriate under its investment objective and policies. In addition, a fund generally will not accept securities of any issuer unless they are liquid, have a readily ascertainable market value, and are not subject to restrictions on resale. All dividends, distributions, and subscription or other rights associated with the securities become the property of the fund, along with the securities. Shares purchased in exchange for securities in kind generally cannot be redeemed for fifteen days following the exchange to allow time for the transfer to settle.

DISTRIBUTIONS AND TAXES

Dividends. A portion of each fund's income may qualify for the dividends-received deduction available to corporate shareholders, but it is unlikely that all of the fund's income will qualify for the deduction. A portion of each fund's dividends, when distributed to individual shareholders, may qualify for taxation at long-term capital gains rates (provided certain holding period requirements are met), or may be exempt from state and local taxation to the extent that they are derived from certain U.S. Government securities and meet certain requirements.

Capital Gain Distributions. Each fund's long-term capital gain distributions are federally taxable to shareholders generally as capital gains.

<R>As of February 28, 2009, Automotive had an aggregate capital loss carryforward of approximately $8,962,656. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Banking had an aggregate capital loss carryforward of approximately $37,412,485. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Biotechnology had an aggregate capital loss carryforward of approximately $302,864,856. This loss carryforward, of which $237,503,787 and $65,361,069 will expire on February 28, 2011 and 2017, respectively, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Brokerage and Investment Management had an aggregate capital loss carryforward of approximately $86,484,136. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Chemicals had an aggregate capital loss carryforward of approximately $34,655,503. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Communications Equipment had an aggregate capital loss carryforward of approximately $1,235,260,787. This loss carryforward, of which $865,500,593, $355,447,951, $5,046,977, and $9,265,266 will expire on February 28, 2010, 2011, February 29, 2016, and February 28, 2017, respectively, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Computers had an aggregate capital loss carryforward of approximately $728,481,031. This loss carryforward, of which $453,006,030, $251,780,199, and $23,694,802 will expire on February 28, 2010, 2011, and 2017, respectively, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Construction and Housing had an aggregate capital loss carryforward of approximately $8,111,449. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Consumer Discretionary had an aggregate capital loss carryforward of approximately $2,598,465. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Consumer Staples had an aggregate capital loss carryforward of approximately $14,179,345. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Defense and Aerospace had an aggregate capital loss carryforward of approximately $19,754,144. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Electronics had an aggregate capital loss carryforward of approximately $2,645,400,056. This loss carryforward, of which $804,312,747, $1,514,779,921, $67,503,898, and $258,803,490 will expire on February 28, 2010, 2011, February 29, 2012, and February 28, 2017, respectively, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Environmental had an aggregate capital loss carryforward of approximately $4,303,568. This loss carryforward, of which $657,634 and $3,645,934 will expire on February 28, 2015 and 2017, respectively, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Financial Services had an aggregate capital loss carryforward of approximately $89,769,047. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Gold had an aggregate capital loss carryforward of approximately $88,413,227. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Health Care had an aggregate capital loss carryforward of approximately $134,571,440. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Home Finance had an aggregate capital loss carryforward of approximately $97,174,837. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Industrial Equipment had an aggregate capital loss carryforward of approximately $15,456,118. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Industrials had an aggregate capital loss carryforward of approximately $12,506,212. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Insurance had an aggregate capital loss carryforward of approximately $1,214,111. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, IT Services had an aggregate capital loss carryforward of approximately $8,723,192. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Leisure had an aggregate capital loss carryforward of approximately $29,605,284. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Materials had an aggregate capital loss carryforward of approximately $47,480,166. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Medical Delivery had an aggregate capital loss carryforward of approximately $28,045,847. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Medical Equipment and Systems had an aggregate capital loss carryforward of approximately $12,822,831. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Multimedia had an aggregate capital loss carryforward of approximately $3,658,632. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Natural Gas had an aggregate capital loss carryforward of approximately $56,730,497. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Natural Resources had an aggregate capital loss carryforward of approximately $125,735,259. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Networking and Infrastructure had an aggregate capital loss carryforward of approximately $196,789,906. This loss carryforward, of which $99,728,449, $83,559,188, $3,347,694, $1,904,449, and $8,250,126 will expire on February 28, 2010, 2011, 2013, February 29, 2016, and February 28, 2017, respectively, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Paper and Forest Products had an aggregate capital loss carryforward of approximately $7,051,816. This loss carryforward, of which $1,659,402 and $5,392,414 will expire on February 28, 2011 and 2017, respectively, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Pharmaceuticals had an aggregate capital loss carryforward of approximately $2,417,505. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Retailing had an aggregate capital loss carryforward of approximately $8,977,445. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Software and Computer Services had an aggregate capital loss carryforward of approximately $40,189,483. This loss carryforward, of which $10,982,618 and $29,206,865 will expire on February 28, 2011 and 2017, respectively, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Technology had an aggregate capital loss carryforward of approximately $2,508,155,561. This loss carryforward, of which $1,463,303,298, $778,450,488, and $266,401,775 will expire on February 28, 2010, 2011, and 2017, respectively, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Telecommunications had an aggregate capital loss carryforward of approximately $431,464,468. This loss carryforward, of which $205,830,514, $161,866,685, $11,764,473, and $52,002,796 will expire on February 28, 2010, 2011, February 29, 2012, and February 28, 2017, respectively, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Transportation had an aggregate capital loss carryforward of approximately $4,423,937. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Utilities had an aggregate capital loss carryforward of approximately $81,003,155. This loss carryforward, of which $15,561,006 and $65,442,149 will expire on February 28, 2011 and 2017, respectively, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

<R>As of February 28, 2009, Wireless had an aggregate capital loss carryforward of approximately $56,850,525. This loss carryforward, all of which will expire on February 28, 2017, is available to offset future capital gains. Under provisions of the Internal Revenue Code and related regulations, a fund's ability to utilize its capital loss carryforwards in a given year or in total may be limited.</R>

Returns of Capital. If a fund's distributions exceed its taxable income and capital gains realized during a taxable year, all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the fund and result in a higher reported capital gain or lower reported capital loss when those shares on which the distribution was received are sold.

Foreign Tax Credit or Deduction. Foreign governments may withhold taxes on dividends and interest earned by a fund with respect to foreign securities. Foreign governments may also impose taxes on other payments or gains with respect to foreign securities. If, at the close of its fiscal year, more than 50% of a fund's total assets is invested in securities of foreign issuers, the fund may elect to pass through eligible foreign taxes paid and thereby allow shareholders to take a deduction or, if they meet certain holding period requirements with respect to fund shares, a credit on their individual tax returns. Special rules may apply to the credit for individuals who receive dividends qualifying for the long-term capital gains tax rate.

Tax Status of the Funds. Each fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code so that it will not be liable for federal tax on income and capital gains distributed to shareholders. In order to qualify as a regulated investment company, and avoid being subject to federal income or excise taxes at the fund level, each fund intends to distribute substantially all of its net investment income and net realized capital gains within each calendar year as well as on a fiscal year basis, and intends to comply with other tax rules applicable to regulated investment companies. For purposes of these rules, Gold relies on a ruling from the Internal Revenue Service that income from investment in the Subsidiary will constitute "qualifying income" under Subchapter M.

Investment in the Subsidiary (Gold only). Gold intends to invest a portion of its assets in the Subsidiary. The Subsidiary, a foreign corporation, is wholly-owned by the fund, and the fund will be considered a "U.S. Shareholder" for purposes of the controlled foreign corporation (CFC) provisions of the Internal Revenue Code. As such, the fund will be required to include in gross income for U.S. federal income tax purposes all of the Subsidiary's "subpart F income," including net gains from transaction in commodities. Subpart F income generally will be treated as ordinary income, regardless of the character of the Subsidiary's underlying income. In addition, any losses incurred by the Subsidiary can only offset income earned by the Subsidiary in the same year. Net losses earned by the Subsidiary will not be able to offset income earned by the fund and cannot be carried back or forward by the Subsidiary to offset income from prior or future years.

Other Tax Information. The information above is only a summary of some of the tax consequences generally affecting each fund and its shareholders, and no attempt has been made to discuss individual tax consequences. It is up to you or your tax preparer to determine whether the sale of shares of a fund resulted in a capital gain or loss or other tax consequence to you. In addition to federal income taxes, shareholders may be subject to state and local taxes on fund distributions, and shares may be subject to state and local personal property taxes. Investors should consult their tax advisers to determine whether a fund is suitable to their particular tax situation.

TRUSTEES AND OFFICERS

<R>The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, and review each fund's performance. Except for Edward C. Johnson 3d and James C. Curvey, each of the Trustees oversees 223 funds advised by FMR or an affiliate. Messrs. Johnson and Curvey oversee 381 funds advised by FMR or an affiliate.</R>

<R>The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.</R>

<R>Interested Trustees*:</R>

<R>Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.</R>

<R>Name, Age; Principal Occupation</R>
<R>Edward C. Johnson 3d (78)</R>
<R>	Year of Election or Appointment: 1980</R> Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
<R>James C. Curvey (73)</R>
<R>	Year of Election or Appointment: 2007</R> Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

<R>* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.</R>

<R>Independent Trustees:</R>

<R>Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.</R>

<R>Name, Age; Principal Occupation</R>
<R>Dennis J. Dirks (60)</R>
<R>	Year of Election or Appointment: 2005</R> Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999-2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001-2003), Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation (2001-2003), as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
<R>Alan J. Lacy (55)</R>
<R>	Year of Election or Appointment: 2008</R> Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (a private equity firm). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb (global pharmaceuticals, 2007-present). Mr. Lacy is a Trustee of the National Parks Conservation Association and The Field Museum of Natural History.
<R>Ned C. Lautenbach (65)</R>
<R>	Year of Election or Appointment: 2000</R> Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
<R>Joseph Mauriello (64)</R>
<R>	Year of Election or Appointment: 2008</R> Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance company, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
<R>Cornelia M. Small (64)</R>
<R>	Year of Election or Appointment: 2005</R> Ms. Small is a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College and as Co-Chair (2000-2003) of the Annual Fund for the Fletcher School of Law and Diplomacy. In addition, she served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
<R>William S. Stavropoulos (69)</R>
<R>	Year of Election or Appointment: 2001</R> Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President (1993-2000; 2002-2003), CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, he is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
<R>David M. Thomas (59)</R>
<R>	Year of Election or Appointment: 2008</R> Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products holding company), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
<R>Michael E. Wiley (58)</R>
<R>	Year of Election or Appointment: 2008</R> Mr. Wiley also serves as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). He serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production company, 2005-present). In addition, he also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting firm, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment firm), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services company, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production company, 2001-2005).

<R>Advisory Board Member and Executive Officers**:</R>

<R>Correspondence intended for each executive officer, and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.</R>

<R>Name, Age; Principal Occupation</R>
<R>Peter S. Lynch (65)</R>
<R>	Year of Election or Appointment: 2003 </R> Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
<R>Kenneth B. Robins (39)</R>
<R>	Year of Election or Appointment: 2008</R> President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
<R>Brian B. Hogan (44)</R>
<R>	Year of Election or Appointment: 2007</R> Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR. Previously, Mr. Hogan served as a portfolio manager.
<R>Scott C. Goebel (41)</R>
<R>	Year of Election or Appointment: 2008</R> Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Secretary of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
<R>John B. McGinty, Jr. (46)</R>
<R>	Year of Election or Appointment: 2008</R> Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. McGinty is an employee of Fidelity Investments (2004-present). Mr. McGinty also serves as Senior Vice President, Secretary, and Chief Legal Officer of FDC (2007-present). Before joining Fidelity Investments, Mr. McGinty practiced law at Ropes & Gray, LLP.
<R>Holly C. Laurent (54)</R>
<R>	Year of Election or Appointment: 2008</R> Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
<R>Christine Reynolds (50)</R>
<R>	Year of Election or Appointment: 2008</R> Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. She served as Chief Operating Officer of FPCMS from 2007 through July 2008. Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was an audit partner with PwC's investment management practice.
<R>Kenneth A. Rathgeber (61)</R>
<R>	Year of Election or Appointment: 2004</R> Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), and Strategic Advisers, Inc. (2005-present).
<R>Bryan A. Mehrmann (47)</R>
<R>	Year of Election or Appointment: 2005</R> Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
<R>Adrien E. Deberghes (41)</R>
<R>	Year of Election or Appointment: 2008</R> Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
<R>Robert G. Byrnes (42)</R>
<R>	Year of Election or Appointment: 2005</R> Assistant Treasurer of the Fidelity funds. Mr. Byrnes is an employee of Fidelity Investments (2005-present). Previously, Mr. Byrnes served as Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
<R>Paul M. Murphy (61)</R>
<R>	Year of Election or Appointment: 2007</R> Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
<R>Gary W. Ryan (50)</R>
<R>	Year of Election or Appointment: 2005</R> Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

<R>** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.</R>

<R>Standing Committees of the Funds' Trustees. The Board of Trustees has established various committees to support the Independent Trustees in acting independently in pursuing the best interests of the funds and their shareholders. The committees facilitate the timely and efficient consideration of all matters of importance to Independent Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements. Currently, the Board of Trustees has nine standing committees. The members of each committee are Independent Trustees.</R>

<R>The Operations Committee is composed of all of the Independent Trustees, with Mr. Lautenbach currently serving as Chair. The committee normally meets eight times a year, or more frequently as called by the Chair, and serves as a forum for consideration of issues of importance to, or calling for particular determinations by, the Independent Trustees. The committee also considers matters involving potential conflicts of interest between the funds and FMR and its affiliates and reviews proposed contracts and the proposed continuation of contracts between the funds and FMR and its affiliates, and annually reviews and makes recommendations regarding contracts with third parties unaffiliated with FMR, including insurance coverage and custody agreements. The committee also monitors additional issues including the nature, levels and quality of services provided to shareholders and significant litigation. The committee also has oversight of compliance issues not specifically within the scope of any other committee. The committee is also responsible for definitive action on all compliance matters involving the potential for significant reimbursement by FMR. During the fiscal year ended February 28, 2009, the committee held 11 meetings.</R>

<R>The Fair Value Oversight Committee is composed of all of the Independent Trustees, with Mr. Lautenbach currently serving as Chair. The committee normally meets quarterly, or more frequently as called by the Chair. The Fair Value Oversight Committee monitors and establishes policies concerning procedures and controls regarding the valuation of fund investments and monitors matters of disclosure to the extent required to fulfill its statutory responsibilities. The committee also reviews actions taken by FMR's Fair Value Committee. During the fiscal year ended February 28, 2009, the committee held five meetings.</R>

<R>The Board of Trustees has established two Fund Oversight Committees: the Equity I Committee (composed of Ms. Small (Chair), and Messrs. Dirks, Lacy, and Wiley) and the Equity II Committee (composed of Messrs. Stavropoulos (Chair), Lautenbach, Mauriello, and Thomas). Each committee normally meets in conjunction with in-person meetings of the Board of Trustees, or more frequently as called by the Chair of the respective committee. Each committee develops an understanding of and reviews the investment objectives, policies, and practices of each fund under its oversight. Each committee also monitors investment performance, compliance by each relevant fund with its investment policies and restrictions and reviews appropriate benchmarks, competitive universes, unusual or exceptional investment matters, the personnel and other resources devoted to the management of each fund and all other matters bearing on each fund's investment results. Each committee will review and recommend any required action to the Board in respect of specific funds, including new funds, changes in fundamental and non-fundamental investment policies and restrictions, partial or full closing to new investors, fund mergers, fund name changes, and liquidations of funds. The members of each committee may organize working groups to make recommendations concerning issues related to funds that are within the scope of the committee's review. These working groups report to the committee or to the Independent Trustees, or both, as appropriate. Each working group may request from FMR such information from FMR as may be appropriate to the working group's deliberations. During the fiscal year ended February 28, 2009, the Equity I Committee held seven meetings and the Equity II Committee held nine meetings.</R>

<R>The Shareholder, Distribution and Brokerage Committee is composed of Messrs. Dirks (Chair), Stavropoulos, and Thomas. The committee normally meets eight times a year, or more frequently as called by the Chair. Regarding shareholder services, the committee considers the structure and amount of the funds' transfer agency fees and fees, including direct fees to investors (other than sales loads), such as bookkeeping and custodial fees, and the nature and quality of services rendered by FMR and its affiliates or third parties (such as custodians) in consideration of these fees. The committee also considers other non-investment management services rendered to the funds by FMR and its affiliates, including pricing and bookkeeping services. Regarding brokerage, the committee monitors and recommends policies concerning the securities transactions of the funds. The committee periodically reviews the policies and practices with respect to efforts to achieve best execution, commissions paid to firms supplying research and brokerage services or paying fund expenses, and policies and procedures designed to assure that any allocation of portfolio transactions is not influenced by the sale of fund shares. The committee also monitors brokerage and other similar relationships between the funds and firms affiliated with FMR that participate in the execution of securities transactions. Regarding the distribution of fund shares, the committee considers issues bearing on the various distribution channels employed by the funds, including issues regarding Rule 18f-3 plans and related consideration of classes of shares, sales load structures (including breakpoints), load waivers, selling concessions and service charges paid to intermediaries, Rule 12b-1 plans, contingent deferred sales charges, and finder's fees, and other means by which intermediaries are compensated for selling fund shares or providing shareholder servicing, including revenue sharing. The committee also considers issues bearing on the preparation and use of advertisements and sales literature for the funds, policies and procedures regarding frequent purchase of fund shares, and selective disclosure of portfolio holdings. During the fiscal year ended February 28, 2009, the Shareholder, Distribution and Brokerage Committee held 10 meetings.</R>

<R>The Audit Committee is composed of Messrs. Mauriello (Chair), Lacy, and Wiley. All committee members must be able to read and understand fundamental financial statements, including a company's balance sheet, income statement, and cash flow statement. At least one committee member will be an "audit committee financial expert" as defined by the SEC. The committee will have at least one committee member in common with the Compliance Committee. The committee normally meets four times a year, or more frequently as called by the Chair. The committee meets separately at least annually with the funds' Treasurer, with the funds' Chief Financial Officer (CFO), with personnel responsible for the internal audit function of FMR LLC, and with the funds' outside auditors. The committee has direct responsibility for the appointment, compensation, and oversight of the work of the outside auditors employed by the funds. The committee assists the Trustees in overseeing and monitoring: (i) the systems of internal accounting and financial controls of the funds and the funds' service providers, (to the extent such controls impact the funds' financial statements); (ii) the funds' auditors and the annual audits of the funds' financial statements; (iii) the financial reporting processes of the funds; (iv) whistleblower reports; and (v) the accounting policies and disclosures of the funds. The committee considers and acts upon (i) the provision by any outside auditor of any non-audit services for any fund, and (ii) the provision by any outside auditor of certain non-audit services to fund service providers and their affiliates to the extent that such approval (in the case of this clause (ii)) is required under applicable regulations of the SEC. In furtherance of the foregoing, the committee has adopted (and may from time to time amend or supplement) and provides oversight of policies and procedures for non-audit engagements by outside auditors of the funds. It is responsible for approving all audit engagement fees and terms for the funds and for resolving disagreements between a fund and any outside auditor regarding any fund's financial reporting. Auditors of the funds report directly to the committee. The committee will obtain assurance of independence and objectivity from the outside auditors, including a formal written statement delineating all relationships between the auditor and the funds and any service providers consistent with the rules of the Public Company Accounting Oversight Board. The committee will receive reports of compliance with provisions of the Auditor Independence Regulations relating to the hiring of employees or former employees of the outside auditors. It oversees and receives reports on the funds' service providers' internal controls and reviews the adequacy and effectiveness of the service providers' accounting and financial controls, including: (i) any significant deficiencies or material weaknesses in the design or operation of internal controls over financial reporting that are reasonably likely to adversely affect the funds' ability to record, process, summarize, and report financial data; (ii) any change in the fund's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the fund's internal control over financial reporting; and (iii) any fraud, whether material or not, that involves management or other employees who have a significant role in the funds' or service providers internal controls over financial reporting. The committee will also review any correspondence with regulators or governmental agencies or published reports that raise material issues regarding the funds' financial statements or accounting policies. These matters may also be reviewed by the Compliance Committee or the Operations Committee. The Chair of the Audit Committee will coordinate with the Chair of the Compliance Committee, as appropriate. The committee reviews at least annually a report from each outside auditor describing any material issues raised by the most recent internal quality control, peer review, or Public Company Accounting Oversight Board examination of the auditing firm and any material issues raised by any inquiry or investigation by governmental or professional authorities of the auditing firm and in each case any steps taken to deal with such issues. The committee will oversee and receive reports on the funds' financial reporting process, will discuss with FMR, the funds' Treasurer, outside auditors and, if appropriate, internal audit personnel of FMR LLC, their qualitative judgments about the appropriateness and acceptability of accounting principles and financial disclosure practices used or proposed for adoption by the funds. The committee will review with FMR, the funds' Treasurer, outside auditor, and internal auditor personnel of FMR LLC and, as appropriate, legal counsel the results of audits of the funds' financial statements. The committee will review periodically the funds' major internal controls exposures and the steps that have been taken to monitor and control such exposures. During the fiscal year ended February 28, 2009, the committee held six meetings.</R>

<R>The Governance and Nominating Committee is composed of Messrs. Lautenbach (Chair) and Stavropoulos. The committee meets as called by the Chair. With respect to fund governance and board administration matters, the committee periodically reviews procedures of the Board of Trustees and its committees (including committee charters) and periodically reviews compensation of Independent Trustees. The committee monitors corporate governance matters and makes recommendations to the Board of Trustees on the frequency and structure of the Board of Trustee meetings and on any other aspect of Board procedures. It acts as the administrative committee under the retirement plan for Independent Trustees who retired prior to December 30, 1996 and under the fee deferral plan for Independent Trustees. It reviews the performance of legal counsel employed by the funds and the Independent Trustees. On behalf of the Independent Trustees, the committee will make such findings and determinations as to the independence of counsel for the Independent Trustees as may be necessary or appropriate under applicable regulations or otherwise. The committee is also responsible for Board administrative matters applicable to Independent Trustees, such as expense reimbursement policies and compensation for attendance at meetings, conferences and other events. The committee monitors compliance with, acts as the administrator of, and makes determinations in respect of, the provisions of the code of ethics and any supplemental policies regarding personal securities transactions applicable to the Independent Trustees. The committee monitors the functioning of each Board committee and makes recommendations for any changes, including the creation or elimination of standing or ad hoc Board committees. The committee monitors regulatory and other developments to determine whether to recommend modifications to the committee's responsibilities or other Trustee policies and procedures in light of rule changes, reports concerning "best practices" in corporate governance and other developments in mutual fund governance. The committee meets with Independent Trustees at least once a year to discuss matters relating to fund governance. The committee recommends that the Board establish such special or ad hoc Board committees as may be desirable or necessary from time to time in order to address ethical, legal, or other matters that may arise. The committee also oversees the annual self-evaluation of the Board of Trustees and establishes procedures to allow it to exercise this oversight function. In conducting this oversight, the committee shall address all matters that it considers relevant to the performance of the Board of Trustees and shall report the results of its evaluation to the Board of Trustees, including any recommended amendments to the principles of governance, and any recommended changes to the funds' or the Board of Trustees' policies, procedures, and structures. The committee reviews periodically the size and composition of the Board of Trustees as a whole and recommends, if necessary, measures to be taken so that the Board of Trustees reflects the appropriate balance of knowledge, experience, skills, expertise, and diversity required for the Board as a whole and contains at least the minimum number of Independent Trustees required by law. The committee makes nominations for the election or appointment of Independent Trustees and non-management Members of any Advisory Board, and for membership on committees. The committee shall have authority to retain and terminate any third-party advisers, including authority to approve fees and other retention terms. Such advisers may include search firms to identify Independent Trustee candidates and board compensation consultants. The committee may conduct or authorize investigations into or studies of matters within the committee's scope of responsibilities, and may retain, at the funds' expense, such independent counsel or other advisers as it deems necessary. The committee will consider nominees to the Board of Trustees recommended by shareholders based upon the criteria applied to candidates presented to the committee by a search firm or other source. Recommendations, along with appropriate background material concerning the candidate that demonstrates his or her ability to serve as an Independent Trustee of the funds, should be submitted to the Chair of the committee at the address maintained for communications with Independent Trustees. If the committee retains a search firm, the Chair will generally forward all such submissions to the search firm for evaluation. With respect to the criteria for selecting Independent Trustees, it is expected that all candidates will possess the following minimum qualifications: (i) unquestioned personal integrity; (ii) not an interested person of FMR or its affiliates within the meaning of the 1940 Act; (iii) does not have a material relationship (e.g., commercial, banking, consulting, legal, or accounting) that could create an appearance of lack of independence in respect of FMR and its affiliates; (iv) has the disposition to act independently in respect of FMR and its affiliates and others in order to protect the interests of the funds and all shareholders; (v) ability to attend regularly scheduled meetings during the year; (vi) demonstrates sound business judgment gained through broad experience in significant positions where the candidate has dealt with management, technical, financial, or regulatory issues; (vii) sufficient financial or accounting knowledge to add value in the complex financial environment of the funds; (viii) experience on corporate or other institutional oversight bodies having similar responsibilities, but which board memberships or other relationships could not result in business or regulatory conflicts with the funds; and (ix) capacity for the hard work and attention to detail that is required to be an effective Independent Trustee in light of the funds' complex regulatory, operational, and marketing setting. The Governance and Nominating Committee may determine that a candidate who does not have the type of previous experience or knowledge referred to above should nevertheless be considered as a nominee if the Governance and Nominating Committee finds that the candidate has additional qualifications such that his or her qualifications, taken as a whole, demonstrate the same level of fitness to serve as an Independent Trustee. During the fiscal year ended February 28, 2009, the committee held nine meetings.</R>

<R>The Compliance Committee is composed of Messrs. Wiley (Chair), Lautenbach, and Mauriello. The committee normally meets quarterly, or more frequently as called by the Chair. The committee oversees the administration and operation of the compliance policies and procedures of the funds and their service providers as required by Rule 38a-1 of the 1940 Act. The committee is responsible for the review and approval of policies and procedures relating to (i) provisions of the Code of Ethics, (ii) anti-money laundering requirements, (iii) compliance with investment restrictions and limitations, (iv) privacy, (v) recordkeeping, and (vi) other compliance policies and procedures which are not otherwise delegated to another committee. The committee has responsibility for recommending to the Board the designation of a Chief Compliance Officer (CCO) of the funds. The committee serves as the primary point of contact between the CCO and the Board, it oversees the annual performance review and compensation of the CCO, and if required, makes recommendations to the Board with respect to the removal of the appointed CCO. The committee receives reports of significant correspondence with regulators or governmental agencies, employee complaints or published reports which raise concerns regarding compliance matters, and copies of significant non-routine correspondence with the SEC. The committee receives reports from the CCO including the annual report concerning the funds' compliance policies as required by Rule 38a-1, quarterly reports in respect of any breaches of fiduciary duty or violations of federal securities laws, and reports on any other compliance or related matters that would otherwise be subject to periodic reporting or that may have a significant impact on the funds. The committee will recommend to the Board, what actions, if any, should be taken with respect to such reports. During the fiscal year ended February 28, 2009, the committee held six meetings.</R>

<R>The Proxy Voting Committee is composed of Messrs. Thomas (Chair), Dirks, and Wiley. The committee will meet as needed to review the fund's proxy voting policies, consider changes to the policies, and review the manner in which the policies have been applied. The committee will receive reports on the manner in which proxy votes have been cast under the proxy voting policies and reports on consultations between the fund's investment advisers and portfolio companies concerning matters presented to shareholders for approval. The committee will address issues relating to the fund's annual voting report filed with the SEC. The committee will receive reports concerning the implementation of procedures and controls designed to ensure that the proxy voting policies are implemented in accordance with their terms. The committee will consider FMR's recommendations concerning certain non-routine proposals not covered by the proxy voting policies. The committee will receive reports with respect to steps taken by FMR to assure that proxy voting has been done without regard to any other FMR relationships, business or otherwise, with that portfolio company. The committee will make recommendations to the Board concerning the casting of proxy votes in circumstances where FMR has determined that, because of a conflict of interest, the proposal to be voted on should be reviewed by the Board. During the fiscal year ended February 28, 2009, the committee held two meetings.</R>

<R>The following table sets forth information describing the dollar range of equity securities beneficially owned by each Trustee in each fund and in all funds in the aggregate within the same fund family overseen by the Trustee for the calendar year ended December 31, 2008.</R>

<R>Interested Trustees</R>
<R>DOLLAR RANGE OF FUND SHARES	Edward C. Johnson 3d	James C. Curvey</R>
<R>Air Transportation	none	none</R>
<R>Automotive	none	none</R>
<R>Banking	over $100,000	none</R>
<R>Biotechnology	none	$10,001 - $50,000</R>
<R>Brokerage and Investment Management	none	none</R>
<R>Chemicals	none	none</R>
<R>Communications Equipment	none	none</R>
<R>Computers	none	none</R>
<R>Construction and Housing	none	$1 - $10,000</R>
<R>Consumer Discretionary	none	none</R>
<R>Consumer Staples	none	$10,001 - $50,000</R>
<R>Defense and Aerospace	none	none</R>
<R>Electronics	none	none</R>
<R>Energy	over $100,000	none</R>
<R>Energy Service	over $100,000	none</R>
<R>Environmental	none	none</R>
<R>Financial Services	none	none</R>
<R>Gold	none	none</R>
<R>Health Care	none	none</R>
<R>Home Finance	none	none</R>
<R>Industrial Equipment	none	none</R>
<R>Industrials	none	none</R>
<R>Insurance	none	none</R>
<R>IT Services	none	none</R>
<R>Leisure	none	none</R>
<R>Materials	none	none</R>
<R>Medical Delivery	none	none</R>
<R>Medical Equipment and Systems	none	none</R>
<R>Multimedia	none	none</R>
<R>Natural Gas	over $100,000	none</R>
<R>Natural Resources	over $100,000	none</R>
<R>Networking and Infrastructure	none	$1 - $10,000</R>
<R>Paper and Forest Products	none	none</R>
<R>Pharmaceuticals	over $100,000	none</R>
<R>Retailing	none	none</R>
<R>Software and Computer Services	none	none</R>
<R>Technology	none	none</R>
<R>Telecommunications	none	none</R>
<R>Transportation	none	none</R>
<R>Utilities	none	none</R>
<R>Wireless	none	none</R>
<R>AGGREGATE DOLLAR RANGE OF FUND SHARES IN ALL FUNDS OVERSEEN WITHIN FUND FAMILY	over $100,000	over $100,000</R>

<R>Independent Trustees</R>
<R>DOLLAR RANGE OF FUND SHARES	Dennis J. Dirks	Alan J. Lacy	Ned C. Lautenbach	Joseph Mauriello</R>
<R>Air Transportation	none	none	none	none</R>
<R>Automotive	none	none	none	none</R>
<R>Banking	none	none	none	none</R>
<R>Biotechnology	none	none	none	none</R>
<R>Brokerage and Investment Management	none	none	none	none</R>
<R>Chemicals	none	none	none	none</R>
<R>Communications Equipment	none	none	none	none</R>
<R>Computers	none	none	none	none</R>
<R>Construction and Housing	none	none	none	none</R>
<R>Consumer Discretionary	none	none	none	none</R>
<R>Consumer Staples	none	none	none	none</R>
<R>Defense and Aerospace	none	none	none	none</R>
<R>Electronics	none	none	none	none</R>
<R>Energy	$10,001 - $50,000	none	none	$10,001 - $50,000</R>
<R>Energy Service	none	none	none	none</R>
<R>Environmental	none	none	none	none</R>
<R>Financial Services	none	none	none	none</R>
<R>Gold	none	none	none	none</R>
<R>Health Care	none	none	none	$10,001 - $50,000</R>
<R>Home Finance	none	none	none	none</R>
<R>Industrial Equipment	none	none	none	none</R>
<R>Industrials	none	none	none	none</R>
<R>Insurance	none	none	none	none</R>
<R>IT Services	none	none	none	none</R>
<R>Leisure	none	none	none	none</R>
<R>Materials	none	none	none	none</R>
<R>Medical Delivery	none	none	none	none</R>
<R>Medical Equipment and Systems	none	none	none	$1 - $10,000</R>
<R>Multimedia	none	none	none	none</R>
<R>Natural Gas	$10,001 - $50,000	none	none	none</R>
<R>Natural Resources	$10,001 - $50,000	none	none	$10,001 - $50,000</R>
<R>Networking and Infrastructure	none	none	none	none</R>
<R>Paper and Forest Products	none	none	none	none</R>
<R>Pharmaceuticals	none	none	none	none</R>
<R>Retailing	none	none	none	none</R>
<R>Software and Computer Services	none	none	none	none</R>
<R>Technology	$10,001 - $50,000	none	none	none</R>
<R>Telecommunications	none	none	none	none</R>
<R>Transportation	none	none	none	none</R>
<R>Utilities	none	none	none	none</R>
<R>Wireless	none	none	none	none</R>
<R>AGGREGATE DOLLAR RANGE OF FUND SHARES IN ALL FUNDS OVERSEEN WITHIN FUND FAMILY	over $100,000	over $100,000	over $100,000	over $100,000</R>
<R>DOLLAR RANGE OF FUND SHARES	Cornelia M. Small	William S. Stavropoulos	David M. Thomas	Michael E. Wiley</R>
<R>Air Transportation	none	none	none	none</R>
<R>Automotive	none	none	none	none</R>
<R>Banking	none	none	none	none</R>
<R>Biotechnology	none	none	none	none</R>
<R>Brokerage and Investment Management	none	none	none	none</R>
<R>Chemicals	none	none	none	none</R>
<R>Communications Equipment	none	none	none	none</R>
<R>Computers	none	none	none	none</R>
<R>Construction and Housing	none	none	none	none</R>
<R>Consumer Discretionary	none	none	none	none</R>
<R>Consumer Staples	none	none	none	none</R>
<R>Defense and Aerospace	none	none	none	none</R>
<R>Electronics	none	none	none	none</R>
<R>Energy	none	none	over $100,000	$1 - $10,000</R>
<R>Energy Service	none	none	none	none</R>
<R>Environmental	none	none	none	none</R>
<R>Financial Services	none	none	none	none</R>
<R>Gold	none	none	none	none</R>
<R>Health Care	none	none	none	none</R>
<R>Home Finance	none	none	none	none</R>
<R>Industrial Equipment	none	none	none	none</R>
<R>Industrials	none	none	none	none</R>
<R>Insurance	none	none	none	none</R>
<R>IT Services	none	none	none	none</R>
<R>Leisure	none	none	none	none</R>
<R>Materials	none	none	none	none</R>
<R>Medical Delivery	none	none	none	none</R>
<R>Medical Equipment and Systems	none	none	none	$1 - $10,000</R>
<R>Multimedia	none	none	none	none</R>
<R>Natural Gas	none	none	none	none</R>
<R>Natural Resources	none	none	none	none</R>
<R>Networking and Infrastructure	none	none	none	none</R>
<R>Paper and Forest Products	none	none	none	none</R>
<R>Pharmaceuticals	none	none	none	none</R>
<R>Retailing	none	none	none	none</R>
<R>Software and Computer Services	none	none	none	none</R>
<R>Technology	none	none	none	none</R>
<R>Telecommunications	none	none	none	none</R>
<R>Transportation	none	none	none	none</R>
<R>Utilities	none	none	none	none</R>
<R>Wireless	none	none	none	none</R>
<R>AGGREGATE DOLLAR RANGE OF FUND SHARES IN ALL FUNDS OVERSEEN WITHIN FUND FAMILY	over $100,000	over $100,000	over $100,000	over $100,000</R>

<R>The following table sets forth information describing the compensation of each Trustee and Member of the Advisory Board for his or her services for the fiscal year ended February 28, 2009, or calendar year ended December 31, 2008, as applicable.</R>

<R>Compensation Table^1</R>
<R>AGGREGATE COMPENSATION FROM A FUND	Dennis J. Dirks	Alan J. Lacy²	Ned C. Lautenbach	Joseph Mauriello³	</R>
<R>Air Transportation	$ 25	$ 23	$ 29	$ 24	</R>
<R>Automotive	$ 8	$ 7	$ 9	$ 7	</R>
<R>Banking	$ 142	$ 132	$ 166	$ 140	</R>
<R>Biotechnology	$ 660	$ 614	$ 773	$ 653	</R>
<R>Brokerage and Investment Management	$ 268	$ 249	$ 313	$ 263	</R>
<R>Chemicals	$ 207	$ 193	$ 242	$ 204	</R>
<R>Communications Equipment	$ 103	$ 95	$ 120	$ 101	</R>
<R>Computers	$ 175	$ 163	$ 205	$ 172	</R>
<R>Construction and Housing	$ 43	$ 40	$ 51	$ 43	</R>
<R>Consumer Discretionary	$ 12	$ 11	$ 14	$ 12	</R>
<R>Consumer Staples	$ 465	$ 433	$ 545	$ 460	</R>
<R>Defense and Aerospace	$ 431	$ 400	$ 504	$ 423	</R>
<R>Electronics^B	$ 488	$ 454	$ 571	$ 480	</R>
<R>Energy	$ 1,234	$ 1,147	$ 1,444	$ 1,211	</R>
<R>Energy Service	$ 886	$ 824	$ 1,037	$ 869	</R>
<R>Environmental	$ 24	$ 22	$ 28	$ 24	</R>
<R>Financial Services	$ 185	$ 172	$ 217	$ 183	</R>
<R>Gold	$ 929	$ 863	$ 1,087	$ 915	</R>
<R>Health Care^C	$ 848	$ 788	$ 993	$ 836	</R>
<R>Home Finance	$ 52	$ 48	$ 61	$ 51	</R>
<R>Industrial Equipment	$ 57	$ 53	$ 66	$ 56	</R>
<R>Industrials	$ 63	$ 58	$ 73	$ 62	</R>
<R>Insurance	$ 54	$ 51	$ 64	$ 54	</R>
<R>IT Services	$ 30	$ 28	$ 35	$ 29	</R>
<R>Leisure	$ 90	$ 84	$ 106	$ 89	</R>
<R>Materials	$ 156	$ 145	$ 182	$ 153	</R>
<R>Medical Delivery	$ 190	$ 176	$ 222	$ 186	</R>
<R>Medical Equipment and Systems	$ 676	$ 629	$ 793	$ 669	</R>
<R>Multimedia	$ 21	$ 20	$ 25	$ 21	</R>
<R>Natural Gas	$ 722	$ 671	$ 845	$ 709	</R>
<R>Natural Resources	$ 943	$ 876	$ 1,103	$ 925	</R>
<R>Networking and Infrastructure	$ 24	$ 22	$ 28	$ 23	</R>
<R>Paper and Forest Products	$ 8	$ 8	$ 10	$ 8	</R>
<R>Pharmaceuticals	$ 82	$ 76	$ 96	$ 81	</R>
<R>Retailing	$ 26	$ 24	$ 30	$ 25	</R>
<R>Software and Computer Services	$ 348	$ 323	$ 407	$ 342	</R>
<R>Technology	$ 632	$ 587	$ 739	$ 621	</R>
<R>Telecommunications	$ 132	$ 123	$ 155	$ 130	</R>
<R>Transportation	$ 50	$ 47	$ 59	$ 50	</R>
<R>Utilities	$ 244	$ 227	$ 286	$ 240	</R>
<R>Wireless	$ 142	$ 132	$ 166	$ 140	</R>
<R>TOTAL COMPENSATION FROM THE FUND COMPLEX^A	$ 426,500	$ 398,000	$ 498,000	$ 414,000	</R>
<R>Compensation Table^1</R>
<R>AGGREGATE COMPENSATION FROM A FUND	Cornelia M. Small	William S. Stavropoulos	David M. Thomas⁴	Michael E. Wiley⁵	</R>
<R>Air Transportation	$ 23	$ 26	$ 23	$ 23	</R>
<R>Automotive	$ 7	$ 8	$ 7	$ 7	</R>
<R>Banking	$ 133	$ 149	$ 133	$ 133	</R>
<R>Biotechnology	$ 616	$ 695	$ 618	$ 618	</R>
<R>Brokerage and Investment Management	$ 250	$ 281	$ 251	$ 251	</R>
<R>Chemicals	$ 193	$ 218	$ 194	$ 194	</R>
<R>Communications Equipment	$ 96	$ 108	$ 96	$ 96	</R>
<R>Computers	$ 163	$ 184	$ 164	$ 164	</R>
<R>Construction and Housing	$ 40	$ 45	$ 40	$ 40	</R>
<R>Consumer Discretionary	$ 11	$ 13	$ 11	$ 11	</R>
<R>Consumer Staples	$ 434	$ 489	$ 435	$ 435	</R>
<R>Defense and Aerospace	$ 402	$ 453	$ 404	$ 404	</R>
<R>Electronics^B	$ 456	$ 513	$ 458	$ 458	</R>
<R>Energy	$ 1,152	$ 1,298	$ 1,157	$ 1,157	</R>
<R>Energy Service	$ 828	$ 932	$ 831	$ 831	</R>
<R>Environmental	$ 22	$ 25	$ 22	$ 22	</R>
<R>Financial Services	$ 173	$ 195	$ 173	$ 173	</R>
<R>Gold	$ 867	$ 977	$ 871	$ 871	</R>
<R>Health Care^C	$ 792	$ 893	$ 795	$ 795	</R>
<R>Home Finance	$ 49	$ 55	$ 49	$ 49	</R>
<R>Industrial Equipment	$ 53	$ 60	$ 53	$ 53	</R>
<R>Industrials	$ 58	$ 66	$ 59	$ 59	</R>
<R>Insurance	$ 51	$ 57	$ 51	$ 51	</R>
<R>IT Services	$ 28	$ 31	$ 28	$ 28	</R>
<R>Leisure	$ 84	$ 95	$ 84	$ 84	</R>
<R>Materials	$ 146	$ 164	$ 146	$ 146	</R>
<R>Medical Delivery	$ 177	$ 199	$ 178	$ 178	</R>
<R>Medical Equipment and Systems	$ 631	$ 712	$ 633	$ 633	</R>
<R>Multimedia	$ 20	$ 22	$ 20	$ 20	</R>
<R>Natural Gas	$ 674	$ 759	$ 677	$ 677	</R>
<R>Natural Resources	$ 880	$ 991	$ 884	$ 884	</R>
<R>Networking and Infrastructure	$ 22	$ 25	$ 22	$ 22	</R>
<R>Paper and Forest Products	$ 8	$ 9	$ 8	$ 8	</R>
<R>Pharmaceuticals	$ 77	$ 86	$ 77	$ 77	</R>
<R>Retailing	$ 24	$ 27	$ 24	$ 24	</R>
<R>Software and Computer Services	$ 325	$ 366	$ 326	$ 326	</R>
<R>Technology	$ 590	$ 665	$ 592	$ 592	</R>
<R>Telecommunications	$ 123	$ 139	$ 124	$ 124	</R>
<R>Transportation	$ 47	$ 53	$ 47	$ 47	</R>
<R>Utilities	$ 228	$ 257	$ 229	$ 229	</R>
<R>Wireless	$ 133	$ 150	$ 133	$ 133	</R>
<R>TOTAL COMPENSATION FROM THE FUND COMPLEX^A	$ 398,000	$ 448,000	$ 403,000	$ 403,000	</R>

<R>¹ Edward C. Johnson 3d, James C. Curvey, and Peter S. Lynch are interested persons and are compensated by FMR.</R>

<R>² For the period January 1, 2008 through July 31, 2008, Mr. Lacy served as a Member of the Advisory Board. Effective August 1, 2008, Mr. Lacy serves as a member of the Board of Trustees.</R>

<R>³ For the period July 1, 2007 through July 31, 2008, Mr. Mauriello served as a Member of the Advisory Board. Effective August 1, 2008, Mr. Mauriello serves as a member of the Board of Trustees.</R>

<R>⁴ For the period October 1, 2007 through July 31, 2008, Mr. Thomas served as a Member of the Advisory Board. Effective August 1, 2008, Mr. Thomas serves as a member of the Board of Trustees.</R>

<R>⁵ For the period October 1, 2007 through July 31, 2008, Mr. Wiley served as a Member of the Advisory Board. Effective August 1, 2008, Mr. Wiley serves as a member of the Board of Trustees.</R>

<R>^A Reflects compensation received for the period January 1, 2008 through July 31, 2008 for 377 funds of 58 trusts (including Fidelity Central Investment Portfolios LLC and Fidelity Central Investment Portfolios II LLC) and for the period August 1, 2008 through December 31, 2008 for 222 funds of 29 trusts (including Fidelity Central Investment Portfolios LLC). Compensation figures include cash, amounts required to be deferred, and may include amounts deferred at the election of Trustees. For the calendar year ended December 31, 2008, the Trustees accrued required deferred compensation from the funds as follows: Dennis J. Dirks, $190,000; Alan J. Lacy, $72,917; Ned C. Lautenbach, $225,000; Joseph Mauriello, $79,167; Cornelia M. Small, $175,000; William S. Stavropoulos, $200,000; David M. Thomas, $72,917; and Michael E. Wiley, $72,917. Certain of the Independent Trustees elected voluntarily to defer a portion of their compensation as follows: Ned C. Lautenbach, $48,439; and Michael E. Wiley, $24,998.</R>

<R>^B Compensation figures include cash, amounts required to be deferred, and may include amounts deferred at the election of Trustees. The amounts required to be deferred by each Independent Trustee are as follows: Dennis J. Dirks, $116; Ned C. Lautenbach, $138; Cornelia M. Small, $107; and William S. Stavropoulos, $122. Certain of the Independent Trustees' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Ned C. Lautenbach, $17.</R>

<R>^C Compensation figures include cash, amounts required to be deferred, and may include amounts deferred at the election of Trustees. The amounts required to be deferred by each Independent Trustee are as follows: Dennis J. Dirks, $171; Ned C. Lautenbach, $202; Cornelia M. Small, $157; and William S. Stavropoulos, $180. Certain of the Independent Trustees' aggregate compensation from the fund includes accrued voluntary deferred compensation as follows: Ned C. Lautenbach, $24.</R>

<R>As of February 28, 2009, the Trustees, Member of the Advisory Board, and officers of each fund owned, in the aggregate, less than 1% of each fund's total outstanding shares.</R>

<R>As of February 28, 2009, the following owned of record and/or beneficially 5% or more of the outstanding shares of a class or a fund, as applicable:</R>

<R>Fund or Class Name	Owner Name	City	State	Ownership %</R>
<R>Select Portfolios: Air Transportation Portfolio	VIP FundsManager 60% Portfolio	Boston	MA	6.49%</R>
<R>Select Portfolios: Banking Portfolio	PAS US Opportunity Fund of Funds	Boston	MA	5.45%</R>
<R>Select Portfolios: Construction and Housing Portfolio	PAS US Opportunity Fund of Funds	Boston	MA	8.54%</R>
<R>Select Portfolios: Consumer Discretionary Portfolio	PAS US Opportunity Fund of Funds	Boston	MA	7.37%</R>
<R>Select Portfolios: Consumer Discretionary Portfolio	Fidelity Dynamic Strategies Fund	Boston	MA	5.60%</R>
<R>Select Portfolios: Consumer Discretionary Portfolio	VIP FundsManager 60% Portfolio	Boston	MA	5.44%</R>
<R>Select Portfolios: Environmental Portfolio	PAS US Opportunity Fund of Funds	Boston	MA	9.73%</R>
<R>Select Portfolios: Environmental Portfolio	VIP FundsManager 60% Portfolio	Boston	MA	5.41%</R>
<R>Select Portfolios: Environmental Portfolio	FMR LLC	Wilmington	DE	5.29%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Class A	Ameriprise Financial Corporation	Minneapolis	MN	51.67%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Class A	UBS AG	Weehawken	NJ	5.68%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Class T	Capital Analysts, Inc.	Cincinnati	OH	12.19%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Class T	QA3 Financial Corporation	Omaha	NE	11.69%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Class T	Ameriprise Financial Corporation	Lavista	NE	8.42%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Class B	Ameriprise Financial Corporation	Minneapolis	MN	32.70%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Class B	Morgan Stanley & Co Inc.	Jersey City	NJ	6.37%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Class B	Wall Street Financial Group, Inc.	Fairport	NY	5.65%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Class C	Merrill Lynch	Jacksonville	FL	28.14%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Class C	Jackson National	Santa Monica	CA	9.40%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Class C	Ameriprise Financial Corporation	Minneapolis	MN	8.42%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Class C	LPL Financial	San Diego	CA	5.23%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Institutional Class	Merrill Lynch	Jacksonville	FL	39.86%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Institutional Class	Raymond James & Associates, Inc.	Saint Petersburg	FL	9.99%</R>
<R>Select Portfolios: Fidelity Advisor Consumer Staples Fund: Institutional Class	Jackson National	Santa Monica	CA	6.27%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Class A	Ameriprise Financial Corporation	Minneapolis	MN	16.62%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Class A	AIG	New York	NY	12.99%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Class T	QA3 Financial Corporation	Omaha	NE	15.99%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Class T	Genworth Financial Securities Corporation	Schaumburg	IL	11.31%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Class T	ADP	Roseland	NJ	6.00%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Class T	AIG	New York	NY	5.60%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Class B	Ameriprise Financial Corporation	Minneapolis	MN	16.98%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Class B	Wachovia/Prudential Financial Advisors, LLC	Charlotte	NC	15.48%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Class B	ING	El Segundo	CA	5.08%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Class C	Merrill Lynch	Jacksonville	FL	11.18%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Class C	Wachovia/Prudential Financial Advisors, LLC	Charlotte	NC	8.35%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Class C	UBS AG	Weehawken	NJ	5.83%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Institutional Class	Charles Schwab & Co., Inc.	San Francisco	CA	19.23%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Institutional Class	Merrill Lynch	Jacksonville	FL	16.15%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Institutional Class	ING	Denver	CO	12.26%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Institutional Class	Pinnacle Trust Company	Ridgeland	MS	8.61%</R>
<R>Select Portfolios: Fidelity Advisor Gold Fund: Institutional Class	Wells Fargo Bank	San Diego	CA	6.86%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Class A	Ameriprise Financial Corporation	Minneapolis	MN	23.77%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Class T	AIG	New York	NY	15.95%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Class T	LPL Financial	San Diego	CA	5.86%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Class B	AIG	Atlanta	GA	8.30%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Class B	Ameriprise Financial Corporation	Minneapolis	MN	7.75%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Class B	White Pacific Securities, Inc.	San Francisco	CA	5.16%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Class C	Merrill Lynch	Jacksonville	FL	8.11%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Class C	AIG	Atlanta	GA	6.62%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Class C	LPL Financial	San Diego	CA	5.86%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Class C	Wachovia/Prudential Financial Advisors, LLC	Charlotte	NC	5.27%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Class C	MetLife	Iselin	NJ	5.09%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Institutional Class	Commonwealth Financial Network	Waltham	MA	19.19%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Institutional Class	AIG	Atlanta	GA	15.89%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Institutional Class	AIG	New York	NY	10.20%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Institutional Class	ING	El Segundo	CA	9.61%</R>
<R>Select Portfolios: Fidelity Advisor Materials Fund: Institutional Class	Merrill Lynch	Jacksonville	FL	6.68%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class A	Lincoln Investment Planning, Inc	Wyncote	PA	52.72%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class A	Oppenheimer & Co Inc.	New York	NY	10.72%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class T	LPL Financial	San Diego	CA	50.36%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class T	ADP	Roseland	NJ	8.32%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class T	AIG	New York	NY	5.42%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class T	RBC Dain Rauscher Corp.	Minneapolis	MN	5.02%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class B	American Portfolios Financial Services, Inc.	Holbrook	NY	16.39%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class B	Allstate Life Insurance Company	Lincoln	NE	9.61%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class B	Raymond James & Associates, Inc.	Port Charlotte	FL	8.30%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class B	Jackson National	Appleton	WI	6.55%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class B	Sandgrain Securities	Garden City	NY	6.04%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class B	Wachovia/Prudential Financial Advisors, LLC	Charlotte	NC	5.06%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class C	Merrill Lynch	Jacksonville	FL	12.47%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class C	Raymond James & Associates, Inc.	Saint Petersburg	FL	8.50%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class C	Suntrust Bank	Atlanta	GA	8.17%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class C	Paulson Investment Co., Inc.	Portland	OR	7.63%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class C	Wachovia/Prudential Financial Advisors, LLC	Charlotte	NC	6.73%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class C	Morgan Stanley & Co Inc.	Jersey City	NJ	6.50%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class C	Ameriprise Financial Corporation	Minneapolis	MN	5.60%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Class C	Jackson National	Appleton	WI	5.58%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Institutional Class	Fidelity Distributors Corp.	Boston	MA	35.67%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Institutional Class	Charles Schwab & Co., Inc.	San Francisco	CA	18.77%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Institutional Class	Merrill Lynch	Jacksonville	FL	17.66%</R>
<R>Select Portfolios: Fidelity Advisor Telecommunications Fund: Institutional Class	Pinnacle Trust Company	Ridgeland	MS	16.67%</R>
<R>Select Portfolios: Industrial Equipment Portfolio	Sutter Health	Sacramento	CA	27.37%</R>
<R>Select Portfolios: Industrial Equipment Portfolio	Northern Trust Corporation	Chicago	IL	15.64%</R>
<R>Select Portfolios: Insurance Portfolio	PAS US Opportunity Fund of Funds	Boston	MA	17.80%</R>
<R>Select Portfolios: Insurance Portfolio	VIP Freedom 2020 Portfolio	Boston	MA	14.10%</R>
<R>Select Portfolios: Insurance Portfolio	VIP FundsManager 60% Portfolio	Boston	MA	7.77%</R>
<R>Select Portfolios: Insurance Portfolio	VIP Freedom 2010 Portfolio	Boston	MA	6.34%</R>
<R>Select Portfolios: Insurance Portfolio	VIP Investor Freedom 2020 Portfolio	Boston	MA	5.25%</R>
<R>Select Portfolios: IT Services Portfolio	PAS US Opportunity Fund of Funds	Boston	MA	19.79%</R>
<R>Select Portfolios: IT Services Portfolio	VIP FundsManager 60% Portfolio	Boston	MA	5.71%</R>
<R>Select Portfolios: Networking and Infrastructure Portfolio	FMR LLC	Wilmington	DE	8.22%</R>
<R>Select Portfolios: Pharmaceuticals Portfolio	PAS US Opportunity Fund of Funds	Boston	MA	9.39%</R>
<R>Select Portfolios: Pharmaceuticals Portfolio	VIP FundsManager 60% Portfolio	Boston	MA	7.21%</R>
<R>Select Portfolios: Retailing Portfolio	PAS US Opportunity Fund of Funds	Boston	MA	7.95%</R>
<R>Select Portfolios: Retailing Portfolio	PAS US Opportunity Fund of Funds	Boston	MA	7.73%</R>
<R>Select Portfolios: Transportation Portfolio	PAS US Opportunity Fund of Funds	Boston	MA	6.07%</R>

<R>As of February 28, 2009, approximately 27.37% of Industrial Equipment's total outstanding shares was held by Sutter Health, Sacremento, CA.</R>

<R>A shareholder owning of record or beneficially more than 25% of a fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting than votes of other shareholders.</R>

CONTROL OF INVESTMENT ADVISERS

<R>FMR LLC, as successor by merger to FMR Corp., is the ultimate parent company of FMR, Fidelity Management & Research (U.K.) Inc. (FMR U.K.), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Inc. (FMR Japan), Fidelity Research & Analysis Company (FRAC), and FMR Co., Inc. (FMRC). The voting common shares of FMR LLC are divided into two series. Series B is held predominantly by members of the Edward C. Johnson 3d family, directly or through trust and limited liability companies, and is entitled to 49% of the vote on any matter acted upon by the voting common shares. Series A is held predominantly by non-Johnson family member employees of FMR LLC and its affiliates and is entitled to 51% of the vote on any such matter. The Johnson family group and all other Series B shareholders have entered into a shareholders' voting agreement under which all Series B shares will be voted in accordance with the majority vote of Series B shares. Under the 1940 Act, control of a company is presumed where one individual or group of individuals owns more than 25% of the voting securities of that company. Therefore, through their ownership of voting common shares and the execution of the shareholders' voting agreement, members of the Johnson family may be deemed, under the 1940 Act, to form a controlling group with respect to FMR LLC.</R>

At present, the primary business activities of FMR LLC and its subsidiaries are: (i) the provision of investment advisory, management, shareholder, investment information and assistance and certain fiduciary services for individual and institutional investors; (ii) the provision of securities brokerage services; (iii) the management and development of real estate; and (iv) the investment in and operation of a number of emerging businesses.

<R>FIL Limited, a Bermuda company formed in 1968, is the ultimate parent company of FIL Investment Advisors (FIIA), Fidelity Investments Japan Limited (FIJ), and FIL Investment Advisors (U.K.) Ltd. (FIIA(U.K.)L). Edward C. Johnson 3d, Johnson family members, and various trusts for the benefit of the Johnson family own, directly or indirectly, more than 25% of the voting common stock of FIL Limited. At present, the primary business activities of FIL Limited and its subsidiaries are the provision of investment advisory services to non-U.S. investment companies and private accounts investing in securities throughout the world.</R>

<R>FMR, FMRC, FMR U.K., FMR H.K., FMR Japan, FRAC, FIJ, FIIA, FIIA(U.K.)L (the Investment Advisers), FDC, and the funds have adopted codes of ethics under Rule 17j-1 of the 1940 Act that set forth employees' fiduciary responsibilities regarding the funds, establish procedures for personal investing, and restrict certain transactions. Employees subject to the codes of ethics, including Fidelity investment personnel, may invest in securities for their own investment accounts, including securities that may be purchased or held by the funds.</R>

MANAGEMENT CONTRACTS

<R>Each fund has entered into a management contract with FMR, pursuant to which FMR furnishes investment advisory and other services. FMR also manages the Subsidiary.</R>

Management Services. Under the terms of its management contract with each fund, FMR acts as investment adviser and, subject to the supervision of the Board of Trustees, has overall responsibility for directing the investments of the fund in accordance with its investment objective, policies and limitations. FMR also provides each fund with all necessary office facilities and personnel for servicing the fund's investments, compensates all officers of each fund and all Trustees who are interested persons of the trust or of FMR, and all personnel of each fund or FMR performing services relating to research, statistical and investment activities.

In addition, FMR or its affiliates, subject to the supervision of the Board of Trustees, provide the management and administrative services necessary for the operation of each fund. These services include providing facilities for maintaining each fund's organization; supervising relations with custodians, transfer and pricing agents, accountants, underwriters and other persons dealing with each fund; preparing all general shareholder communications and conducting shareholder relations; maintaining each fund's records and the registration of each fund's shares under federal securities laws and making necessary filings under state securities laws; developing management and shareholder services for each fund; and furnishing reports, evaluations and analyses on a variety of subjects to the Trustees.

Gold may invest in the Subsidiary. 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. FMR has contractually agreed to waive Gold's management fee in an amount equal to the management fee paid to FMR by the Subsidiary. This arrangement may not be discontinued by FMR as long as its contract with the Subsidiary is in place.

Management-Related Expenses. In addition to the management fee payable to FMR and the fees payable to the transfer agent and pricing and bookkeeping agent, and the costs associated with securities lending, as applicable, each fund or each class thereof, as applicable, pays all of its expenses that are not assumed by those parties. Each fund pays for the typesetting, printing, and mailing of its proxy materials to shareholders, legal expenses, and the fees of the custodian, auditor, and Independent Trustees. Each fund's management contract further provides that the fund will pay for typesetting, printing, and mailing prospectuses, statements of additional information, notices, and reports to shareholders; however, under the terms of each fund's transfer agent agreement, the transfer agent bears these costs. Other expenses paid by each fund include interest, taxes, brokerage commissions, the fund's proportionate share of insurance premiums and Investment Company Institute dues, and the costs of registering shares under federal securities laws and making necessary filings under state securities laws. Each fund is also liable for such non-recurring expenses as may arise, including costs of any litigation to which the fund may be a party, and any obligation it may have to indemnify its officers and Trustees with respect to litigation.

Management Fees. For the services of FMR under the management contract, each fund pays FMR a monthly management fee which has two components: a group fee rate and an individual fund fee rate.

The group fee rate is based on the monthly average net assets of all of the registered investment companies with which FMR has management contracts.

GROUP FEE RATE SCHEDULE				EFFECTIVE ANNUAL FEE RATES
Average Group Assets			Annualized Rate	Group Net Assets	Effective Annual Fee Rate
0	-	$3 billion	.5200%	$ 1 billion	.5200%
3	-	6	.4900	50	.3823
6	-	9	.4600	100	.3512
9	-	12	.4300	150	.3371
12	-	15	.4000	200	.3284
15	-	18	.3850	250	.3219
18	-	21	.3700	300	.3163
21	-	24	.3600	350	.3113
24	-	30	.3500	400	.3067
30	-	36	.3450	450	.3024
36	-	42	.3400	500	.2982
42	-	48	.3350	550	.2942
48	-	66	.3250	600	.2904
66	-	84	.3200	650	.2870
84	-	102	.3150	700	.2838
102	-	138	.3100	750	.2809
138	-	174	.3050	800	.2782
174	-	210	.3000	850	.2756
210	-	246	.2950	900	.2732
246	-	282	.2900	950	.2710
282	-	318	.2850	1,000	.2689
318	-	354	.2800	1,050	.2669
354	-	390	.2750	1,100	.2649
390	-	426	.2700	1,150	.2631
426	-	462	.2650	1,200	.2614
462	-	498	.2600	1,250	.2597
498	-	534	.2550	1,300	.2581
534	-	587	.2500	1,350	.2566
587	-	646	.2463	1,400	.2551
646	-	711	.2426	1,450	.2536
711	-	782	.2389	1,500	.2523
782	-	860	.2352	1,550	.2510
860	-	946	.2315	1,600	.2497
946	-	1,041	.2278	1,650	.2484
1,041	-	1,145	.2241	1,700	.2472
1,145	-	1,260	.2204	1,750	.2460
1,260	-	1,386	.2167	1,800	.2449
1,386	-	1,525	.2130	1,850	.2438
1,525	-	1,677	.2093	1,900	.2427
1,677	-	1,845	.2056	1,950	.2417
Over		1,845	.2019	2,000	.2407

<R>The group fee rate is calculated on a cumulative basis pursuant to the graduated fee rate schedule shown above on the left. The schedule above on the right shows the effective annual group fee rate at various asset levels, which is the result of cumulatively applying the annualized rates on the left. For example, the effective annual fee rate at $1,049 billion of group net assets - the approximate level for February 2009 - was 0.2669%, which is the weighted average of the respective fee rates for each level of group net assets up to $1,049 billion.</R>

<R>Each fund's individual fund fee rate is 0.30%, respectively. Based on the average group net assets of the funds advised by FMR for February 2009, each fund's annual management fee rate would be calculated as follows:</R>

<R>Fund	Group Fee Rate		Individual Fund Fee Rate		Management Fee Rate</R>
<R>Select Funds	0.2669%	+	0.3000%	=	0.5669%</R>

<R>One-twelfth of the management fee rate is applied to each fund's average net assets for the month, giving a dollar amount which is the fee for that month.</R>

For each fund other than Gold, the following table shows the amount of management fees paid by the fund to FMR for the past three fiscal years.

<R>Fund	Fiscal Years Ended February 28	Management Fees Paid to FMR</R>
<R>Air Transportation	2009	$ 248,602</R>
<R>	2008^†	$ 431,212</R>
<R>	2007	$ 655,425</R>
<R>Automotive	2009	$ 82,626</R>
<R>	2008^†	$ 229,481</R>
<R>	2007	$ 148,688</R>
<R>Banking	2009	$ 1,454,666</R>
<R>	2008^†	$ 1,643,288</R>
<R>	2007	$ 2,120,724</R>
<R>Biotechnology	2009	$ 6,756,599</R>
<R>	2008^†	$ 7,082,105</R>
<R>	2007	$ 8,731,488</R>
<R>Brokerage and Investment Management	2009	$ 2,921,002</R>
<R>	2008^†	$ 5,269,397</R>
<R>	2007	$ 6,333,827</R>
<R>Chemicals	2009	$ 2,223,970</R>
<R>	2008^†	$ 1,198,302</R>
<R>	2007	$ 548,328</R>
<R>Communications Equipment	2009	$ 1,131,771</R>
<R>	2008^†	$ 1,743,341</R>
<R>	2007	$ 2,285,926</R>
<R>Computers	2009	$ 1,934,947</R>
<R>	2008^†	$ 2,841,537</R>
<R>	2007	$ 2,719,349</R>
<R>Construction and Housing	2009	$ 461,415</R>
<R>	2008^†	$ 589,386</R>
<R>	2007	$ 1,002,483</R>
<R>Consumer Discretionary	2009	$ 127,329</R>
<R>	2008^†	$ 185,751</R>
<R>	2007	$ 292,855</R>
<R>Consumer Staples	2009	$ 4,860,293</R>
<R>	2008^†	$ 2,861,176</R>
<R>	2007	$ 1,315,325</R>
<R>Defense and Aerospace	2009	$ 4,713,753</R>
<R>	2008^†	$ 7,462,502</R>
<R>	2007	$ 5,664,491</R>
<R>Electronics	2009	$ 5,372,059</R>
<R>	2008^†	$ 9,587,282</R>
<R>	2007	$ 12,925,235</R>
<R>Energy	2009	$ 14,084,653</R>
<R>	2008^†	$ 15,245,508</R>
<R>	2007	$ 14,317,493</R>
<R>Energy Service	2009	$ 10,218,429</R>
<R>	2008^†	$ 11,109,328</R>
<R>	2007	$ 9,235,810</R>
<R>Environmental	2009	$ 253,624</R>
<R>	2008^†	$ 222,717</R>
<R>	2007	$ 432,797</R>
<R>Financial Services	2009	$ 1,940,500</R>
<R>	2008^†	$ 2,582,809</R>
<R>	2007	$ 2,888,408</R>
<R>Health Care	2009	$ 8,961,965</R>
<R>	2008^†	$ 11,739,504</R>
<R>	2007	$ 12,199,482</R>
<R>Home Finance	2009	$ 564,774</R>
<R>	2008^†	$ 1,102,605</R>
<R>	2007	$ 1,559,343</R>
<R>Industrial Equipment	2009	$ 642,403</R>
<R>	2008^†	$ 830,020</R>
<R>	2007	$ 484,354</R>
<R>Industrials	2009	$ 676,999</R>
<R>	2008^†	$ 592,778</R>
<R>	2007	$ 460,879</R>
<R>Insurance	2009	$ 588,743</R>
<R>	2008^†	$ 1,223,492</R>
<R>	2007	$ 1,160,548</R>
<R>IT Services	2009	$ 311,850</R>
<R>	2008^†	$ 271,166</R>
<R>	2007	$ 220,514</R>
<R>Leisure	2009	$ 967,482</R>
<R>	2008^†	$ 1,374,656</R>
<R>	2007	$ 1,307,080</R>
<R>Materials	2009	$ 1,788,061</R>
<R>	2008^†	$ 1,996,306</R>
<R>	2007	$ 1,110,432</R>
<R>Medical Delivery	2009	$ 2,038,973</R>
<R>	2008^†	$ 3,634,238</R>
<R>	2007	$ 4,712,681</R>
<R>Medical Equipment and Systems	2009	$ 6,916,414</R>
<R>	2008^†	$ 5,054,421</R>
<R>	2007	$ 4,911,582</R>
<R>Multimedia	2009	$ 230,318</R>
<R>	2008^†	$ 405,018</R>
<R>	2007	$ 577,805</R>
<R>Natural Gas	2009	$ 8,327,485</R>
<R>	2008^†	$ 7,228,421</R>
<R>	2007	$ 7,280,517</R>
<R>Natural Resources	2009	$ 10,836,549</R>
<R>	2008^†	$ 9,585,884</R>
<R>	2007	$ 6,120,653</R>
<R>Networking and Infrastructure	2009	$ 261,657</R>
<R>	2008^†	$ 397,879</R>
<R>	2007	$ 660,885</R>
<R>Paper and Forest Products	2009	$ 88,612</R>
<R>	2008^†	$ 232,203</R>
<R>	2007	$ 149,656</R>
<R>Pharmaceuticals	2009	$ 835,375</R>
<R>	2008^†	$ 1,166,724</R>
<R>	2007	$ 1,140,232</R>
<R>Retailing	2009	$ 266,553</R>
<R>	2008^†	$ 369,135</R>
<R>	2007	$ 461,653</R>
<R>Software and Computer Services	2009	$ 3,771,232</R>
<R>	2008^†	$ 4,928,167</R>
<R>	2007	$ 4,165,186</R>
<R>Technology	2009	$ 6,961,968</R>
<R>	2008^†	$ 10,224,642</R>
<R>	2007	$ 9,811,688</R>
<R>Telecommunications	2009	$ 1,444,922</R>
<R>	2008^†	$ 3,281,900</R>
<R>	2007	$ 2,765,966</R>
<R>Transportation	2009	$ 492,937</R>
<R>	2008^†	$ 506,938</R>
<R>	2007	$ 641,690</R>
<R>Utilities	2009	$ 2,626,951</R>
<R>	2008^†	$ 4,862,826</R>
<R>	2007	$ 2,689,027</R>
<R>Wireless	2009	$ 1,563,738</R>
<R>	2008^†	$ 2,850,932</R>
<R>	2007	$ 2,081,653</R>

<R>^†Fiscal year ended February 29.</R>

For Gold, the following table shows the amount of management fees waived by FMR and the amount of management fees paid by the fund to FMR for the past three fiscal years.

<R>	Fiscal Years Ended February 28	Management Fees Waived by FMR	Management Fees Paid to FMR</R>
<R>Fund			</R>
<R>Gold	2009	$ 330,880	$ 10,377,878</R>
<R>	2008^†	$ 24,300	$ 8,819,147</R>
<R>	2007	--	$ 8,439,362</R>

<R>^†Fiscal year ended February 29.</R>

FMR may, from time to time, voluntarily reimburse all or a portion of a fund's or, in the case of a multiple class fund, a class's operating expenses (exclusive of interest, taxes, certain securities lending costs, brokerage commissions, and extraordinary expenses), which is subject to revision or discontinuance. FMR retains the ability to be repaid for these expense reimbursements in the amount that expenses fall below the limit prior to the end of the fiscal year.

Expense reimbursements by FMR will increase a fund's returns, and repayment of the reimbursement by a fund will lower its returns.

Sub-Adviser - FMRC. On behalf of each fund, FMR has entered into a sub-advisory agreement with FMRC pursuant to which FMRC has day-to-day responsibility for choosing investments for each fund. Under the terms of the sub-advisory agreements for each fund, FMR, and not the funds, pays FMRC's fees.

Sub-Advisers - FIIA, FIIA(U.K.)L, and FIJ. On behalf of each fund, FMR has entered into a master international research agreement with FIIA. On behalf of each fund, FIIA, in turn, has entered into sub-research agreements with FIIA(U.K.)L and FIJ. Pursuant to the research agreements, FMR may receive investment advice and research services concerning issuers and countries outside the United States. Under the terms of the master international research agreement, FMR, and not the funds, pays FIIA. Under the terms of the sub-research agreements, FIIA, and not the funds, pays FIIA(U.K.)L and FIJ.

<R>Sub-Adviser - FRAC. On behalf of each fund, FMR and FRAC have entered into a research agreement. Pursuant to the research agreement, FRAC provides investment advice and research services on domestic issuers. Under the terms of the research agreement, FMR, and not the funds, agree, in the aggregate, to pay FRAC.</R>

<R>Sub-Advisers - FMR U.K., FMR H.K., and FMR Japan. On behalf of each fund, FMR has entered into sub-advisory agreements with FMR U.K., FMR H.K., and FMR Japan. Pursuant to the sub-advisory agreements, FMR may receive from the sub-advisers investment research and advice on issuers outside the United States (non-discretionary services) and FMR may grant the sub-advisers investment management authority and the authority to buy and sell securities if FMR believes it would be beneficial to the funds (discretionary services). FMR, and not the funds, pays the sub-advisers.</R>

<R>Yun-Min Chai is the portfolio manager of Communications Equipment, Networking and Infrastructure, and Technology and receives compensation for his services. As of February 28, 2009, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.</R>

<R>The portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager's bonus are based on the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index assigned to each fund or account. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index. A smaller, subjective component of the portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. The portion of the portfolio manager's bonus that is linked to the investment performance of Communications Equipment, Networking and Infrastructure, and Technology is based on each fund's pre-tax investment performance measured against the index identified below for each fund. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.</R>

<R>Select Fund	</R>
<R>Communications Equipment	MSCI US Investable Market Communications Equipment Index</R>
<R>Networking and Infrastructure	Select Networking and Infrastructure Custom Index^1</R>
<R>Technology	MSCI US Investable Market Information Technology Index</R>

<R>¹This is a customized industry benchmark index developed by FMR for internal use. The customized industry benchmark generally is a market-capitalization weighted index of securities that meet the fund's 80% name test policy. FMR rebalances this customized industry benchmark index monthly to add new securities issued (e.g., IPO's) and to exclude securities that fall below a certain market capitalization in the weighted index. The customized industry benchmark generally excludes securities of foreign companies.</R>

<R>Robert Lee is the portfolio manager of Consumer Staples and receives compensation for his services. As of February 28, 2009, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager's compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.</R>

<R>The portfolio manager's base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager's bonus are based on the pre-tax investment performance of the portfolio manager's fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account. The pre-tax investment performance of the portfolio manager's fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager's tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. A smaller, subjective component of the portfolio manager's bonus is based on the portfolio manager's overall contribution to management of FMR. The portion of the portfolio manager's bonus that is linked to the investment performance of Consumer Staples is based on the fund's pre-tax investment performance measured against the MSCI US Investable Market Consumer Staples Index. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.</R>

<R>A portfolio manager's compensation plan may give rise to potential conflicts of interest. Although investors in a fund may invest through either tax-deferred accounts or taxable accounts, a portfolio manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. A portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics.</R>

<R>John Mirshekari was appointed to manage Air Transportation effective April 1, 2009. John Sheehy was appointed to manage Defense and Aerospace effective April 1, 2009. Information regarding their accounts managed and beneficial holdings of the funds will be provided in a supplement to this SAI.</R>

<R>The following persons are research analysts and are the portfolio managers of the Select fund(s) indicated. Research analysts who also manage sector funds, such as the Select funds, are referred to as sector fund managers.</R>

<R>Sector Fund Manager	Select Fund(s)</R>
<R>John Mirshekari	Air Transportation; Transportation</R>
<R>Michael Weaver	Automotive</R>
<R>Vincent Montemaggiore	Banking</R>
<R>Rajiv Kaul	Biotechnology</R>
<R>Benjamin Hesse	Brokerage and Investment Management; Financial Services</R>
<R>Matthew Schuldt	Chemicals</R>
<R>Heather Lawrence	Computers</R>
<R>Daniel Kelley	Construction and Housing </R>
<R>John Harris	Consumer Discretionary</R>
<R>John Sheehy	Defense and Aerospace; Paper and Forest Products</R>
<R>Stephen Barwikowski	Electronics</R>
<R>Christopher Lin	Electronics</R>
<R>John Dowd	Energy; Energy Service; Natural Resources</R>
<R>Douglas Simmons	Environmental; Utilities</R>
<R>Edward Yoon	Health Care; Medical Equipment and Systems</R>
<R>Christopher Lee	Home Finance</R>
<R>Joseph Wickwire	Gold</R>
<R>Jonathan Kasen	Industrial Equipment</R>
<R>Tobias Welo	Industrials; Materials</R>
<R>Brian Wilhelm	Insurance</R>
<R>Kyle Weaver	IT Services</R>
<R>Peter Dixon	Leisure</R>
<R>Andrew Hatem	Medical Delivery</R>
<R>Kristina Salen	Multimedia</R>
<R>James McElligott	Natural Gas</R>
<R>Andrew Oh	Pharmaceuticals</R>
<R>Evan Hornbuckle	Retailing</R>
<R>Brian Lempel	Software and Computer Services</R>
<R>Gavin Baker	Telecommunications; Wireless</R>

<R>Each sector fund manager receives compensation for his or her services as a research analyst and as a portfolio manager under a single compensation plan. As of February 28, 2009 (April 30, 2009 for Mr. Mirshekari on Air Transportation and Mr. Sheehy on Defense and Aerospace), each sector fund manager's compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of each sector fund manager's compensation may be deferred based on criteria established by FMR or at the election of the sector fund manager. </R>

<R>Each sector fund manager's base salary is determined primarily by level of experience and skills, and performance as a research analyst and sector fund manager at FMR or its affiliates. A portion of each sector fund manager's bonus relates to his or her performance as a research analyst and is based on the Director of Research's assessment of the research analyst's performance and may include factors such as portfolio manager survey-based assessments, which relate to analytical work and investment results within the relevant sector(s) and impact on other equity funds and accounts as a research analyst, and the research analyst's contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of the sector fund manager's fund(s) and account(s) measured against a benchmark index (which may be a customized industry benchmark index developed by FMR) assigned to each fund or account, (ii) the pre-tax investment performance of the research analyst's recommendations measured against a benchmark index corresponding to the research analyst's assignment universe and against a broadly diversified equity index, and (iii) the investment performance of other FMR equity funds and accounts within the sector fund manager's designated sector team. The pre-tax investment performance of each sector fund manager's fund(s) and account(s) is weighted according to the sector fund manager's tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Research's assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with the sector fund manager's tenure, but that eventually encompasses rolling periods of up to five years. With the exception of Mr. Barwikowski and Mr. Lin on Electronics Portfolio, the portion of each sector fund manager's bonus that is linked to the investment performance of his or her fund is based on the fund's pre-tax investment performance measured against the index identified below for the fund. For Mr. Barwikowski and Mr. Lin, the portion of each sector fund manager's bonus that is linked to the investment performance of his fund is based on the pre-tax investment performance of the fund's assets he manages measured against the index identified below for the fund. Each sector fund manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR's parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, sector fund managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.</R>

<R>The index for each Select fund listed above is: </R>

<R>Select Fund	</R>
<R>Air Transportation	S&P Custom Air Transportation Index</R>
<R>Automotive	MSCI US Investable Market Automobiles & Components Index</R>
<R>Banking	MSCI US Investable Market Banks Index</R>
<R>Biotechnology	MSCI US Investable Market Biotechnology Index</R>
<R>Brokerage and Investment Management	MSCI US Investable Market Capital Markets Index</R>
<R>Chemicals	MSCI US Investable Market Chemicals Index</R>
<R>Computers	MSCI US Investable Market Computers & Peripherals Index</R>
<R>Construction and Housing	MSCI US Investable Market Construction & Housing Custom Index</R>
<R>Consumer Discretionary	MSCI US Investable Market Consumer Discretionary Index</R>
<R>Defense and Aerospace	MSCI US Investable Market Aerospace & Defense Index</R>
<R>Electronics	MSCI US Investable Market Semiconductors & Semiconductor Equipment Index</R>
<R>Energy	MSCI US Investable Market Energy Index</R>
<R>Energy Service	MSCI US Investable Market Energy Equipment & Services Index</R>
<R>Environmental	Environmental Custom Index^1</R>
<R>Financial Services	MSCI US Investable Market Financials Index</R>
<R>Gold	S&P BMI Global Gold Index</R>
<R>Health Care	MSCI US Investable Market Health Care Index</R>
<R>Home Finance	MSCI US Investable Market Thrifts and Mortgage Finance Index</R>
<R>Industrial Equipment	MSCI US Investable Market Capital Goods Index</R>
<R>Industrials	MSCI US Investable Market Industrials Index</R>
<R>Insurance	MSCI US Investable Market Insurance Index</R>
<R>IT Services	MSCI US Investable Market IT Services Index</R>
<R>Leisure	MSCI US Investable Market Consumer Services Index</R>
<R>Materials	MSCI US Investable Market Materials Index</R>
<R>Medical Delivery	MSCI US Investable Market Health Care Providers & Services Index</R>
<R>Medical Equipment and Systems	MSCI US Investable Market Health Care Equipment & Supplies Index</R>
<R>Multimedia	MSCI US Investable Market Media Index</R>
<R>Natural Gas	S&P Custom Natural Gas Index</R>
<R>Natural Resources	S&P North American Natural Resources Sector Index </R>
<R>Paper and Forest Products	Paper and Forest Products Custom Index^1</R>
<R>Pharmaceuticals	MSCI US Investable Market Pharmaceuticals Index</R>
<R>Retailing	MSCI US Investable Market Retailing Index</R>
<R>Software and Computer Services	MSCI US Investable Market Software & Services Index</R>
<R>Telecommunications	MSCI US Investable Market Telecommunications Services Index</R>
<R>Transportation	MSCI US Investable Market Transportation Index</R>
<R>Utilities	MSCI US Investable Market Utilities Index</R>
<R>Wireless	S&P Custom Wireless Index</R>

<R>¹This is a customized industry benchmark index developed by FMR for internal use. Each customized industry benchmark generally is a market-capitalization weighted index of securities that meet a fund's 80% name test policy. FMR rebalances these customized industry benchmark indexes monthly to add new securities issued (e.g., IPO's) and to exclude securities that fall below a certain market capitalization in the weighted index. The customized industry benchmarks generally exclude securities of foreign companies.</R>

<R>A sector fund manager's compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, a sector fund manager's compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. A sector fund manager's base pay and bonus opportunity tend to increase with the sector fund manager's level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the sector fund manager must allocate his or her time and investment ideas across multiple funds and accounts. In addition, a fund's trade allocation policies and procedures may give rise to conflicts of interest if the fund's orders do not get fully executed due to being aggregated with those of other accounts managed by FMR. A sector fund manager may execute transactions for another fund or account that may adversely impact the value of securities held by the fund. Securities selected for other funds or accounts may outperform the securities selected for a fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund's Code of Ethics. Furthermore, the potential exists that a sector fund manager's responsibilities as a portfolio manager of a sector fund may not be entirely consistent with his or her responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.</R>

<R>The following table provides information relating to other accounts managed by Michael Weaver as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 8	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Automotive ($8 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Montemaggiore as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 151	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Banking ($151 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Kaul as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	2	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 1,203	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Biotechnology ($1,154 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Hesse as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	5	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 1,074	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Brokerage and Investment Management ($295 (in millions) assets managed) and Financial Services ($227 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Schuldt as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 243	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Chemicals ($243 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Chai as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	7	none	1</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 1,881	none	$ 3</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Communications Equipment ($126 (in millions) assets managed), Networking and Infrastructure ($39 (in millions) assets managed) and Technology ($773 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Ms. Lawrence as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 207	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Computers ($207 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Kelley as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 82	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Construction and Housing ($82 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Harris as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	4	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 415	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Consumer Discretionary ($21 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Robert Lee as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	7	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	1	none	none</R>
<R>Assets Managed (in millions)	$ 4,552	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	$ 384	none	none</R>

<R>* Includes Consumer Staples ($903 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Barwikowski as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	2	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 482	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes assets of Electronics managed by Mr. Barwikowski ($477 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Lin as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	2	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 84	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes assets of Electronics managed by Mr. Lin ($83 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Dowd as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	6	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 4,066	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Energy ($1,336 (in millions) assets managed), Energy Service ($741 (in millions) assets managed), and Natural Resources ($923 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Simmons as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	14	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	3	none	none</R>
<R>Assets Managed (in millions)	$ 3,391	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	$ 921	none	none</R>

<R>* Includes Environmental ($39 (in millions) assets managed and Utilities ($302 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Wickwire as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 1,963	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Gold ($1,963 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Yoon as of February 28, 2009:</R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	5	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 3,127	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Health Care ($1,191 (in millions) assets managed) and Medical Equipment and Systems ($1,022 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Christopher Lee as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 52	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Home Finance ($52 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Kasen as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 47	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Industrial Equipment ($47 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Welo as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	7	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 997	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Industrials ($83 (in millions) assets managed) and Materials ($153 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Wilhelm as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 77	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Insurance ($77 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Kyle Weaver as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 48	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes IT Services ($48 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Dixon as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 159	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Leisure ($159 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Hatem as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 267	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Medical Delivery ($267 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Ms. Salen as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 26	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Multimedia ($26 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. McElligott as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 706	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Natural Gas ($706 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Sheehy as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 8	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Paper and Forest Products ($8 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Oh as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 143	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Pharmaceuticals ($143 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Hornbuckle as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 40	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Retailing ($40 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Lempel as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 489	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Software and Computer Services ($489 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Baker as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	4	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 519	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Telecommunications ($200 (in millions) assets managed) and Wireless ($181 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following table provides information relating to other accounts managed by Mr. Mirshekari as of February 28, 2009: </R>

<R>	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts</R>
<R>Number of Accounts Managed	1	none	none</R>
<R>Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none</R>
<R>Assets Managed (in millions)	$ 80	none	none</R>
<R>Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none</R>

<R>* Includes Transportation ($80 (in millions) assets managed). The amount of assets managed of a fund reflects trades and other assets as of the close of the business day prior to the fund's fiscal year-end.</R>

<R>The following tables provide the dollar range of shares of a Select fund beneficially owned by its sector fund manager as of February 28, 2009:</R>

<R>Sector Fund Manager	Select Fund(s)	Dollar Range of Shares</R>
<R>Michael Weaver	Automotive	None</R>
<R>Vincent Montemaggiore	Banking	None</R>
<R>Rajiv Kaul	Biotechnology	$50,001 - $100,000</R>
<R>Benjamin Hesse	Brokerage and Investment Management Financial Services	$100,001 - $500,000</R> None
<R>Matthew Schuldt	Chemicals	$1 - $10,000</R>
<R>Yun-Min Chai	Communications Equipment Networking and Infrastructure Technology	None</R> None $10,001 - $50,000
<R>Heather Lawrence	Computers	None</R>
<R>Daniel Kelley	Construction and Housing	$1 - $10,000</R>
<R>John Harris	Consumer Discretionary	$10,001 - $50,000</R>
<R>Robert Lee	Consumer Staples	$100,001 - $500,000</R>
<R>Stephen Barwikowski	Electronics	$10,001 - $50,000</R>
<R>Christopher Lin	Electronics	None</R>
<R>John Dowd	Energy Energy Service Natural Resources	$50,001 - $100,000</R> $50,001 - $100,000 $50,001 - $100,000
<R>Douglas Simmons	Environmental Utilities	None</R> None
<R>Joseph Wickwire	Gold	$10,001 - $50,000</R>
<R>Edward Yoon	Health Care Medical Equipment and Systems	None</R> $10,001 - $50,000
<R>Christopher Lee	Home Finance	None</R>
<R>Jonathan Kasen	Industrial Equipment	$1 - $10,000</R>
<R>Tobias Welo	Industrials Materials	$10,001 - $50,000</R> $1 - $10,000
<R>Brian Wilhelm	Insurance	$10,001 - $50,000</R>
<R>Kyle Weaver	IT Services	$10,001 - $50,000</R>
<R>Peter Dixon	Leisure	$1 - $10,000</R>
<R>Andrew Hatem	Medical Delivery	None</R>
<R>Kristina Salen	Multimedia	None</R>
<R>James McElligott	Natural Gas	None</R>
<R>John Sheehy	Paper and Forest Products	$1 - $10,000</R>
<R>Andrew Oh	Pharmaceuticals	$1 - $10,000</R>
<R>Evan Hornbuckle	Retailing	$1 - $10,000</R>
<R>Brian Lempel	Software and Computer Services	None</R>
<R>Gavin Baker	Telecommunications Wireless	$10,001 - $50,000</R> $10,001 - $50,000
<R>John Mirshekari	Transportation	None</R>

PROXY VOTING GUIDELINES

<R>The following Proxy Voting Guidelines were established by the Board of Trustees of the funds, after consultation with Fidelity. (The guidelines are reviewed periodically by Fidelity and by the Independent Trustees of the Fidelity funds, and, accordingly, are subject to change.)</R>

<R>I. General Principles</R>

<R> A. Voting of shares will be conducted in a manner consistent with the best interests of Fidelity Fund shareholders as follows: (i) securities of a portfolio company will generally be voted in a manner consistent with the Guidelines; and (ii) voting will be done without regard to any other Fidelity companies' relationship, business or otherwise, with that portfolio company.</R>

<R> B. FMR Investment Proxy Research votes proxies. In the event an Investment Proxy Research employee has a personal conflict with a portfolio company or an employee or director of a portfolio company, that employee will withdraw from making any proxy voting decisions with respect to that portfolio company. A conflict of interest arises when there are factors that may prompt one to question whether a Fidelity employee is acting solely in the best interests of Fidelity and its customers. Employees are expected to avoid situations that could present even the appearance of a conflict between their interests and the interests of Fidelity and its customers.</R>

<R> C. Except as set forth herein, FMR will generally vote in favor of routine management proposals.</R>

<R> D. Non-routine proposals will generally be voted in accordance with the Guidelines.</R>

<R> E. Non-routine proposals not covered by the Guidelines or involving other special circumstances will be evaluated on a case-by-case basis with input from the appropriate FMR analyst or portfolio manager, as applicable, subject to review by an attorney within FMR's General Counsel's office and a member of senior management within FMR's Investment Proxy Research. A significant pattern of such proposals or other special circumstances will be referred to the appropriate Fidelity Fund Board Committee or its designee.</R>

<R> F. FMR will vote on shareholder proposals not specifically addressed by the Guidelines based on an evaluation of a proposal's likelihood to enhance the economic returns or profitability of the portfolio company or to maximize shareholder value. Where information is not readily available to analyze the economic impact of the proposal, FMR will generally abstain.</R>

<R> G. Many Fidelity Funds invest in voting securities issued by companies that are domiciled outside the United States and are not listed on a U.S. securities exchange. Corporate governance standards, legal or regulatory requirements and disclosure practices in foreign countries can differ from those in the United States. When voting proxies relating to non-U.S. securities, FMR will generally evaluate proposals in the context of the Guidelines, but FMR may, where applicable and feasible, take into consideration differing laws and regulations in the relevant foreign market in determining how to vote shares.</R>

<R> H. In certain non-U.S. jurisdictions, shareholders voting shares of a portfolio company may be restricted from trading the shares for a period of time around the shareholder meeting date. Because such trading restrictions can hinder portfolio management and could result in a loss of liquidity for a fund, FMR will generally not vote proxies in circumstances where such restrictions apply. In addition, certain non-U.S. jurisdictions require voting shareholders to disclose current share ownership on a fund-by-fund basis. When such disclosure requirements apply, FMR will generally not vote proxies in order to safeguard fund holdings information.</R>

<R> I. Where a management-sponsored proposal is inconsistent with the Guidelines, FMR may receive a company's commitment to modify the proposal or its practice to conform to the Guidelines, and FMR will generally support management based on this commitment. If a company subsequently does not abide by its commitment, FMR will generally withhold authority for the election of directors at the next election.</R>

<R>II. Definitions (as used in this document)</R>

<R> A. Anti-Takeover Provision - includes fair price amendments; classified boards; "blank check" preferred stock; Golden Parachutes; supermajority provisions; Poison Pills; restricting the right to call special meetings; and any other provision that eliminates or limits shareholder rights.</R>

<R> B. Golden Parachute - Employment contracts, agreements, or policies that include an excise tax gross-up provision; single trigger for cash incentives; or may result in a lump sum payment of cash and acceleration of equity that may total more than three times annual compensation (salary and bonus) in the event of a termination following a change in control.</R>

<R> C. Greenmail - payment of a premium to repurchase shares from a shareholder seeking to take over a company through a proxy contest or other means.</R>

<R> D. Sunset provision - a condition in a charter or plan that specifies an expiration date.</R>

<R> E. Permitted Bid Feature - a provision suspending the application of a Poison Pill, by shareholder referendum, in the event a potential acquirer announces a bona fide offer for all outstanding shares.</R>

<R> F. Poison Pill - a strategy employed by a potential take-over/target company to make its stock less attractive to an acquirer. Poison Pills are generally designed to dilute the acquirer's ownership and value in the event of a take-over.</R>

<R> G. Large-Capitalization Company - a company included in the Russell 1000 stock index.</R>

<R> H. Small-Capitalization Company - a company not included in the Russell 1000 stock index that is not a Micro-Capitalization Company.</R>

<R> I. Micro-Capitalization Company - a company with a market capitalization under US $300 million.</R>

<R>III. Directors</R>

<R> A. Incumbent Directors</R>

<R> FMR will generally vote in favor of incumbent and nominee directors except where one or more such directors clearly appear to have failed to exercise reasonable judgment.</R>

<R> FMR will also generally withhold authority for the election of all directors or directors on responsible committees if:</R>

<R> 1. An Anti-Takeover Provision was introduced, an Anti-Takeover Provision was extended, or a new Anti-Takeover Provision was adopted upon the expiration of an existing Anti-Takeover Provision, without shareholder approval except as set forth below.</R>

<R> With respect to Poison Pills, however, FMR will consider not withholding authority on the election of directors if all of the following conditions are met when a Poison Pill is introduced, extended, or adopted:</R>

<R> a. The Poison Pill includes a Sunset Provision of less than five years;</R>

<R> b. The Poison Pill includes a Permitted Bid Feature;</R>

<R> c. The Poison Pill is linked to a business strategy that will result in greater value for the shareholders; and</R>

<R> d. Shareholder approval is required to reinstate the Poison Pill upon expiration.</R>

<R> FMR will also consider not withholding authority on the election of directors when one or more of the conditions above are not met if a board is willing to strongly consider seeking shareholder ratification of, or adding above conditions noted a. and b. to an existing Poison Pill. In such a case, if the company does not take appropriate action prior to the next annual shareholder meeting, FMR will withhold authority on the election of directors.</R>

<R> 2. The company refuses, upon request by FMR, to amend the Poison Pill to allow Fidelity to hold an aggregate position of up to 20% of a company's total voting securities and of any class of voting securities.</R>

<R> 3. Within the last year and without shareholder approval, a company's board of directors or compensation committee has repriced outstanding options, exchanged outstanding options for equity, or tendered cash for outstanding options.</R>

<R> 4. The company failed to act in the best interests of shareholders when approving executive compensation, taking into account such factors as: (i) whether the company used an independent compensation committee; and (ii) whether the compensation committee engaged independent compensation consultants; and (iii) whether it has been proven that the company engaged in options backdating.</R>

<R> 5. To gain FMR's support on a proposal, the company made a commitment to modify a proposal or practice to conform to the Guidelines and the company has failed to act on that commitment.</R>

<R> 6. The director attended fewer than 75% of the aggregate number of meetings of the board or its committees on which the director served during the company's prior fiscal year, absent extenuating circumstances.</R>

<R> 7. The board is not comprised of a majority of independent directors.</R>

<R> B. Indemnification</R>

<R> FMR will generally vote in favor of charter and by-law amendments expanding the indemnification of directors and/or limiting their liability for breaches of care unless FMR is otherwise dissatisfied with the performance of management or the proposal is accompanied by Anti-Takeover Provisions.</R>

<R> C. Independent Chairperson</R>

<R> FMR will generally vote against shareholder proposals calling for or recommending the appointment of a non-executive or independent chairperson. However, FMR will consider voting for such proposals in limited cases if, based upon particular facts and circumstances, appointment of a non-executive or independent chairperson appears likely to further the interests of shareholders and to promote effective oversight of management by the board of directors.</R>

<R> D. Majority Director Elections</R>

<R> FMR will generally vote in favor of proposals calling for directors to be elected by an affirmative majority of votes cast in a board election, provided that the proposal allows for plurality voting standard in the case of contested elections (i.e., where there are more nominees than board seats). FMR may consider voting against such shareholder proposals where a company's board has adopted an alternative measure, such as a director resignation policy, that provides a meaningful alternative to the majority voting standard and appropriately addresses situations where an incumbent director fails to receive the support of a majority of the votes cast in an uncontested election.</R>

<R>IV. Compensation</R>

<R> A. Equity award plans (including stock options, restricted stock awards, and other stock awards).</R>

<R> FMR will generally vote against equity award plans or amendments to authorize additional shares under such plans if:</R>

<R> 1. (a) The dilution effect of the shares outstanding and available for issuance pursuant to all plans, plus any new share requests is greater than 10% for a Large-Capitalization Company, 15% for a Small-Capitalization Company or 20% for a Micro-Capitalization Company; and (b) there were no circumstances specific to the company or the plans that lead FMR to conclude that the level of dilution in the plan or the amendments is acceptable.</R>

<R> 2. In the case of stock option plans, (a) the offering price of options is less than 100% of fair market value on the date of grant, except that the offering price may be as low as 85% of fair market value if the discount is expressly granted in lieu of salary or cash bonus; (b) the plan's terms allow repricing of underwater options; or (c) the board/committee has repriced options outstanding under the plan in the past two years.</R>

<R> 3. The plan may be materially altered without shareholder approval, including increasing the benefits accrued to participants under the plan; increasing the number of securities which may be issued under the plan; modifying the requirements for participation in the plan; or including a provision allowing the board to lapse or waive restrictions at its discretion, except in limited cases relating to death, disability, retirement, or change in control.</R>

<R> 4. Awards to non-employee directors are subject to management discretion.</R>

<R> 5. In the case of stock awards, the restriction period is less than three years for non-performance-based awards, and less than one year for performance-based awards.</R>

<R> FMR will consider approving an equity award plan or an amendment to authorize additional shares under such plan if, without complying with the guidelines immediately above, the following two conditions are met:</R>

<R> 1. The shares are granted by a compensation committee composed entirely of independent directors; and</R>

<R> 2. The shares are limited to 5% (Large-Capitalization Company) and 10% (Small-or Micro-Capitalization Company) of the shares authorized for grant under the plan.</R>

<R> B. Equity Exchanges and Repricing</R>

<R> FMR will generally vote in favor of a management proposal to exchange, reprice or tender for cash, outstanding options if the proposed exchange, repricing, or tender offer is consistent with the interests of shareholders, taking into account such factors as:</R>

<R> 1. Whether the proposal excludes senior management and directors;</R>

<R> 2. Whether the exchange or repricing proposal is value neutral to shareholders based upon an acceptable pricing model;</R>

<R> 3. The company's relative performance compared to other companies within the relevant industry or industries;</R>

<R> 4. Economic and other conditions affecting the relevant industry or industries in which the company competes; and</R>

<R> 5. Any other facts or circumstances relevant to determining whether an exchange or repricing proposal is consistent with the interests of shareholders.</R>

<R> C. Employee Stock Purchase Plans</R>

<R> FMR will generally vote against employee stock purchase plans if the plan violates any of the criteria in section IV(A) above, except that the minimum stock purchase price may be equal to or greater than 85% of the stock's fair market value if the plan constitutes a reasonable effort to encourage broad based participation in the company's equity. In the case of non-U.S. company stock purchase plans, FMR may permit a lower minimum stock purchase price equal to the prevailing "best practices" in the relevant non-U.S. market, provided that the minimum stock purchase price must be at least 75% of the stock's fair market value.</R>

<R> D. Employee Stock Ownership Plans (ESOPs)</R>

<R> FMR will generally vote in favor of non-leveraged ESOPs. For leveraged ESOPs, FMR may examine the company's state of incorporation, existence of supermajority vote rules in the charter, number of shares authorized for the ESOP, and number of shares held by insiders. FMR may also examine where the ESOP shares are purchased and the dilution effect of the purchase. FMR will generally vote against leveraged ESOPs if all outstanding loans are due immediately upon change in control.</R>

<R> E. Executive Compensation</R>

<R> FMR will generally vote against management proposals on stock-based compensation plans or other compensation plans if such proposals are inconsistent with the interests of shareholders, taking into account such factors as: (i) whether the company has an independent compensation committee; and (ii) whether the compensation committee has authority to engage independent compensation consultants.</R>

<R> F. Bonus Plans and Tax Deductibility Proposals</R>

<R> FMR will generally vote in favor of cash and stock incentive plans that are submitted for shareholder approval in order to qualify for favorable tax treatment under Section 162(m) of the Internal Revenue Code, provided that the plan includes well defined and appropriate performance criteria, and with respect to any cash component, that the maximum award per participant is clearly stated and is not unreasonable or excessive.</R>

<R>V. Anti-Takeover Provisions</R>

<R> FMR will generally vote against a proposal to adopt or approve the adoption of an Anti-Takeover Provision unless:</R>

<R> A. The Poison Pill includes the following features:</R>

<R> 1. A Sunset Provision of no greater than five years;</R>

<R> 2. Linked to a business strategy that is expected to result in greater value for the shareholders;</R>

<R> 3. Requires shareholder approval to be reinstated upon expiration or if amended;</R>

<R> 4. Contains a Permitted Bid Feature; and</R>

<R> 5. Allows the Fidelity Funds to hold an aggregate position of up to 20% of a company's total voting securities and of any class of voting securities.</R>

<R> B. An Anti-Greenmail proposal that does not include other Anti-Takeover Provisions; or</R>

<R> C. It is a fair price amendment that considers a two-year price history or less.</R>

<R> FMR will generally vote in favor of proposals to eliminate Anti-Takeover Provisions. In the case of proposals to declassify a board of directors, FMR will generally vote against such a proposal if the issuer's Articles of Incorporation or applicable statutes include a provision whereby a majority of directors may be removed at any time, with or without cause, by written consent, or other reasonable procedures, by a majority of shareholders entitled to vote for the election of directors.</R>

<R>VI. Capital Structure/Incorporation</R>

<R> A. Increases in Common Stock</R>

<R> FMR will generally vote against a provision to increase a company's common stock if such increase will result in a total number of authorized shares greater than three times the current number of outstanding and scheduled to be issued shares, including stock options, except in the case of real estate investment trusts, where an increase that will result in a total number of authorized shares up to five times the current number of outstanding and scheduled to be issued shares is generally acceptable.</R>

<R> B. New Classes of Shares</R>

<R> FMR will generally vote against the introduction of new classes of stock with differential voting rights.</R>

<R> C. Cumulative Voting Rights</R>

<R> FMR will generally vote against the introduction and in favor of the elimination of cumulative voting rights.</R>

<R> D. Acquisition or Business Combination Statutes</R>

<R> FMR will generally vote in favor of proposed amendments to a company's certificate of incorporation or by-laws that enable the company to opt out of the control shares acquisition or business combination statutes.</R>

<R> E. Incorporation or Reincorporation in Another State or Country</R>

<R> FMR will generally vote against shareholder proposals calling for or recommending that a portfolio company reincorporate in the United States and vote in favor of management proposals to reincorporate in a jurisdiction outside the United States if (i) it is lawful under United States, state and other applicable law for the company to be incorporated under the laws of the relevant foreign jurisdiction and to conduct its business and (ii) reincorporating or maintaining a domicile in the United States would likely give rise to adverse tax or other economic consequences detrimental to the interests of the company and its shareholders. However, FMR will consider supporting such shareholder proposals and opposing such management proposals in limited cases if, based upon particular facts and circumstances, reincorporating in or maintaining a domicile in the relevant foreign jurisdiction gives rise to significant risks or other potential adverse consequences that appear reasonably likely to be detrimental to the interests of the company or its shareholders.</R>

<R>VII. Shares of Investment Companies</R>

<R> A. When a Fidelity Fund invests in an underlying Fidelity Fund with public shareholders, an exchange traded fund (ETF), or non-affiliated fund, FMR will vote in the same proportion as all other voting shareholders of such underlying fund or class ("echo voting").</R>

<R> B. Certain Fidelity Funds may invest in shares of underlying Fidelity Funds which are held exclusively by Fidelity Funds or accounts managed by an FMR or an affiliate. FMR will generally vote in favor of proposals recommended by the underlying funds' Board of Trustees.</R>

<R>VIII. Other</R>

<R> A. Voting Process</R>

<R> FMR will generally vote in favor of proposals to adopt confidential voting and independent vote tabulation practices.</R>

<R> B. Regulated Industries</R>

<R> Voting of shares in securities of any regulated industry (e.g. U.S. banking) organization shall be conducted in a manner consistent with conditions that may be specified by the industry's regulator (e.g. the Federal Reserve Board) for a determination under applicable law (e.g. federal banking law) that no fund or group of funds has acquired control of such organization.</R>

<R>To view a fund's proxy voting record for the most recent 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the SEC's web site at www.sec.gov.</R>

DISTRIBUTION SERVICES

For purposes of the following "Distribution Services" discussion, the term "shares" (as it relates to the funds) means, as applicable, the shares of a non-multiple class fund offered through the prospectus to which this SAI relates or one class of shares of a multiple class fund offered through the prospectus to which this SAI relates.

Each fund has entered into a distribution agreement with FDC, an affiliate of FMR. The principal business address of FDC is 82 Devonshire Street, Boston, Massachusetts 02109. FDC is a broker-dealer registered under the Securities Exchange Act of 1934 and a member of the National Association of Securities Dealers, Inc. The distribution agreements call for FDC to use all reasonable efforts, consistent with its other business, to secure purchasers for shares of the funds, which are continuously offered at NAV. Promotional and administrative expenses in connection with the offer and sale of shares are paid by FMR.

The Trustees have approved Distribution and Service Plans with respect to shares of each fund (the Plans) pursuant to Rule 12b-1 under the 1940 Act (the Rule). The Rule provides in substance that a mutual fund may not engage directly or indirectly in financing any activity that is primarily intended to result in the sale of shares of the fund except pursuant to a plan approved on behalf of the fund under the Rule. The Plans, as approved by the Trustees, allow shares of the funds and FMR to incur certain expenses that might be considered to constitute indirect payment by the funds of distribution expenses.

Under each Plan, if the payment of management fees by the fund to FMR is deemed to be indirect financing by the fund of the distribution of its shares, such payment is authorized by the Plan. Each Plan specifically recognizes that FMR may use its management fee revenue, as well as its past profits or its other resources, 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. In addition, each Plan provides that FMR, directly or through FDC, may pay significant amounts to intermediaries, including retirement plan sponsors, administrators, and service-providers (who may be affiliated with FMR or FDC), that provide those services. Currently, the Board of Trustees has authorized such payments for shares of the fund.

Prior to approving each Plan, the Trustees carefully considered all pertinent factors relating to the implementation of the Plan, and determined that there is a reasonable likelihood that the Plan will benefit the fund or class, as applicable, and its shareholders. In particular, the Trustees noted that each Plan does not authorize payments by shares of the fund other than those made to FMR under its management contract with the fund. To the extent that each Plan gives FMR and FDC greater flexibility in connection with the distribution of shares of the fund, additional sales of shares of the fund or stabilization of cash flows may result. Furthermore, certain shareholder support services may be provided more effectively under the Plans by local entities with whom shareholders have other relationships.

FDC or an affiliate may compensate, or upon direction make payments for certain retirement plan expenses to, intermediaries, including retirement plan sponsors, administrators, and service-providers (including affiliates of FDC). A number of factors are considered in determining whether to pay these additional amounts. Such factors may include, without limitation, the level or type of services provided by the intermediary, the level or expected level of assets or sales of shares, and other factors. In addition to such payments, FDC or an affiliate may offer other incentives such as sponsorship of educational or client seminars relating to current products and issues, payments or reimbursements for travel and related expenses associated with due diligence trips that an intermediary may undertake in order to explore possible business relationships with affiliates of FDC, and/or payments of costs and expenses associated with attendance at seminars, including travel, lodging, entertainment, and meals. Certain of the payments described above may be significant to an intermediary. As permitted by SEC and the National Association of Securities Dealers rules and other applicable laws and regulations, FDC or an affiliate may pay or allow other incentives or payments to intermediaries.

A fund's transfer agent or an affiliate may also make payments and reimbursements from its own resources to certain intermediaries (who may be affiliated with the transfer agent) for providing recordkeeping and administrative services to plan participants or for providing other services to retirement plans. Please see "Transfer and Service Agent Agreements" in this SAI for more information.

FDC or an affiliate may also make payments to banks, broker-dealers and other service-providers (who may be affiliated with FDC) for distribution-related activities and/or shareholder services. If you have purchased shares of a fund through an investment professional, please speak with your investment professional to learn more about any payments his or her firm may receive from FMR, 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.

Any of the payments described in this section may represent a premium over payments made by other fund families. Investment professionals may have an added incentive to sell or recommend a fund over others offered by competing fund families, or retirement plan sponsors may take these payments into account when deciding whether to include a fund as a plan investment option.

TRANSFER AND SERVICE AGENT AGREEMENTS

For purposes of the following "Transfer and Service Agent Agreements" discussion, the term "shares" (as it relates to the funds) means, as applicable, the shares of a non-multiple class fund offered through the prospectus to which this SAI relates or the one class of shares of a multiple class fund offered through the prospectus to which this SAI relates.

Each fund has entered into a transfer agent agreement with FIIOC, an affiliate of FMR, which is located at 82 Devonshire Street, Boston, Massachusetts 02109. Under the terms of the agreements, FIIOC (or an agent, including an affiliate) performs transfer agency services for shares of each fund.

For providing transfer agency services, FIIOC receives a position fee and an asset-based fee with respect to each position in a fund. For retail accounts, these fees are based on fund type. For certain institutional accounts, these fees are based on size of position and fund type. For institutional retirement accounts, these fees are based on account type and fund type. The position fee is billed monthly on a pro rata basis at one-twelfth of the applicable annual rate as of the end of each calendar month. The asset-based fee is calculated and paid monthly on the basis of each class's average daily net assets. The position fees are subject to increase based on postage rate changes.

The asset-based fees are subject to adjustment if the year-to-date total return of the S&P 500 exceeds a positive or negative 15%.

FIIOC also may collect fees charged in connection with providing certain types of services such as exchanges, closing out fund balances, maintaining fund positions with low balances, checkwriting, wire transactions, and providing historical account research.

In addition, FIIOC receives the pro rata portion of the transfer agency fees applicable to shareholder accounts in a qualified tuition program (QTP), as defined under the Small Business Job Protection Act of 1996, managed by FMR or an affiliate and in certain funds of funds managed by an FMR affiliate, according to the percentage of the QTP's, or a fund of funds' assets that is invested in a fund.

FIIOC bears the expense of typesetting, printing, and mailing prospectuses, statements of additional information, and all other reports, notices, and statements to existing shareholders, with the exception of proxy statements.

Many fund shares are owned by intermediaries for the benefit of their customers. Since a fund often does not maintain an account for shareholders in those instances, some or all of the recordkeeping services for these accounts may be performed by third parties. FIIOC or an affiliate may make payments to intermediaries (including affiliates of FIIOC) for recordkeeping and other services.

Retirement plans may also hold fund shares in the name of the plan or its trustee, rather than the plan participant. In situations where FIIOC or an affiliate does not provide recordkeeping services, plan recordkeepers, who may have affiliated financial intermediaries who sell shares of the funds, may, upon direction, be paid for providing recordkeeping services to plan participants. Payments may also be made, upon direction, for other plan expenses. FIIOC may also pay an affiliate for providing services that otherwise would have been performed by FIIOC.

In certain situations where FIIOC or an affiliate provides recordkeeping services to a retirement plan, payments may be made to pay for plan expenses. The amount of such payments may be based on investments in particular Fidelity funds, or may be fixed for a given period of time. Upon direction, payments may be made to plan sponsors, or at the direction of plan sponsors, third parties, for expenses incurred in connection with the plan. FIIOC may also pay an affiliate for providing services that otherwise would have been performed by FIIOC.

Each fund has also entered into a service agent agreement with FSC (or an agent, including an affiliate). Each fund has also entered into a securities lending administration agreement with FSC. Under the terms of the agreements, FSC calculates the NAV and dividends for shares of each fund, maintains each fund's portfolio and general accounting records, and administers each fund's securities lending program.

For providing pricing and bookkeeping services, FSC receives a monthly fee based on each fund's average daily net assets throughout the month.

<R>The annual rates for pricing and bookkeeping services for the funds (other than Gold) are 0.0389% of the first $1 billion of average net assets, 0.0275% of average net assets between $1 billion and $4 billion, 0.0041% of average net assets between $4 billion and $25 billion, and 0.0019% of average net assets in excess of $25 billion.</R>

The annual rates for pricing and bookkeeping services for Gold are 0.0518% of the first $500 million of average net assets, 0.0415% of average net assets between $500 million and $3.5 billion, 0.0041% of average net assets between $3.5 billion and $25 billion, and 0.0019% of average net assets in excess of $25 billion.

Pricing and bookkeeping fees paid by the funds to FSC for the past three fiscal years are shown in the following table.

<R>Fund	2009	2008	2007</R>
<R>Air Transportation	$ 17,348	$ 30,349	$ 52,327</R>
<R>Automotive	$ 5,834	$ 16,139	$ 11,228</R>
<R>Banking	$ 102,168	$ 114,952	$ 169,154</R>
<R>Biotechnology	$ 390,004	$ 411,691	$ 561,018</R>
<R>Brokerage and Investment Management	$ 195,740	$ 318,900	$ 418,587</R>
<R>Chemicals	$ 153,284	$ 83,595	$ 43,694</R>
<R>Communications Equipment	$ 79,143	$ 121,899	$ 184,496</R>
<R>Computers	$ 134,894	$ 195,637	$ 214,253</R>
<R>Construction and Housing	$ 32,292	$ 41,623	$ 81,425</R>
<R>Consumer Discretionary	$ 8,857	$ 12,977	$ 23,389</R>
<R>Consumer Staples	$ 295,874	$ 193,407	$ 100,295</R>
<R>Defense and Aerospace	$ 289,326	$ 425,418	$ 383,006</R>
<R>Electronics	$ 322,216	$ 532,870	$ 798,579</R>
<R>Energy	$ 736,497	$ 809,342	$ 878,100</R>
<R>Energy Service	$ 561,975	$ 623,041	$ 594,551</R>
<R>Environmental	$ 17,667	$ 15,637	$ 35,736</R>
<R>Financial Services	$ 135,137	$ 179,304	$ 225,761</R>
<R>Gold	$ 820,491	$ 517,828	$ 535,807</R>
<R>Health Care	$ 496,978	$ 636,156	$ 751,806</R>
<R>Home Finance	$ 40,111	$ 77,666	$ 124,970</R>
<R>Industrial Equipment	$ 45,000	$ 57,913	$ 38,804</R>
<R>Industrials	$ 47,051	$ 41,362	$ 37,315</R>
<R>Insurance	$ 41,424	$ 85,710	$ 91,752</R>
<R>IT Services	$ 21,694	$ 18,993	$ 17,642</R>
<R>Leisure	$ 67,757	$ 96,265	$ 103,723</R>
<R>Materials	$ 124,562	$ 139,264	$ 89,751</R>
<R>Medical Delivery	$ 141,789	$ 236,534	$ 336,530</R>
<R>Medical Equipment and Systems	$ 397,296	$ 307,616	$ 344,315</R>
<R>Multimedia	$ 16,187	$ 28,465	$ 45,067</R>
<R>Natural Gas	$ 468,882	$ 414,820	$ 480,225</R>
<R>Natural Resources	$ 590,339	$ 530,408	$ 411,603</R>
<R>Networking and Infrastructure	$ 18,286	$ 27,982	$ 53,391</R>
<R>Paper and Forest Products	$ 6,159	$ 16,212	$ 11,767</R>
<R>Pharmaceuticals	$ 58,035	$ 81,680	$ 89,125</R>
<R>Retailing	$ 18,708	$ 26,016	$ 35,661</R>
<R>Software and Computer Services	$ 244,063	$ 301,496	$ 292,524</R>
<R>Technology	$ 400,220	$ 562,654	$ 617,486</R>
<R>Telecommunications	$ 101,050	$ 217,250	$ 214,677</R>
<R>Transportation	$ 34,439	$ 35,550	$ 51,712</R>
<R>Utilities	$ 178,935	$ 297,222	$ 198,374</R>
<R>Wireless	$ 109,386	$ 189,925	$ 168,910</R>

For administering each fund's securities lending program, FSC is paid based on the number and duration of individual securities loans.

Payments made by the funds to FSC for securities lending for the past three fiscal years are shown in the following table.

<R>Fund	2009	2008	2007</R>
<R>Air Transportation	$ 1,222	$ 2,762	$ 2,662</R>
<R>Automotive	$ 499	$ 1,639	$ 554</R>
<R>Banking	$ 12,690	$ 5,595	$ 4,555</R>
<R>Biotechnology	$ 22,755	$ 34,960	$ 53,151</R>
<R>Brokerage and Investment Management	$ 12,274	$ 27,272	$ 19,414</R>
<R>Chemicals	$ 4,914	$ 4,219	$ 294</R>
<R>Communications Equipment	$ 4,496	$ 5,466	$ 3,914</R>
<R>Computers	$ 5,060	$ 8,056	$ 6,487</R>
<R>Construction and Housing	$ 2,843	$ 3,830	$ 4,630</R>
<R>Consumer Discretionary	$ 623	$ 346	$ 440</R>
<R>Consumer Staples	$ 7,257	$ 3,756	$ 2,500</R>
<R>Defense and Aerospace	$ 2,861	$ 14,209	$ 5,654</R>
<R>Electronics	$ 14,681	$ 30,777	$ 28,308</R>
<R>Energy	$ 13,387	$ 4,035	$ 8,805</R>
<R>Energy Service	$ 27,744	$ 5,315	$ 6,865</R>
<R>Environmental	$ 1,595	$ 971	$ 1,979</R>
<R>Financial Services	$ 7,093	$ 2,701	$ 2,626</R>
<R>Gold	$ 11,468	$ 5,701	$ 6,372</R>
<R>Health Care	$ 4,546	$ 11,012	$ 7,474</R>
<R>Home Finance	$ 4,485	$ 6,919	$ 4,191</R>
<R>Industrial Equipment	$ 1,599	$ 2,333	$ 503</R>
<R>Industrials	$ 781	$ 736	$ 479</R>
<R>Insurance	$ 3,019	$ 5,315	$ 2,641</R>
<R>IT Services	$ 1,422	$ 1,321	$ 131</R>
<R>Leisure	$ 4,790	$ 4,696	$ 3,389</R>
<R>Materials	$ 3,876	$ 2,324	$ 1,381</R>
<R>Medical Delivery	$ 2,728	$ 7,094	$ 5,396</R>
<R>Medical Equipment and Systems	$ 13,391	$ 13,700	$ 8,529</R>
<R>Multimedia	$ 1,550	$ 1,328	$ 1,824</R>
<R>Natural Gas	$ 21,176	$ 21,699	$ 17,472</R>
<R>Natural Resources	$ 7,760	$ 9,167	$ 5,320</R>
<R>Networking and Infrastructure	$ 758	$ 1,245	$ 1,766</R>
<R>Paper and Forest Products	$ 271	$ 319	$ 73</R>
<R>Pharmaceuticals	$ 2,095	$ 3,811	$ 2,285</R>
<R>Retailing	$ 1,554	$ 2,327	$ 1,580</R>
<R>Software and Computer Services	$ 16,974	$ 22,971	$ 8,159</R>
<R>Technology	$ 16,306	$ 22,563	$ 11,851</R>
<R>Telecommunications	$ 8,638	$ 17,998	$ 11,104</R>
<R>Transportation	$ 1,995	$ 2,158	$ 1,354</R>
<R>Utilities	$ 5,129	$ 8,579	$ 3,373</R>
<R>Wireless	$ 8,051	$ 5,849	$ 3,933</R>

DESCRIPTION OF THE TRUST

<R>Trust Organization. Air Transportation Portfolio, Automotive Portfolio, Banking Portfolio, Biotechnology Portfolio, Brokerage and Investment Management Portfolio, Chemicals Portfolio, Communications Equipment Portfolio, Computers Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Consumer Staples Portfolio, Defense and Aerospace Portfolio, Electronics Portfolio, Energy Portfolio, Energy Service Portfolio, Environmental Portfolio, Financial Services Portfolio, Gold Portfolio, Health Care Portfolio, Home Finance Portfolio, Industrial Equipment Portfolio, Industrials Portfolio, Insurance Portfolio, IT Services Portfolio, Leisure Portfolio, Materials Portfolio, Medical Delivery Portfolio, Medical Equipment and Systems Portfolio, Multimedia Portfolio, Natural Gas Portfolio, Natural Resources Portfolio, Networking and Infrastructure Portfolio, Paper and Forest Products Portfolio, Pharmaceuticals Portfolio, Retailing Portfolio, Software and Computer Services Portfolio, Technology Portfolio, Telecommunications Portfolio, Transportation Portfolio, Utilities Portfolio, and Wireless Portfolio are funds of Fidelity Select Portfolios, an open-end management investment company created under an initial declaration of trust dated November 20, 1980. On October 1, 2006, Communications Equipment Portfolio changed its name from Developing Communications Portfolio to Communications Equipment Portfolio; Consumer Discretionary Portfolio changed its name from Consumer Industries Portfolio to Consumer Discretionary Portfolio; Consumer Staples Portfolio changed its name from Food and Agriculture Portfolio to Consumer Staples Portfolio; Industrials Portfolio changed its name from Cyclical Industries Portfolio to Industrials Portfolio; IT Services Portfolio changed its name from Business Services and Outsourcing Portfolio to IT Services Portfolio; and Materials Portfolio changed its name from Industrial Materials Portfolio to Materials Portfolio. On January 16, 2009, Utilities Portfolio changed its name from Utilities Growth Portfolio to Utilities Portfolio. Currently, there are 41 funds offered in Fidelity Select Portfolios: Air Transportation Portfolio, Automotive Portfolio, Banking Portfolio, Biotechnology Portfolio, Brokerage and Investment Management Portfolio, Chemicals Portfolio, Communications Equipment Portfolio, Computers Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Consumer Staples Portfolio, Defense and Aerospace Portfolio, Electronics Portfolio, Energy Portfolio, Energy Service Portfolio, Environmental Portfolio, Financial Services Portfolio, Gold Portfolio, Health Care Portfolio, Home Finance Portfolio, Industrial Equipment Portfolio, Industrials Portfolio, Insurance Portfolio, IT Services Portfolio, Leisure Portfolio, Materials Portfolio, Medical Delivery Portfolio, Medical Equipment and Systems Portfolio, Multimedia Portfolio, Natural Gas Portfolio, Natural Resources Portfolio, Networking and Infrastructure Portfolio, Paper and Forest Products Portfolio, Pharmaceuticals Portfolio, Retailing Portfolio, Software and Computer Services Portfolio, Technology Portfolio, Telecommunications Portfolio, Transportation Portfolio, Utilities Portfolio, and Wireless Portfolio. The Trustees are permitted to create additional funds in the trust and to create additional classes of the funds.</R>

<R>The assets of the trust received for the issue or sale of shares of each fund and all income, earnings, profits, and proceeds thereof, subject to the rights of creditors, are allocated to such fund, and constitute the underlying assets of such fund. The underlying assets of each fund in the trust shall be charged with the liabilities and expenses attributable to such fund, except that liabilities and expenses may be allocated to a particular class. Any general expenses of the trust shall be allocated between or among any one or more of the funds or classes.</R>

Shareholder Liability. The trust is an entity commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders of such a trust may, under certain circumstances, be held personally liable for the obligations of the trust.

The Declaration of Trust contains an express disclaimer of shareholder liability for the debts, liabilities, obligations, and expenses of the trust or fund. The Declaration of Trust provides that the trust shall not have any claim against shareholders except for the payment of the purchase price of shares and requires that each agreement, obligation, or instrument entered into or executed by the trust or the Trustees relating to the trust or to a fund shall include a provision limiting the obligations created thereby to the trust or to one or more funds and its or their assets. The Declaration of Trust further provides that shareholders of a fund shall not have a claim on or right to any assets belonging to any other fund.

The Declaration of Trust provides for indemnification out of each fund's property of any shareholder or former shareholder held personally liable for the obligations of the fund solely by reason of his or her being or having been a shareholder and not because of his or her acts or omissions or for some other reason. The Declaration of Trust also provides that each fund shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the fund and satisfy any judgment thereon. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which a fund itself would be unable to meet its obligations. FMR believes that, in view of the above, the risk of personal liability to shareholders is remote. Claims asserted against one class of shares may subject holders of another class of shares to certain liabilities.

Voting Rights. Each fund's capital consists of shares of beneficial interest. As a shareholder, you are entitled to one vote for each dollar of net asset value you own. The voting rights of shareholders can be changed only by a shareholder vote. Shares may be voted in the aggregate, by fund, and by class.

The shares have no preemptive or conversion rights. Shares are fully paid and nonassessable, except as set forth under the heading "Shareholder Liability" above.

The trust or a fund or a class may be terminated upon the sale of its assets to, or merger with, another open-end management investment company, series, or class thereof, or upon liquidation and distribution of its assets. The Trustees may reorganize, terminate, merge, or sell all or a portion of the assets of the trust or a fund or a class without prior shareholder approval. In the event of the dissolution or liquidation of the trust, shareholders of each of its funds are entitled to receive the underlying assets of such fund available for distribution. In the event of the dissolution or liquidation of a fund or a class, shareholders of that fund or that class are entitled to receive the underlying assets of the fund or class available for distribution.

<R>Custodians. Brown Brothers Harriman & Co., 40 Water Street, Boston, Massachusetts, is custodian of the assets of each fund. The custodian is responsible for the safekeeping of a fund's assets and the appointment of any subcustodian banks and clearing agencies. JPMorgan Chase Bank, headquartered in New York, also may serve as a special purpose custodian of certain assets in connection with repurchase agreement transactions. The Bank of New York Mellon, headquartered in New York, also may serve as a special purpose custodian of certain assets in connection with repurchase agreement transactions.</R>

FMR, its officers and directors, its affiliated companies, Members of the Advisory Board, and Members of the Board of Trustees may, from time to time, conduct transactions with various banks, including banks serving as custodians for certain funds advised by FMR. The Boston branch of the fund's custodian leases its office space from an affiliate of FMR at a lease payment which, when entered into, was consistent with prevailing market rates. Transactions that have occurred to date include mortgages and personal and general business loans. In the judgment of FMR, the terms and conditions of those transactions were not influenced by existing or potential custodial or other fund relationships.

Independent Registered Public Accounting Firm. PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts, independent registered public accounting firm, examines financial statements for each fund and provides other audit, tax, and related services.

FINANCIAL STATEMENTS

<R>Each fund's financial statements and financial highlights for the fiscal year ended February 28, 2009, and report of the independent registered public accounting firm, are included in the fund's annual report and are incorporated herein by reference. Total annual operating expenses as shown in the prospectus fee table may differ from the ratios of expenses to average net assets in the financial highlights because total annual operating expenses as shown in the prospectus fee table include any acquired fund fees and expenses, whereas the ratios of expenses in the financial highlights do not. Acquired funds include other investment companies (such as central funds or other underlying funds) in which a fund has invested, if and to the extent it is permitted to do so. Total annual operating expenses in the prospectus fee table and the financial highlights do not include any expenses associated with investments in certain structured or synthetic products that may rely on the exception from the definition of "investment company" provided by section 3(c)(1) or 3(c)(7) of the 1940 Act.</R>

FUND HOLDINGS INFORMATION

Each fund views holdings information as sensitive and limits its dissemination. The Board authorized FMR to establish and administer guidelines for the dissemination of fund holdings information, which may be amended at any time without prior notice. FMR's Disclosure Policy Committee (comprising executive officers of FMR) evaluates disclosure policy with the goal of serving a fund's best interests by striking an appropriate balance between providing information about a fund's portfolio and protecting a fund from potentially harmful disclosure. The Board reviews the administration and modification of these guidelines and receives reports from the funds' chief compliance officer periodically.

<R>Each fund will provide a full list of holdings, including its top ten holdings, monthly on www.fidelity.com 30 days after the month-end (excluding high income security holdings, which generally will be presented collectively monthly and included in a list of full holdings 60 days after its fiscal quarter-end).</R>

Each fund will provide its top ten holdings (excluding cash and futures) as of the end of the calendar quarter on Fidelity's web site 15 or more days after the calendar quarter-end.

This information will be available on the web site until updated for the next applicable period.

<R>A fund may also from time to time provide or make available to the Board or third parties upon request specific fund level performance attribution information and statistics. Third parties may include fund shareholders or prospective fund shareholders, members of the press, consultants, and ratings and ranking organizations.</R>

<R>The Use of Holdings In Connection With Fund Operations. Material non-public holdings information may be provided as part of the investment activities of each fund to: entities which, by explicit agreement or by virtue of their respective duties to the fund, are required to maintain the confidentiality of the information disclosed; other parties if legally required; or persons FMR believes will not misuse the disclosed information. These entities, parties, and persons include: a fund's trustees; a fund's manager, its sub-advisers and their affiliates whose access persons are subject to a code of ethics; contractors who are subject to a confidentiality agreement; a fund's auditors; a fund's custodians; proxy voting service providers; financial printers; pricing service vendors; broker-dealers in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities; securities lending agents; counsel to a fund or its Independent Trustees; regulatory authorities; stock exchanges and other listing organizations; parties to litigation; and third-parties in connection with a bankruptcy proceeding relating to a fund holding. Non-public holdings information may also be provided to an issuer regarding the number or percentage of its shares that are owned by a fund and in connection with redemptions in kind.</R>

Other Uses Of Holdings Information. In addition, each fund may provide material non-public holdings information to (i) third-parties that calculate information derived from holdings for use by FMR or its affiliates, (ii) third parties that supply their analyses of holdings (but not the holdings themselves) to their clients (including sponsors of retirement plans or their consultants), (iii) ratings and rankings organizations, and (iv) an investment adviser, trustee, or their agents to whom holdings are disclosed for due diligence purposes or in anticipation of a merger involving a fund. Each individual request is reviewed by the Disclosure Policy Committee which must find, in its sole discretion that, based on the specific facts and circumstances, the disclosure appears unlikely to be harmful to a fund. Entities receiving this information must have in place control mechanisms to reasonably ensure or otherwise agree that, (a) the holdings information will be kept confidential, (b) no employee shall use the information to effect trading or for their personal benefit, and (c) the nature and type of information that they, in turn, may disclose to third-parties is limited. FMR relies primarily on the existence of non-disclosure agreements and/or control mechanisms when determining that disclosure is not likely to be harmful to a fund.

<R>At this time, the entities receiving information described in the preceding paragraph are: Factset Research Systems Inc. (full or partial fund holdings daily, on the next business day); Thomson Vestek (full holdings, as of the end of the calendar quarter, 15 calendar days after the calendar quarter-end); Standard & Poor's Rating Services (full holdings weekly (generally as of the previous Friday), generally 5 business days thereafter); Moody's Investors Service (full holdings monthly, (generally as of the last Friday of each month), generally the first Friday of the following month); Anacomp Inc. (full or partial holdings daily, on the next business day); and Fitch Inc. and certain affiliates (full holdings weekly (generally as of the previous Friday), generally 5 business days thereafter).</R>

FMR, its affiliates, or the funds will not enter into any arrangements with third-parties from which they derive consideration for the disclosure of material non-public holdings information. If, in the future, FMR desired to make such an arrangement, it would seek prior Board approval and any such arrangements would be disclosed in the funds' SAI.

There can be no assurance that the funds' policies and procedures with respect to disclosure of fund portfolio holdings will prevent the misuse of such information by individuals and firms that receive such information.

APPENDIX

Fidelity, Select Portfolios, and Fidelity Investments & (Pyramid) Design, are registered trademarks of FMR LLC.

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

Fidelity Advisor

Consumer Staples

Fund

Class A

(Fund 1779)

Class T

(Fund 1782)

Class B

(Fund 1780)

Class C

(Fund 1781)

Prospectus

<R>April 29, 2009</R>

Class A, Class T, Class B, and Class C are classes of Select Consumer Staples Portfolio
(fidelity_logo_graphic)
82 Devonshire Street, Boston, MA 02109

Fund Summary	<Click Here>	Investment Summary
	<Click Here>	Performance
	<Click Here>	Fee Table
Fund Basics	<Click Here>	Investment Details
	<Click Here>	Valuing Shares
Shareholder Information	<Click Here>	Buying and Selling 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

Prospectus

Fund Summary

Investment Summary

Investment Objective

The fund seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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, and government regulation, the performance of the overall economy, interest rates, and consumer confidence.
<R>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.</R>

In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

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.

Performance

<R>The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the fund's performance from year to year, as represented by the performance of Class A and compares the performance of each class to the performance of a market index and an additional index over various periods of time. Returns (before and after taxes) are based on past results and are not an indication of future performance.</R>

Prospectus

Fund Summary - continued

<R>Visit www.advisor.fidelity.com for current return information.</R>

Year-by-Year Returns

The returns in the chart do not include the effect of Class A's front-end sales charge. If the effect of the sales charge were reflected, returns would be lower than those shown.

<R>Consumer Staples - Class A</R>
<R>Calendar Years	2007	2008</R>
<R>	21.26%	-22.51%</R>

<R>During the periods shown in the chart for Class A of Consumer Staples:	Returns	Quarter ended</R>
<R>Highest Quarter Return	8.43%	September 30, 2007</R>
<R>Lowest Quarter Return	-13.00%	December 31, 2008</R>
<R>Year-to-Date Return	-10.38%	March 31, 2009</R>

Average Annual Returns

The returns in the following table include the effect of Class A's and Class T's maximum applicable front-end sales charge and Class B's and Class C's maximum applicable contingent deferred sales charge (CDSC). 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. 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. 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.

Prospectus

<R>For the periods ended December 31, 2008	Past 1 year	Life of class^A</R>
<R>Consumer Staples		</R>
<R>Class A - Return Before Taxes	-26.97%	-5.45%</R>
<R> Return After Taxes on Distributions	-27.12%	-5.93%</R>
<R> Return After Taxes on Distributions and Sale of Fund Shares	-17.34%	-4.65%</R>
<R>Class T - Return Before Taxes	-25.44%	-4.66%</R>
<R>Class B - Return Before Taxes	-26.93%	-4.84%</R>
<R>Class C - Return Before Taxes	-23.86%	-3.45%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	-37.00%	-17.80%</R>
<R>MSCI^® US Investable Market Consumer Staples Index (reflects no deduction for fees, expenses, or taxes)	-16.38%	-2.02%</R>

^AFrom December 12, 2006.

<R>Standard & Poor's 500^SM Index (S&P 500^®) 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.</R>

<R>MSCI^® U.S. Investable Market Consumer Staples Index is a market capitalization-weighted index of stocks designed to measure the performance of Consumer Staples companies in the MSCI U.S. Investable Market 2500 Index.</R>

<R>MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 Indexes.</R>

Fee Table

<R>The following table describes the fees and expenses that may be incurred when you buy, hold, or sell Class A, Class T, Class B, and Class C shares of the fund. The following fees and expenses are based on the average net assets during the fund's most recent fiscal year. To the extent that current net assets are less or greater than the average during the most recent fiscal year, total annual operating expenses for the current fiscal year may be higher or lower than the information presented.</R>

Prospectus

Fund Summary - continued

Shareholder fees (paid by the investor directly)

	Class A	Class T	Class B	Class C
Maximum sales charge (load) on purchases (as a % of offering price)^A	5.75%^B	3.50%^C	None	None
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)^D,E	None^F	None^G	5.00%^H	1.00%^I
Sales charge (load) on reinvested distributions	None	None	None	None
Redemption fee on shares held less than 30 days (as a % of amount redeemed)^D	0.75%	0.75%	0.75%	0.75%

^AThe actual sales charge may be higher due to rounding.

^BLower front-end sales charges for Class A may be available with purchase of $50,000 or more.

^CLower front-end sales charges for Class T may be available with purchase of $50,000 or more.

^DA redemption fee and/or a contingent deferred sales charge may be charged when you sell your shares or if your shares are redeemed because your account falls below the account minimum for any reason, including solely due to declines in net asset value per share.

^EThe actual contingent deferred sales charge may be higher due to rounding.

^FClass A purchases of $1 million or more will not be subject to a front-end sales charge but may be subject, upon redemption, to a contingent deferred sales charge that declines over 2 years from 1.00% to 0%.

^GClass T purchases of $1 million or more will not be subject to a front-end sales charge but may be subject, upon redemption, to a contingent deferred sales charge of 0.25% if redeemed less than one year after purchase.

^HDeclines over 6 years from 5.00% to 0%.

^IOn Class C shares redeemed less than one year after purchase.

Annual operating expenses (paid from class assets)

	Class A	Class T	Class B	Class C
Management fee	0.56%	0.56%	0.56%	0.56%
Distribution and/or Service (12b-1) fees	0.25%	0.50%	1.00%	1.00%
Other expenses	0.38%	0.40%	0.40%	0.37%
Total annual class operating expenses^A	1.19%	1.46%	1.96%	1.93%

^AFMR has voluntarily agreed to reimburse Class A, Class T, Class B, and Class C of the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed the following rates:

	Class A	Effective Date	Class T	Effective Date	Class B	Effective Date	Class C	Effective Date
	1.40%	12/12/06	1.65%	12/12/06	2.15%	12/12/06	2.15%	12/12/06

These arrangements may be discontinued by FMR at any time.

Prospectus

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

Let's say, hypothetically, that each class's annual return is 5% and that your shareholder fees and each class's annual operating expenses are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares:

	Class A		Class T		Class B		Class C
	Sell All Shares	Hold Shares	Sell All Shares	Hold Shares	Sell All Shares	Hold Shares	Sell All Shares	Hold Shares
1 year	$ 689	$ 689	$ 493	$ 493	$ 699	$ 199	$ 296	$ 196
3 years	$ 931	$ 931	$ 796	$ 796	$ 915	$ 615	$ 606	$ 606
5 years	$ 1,192	$ 1,192	$ 1,120	$ 1,120	$ 1,257	$ 1,057	$ 1,042	$ 1,042
10 years	$ 1,935	$ 1,935	$ 2,035	$ 2,035	$ 1,992^A	$ 1,992^A	$ 2,254	$ 2,254

^AReflects conversion to Class A shares after a maximum of seven years.

Prospectus

Fund Basics

Investment Details

Investment Objective

The fund seeks capital appreciation.

Principal Investment Strategies

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.

Fidelity Management & Research Company (FMR) 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.

FMR 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 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 a fund, FMR 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, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR 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 FMR'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

Prospectus

Fund Basics - continued

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 events 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 FMR concentrates the fund's 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 FMR may invest a significant percentage of the assets of the fund 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.

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

Prospectus

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

Valuing Shares

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

A class's net asset value per share (NAV) is the value of a single share. Fidelity normally calculates each class's 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 each class's 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.

The fund's assets are valued primarily on the basis of market quotations or official closing prices. Certain short-term securities are valued on the basis of amortized cost. If market quotations or official closing prices are not readily available or do not accurately reflect fair value for a security or if a security's value has been materially affected by events occurring before the fund's pricing time but after the close of the exchange or market on which the security is principally traded, that security will be valued by another method that the Board of Trustees believes accurately reflects fair value in accordance with the Board's fair value pricing policies. For example, arbitrage opportunities may exist when trading in a portfolio security or securities is halted and does not resume before the 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 market but prior to the close of the U.S. market. Fair value pricing will be used for high yield debt and floating rate loans when available pricing information is determined to be stale or for other reasons not to accurately reflect fair value. To the extent the fund invests in other open-end funds, the fund will calculate its NAV using the NAV of the underlying funds in which it invests as described in the underlying funds' prospectuses. The fund may invest in other Fidelity funds that use the same fair value pricing policies as the fund or in Fidelity money market funds. A security's valuation may differ depending on the method used for determining value. 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 the fund's NAV by short-term traders. While the fund has policies regarding excessive trading, these too may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Prospectus

Shareholder Information

Buying and Selling Shares

General Information

You may buy or sell Class A, Class T, Class B, and Class C shares of the fund 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 Class A, Class T, Class B, and Class C shares of the fund and the account features and policies may differ. Additional fees may also apply to your investment in Class A, Class T, Class B, and Class C shares of the fund, including a transaction fee if you buy or sell Class A, Class T, Class B, and Class C shares of the fund through a broker or other investment professional.

Buying and Selling Information

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

You should include the following information with any order to buy, sell, or exchange shares:

· Your name;

· Your account number;

· Name of fund whose shares you want to buy or sell; and

· Dollar amount or number of shares you want to buy or sell.

Certain methods of contacting Fidelity, such as by telephone, may be unavailable or delayed (for example, during periods of unusual market activity).

Minimums
To Open an Account	$2,500
For certain Fidelity Advisor retirement accounts^A	$500
Through regular investment plans^B	$100
To Add to an Account	$100
Minimum Balance	$1,000
For certain Fidelity Advisor retirement accounts^A	None

^AFidelity Advisor Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA, and Keogh accounts.

^BAn account may be opened with a minimum of $100, provided that a regular investment plan is established at the time the account is opened.

<R>There is no minimum account balance or initial or subsequent purchase minimum for (i) certain Fidelity retirement accounts funded through salary deduction, or accounts opened with the proceeds of distributions from such retirement accounts, 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 Fidelity Distributors Corporation (FDC). In addition, the fund may waive or lower purchase minimums in other circumstances.</R>

Purchase and account minimums are waived for purchases of Class T shares with distributions from a Fidelity Defined Trust account.

Prospectus

Shareholder Information - continued

Purchase amounts of more than $49,999 will not be accepted for Class B shares.

Excessive Trading Policy

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), 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 Board of Trustees has adopted policies designed to discourage excessive trading of fund shares. Excessive trading activity in the 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 FMR'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 Fidelity 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 Fidelity fund's Treasurer.

Prospectus

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 FMR. 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, focusing on transactions in excess of $250,000. The fund may request transaction information, as frequently as daily, from any intermediary at any time, and may apply the fund's policy to such transactions exceeding $5,000. The fund may prohibit purchases of fund shares by an intermediary or by some or all of any intermediary's clients. FMR will apply these policies through a phased implementation. There is no assurance that FMR 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

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. Adviser transactions 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 FMR sufficient information to permit FMR to identify the individual accounts in the wrap program.

Prospectus

Shareholder Information - continued

Other Information about the Excessive Trading Policy

The fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive or disruptive trading than those stated in this prospectus. 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, 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 of Class A or Class T is the class's offering price or the class's NAV, depending on whether you pay a front-end sales charge.

For Class B or Class C, the price to buy one share is the class's 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.

Prospectus

Your investment professional can help you choose the class of shares that best suits your investment needs.

Your shares will be bought at the next offering price or NAV, as applicable, calculated after your 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.

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 next offering price or NAV, as applicable, calculated after the order is received by the authorized intermediary. Orders by funds of funds for which FMR or an affiliate 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.

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

If you place an order to buy shares and 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.

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>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 regulations and other federal regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

Selling Shares

The price to sell one share of Class A, Class T, Class B, or Class C is the class's 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.

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; and
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.

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.

Any applicable CDSC is calculated based on your original redemption amount (before deducting any applicable redemption fee).

Your shares will be sold at the next NAV calculated after your 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 next NAV calculated, minus the short-term redemption fee, if applicable, and any applicable CDSC, after the order is received by the authorized intermediary. Orders by funds of funds for which FMR or an affiliate 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.

Prospectus

Certain requests must include a signature guarantee. It is designed to protect you and Fidelity from fraud. Your request must be made in writing and include a signature guarantee if any of the following situations apply:

You wish to sell more than $100,000 worth of shares;
The address on your account (record address) has changed within the last 15 or 30 days, depending on your account, and you wish to sell $10,000 or more of shares;
You are requesting that a check be mailed to a different address than the record address;
You are requesting that redemption proceeds be paid to someone other than the account owner; or
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, leave at least $1,000 worth of shares in the account to keep it open, except accounts not subject to account minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected. This can take up to seven business days after a purchase.
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 FMR determines it is in the best interests of the fund.
You will not receive interest on amounts represented by uncashed redemption checks.
Under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

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 of the fund 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.

Prospectus

Shareholder Information - continued

As a Class T shareholder, you have the privilege of exchanging Class T shares of the fund 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 of the fund 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.

As a Class C shareholder, you have the privilege of exchanging Class C shares of the fund 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.</R>

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 FMR'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 exchanging into a fund or class, read its prospectus.
The fund or class you are exchanging into 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.
Under applicable anti-money laundering regulations and other federal regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

The fund may terminate or modify the 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.

Prospectus

Account Features and Policies

Features

The following features may be available to buy and sell shares of a 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 Class A, Class T, Class B, or Class C 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 account balance except reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).
Monthly or quarterly account statements (detailing account balances and all transactions completed during the prior month or quarter).

To reduce expenses, only one copy of most financial reports and prospectuses may be mailed, even if more than one person in a household holds shares of the fund. Call Fidelity at 1-877-208-0098 if you need additional copies of financial reports or prospectuses. If you do not want the mailing of these documents to be combined with those for other members of your household, call Fidelity at 1-877-208-0098.

Prospectus

Shareholder Information - continued

<R>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.</R>

<R>If your account balance falls below $1,000 for any reason, including solely due to declines in NAV and you do not increase your balance, Fidelity may close your account and send the proceeds to you after providing you with at least 30 days' notice to reestablish the minimum. Your shares will be sold at the NAV, minus the short-term redemption fee, if applicable, and any applicable CDSC, on the day your account is closed. Accounts not subject to account minimums will not be closed for failure to maintain a minimum balance.</R>

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.

Distribution Options

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

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

2. Income-Earned Option. Your capital gain distributions will be automatically reinvested in additional shares of the same class of the fund. Your dividends will be paid in cash.

Prospectus

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

4. Directed Dividends^® Option. Your dividends will be automatically invested in the same class of shares of another identically registered Fidelity fund that offers Advisor classes of shares or shares of certain identically registered Fidelity funds. Your capital gain distributions will be automatically invested in the same class of shares of another identically registered Fidelity fund that offers Advisor classes of shares or shares of certain identically registered Fidelity funds, automatically reinvested in additional shares of the same class of the fund, or paid in cash.

Not all distribution options are available for every account. 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

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.

FMR is the fund's manager. The address of FMR and its affiliates, unless otherwise indicated below, is 82 Devonshire Street, Boston, Massachusetts 02109.

<R>As of December 31, 2008, FMR had approximately $1.1 billion in discretionary assets under management.</R>

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

FMR Co., Inc. (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 FMR. As of December 31, 2008, FMRC had approximately $433.3 billion in discretionary assets under management.</R>

<R>Fidelity Research & Analysis Company (FRAC), an affiliate of FMR, was organized in 1986. FRAC serves as a sub-adviser for the fund and may provide investment research and advice for the fund.</R>

Affiliates assist FMR with foreign investments:

<R>Fidelity Management & Research (U.K.) Inc. (FMR U.K.), at 10 Paternoster Square, London, EC4M 7DY, England, serves as a sub-adviser for the fund. As of December 31, 2008, FMR U.K. had approximately $8.5 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.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at 99 Queen's Road Central, Hong Kong, serves as a sub-adviser for the fund. FMR H.K. was organized in 2008 to provide investment research and advice on issuers based outside the United States. 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.</R>
<R>Fidelity Management & Research (Japan) Inc. (FMR Japan), at Ark Mori Building 12/F, 1-12-32 Akasaka Minato-ku, Tokyo 107-6012, 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.</R>
<R>FIL Investment Advisors (FIIA), at Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda, serves as a sub-adviser for the fund. As of June 30, 2008, FIIA had approximately $21.3 billion in discretionary assets under management. FIIA may provide investment research and advice on issuers based outside the United States for the fund.</R>
<R>FIL Investment Advisors (U.K.) Ltd. (FIIA(U.K.)L), at Oakhill House, 130 Tonbridge Road, Hildenborough, TN11 9DZ, England, serves as a sub-adviser for the fund. As of June 30, 2008, FIIA(U.K.)L had approximately $10.9 billion in discretionary assets under management. FIIA(U.K.)L may provide investment research and advice on issuers based outside the United States for the fund.</R>

Prospectus

<R>Fidelity Investments Japan Limited (FIJ), at Shiroyama Trust Tower, 4-3-1 Toranomon Minato-ku, Tokyo 105-6019, Japan, serves as a sub-adviser for the fund. As of June 30, 2008, FIJ had approximately $44 billion in discretionary assets under management. FIJ may provide investment research and advice on issuers based outside the United States for the fund.</R>

<R>Robert Lee is manager of the fund, which he has managed since June 2004. He also manages other Fidelity funds. Mr. Lee joined Fidelity Investments as a research analyst in 2001, after receiving an MBA from The Wharton School.</R>

<R>The SAI provides additional information about the compensation of, any other accounts managed by, and any fund shares held by Mr. Lee.</R>

The fund pays a management fee to FMR. The management fee is calculated and paid to FMR 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 the mutual funds advised by FMR. This rate cannot rise above 0.52%, and it drops as total assets under management increase.

<R>For February 2009, the group fee rate was 0.27%. The individual fund fee rate is 0.30%.</R>

<R>The total management fee for the fiscal year ended February 28, 2009, was 0.56% of the fund's average net assets.</R>

<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 semi-annual report for the fiscal period ended August 31, 2008.</R>

FMR may, from time to time, agree to reimburse a class for management fees and other expenses above a specified limit. FMR retains the ability to be repaid by a class if expenses fall below the specified limit prior to the end of the fiscal year. Reimbursement arrangements, which may be discontinued by FMR at any time, can decrease a class's expenses and boost its performance.

Prospectus

Fund Services - continued

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.

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 FMR or an affiliate, or by an intermediary

These payments are described in more detail on the following pages 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 on the following pages, 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, or Class C shares.

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
Up to $49,999^B	5.75%	6.10%	5.00%
$50,000 to $99,999	4.50%	4.71%	3.75%
$100,000 to $249,999	3.50%	3.63%	2.75%
$250,000 to $499,999	2.50%	2.56%	2.00%
$500,000 to $999,999	2.00%	2.04%	1.75%
$1,000,000 to $3,999,999	None	None	1.00%^C
$4,000,000 to $24,999,999	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.

^BPurchases of $5.00 or less will not pay a sales charge.

^CCertain conditions may apply. See "Finder's Fees" on page <Click Here>.

Prospectus

Investments in Class A shares of $1 million or more 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	1.00%
1 year to less than 2 years	0.50%
2 years or more	0.00%

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
Up to $49,999	3.50%	3.63%	3.00%
$50,000 to $99,999	3.00%	3.09%	2.50%
$100,000 to $249,999	2.50%	2.56%	2.00%
$250,000 to $499,999	1.50%	1.52%	1.25%
$500,000 to $999,999	1.00%	1.01%	0.75%
$1,000,000 or more	None	None	0.25%^B

^BCertain conditions may apply. See "Finder's Fees" on page <Click Here>.

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.

Prospectus

Fund Services - continued

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.

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 Advisor Diversified Stock Fund and 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.

Prospectus

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). You must file your Letter with Fidelity within 90 days of the start of your purchases 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. If you do not pay the increased front-end sales charges within 20 days after the date your Letter expires, Fidelity will 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

Fund Services - continued

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.

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.

Prospectus

<R>A front-end sales charge will not apply to the following Class A or Class T shares:</R>

<R>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;</R>

<R>2. Purchased for an insurance company separate account;</R>

<R>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>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;</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;</R>

<R>6. Purchased for any state, county, or city, or any governmental instrumentality, department, authority or agency;</R>

<R>7. Purchased by a current or former Trustee or officer of a Fidelity fund or a current or retired officer, director or regular employee of FMR LLC or FIL Limited or their direct or indirect subsidiaries (a Fidelity Trustee or employee), the spouse of a Fidelity Trustee or employee, a Fidelity Trustee or employee acting as custodian for a minor child, or a person acting as trustee of a trust for the sole benefit of the minor child of a Fidelity Trustee or employee;</R>

<R>8. Purchased by a charitable organization (as defined for purposes of Section 501(c)(3) of the Internal Revenue Code) investing $100,000 or more, or, a charitable remainder trust or life income pool established for the benefit of a charitable organization;</R>

<R>9. Purchased by the Fidelity Investments Charitable Gift Fund; </R>

<R>10. 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;</R>

Prospectus

Fund Services - continued

<R>11. Purchased with distributions of income, principal, and capital gains from Fidelity Defined Trusts;</R>

<R>12. Purchased to repay a loan against Class A, Class T, or Class B shares held in the investor's Fidelity Advisor 403(b) program; or</R>

<R>13. Purchased for health savings account programs by a broker-dealer, registered investment adviser, insurance company, trust institution, or bank trust department.</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 front-end sales charge on purchases of $5.00 or less.

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) Purchased by the Fidelity Investments Charitable Gift Fund;

8. (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);

9. (Applicable to Class C only) On which investment professionals did not receive a concession at the time of purchase.

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.

Prospectus

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 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.

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.

<R>Finder's fees are not paid in connection with purchases of Class A or Class T shares by insurance company separate accounts or the Fidelity Investments Charitable Gift Fund, 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.</R>

<R>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.</R>

Reinstatement Privilege. If you have sold all or part of your Class A, Class T, Class B, 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, Class B, or Class C shares, as applicable. You must reinstate your Class A, Class T, Class B, or Class C 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, Class B, or Class C shares had not been redeemed.

Prospectus

Fund Services - continued

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, during the first year of investment and thereafter, FDC may reallow up to the full amount of this 12b-1 (service) fee to intermediaries (such as banks, broker-dealers, and other service-providers), 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.

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.

Prospectus

FDC may reallow up to the full amount of this 12b-1 (distribution) fee to intermediaries (such as banks, broker-dealers, and other service-providers), 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 (such as banks, broker-dealers, and other service-providers), 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.

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.

Normally, after the first year of investment, FDC may reallow up to the full amount of the 12b-1 (distribution) fees to intermediaries (such as banks, broker-dealers, and other service-providers), 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.

Prospectus

Fund Services - continued

Any fees paid out of each 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.

<R>In addition to the above payments, each Class A, Class T, Class B, and Class C plan specifically recognizes that FMR 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. FMR, 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 FMR, 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.</R>

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

The financial highlights tables are intended to help you understand each class's financial history for the period of the class's operations. Certain information reflects financial results for a single class share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the class (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, whose report, along with the fund's financial highlights and financial statements, is included in the fund's annual report. A free copy of the annual report is available upon request.

Advisor Consumer Staples - Class A

<R>Years ended February 28,	2009	2008 ^J	2007 ^H</R>
<R>Selected Per-Share Data			</R>
<R>Net asset value, beginning of period	$ 63.13	$ 58.16	$ 56.89</R>
<R>Income from Investment Operations			</R>
<R>Net investment income (loss) ^E	.67	.53	(.01)</R>
<R>Net realized and unrealized gain (loss)	(19.19)	7.29	1.28</R>
<R>Total from investment operations	(18.52)	7.82	1.27</R>
<R>Distributions from net investment income	(.66)	(.42)	-</R>
<R>Distributions from net realized gain	(.02)	(2.44)	-</R>
<R>Total distributions	(.68) ^L	(2.86)	-</R>
<R>Redemption fees added to paid in capital ^E	.01	.01	-^K</R>
<R>Net asset value, end of period	$ 43.94	$ 63.13	$ 58.16</R>
<R>Total Return^B,C,D	(29.43)%	13.38%	2.23%</R>
<R>Ratios to Average Net Assets^F,I			</R>
<R>Expenses before reductions	1.19%	1.19%	1.29% ^A</R>
<R>Expenses net of fee waivers, if any	1.19%	1.19%	1.29% ^A</R>
<R>Expenses net of all reductions	1.18%	1.19%	1.28% ^A</R>
<R>Net investment income (loss)	1.27%	.83%	(.11)% ^A</R>
<R>Supplemental Data			</R>
<R>Net assets, end of period (000 omitted)	$ 121,193	$ 23,796	$ 986</R>
<R>Portfolio turnover rate ^G	70%	71%	99%</R>

<R>^A Annualized </R>

<R>^B Total returns for periods of less than one year are not annualized. </R>

<R>^C Total returns would have been lower had certain expenses not been reduced during the periods shown. </R>

<R>^D Total returns do not include the effect of the sales charges. </R>

<R>^E Calculated based on average shares outstanding during the period. </R>

<R>^F Fees and expenses of the 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. </R>

<R>^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. </R>

<R>^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. </R>

<R>^I 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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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>^J For the year ended February 29. </R>

<R>^K Amount represents less than $.01 per share. </R>

<R>^L Total distributions of $.68 per share is comprised of distributions from net investment income of $.655 and distributions from net realized gain of $.024.</R>

Prospectus

Advisor Consumer Staples - Class T

<R>Years ended February 28,	2009	2008 ^J	2007 ^H</R>
<R>Selected Per-Share Data			</R>
<R>Net asset value, beginning of period	$ 62.93	$ 58.06	$ 56.89</R>
<R>Income from Investment Operations			</R>
<R>Net investment income (loss) ^E	.53	.36	(.01)</R>
<R>Net realized and unrealized gain (loss)	(19.12)	7.29	1.18</R>
<R>Total from investment operations	(18.59)	7.65	1.17</R>
<R>Distributions from net investment income	(.60)	(.35)	-</R>
<R>Distributions from net realized gain	-	(2.44)	-</R>
<R>Total distributions	(.60) ^L	(2.79)	-</R>
<R>Redemption fees added to paid in capital ^E	.01	.01	-^K</R>
<R>Net asset value, end of period	$ 43.75	$ 62.93	$ 58.06</R>
<R>Total Return^B,C,D	(29.61)%	13.11%	2.06%</R>
<R>Ratios to Average Net Assets^F,I			</R>
<R>Expenses before reductions	1.46%	1.46%	1.61% ^A</R>
<R>Expenses net of fee waivers, if any	1.46%	1.46%	1.61% ^A</R>
<R>Expenses net of all reductions	1.46%	1.46%	1.60% ^A</R>
<R>Net investment income (loss)	.99%	.56%	(.11)% ^A</R>
<R>Supplemental Data			</R>
<R>Net assets, end of period (000 omitted)	$ 22,624	$ 6,298	$ 529</R>
<R>Portfolio turnover rate ^G	70%	71%	99%</R>

<R>^A Annualized </R>

<R>^B Total returns for periods of less than one year are not annualized. </R>

<R>^C Total returns would have been lower had certain expenses not been reduced during the periods shown. </R>

<R>^D Total returns do not include the effect of the sales charges. </R>

<R>^E Calculated based on average shares outstanding during the period. </R>

<R>^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. </R>

<R>^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. </R>

<R>^J For the year ended February 29. </R>

<R>^K Amount represents less than $.01 per share. </R>

<R>^L Total distributions of $.60 per share is comprised of distributions from net investment income of $.599 and distributions from net realized gain of $.000.</R>

Prospectus

Appendix - continued

Advisor Consumer Staples - Class B

<R>Years ended February 28,	2009	2008 ^J	2007 ^H</R>
<R>Selected Per-Share Data			</R>
<R>Net asset value, beginning of period	$ 62.69	$ 58.00	$ 56.89</R>
<R>Income from Investment Operations			</R>
<R>Net investment income (loss) ^E	.26	.04	(.07)</R>
<R>Net realized and unrealized gain (loss)	(19.01)	7.27	1.18</R>
<R>Total from investment operations	(18.75)	7.31	1.11</R>
<R>Distributions from net investment income	(.42)	(.19)	-</R>
<R>Distributions from net realized gain	-	(2.44)	-</R>
<R>Total distributions	(.42)^L	(2.63)	-</R>
<R>Redemption fees added to paid in capital ^E	.01	.01	-^K</R>
<R>Net asset value, end of period	$ 43.53	$ 62.69	$ 58.00</R>
<R>Total Return^B,C,D	(29.96)%	12.53%	1.95%</R>
<R>Ratios to Average Net Assets^F,I			</R>
<R>Expenses before reductions	1.96%	1.96%	2.09% ^A</R>
<R>Expenses net of fee waivers, if any	1.96%	1.96%	2.09% ^A</R>
<R>Expenses net of all reductions	1.96%	1.96%	2.09% ^A</R>
<R>Net investment income (loss)	.50%	.06%	(.59)% ^A</R>
<R>Supplemental Data			</R>
<R>Net assets, end of period (000 omitted)	$ 14,929	$ 4,884	$ 226</R>
<R>Portfolio turnover rate ^G	70%	71%	99%</R>

<R>^A Annualized </R>

<R>^B Total returns for periods of less than one year are not annualized. </R>

<R>^C Total returns would have been lower had certain expenses not been reduced during the periods shown. </R>

<R>^D Total returns do not include the effect of the contingent deferred sales charge. </R>

<R>^E Calculated based on average shares outstanding during the period. </R>

<R>^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. </R>

<R>^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007.</R>

<R>^J For the year ended February 29. </R>

<R>^K Amount represents less than $.01 per share. </R>

<R>^L Total distributions of $.42 per share is comprised of distributions from net investment income of $.418 and distributions from net realized gain of $.000.</R>

Prospectus

Advisor Consumer Staples - Class C

<R>Years ended February 28,	2009	2008 ^J	2007 ^H</R>
<R>Selected Per-Share Data			</R>
<R>Net asset value, beginning of period	$ 62.61	$ 57.99	$ 56.89</R>
<R>Income from Investment Operations			</R>
<R>Net investment income (loss) ^E	.28	.06	(.08)</R>
<R>Net realized and unrealized gain (loss)	(19.00)	7.28	1.18</R>
<R>Total from investment operations	(18.72)	7.34	1.10</R>
<R>Distributions from net investment income	(.44)	(.29)	-</R>
<R>Distributions from net realized gain	-	(2.44)	-</R>
<R>Total distributions	(.44) ^L	(2.73)	-</R>
<R>Redemption fees added to paid in capital ^E	.01	.01	-^K</R>
<R>Net asset value, end of period	$ 43.46	$ 62.61	$ 57.99</R>
<R>Total Return^B,C,D	(29.94)%	12.58%	1.93%</R>
<R>Ratios to Average Net Assets^F,I			</R>
<R>Expenses before reductions	1.93%	1.93%	2.14% ^A</R>
<R>Expenses net of fee waivers, if any	1.93%	1.93%	2.14% ^A</R>
<R>Expenses net of all reductions	1.93%	1.92%	2.14% ^A</R>
<R>Net investment income (loss)	.52%	.09%	(.66)% ^A</R>
<R>Supplemental Data			</R>
<R>Net assets, end of period (000 omitted)	$ 54,902	$ 19,791	$ 178</R>
<R>Portfolio turnover rate ^G	70%	71%	99%</R>

<R>^A Annualized </R>

<R>^B Total returns for periods of less than one year are not annualized. </R>

<R>^C Total returns would have been lower had certain expenses not been reduced during the periods shown. </R>

<R>^D Total returns do not include the effect of the contingent deferred sales charge. </R>

<R>^E Calculated based on average shares outstanding during the period. </R>

<R>^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. </R>

<R>^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007.</R>

<R>^J For the year ended February 29. </R>

<R>^K Amount represents less than $.01 per share. </R>

<R>^L Total distributions of $.44 per share is comprised of distributions from net investment income of $.443 and distributions from net realized gain of $.000.</R>

Prospectus

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 1-877-208-0098. 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.

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. 20549-0102. 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.

Fidelity, Fidelity Investments & (Pyramid) Design, Fidelity Advisor Money Line, and Directed Dividends are registered trademarks of FMR LLC.

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

Fidelity Advisor

Consumer Staples

Fund

Institutional Class

(Fund 1783)

Prospectus

<R>April 29, 2009</R>

Institutional Class is a class of Select Consumer Staples Portfolio
(fidelity_logo_graphic)
82 Devonshire Street, Boston, MA 02109

Fund Summary	<Click Here>	Investment Summary
	<Click Here>	Performance
	<Click Here>	Fee Table
Fund Basics	<Click Here>	Investment Details
	<Click Here>	Valuing Shares
Shareholder Information	<Click Here>	Buying and Selling 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

Prospectus

Fund Summary

Investment Summary

Investment Objective

The fund seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
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, and government regulation, the performance of the overall economy, interest rates, and consumer confidence.
<R>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.</R>

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.

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.

Performance

<R>The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the fund's performance from year to year, as represented by the performance of Institutional Class and compares the performance of Institutional Class to the performance of a market index and an additional index over various periods of time. Returns (before and after taxes) are based on past results and are not an indication of future performance.</R>

Prospectus

Fund Summary - continued

<R>Visit www.advisor.fidelity.com for current return information.</R>

Year-by-Year Returns

<R>Consumer Staples - Institutional Class </R>
<R>Calendar Years	2007	2008</R>
<R>	21.50%	-22.29%</R>

<R>During the periods shown in the chart for Institutional Class of Consumer Staples:	Returns	Quarter ended</R>
<R>Highest Quarter Return	8.54%	September 30, 2007</R>
<R>Lowest Quarter Return	-12.95%	December 31, 2008</R>
<R>Year-to-Date Return	-10.31%	March 31, 2009</R>

Average Annual Returns

<R>For the periods ended December 31, 2008	Past 1 year	Life of class^A</R>
<R>Consumer Staples		</R>
<R>Institutional Class - Return Before Taxes	-22.29%	-2.45%</R>
<R> Return After Taxes on Distributions	-22.47%	-2.98%</R>
<R> Return After Taxes on Distributions and Sale of Fund Shares	-14.27%	-2.13%</R>
<R>S&P 500^® (reflects no deduction for fees, expenses, or taxes)	-37.00%	-17.80%</R>
<R>MSCI^® US Investable Market Consumer Staples Index (reflects no deduction for fees, expenses, or taxes)	-16.38%	-2.02%</R>

^AFrom December 12, 2006.

Prospectus

<R>MSCI U.S. Investable Market 2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 Indexes.</R>

<R>Fee Table</R>

<R>The following table describes the fees and expenses that may be incurred when you buy, hold, or sell Institutional Class shares of the fund. The following fees and expenses are based on the average net assets during the fund's most recent fiscal year. To the extent that current net assets are less or greater than the average during the most recent fiscal year, total annual operating expenses for the current fiscal year may be higher or lower than the information presented.</R>

Shareholder fees (paid by the investor directly)

	Institutional Class
Sales charge (load) on purchases and reinvested distributions	None
Deferred sales charge (load) on redemptions	None
Redemption fee on shares held less than 30 days (as a % of amount redeemed)^A	0.75%

^AA redemption fee may be charged when you sell your shares or if your shares are redeemed because your account falls below the account minimum for any reason, including solely due to declines in net asset value per share.

Annual operating expenses (paid from class assets)

<R>	Institutional Class</R>
<R>Management fee	0.56%</R>
<R>Distribution and/or Service (12b-1) fees	None</R>
<R>Other expenses	0.35%</R>
<R>Total annual class operating expenses^A	0.91%</R>

^AEffective December 12, 2006, FMR has voluntarily agreed to reimburse Institutional Class of the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 1.15%. This arrangement may be discontinued by FMR at any time.

Prospectus

Fund Summary - continued

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

Let's say, hypothetically, that Institutional Class's annual return is 5% and that your shareholder fees and Institutional Class's annual operating expenses 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>	Institutional Class</R>
<R>1 year	$ 93</R>
<R>3 years	$ 290</R>
<R>5 years	$ 504</R>
<R>10 years	$ 1,120</R>

Prospectus

Fund Basics

Investment Details

Investment Objective

The fund seeks capital appreciation.

Principal Investment Strategies

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.

FMR 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, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Description of Principal Security Types

Prospectus

Fund Basics - continued

Principal Investment Risks

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

Prospectus

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

Valuing Shares

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

A class's net asset value per share (NAV) is the value of a single share. Fidelity normally calculates Institutional Class's 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 Institutional Class's NAV.

Prospectus

Shareholder Information

Buying and Selling Shares

General Information

You may buy or sell Institutional Class shares of the fund 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 Institutional Class shares of the fund and the account features and policies may differ. Additional fees may also apply to your investment in Institutional Class shares of the fund, including a transaction fee if you buy or sell Institutional Class shares of the fund through a broker or other investment professional.

Buying and Selling Information

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

You should include the following information with any order to buy, sell, or exchange shares:

· Your name;

· Your account number;

· Name of fund whose shares you want to buy or sell; and

· Dollar amount or number of shares you want to buy or sell.

Certain methods of contacting Fidelity, such as by telephone, may be unavailable or delayed (for example, during periods of unusual market activity).

Minimums
To Open an Account	$2,500
For certain Fidelity Advisor retirement accounts^A	$500
Through regular investment plans^B	$100
To Add to an Account	$100
Minimum Balance	$1,000
For certain Fidelity Advisor retirement accounts^A	None

^AFidelity Advisor Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA, and Keogh accounts.

^BAn account may be opened with a minimum of $100, provided that a regular investment plan is established at the time the account is opened.

<R>There is no minimum account balance or initial or subsequent purchase minimum for (i) investments through Portfolio Advisory Services, (ii) certain Fidelity retirement accounts funded through salary deduction, or accounts opened with the proceeds of distributions from such retirement accounts, (iii) investments through a mutual fund or a qualified tuition program for which FMR or an affiliate 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 Fidelity Distributors Corporation (FDC). In addition, the fund may waive or lower purchase minimums in other circumstances.</R>

Prospectus

Shareholder Information - continued

Excessive Trading Policy

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.

Exceptions

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.

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

Institutional Class shares are offered to:

1. Employee benefit plans investing through an intermediary. 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;

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. Qualified tuition programs for which FMR or an affiliate serves as investment manager, or mutual funds managed by Fidelity or other parties;

6. Non-U.S. public and private retirement programs and non-U.S. insurance companies, if approved by Fidelity; and

7. Broker-dealer, registered investment adviser, insurance company, trust institution, and bank trust department health savings account programs.

The price to buy one share of Institutional Class is the class's NAV. Institutional Class shares are sold without a sales charge.

Prospectus

Your shares will be bought at the next NAV calculated after your 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.

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 next NAV calculated after the order is received by the authorized intermediary. Orders by funds of funds for which FMR or an affiliate 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.

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

If you place an order to buy shares and 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.

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.

Under applicable anti-money laundering regulations and other federal regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

Selling Shares

The price to sell one share of Institutional Class is the class's 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 related to death or due to a divorce decree;

Prospectus

Shareholder Information - continued

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; and
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.

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 next NAV calculated, minus the short-term redemption fee, if applicable, after the order is received by the authorized intermediary. Orders by funds of funds for which FMR or an affiliate 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.

Prospectus

You wish to sell more than $100,000 worth of shares;
The address on your account (record address) has changed within the last 15 or 30 days, depending on your account, and you wish to sell $10,000 or more of shares;
You are requesting that a check be mailed to a different address than the record address;
You are requesting that redemption proceeds be paid to someone other than the account owner; or
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, leave at least $1,000 worth of shares in the account to keep it open, except accounts not subject to account minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected. This can take up to seven business days after a purchase.
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 FMR determines it is in the best interests of the fund.
You will not receive interest on amounts represented by uncashed redemption checks.
Under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

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 your 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 FMR'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 exchanging into a fund or class, read its prospectus.
The fund or class you are exchanging into 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.
Under applicable anti-money laundering regulations and other federal regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

The fund may terminate or modify the exchange privilege 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 a 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.

Prospectus

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

<R>If your account balance falls below $1,000 for any reason, including solely due to declines in NAV and you do not increase your balance, Fidelity may close your account and send the proceeds to you after providing you with at least 30 days' notice to reestablish the minimum. Your shares will be sold at the NAV, minus the short-term redemption fee, if applicable, on the day your account is closed. Accounts not subject to account minimums will not be closed for failure to maintain a minimum balance.</R>

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

Dividends and Capital Gain Distributions

Prospectus

Shareholder Information - continued

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 for Institutional Class:

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

2. Income-Earned Option. Your capital gain distributions will be automatically reinvested in additional Institutional Class shares of the fund. Your dividends will be paid in cash.

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

4. Directed Dividends^® Option. Your dividends will be automatically invested in Institutional Class shares of another identically registered Fidelity fund that offers Advisor classes of shares or shares of identically registered Fidelity funds. Your capital gain distributions will be automatically invested in Institutional Class shares of another identically registered Fidelity fund that offers Advisor classes of shares or shares of identically registered Fidelity funds, automatically reinvested in additional Institutional Class shares of the fund, or paid in cash.

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.

Prospectus

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.

FMR is the fund's manager. The address of FMR and its affiliates, unless otherwise indicated below, is 82 Devonshire Street, Boston, Massachusetts 02109.

<R>As of December 31, 2008, FMR had approximately $1.1 billion in discretionary assets under management.</R>

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

FMR Co., Inc. (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 FMR. As of December 31, 2008, FMRC had approximately $433.3 billion in discretionary assets under management.</R>

<R>Fidelity Research & Analysis Company (FRAC), an affiliate of FMR, was organized in 1986. FRAC serves as a sub-adviser for the fund and may provide investment research and advice for the fund.</R>

<R>Affiliates assist FMR with foreign investments:</R>

<R>Fidelity Management & Research (U.K.) Inc. (FMR U.K.), at 10 Paternoster Square, London, EC4M 7DY, England, serves as a sub-adviser for the fund. As of December 31, 2008, FMR U.K. had approximately $8.5 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.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at 99 Queen's Road Central, Hong Kong, serves as a sub-adviser for the fund. FMR H.K. was organized in 2008 to provide investment research and advice on issuers based outside the United States. 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.</R>
<R>Fidelity Management & Research (Japan) Inc. (FMR Japan), at Ark Mori Building 12/F, 1-12-32 Akasaka Minato-ku, Tokyo 107-6012, 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.</R>
<R>FIL Investment Advisors (FIIA), at Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda, serves as a sub-adviser for the fund. As of June 30, 2008, FIIA had approximately $21.3 billion in discretionary assets under management. FIIA may provide investment research and advice on issuers based outside the United States for the fund.</R>
<R>FIL Investment Advisors (U.K.) Ltd. (FIIA(U.K.)L), at Oakhill House, 130 Tonbridge Road, Hildenborough, TN11 9DZ, England, serves as a sub-adviser for the fund. As of June 30, 2008, FIIA(U.K.)L had approximately $10.9 billion in discretionary assets under management. FIIA(U.K.)L may provide investment research and advice on issuers based outside the United States for the fund.</R>

Prospectus

<R>Fidelity Investments Japan Limited (FIJ), at Shiroyama Trust Tower, 4-3-1 Toranomon Minato-ku, Tokyo 105-6019, Japan, serves as a sub-adviser for the fund. As of June 30, 2008, FIJ had approximately $44 billion in discretionary assets under management. FIJ may provide investment research and advice on issuers based outside the United States for the fund.</R>

<R>The SAI provides additional information about the compensation of, any other accounts managed by, and any fund shares held by Mr. Lee.</R>

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

<R>For February 2009, the group fee rate was 0.27%. The individual fund fee rate is 0.30%.</R>

<R>The total management fee for the fiscal year ended February 28, 2009, was 0.56% of the fund's average net assets.</R>

Prospectus

Fund Services - continued

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's shares.

Intermediaries, including banks, broker-dealers, and other service-providers (who may be affiliated with FMR or FDC), may receive from FMR, 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 FMR or an affiliate, or by an intermediary. These payments are described in more detail on the following pages and in the SAI.

<R>Please speak with your investment professional to learn more about any payments his or her firm may receive from FMR, 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.</R>

Institutional Class has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) that recognizes that FMR 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. FMR, directly or through FDC, may pay significant amounts to intermediaries, such as banks, broker-dealers, and other service-providers, that provide those services. Currently, the Board of Trustees of the fund has authorized such payments for Institutional Class.

If payments made by FMR 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

The financial highlights table is intended to help you understand Institutional Class's financial history for the period of the class's operations. Certain information reflects financial results for a single class share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the class (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, whose report, along with the fund's financial highlights and financial statements, is included in the fund's annual report. A free copy of the annual report is available upon request.

Selected Per-Share Data and Ratios

<R>Years ended February 28,	2009	2008 ^I	2007 ^G</R>
<R>Selected Per-Share Data			</R>
<R>Net asset value, beginning of period	$ 63.22	$ 58.12	$ 56.89</R>
<R>Income from Investment Operations			</R>
<R>Net investment income (loss) ^D	.82	.74	.07</R>
<R>Net realized and unrealized gain (loss)	(19.23)	7.30	1.16</R>
<R>Total from investment operations	(18.41)	8.04	1.23</R>
<R>Distributions from net investment income	(.73)	(.51)	-</R>
<R>Distributions from net realized gain	(.03)	(2.44)	-</R>
<R>Total distributions	(.75) ^K	(2.95)	-</R>
<R>Redemption fees added to paid in capital ^D	.01	.01	-^J</R>
<R>Net asset value, end of period	$ 44.07	$ 63.22	$ 58.12</R>
<R>Total Return^B,C	(29.22)%	13.77%	2.16%</R>
<R>Ratios to Average Net Assets^E,H			</R>
<R>Expenses before reductions	.91%	.85%	1.00% ^A</R>
<R>Expenses net of fee waivers, if any	.91%	.85%	1.00% ^A</R>
<R>Expenses net of all reductions	.91%	.84%	1.00% ^A</R>
<R>Net investment income (loss)	1.54%	1.17%	.57% ^A</R>
<R>Supplemental Data			</R>
<R>Net assets, end of period (000 omitted)	$ 30,922	$ 10,384	$ 132</R>
<R>Portfolio turnover rate ^F	70%	71%	99%</R>

<R>^A Annualized </R>

<R>^B Total returns for periods of less than one year are not annualized. </R>

<R>^C Total returns would have been lower had certain expenses not been reduced during the periods shown. </R>

<R>^D Calculated based on average shares outstanding during the period. </R>

<R>^E Fees and expenses of the 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. </R>

<R>^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. </R>

<R>^G For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007. </R>

<R>^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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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>^I For the year ended February 29. </R>

<R>^J Amount represents less than $.01 per share. </R>

<R>^K Total distributions of $.75 per share is comprised of distributions from net investment income of $.726 and distributions from net realized gain of $.025.</R>

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.

Fidelity, Fidelity Investments & (Pyramid) Design, Fidelity Advisor Money Line, and Directed Dividends are registered trademarks of FMR LLC.

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

<R>1.835860.104 ACSFI-pro-0409</R>

Fidelity Advisor

Gold

Fund

Class A

(Fund 1784)

Class T

(Fund 1787)

Class B

(Fund 1785)

Class C

(Fund 1786)

Prospectus

<R>April 29, 2009</R>

Class A, Class T, Class B, and Class C are classes of Select Gold Portfolio
(fidelity_logo_graphic)
82 Devonshire Street, Boston, MA 02109

Fund Summary	<Click Here>	Investment Summary
	<Click Here>	Performance
	<Click Here>	Fee Table
Fund Basics	<Click Here>	Investment Details
	<Click Here>	Valuing Shares
Shareholder Information	<Click Here>	Buying and Selling 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

Prospectus

Fund Summary

Investment Summary

Investment Objective

The fund seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets, 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.
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.
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.
<R>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.</R>

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.

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.

Performance

<R>The following information is intended to help you understand the risks of investing in the fund. The information illustrates the fund's performance from year to year, as represented by the performance of Class A and compares the performance of Class A to the performance of a market index and an additional index over various periods of time. Returns (before and after taxes) are based on past results and are not an indication of future performance.</R>

<R>Visit www.advisor.fidelity.com for current return information.</R>

Year-by-Year Returns

The returns in the chart do not include the effect of Class A's front-end sales charge. If the effect of the sales charge were reflected, returns would be lower than those shown.

Gold - Class A
<R>Calendar Years	2007	2008</R>
<R>	24.50%	-20.77%</R>

<R>During the periods shown in the chart for Class A of Gold:	Returns	Quarter ended</R>
<R>Highest Quarter Return	24.85%	September 30, 2007</R>
<R>Lowest Quarter Return	-28.80%	September 30, 2008</R>
<R>Year-to-Date Return	7.97%	March 31, 2009</R>

Average Annual Returns

Prospectus

<R>For the periods ended December 31, 2008	Past 1 year	Life of class^A</R>
<R>Gold		</R>
<R>Class A - Return Before Taxes	-25.32%	-3.61%</R>
<R> Return After Taxes on Distributions	-25.37%	-4.97%</R>
<R> Return After Taxes on Distributions and Sale of Fund Shares	-16.37%	-3.35%</R>
<R>Class T - Return Before Taxes	-23.73%	-2.70%</R>
<R>Class B - Return Before Taxes	-25.28%	-2.80%</R>
<R>Class C - Return Before Taxes	-22.13%	-1.57%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	-37.00%	-17.80%</R>
<R>S&P^® BMI Global Gold Index (reflects no deduction for fees, expenses, or taxes)	-23.10%	-4.28%</R>

^AFrom December 12, 2006.

<R>S&P^® BMI Global Gold Index is a 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.</R>

Fee Table

Prospectus

Fund Summary - continued

Shareholder fees (paid by the investor directly)

	Class A	Class T	Class B	Class C
Maximum sales charge (load) on purchases (as a % of offering price)^A	5.75%^B	3.50%^C	None	None
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)^D,E	None^F	None^G	5.00%^H	1.00%^I
Sales charge (load) on reinvested distributions	None	None	None	None
Redemption fee on shares held less than 30 days (as a % of amount redeemed)^D	0.75%	0.75%	0.75%	0.75%

^AThe actual sales charge may be higher due to rounding.

^BLower front-end sales charges for Class A may be available with purchase of $50,000 or more.

^CLower front-end sales charges for Class T may be available with purchase of $50,000 or more.

^EThe actual contingent deferred sales charge may be higher due to rounding.

^HDeclines over 6 years from 5.00% to 0%.

^IOn Class C shares redeemed less than one year after purchase.

Annual operating expenses (paid from class assets)

<R>	Class A	Class T	Class B	Class C</R>
<R>Management fee	0.56%	0.56%	0.56%	0.56%</R>
<R>Distribution and/or Service (12b-1) fees	0.25%	0.50%	1.00%	1.00%</R>
<R>Other expenses	0.38%	0.39%	0.39%	0.39%</R>
<R>Acquired fund fees and expenses^A	0.02%	0.02%	0.02%	0.02%</R>
<R>Total annual class operating expenses^B	1.21%	1.47%	1.97%	1.97%</R>
<R>Less waiver^A	0.02%	0.02%	0.02%	0.02%</R>
<R>Net expenses	1.19%	1.45%	1.95%	1.95%</R>

^AThe fund may invest in the Subsidiary. The Subsidiary has entered into a separate contract with Fidelity Management & Research Company (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 Subsidiary also pays certain other expenses including custody fees. FMR 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 FMR as long as its contract with the Subsidiary is in place.

Prospectus

^BFMR has voluntarily agreed to reimburse Class A, Class T, Class B, and Class C of the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed the following rates:

	Class A	Effective Date	Class T	Effective Date	Class B	Effective Date	Class C	Effective Date
Gold	1.40%	12/12/06	1.65%	12/12/06	2.15%	12/12/06	2.15%	12/12/06

These arrangements may be discontinued by FMR at any time.

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

<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	$ 691	$ 691	$ 494	$ 494	$ 700	$ 200	$ 300	$ 200</R>
<R>3 years	$ 937	$ 937	$ 799	$ 799	$ 918	$ 618	$ 618	$ 618</R>
<R>5 years	$ 1,202	$ 1,202	$ 1,125	$ 1,125	$ 1,262	$ 1,062	$ 1,062	$ 1,062</R>
<R>10 years	$ 1,957	$ 1,957	$ 2,046	$ 2,046	$ 2,007^A	$ 2,007^A	$ 2,296	$ 2,296</R>

^AReflects conversion to Class A shares after a maximum of seven years.

Prospectus

Fund Basics

Investment Details

Investment Objective

The fund seeks capital appreciation.

Principal Investment Strategies

<R>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. FMR treats investments in instruments whose value is linked to the price of gold as investments in gold bullion or coins.</R>

FMR 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.

FMR 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, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Prospectus

Fund Basics - continued

Description of Principal Security Types

Principal Investment Risks

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

Prospectus

Fund Basics - continued

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

Valuing Shares

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

Prospectus

Shareholder Information

Buying and Selling Shares

General Information

Buying and Selling Information

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

You should include the following information with any order to buy, sell, or exchange shares:

· Your name;

· Your account number;

· Name of fund whose shares you want to buy or sell; and

· Dollar amount or number of shares you want to buy or sell.

Certain methods of contacting Fidelity, such as by telephone, may be unavailable or delayed (for example, during periods of unusual market activity).

Minimums
To Open an Account	$2,500
For certain Fidelity Advisor retirement accounts^A	$500
Through regular investment plans^B	$100
To Add to an Account	$100
Minimum Balance	$1,000
For certain Fidelity Advisor retirement accounts^A	None

^AFidelity Advisor Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA, and Keogh accounts.

^BAn account may be opened with a minimum of $100, provided that a regular investment plan is established at the time the account is opened.

Purchase and account minimums are waived for purchases of Class T shares with distributions from a Fidelity Defined Trust account.

Prospectus

Purchase amounts of more than $49,999 will not be accepted for Class B shares.

Excessive Trading Policy

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.

Exceptions

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.

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 the class's offering price or the class's NAV, depending on whether you pay a front-end sales charge.

For Class B or Class C, the price to buy one share is the class's NAV. Class B and Class C shares are sold without a front-end sales charge, but may be subject to a CDSC upon redemption.

<R>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's or Class T's shares at the offering price, Fidelity deducts the appropriate sales charge and invests the rest in Class A's or Class T's 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.</R>

Prospectus

Shareholder Information - continued

Your investment professional can help you choose the class of shares that best suits your investment needs.

Your shares will be bought at the next offering price or NAV, as applicable, calculated after your 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.

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

If you place an order to buy shares and 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.

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.

Under applicable anti-money laundering regulations and other federal regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

Selling Shares

The price to sell one share of Class A, Class T, Class B, or Class C is the class's 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.

<R>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.</R>

Prospectus

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; and
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.

Any applicable CDSC is calculated based on your original redemption amount (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.

Prospectus

Shareholder Information - continued

You wish to sell more than $100,000 worth of shares;
The address on your account (record address) has changed within the last 15 or 30 days, depending on your account, and you wish to sell $10,000 or more of shares;
You are requesting that a check be mailed to a different address than the record address;
You are requesting that redemption proceeds be paid to someone other than the account owner; or
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, leave at least $1,000 worth of shares in the account to keep it open, except accounts not subject to account minimums.
Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected. This can take up to seven business days after a purchase.
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 FMR determines it is in the best interests of the fund.
You will not receive interest on amounts represented by uncashed redemption checks.
Under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

Prospectus

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.

<R>Through your investment professional, you may also move between certain share classes of the same fund. For more information, see the SAI or consult your investment professional.</R>

<R>However, you should note the following policies and restrictions governing exchanges:</R>

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 FMR'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 exchanging into a fund or class, read its prospectus.
The fund or class you are exchanging into 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.

Prospectus

Shareholder Information - continued

Under applicable anti-money laundering regulations and other federal regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

The fund may terminate or modify the 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 a 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 Class A, Class T, Class B, or Class C 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 account balance except reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).
Monthly or quarterly account statements (detailing account balances and all transactions completed during the prior month or quarter).

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 for each class:

Prospectus

Shareholder Information - continued

2. Income-Earned Option. Your capital gain distributions will be automatically reinvested in additional shares of the same class of the fund. Your dividends will be paid in cash.

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

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.

FMR is the fund's manager. FMR also manages the Subsidiary. The address of FMR and its affiliates, unless otherwise indicated below, is 82 Devonshire Street, Boston, Massachusetts 02109.

<R>As of December 31, 2008, FMR had approximately $1.1 billion in discretionary assets under management.</R>

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

FMR Co., Inc. (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 FMR. As of December 31, 2008, FMRC had approximately $433.3 billion in discretionary assets under management.</R>

<R>Fidelity Research & Analysis Company (FRAC), an affiliate of FMR, was organized in 1986. FRAC serves as a sub-adviser for the fund and may provide investment research and advice for the fund.</R>

Affiliates assist FMR with foreign investments:

<R>Fidelity Management & Research (U.K.) Inc. (FMR U.K.), at 10 Paternoster Square, London, EC4M 7DY, England, serves as a sub-adviser for the fund. As of December 31, 2008, FMR U.K. had approximately $8.5 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.</R>
<R>Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at 99 Queen's Road Central, Hong Kong, serves as a sub-adviser for the fund. FMR H.K. was organized in 2008 to provide investment research and advice on issuers based outside the United States. 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.</R>
<R>Fidelity Management & Research (Japan) Inc. (FMR Japan), at Ark Mori Building 12/F, 1-12-32 Akasaka Minato-ku, Tokyo 107-6012, 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.</R>
<R>FIL Investment Advisors (FIIA), at Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda, serves as a sub-adviser for the fund. As of June 30, 2008, FIIA had approximately $21.3 billion in discretionary assets under management. FIIA may provide investment research and advice on issuers based outside the United States for the fund.</R>

Prospectus

Fund Services - continued

<R>FIL Investment Advisors (U.K.) Ltd. (FIIA(U.K.)L), at Oakhill House, 130 Tonbridge Road, Hildenborough, TN11 9DZ, England, serves as a sub-adviser for the fund. As of June 30, 2008, FIIA(U.K.)L had approximately $10.9 billion in discretionary assets under management. FIIA(U.K.)L may provide investment research and advice on issuers based outside the United States for the fund.</R>
<R>Fidelity Investments Japan Limited (FIJ), at Shiroyama Trust Tower, 4-3-1 Toranomon Minato-ku, Tokyo 105-6019, Japan, serves as a sub-adviser for the fund. As of June 30, 2008, FIJ had approximately $44 billion in discretionary assets under management. FIJ may provide investment research and advice on issuers based outside the United States for the fund.</R>

<R>The SAI provides additional information about the compensation of, any other accounts managed by, and any fund shares held by Mr. Wickwire.</R>

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

<R>For February 2009, the group fee rate was 0.27%. The individual fund fee rate is 0.30%.</R>

Prospectus

<R>The total management fee for the fiscal year ended February 28, 2009, was 0.56% of the fund's average net assets.</R>

<R>FMR pays FMRC, FMR U.K., FMR H.K. and FMR Japan for providing sub-advisory services. FMR and its affiliates pay FRAC for providing sub-advisory services. FMR pays FIIA for providing sub-advisory services, and FIIA in turn pays FIIA(U.K.)L. FIIA in turn pays FIJ for providing sub-advisory services.</R>

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.

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 FMR or an affiliate, or by an intermediary

These payments are described in more detail on the following pages and in the SAI.

You may pay a sales charge when you buy or sell your Class A, Class T, Class B, or 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.

Prospectus

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
Up to $49,999^B	5.75%	6.10%	5.00%
$50,000 to $99,999	4.50%	4.71%	3.75%
$100,000 to $249,999	3.50%	3.63%	2.75%
$250,000 to $499,999	2.50%	2.56%	2.00%
$500,000 to $999,999	2.00%	2.04%	1.75%
$1,000,000 to $3,999,999	None	None	1.00%^C
$4,000,000 to $24,999,999	None	None	0.50%^C
$25,000,000 or more	None	None	0.25%^C

^A The 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.

^B Purchases of $5.00 or less will not pay a sales charge.

^C Certain conditions may apply. See "Finder's Fees" on page <Click Here>.

Investments in Class A shares of $1 million or more 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	1.00%
1 year to less than 2 years	0.50%
2 years or more	0.00%

^A The 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.

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
Up to $49,999	3.50%	3.63%	3.00%
$50,000 to $99,999	3.00%	3.09%	2.50%
$100,000 to $249,999	2.50%	2.56%	2.00%
$250,000 to $499,999	1.50%	1.52%	1.25%
$500,000 to $999,999	1.00%	1.01%	0.75%
$1,000,000 or more	None	None	0.25%^B

^A The 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.

^B Certain conditions may apply. See "Finder's Fees" on page <Click Here>.

Prospectus

Fund Services - continued

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%

^BAfter a maximum of seven years, Class B shares will convert automatically to Class A shares of the fund.

Prospectus

Fund Services - continued

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:

<R>2. Purchased for an insurance company separate account;</R>

<R>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>6. Purchased for any state, county, or city, or any governmental instrumentality, department, authority or agency;</R>

Prospectus

<R>9. Purchased by the Fidelity Investments Charitable Gift Fund; </R>

<R>11. Purchased with distributions of income, principal, and capital gains from Fidelity Defined Trusts;</R>

<R>12. Purchased to repay a loan against Class A, Class T, or Class B shares held in the investor's Fidelity Advisor 403(b) program; or</R>

<R>13. Purchased for health savings account programs by a broker-dealer, registered investment adviser, insurance company, trust institution, or bank trust department.</R>

<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 front-end sales charge on purchases of $5.00 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;

Prospectus

Fund Services - continued

7. (Applicable to Class A and Class T only) Purchased by the Fidelity Investments Charitable Gift Fund;

9. (Applicable to Class C only) On which investment professionals did not receive a concession at the time of purchase.

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.

Prospectus

To qualify for the reinstatement privilege, you must notify Fidelity in writing in advance of your reinvestment.

Prospectus

Fund Services - continued

Prospectus

In addition to the above payments, each class's plan specifically recognizes that FMR 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. FMR, 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 FMR, 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

Gold - Class A

<R>Years ended February 28,	2009	2008 ^J	2007 ^H</R>
<R>Selected Per-Share Data			</R>
<R>Net asset value, beginning of period	$ 46.19	$ 36.53	$ 36.60</R>
<R>Income from Investment Operations			</R>
<R>Net investment income (loss) ^E	(.15)	(.15)	(.01)</R>
<R>Net realized and unrealized gain (loss)	(15.44)	15.00	(.07)</R>
<R>Total from investment operations	(15.59)	14.85	(.08)</R>
<R>Distributions from net investment income	-	(.19)	-</R>
<R>Distributions from net realized gain	(.17)	(5.01)	-</R>
<R>Total distributions	(.17)	(5.20)	-</R>
<R>Redemption fees added to paid in capital ^E	.02	.01	.01</R>
<R>Net asset value, end of period	$ 30.45	$ 46.19	$ 36.53</R>
<R>Total Return^B,C,D	(33.81)%	44.59%	(.19)%</R>
<R>Ratios to Average Net Assets^F,I			</R>
<R>Expenses before reductions	1.21%	1.17%	1.13% ^A</R>
<R>Expenses net of fee waivers, if any	1.19%	1.17%	1.13% ^A</R>
<R>Expenses net of all reductions	1.15%	1.13%	1.10% ^A</R>
<R>Net investment income (loss)	(.45)%	(.37)%	(.18)% ^A</R>
<R>Supplemental Data			</R>
<R>Net assets, end of period (000 omitted)	$ 39,144	$ 26,620	$ 1,857</R>
<R>Portfolio turnover rate ^G	42%	55%	85%</R>

<R>^A Annualized</R>

<R>^B Total returns for periods of less than one year are not annualized.</R>

<R>^C Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^D Total returns do not include the effect of the sales charges.</R>

<R>^E Calculated based on average shares outstanding during the period.</R>

<R>^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007.</R>

<R>^J For the year ended February 29.</R>

Prospectus

Appendix - continued

Gold - Class T

<R>Years ended February 28,	2009	2008 ^J	2007 ^H</R>
<R>Selected Per-Share Data			</R>
<R>Net asset value, beginning of period	$ 46.17	$ 36.49	$ 36.60</R>
<R>Income from Investment Operations			</R>
<R>Net investment income (loss) ^E	(.24)	(.25)	(.03)</R>
<R>Net realized and unrealized gain (loss)	(15.42)	15.05	(.09)</R>
<R>Total from investment operations	(15.66)	14.80	(.12)</R>
<R>Distributions from net investment income	-	(.16)	-</R>
<R>Distributions from net realized gain	(.17)	(4.97)	-</R>
<R>Total distributions	(.17)	(5.13)	-</R>
<R>Redemption fees added to paid in capital ^E	.02	.01	.01</R>
<R>Net asset value, end of period	$ 30.36	$ 46.17	$ 36.49</R>
<R>Total Return^B,C,D	(33.98)%	44.45%	(.30)%</R>
<R>Ratios to Average Net Assets^F,I			</R>
<R>Expenses before reductions	1.47%	1.43%	1.46% ^A</R>
<R>Expenses net of fee waivers, if any	1.45%	1.43%	1.46% ^A</R>
<R>Expenses net of all reductions	1.41%	1.39%	1.43% ^A</R>
<R>Net investment income (loss)	(.71)%	(.63)%	(.40)% ^A</R>
<R>Supplemental Data			</R>
<R>Net assets, end of period (000 omitted)	$ 15,284	$ 11,334	$ 1,093</R>
<R>Portfolio turnover rate ^G	42%	55%	85%</R>

<R>^A Annualized</R>

<R>^B Total returns for periods of less than one year are not annualized.</R>

<R>^C Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^D Total returns do not include the effect of the sales charges.</R>

<R>^E Calculated based on average shares outstanding during the period.</R>

<R>^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007.</R>

<R>^J For the year ended February 29.</R>

Prospectus

Gold - Class B

<R>Years ended February 28,	2009	2008 ^J	2007 ^H</R>
<R>Selected Per-Share Data			</R>
<R>Net asset value, beginning of period	$ 45.97	$ 36.46	$ 36.60</R>
<R>Income from Investment Operations			</R>
<R>Net investment income (loss) ^E	(.40)	(.45)	(.07)</R>
<R>Net realized and unrealized gain (loss)	(15.34)	14.95	(.08)</R>
<R>Total from investment operations	(15.74)	14.50	(.15)</R>
<R>Distributions from net investment income	-	(.16)	-</R>
<R>Distributions from net realized gain	(.17)	(4.84)	-</R>
<R>Total distributions	(.17)	(5.00)	-</R>
<R>Redemption fees added to paid in capital ^E	.02	.01	.01</R>
<R>Net asset value, end of period	$ 30.08	$ 45.97	$ 36.46</R>
<R>Total Return^B,C,D	(34.30)%	43.53%	(.38)%</R>
<R>Ratios to Average Net Assets^F,I			</R>
<R>Expenses before reductions	1.97%	1.93%	1.96% ^A</R>
<R>Expenses net of fee waivers, if any	1.95%	1.93%	1.96% ^A</R>
<R>Expenses net of all reductions	1.89%	1.90%	1.93% ^A</R>
<R>Net investment income (loss)	(1.20)%	(1.14)%	(.93)% ^A</R>
<R>Supplemental Data			</R>
<R>Net assets, end of period (000 omitted)	$ 8,421	$ 6,869	$ 902</R>
<R>Portfolio turnover rate ^G	42%	55%	85%</R>

<R>^A Annualized </R>

<R>^B Total returns for periods of less than one year are not annualized.</R>

<R>^C Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

<R>^D Total returns do not include the effect of the contingent deferred sales charge.</R>

<R>^E Calculated based on average shares outstanding during the period.</R>

<R>^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.</R>

<R>^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007.</R>

<R>^J For the year ended February 29.</R>

Prospectus

Appendix - continued

Gold - Class C

<R>Years ended February 28,	2009	2008 ^J	2007 ^H</R>
<R>Selected Per-Share Data			</R>
<R>Net asset value, beginning of period	$ 45.85	$ 36.44	$ 36.60</R>
<R>Income from Investment Operations			</R>
<R>Net investment income (loss) ^E	(.39)	(.45)	(.07)</R>
<R>Net realized and unrealized gain (loss)	(15.30)	14.91	(.10)</R>
<R>Total from investment operations	(15.69)	14.46	(.17)</R>
<R>Distributions from net investment income	-	(.17)	-</R>
<R>Distributions from net realized gain	(.17)	(4.89)	-</R>
<R>Total distributions	(.17)	(5.06)	-</R>
<R>Redemption fees added to paid in capital ^E	.01	.01	.01</R>
<R>Net asset value, end of period	$ 30.00	$ 45.85	$ 36.44</R>
<R>Total Return^B,C,D	(34.30)%	43.49%	(.44)%</R>
<R>Ratios to Average Net Assets^F,I			</R>
<R>Expenses before reductions	1.97%	1.92%	2.02% ^A</R>
<R>Expenses net of fee waivers, if any	1.95%	1.92%	2.02% ^A</R>
<R>Expenses net of all reductions	1.89%	1.89%	1.99% ^A</R>
<R>Net investment income (loss)	(1.20)%	(1.12)%	(1.03)% ^A</R>
<R>Supplemental Data			</R>
<R>Net assets, end of period (000 omitted)	$ 17,544	$ 10,835	$ 437</R>
<R>Portfolio turnover rate ^G	42%	55%	85%</R>

<R>^A Annualized </R>

<R>^B Total returns for periods of less than one year are not annualized. </R>

<R>^C Total returns would have been lower had certain expenses not been reduced during the periods shown. </R>

<R>^D Total returns do not include the effect of the contingent deferred sales charge. </R>

<R>^E Calculated based on average shares outstanding during the period. </R>

<R>^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. </R>

<R>^H For the period December 12, 2006 (commencement of sale of shares) to February 28, 2007.</R>

<R>^J For the year ended February 29.</R>

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.

Fidelity, Fidelity Investments & (Pyramid) Design, Fidelity Advisor Money Line, and Directed Dividends are registered trademarks of FMR LLC.

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

Fidelity Advisor

Gold

Fund

Institutional Class

(Fund 1788)

Prospectus

<R>April 29, 2009</R>

Institutional Class is a class of Select Gold Portfolio
(fidelity_logo_graphic)
82 Devonshire Street, Boston, MA 02109

Fund Summary	<Click Here>	Investment Summary
	<Click Here>	Performance
	<Click Here>	Fee Table
Fund Basics	<Click Here>	Investment Details
	<Click Here>	Valuing Shares
Shareholder Information	<Click Here>	Buying and Selling 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

Prospectus

Fund Summary

Investment Summary

Investment Objective

The fund seeks capital appreciation.

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 to select investments.

Principal Investment Risks

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets, 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.
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.
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.
<R>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.</R>

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.

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.

Performance

<R>The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the fund's performance from year to year, as represented by the performance of Institutional Class, and compares the performance of Institutional Class to the performance of a market index and an additional index over various periods of time. Returns (before and after taxes) are based on past results and are not an indication of future performance.</R>

<R>Visit www.advisor.fidelity.com for current return information.</R>

Year-by-Year Returns

Gold - Institutional Class
<R>Calendar Years	2007	2008</R>
<R>	24.91%	-20.53%</R>

<R>During the periods shown in the chart for Institutional Class of Gold:	Returns	Quarter ended</R>
<R>Highest Quarter Return	24.95%	September 30, 2007</R>
<R>Lowest Quarter Return	-28.74%	September 30, 2008</R>
<R>Year-to-Date Return	8.02%	March 31, 2009</R>

Average Annual Returns

Prospectus

<R>For the periods ended December 31, 2008	Past 1 year	Life of class^A</R>
<R>Gold		</R>
<R>Institutional Class - Return Before Taxes	-20.53%	-0.47%</R>
<R> Return After Taxes on Distributions	-20.58%	-1.89%</R>
<R> Return After Taxes on Distributions and Sale of Fund Shares	-13.25%	-0.71%</R>
<R>S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)	-37.00%	-17.80%</R>
<R>S&P^® BMI Global Gold Index (reflects no deduction for fees, expenses, or taxes)	-23.10%	-4.28%</R>

<R>^AFrom From December 12, 2006.</R>

Fee Table

Shareholder fees (paid by the investor directly)

	Institutional Class
Sales charge (load) on purchases and reinvested distributions	None
Deferred sales charge (load) on redemptions	None
<R>Redemption fee on shares held less than 30 days (as a % of amount redeemed)^A	0.89%</R>

Prospectus

Fund Summary - continued

Annual operating expenses (paid from class assets)

	Institutional Class
<R>Management fee	0.56%</R>
<R>Distribution and/or Service (12b-1) fees	None</R>
<R>Other expenses	0.33%</R>
<R>Acquired fund fees and expenses^A	0.02%</R>
<R>Total annual class operating expenses^B	0.91%</R>
<R>Less waiver^A	0.02%</R>
<R>Net expenses	0.89%</R>

^BEffective December 12, 2006, FMR has voluntarily agreed to reimburse Institutional Class of the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 1.15%. This arrangement may be discontinued by FMR at any time.

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

	Institutional Class
<R>1 year	$ 93</R>
<R>3 years	$ 290</R>
<R>5 years	$ 504</R>
<R>10 years	$ 1,120</R>

Prospectus

Fund Basics

Investment Details

Investment Objective

The fund seeks capital appreciation.

Principal Investment Strategies

FMR 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.

FMR 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, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Prospectus

Description of Principal Security Types

Principal Investment Risks

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

Prospectus

Fund Basics - continued

Prospectus

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

Valuing Shares

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

Prospectus

Shareholder Information

Buying and Selling Shares

General Information

Buying and Selling Information

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

You should include the following information with any order to buy, sell, or exchange shares:

· Your name;

· Your account number;

· Name of fund whose shares you want to buy or sell; and

· Dollar amount or number of shares you want to buy or sell.

Certain methods of contacting Fidelity, such as by telephone, may be unavailable or delayed (for example, during periods of unusual market activity).

Minimums
To Open an Account	$2,500
For certain Fidelity Advisor retirement accounts^A	$500
Through regular investment plans^B	$100
To Add to an Account	$100
Minimum Balance	$1,000
For certain Fidelity Advisor retirement accounts^A	None