NF_07.31 Fidelity OTC K6 Portfolio PRO-01 | Fidelity OTC K6 Portfolio

<p style="font: bold 20pt Arial, Helvetica, sans-serif;">Fund Summary</p><p style="font: bold 12pt Arial, Helvetica, sans-serif;">Fund:<br/>Fidelity® OTC K6 Portfolio</p>

<font style="font: bold 16pt Arial, Helvetica, sans-serif;">Investment Objective</font>

The fund seeks capital appreciation.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Fee Table</b></font>

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

<p style="font: bold 11pt Arial, sans-serif; margin-bottom: 0px;">Shareholder fees</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px"></p>

Shareholder Fees {- Fidelity OTC K6 Portfolio}	NF_07.31 Fidelity OTC K6 Portfolio PRO-01 Fidelity OTC K6 Portfolio USD ($)
(fees paid directly from your investment)	none

<p style="font: bold 11pt Arial, sans-serif; margin-bottom: 0px;">Annual Operating Expenses</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">(expenses that you pay each year as a % of the value of your investment)</p>

Annual Operating Expenses {- Fidelity OTC K6 Portfolio}	NF_07.31 Fidelity OTC K6 Portfolio PRO-01 Fidelity OTC K6 Portfolio Fidelity OTC K6 Portfolio
Management fee	0.50%
Distribution and/or Service (12b-1) fees	none
Other expenses	none	[1]
Total annual operating expenses	0.50%

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

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

<p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Hold Shares</p>

Expense Example, No Redemption {- Fidelity OTC K6 Portfolio}	NF_07.31 Fidelity OTC K6 Portfolio PRO-01 Fidelity OTC K6 Portfolio Fidelity OTC K6 Portfolio USD ($)
1 Year	$ 51
3 Years	$ 160

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Portfolio Turnover</b></font>

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Principal Investment Strategies</b></font>

• Normally investing primarily in common stocks.

• Normally investing at least 80% of assets in securities principally traded on NASDAQ^® or an over-the-counter (OTC) market, which has more small and medium-sized companies than other markets.

• Investing more than 25% of total assets in the technology sector.

• Investing in domestic and foreign issuers.

• Investing in either "growth" stocks or "value" stocks or both.

• Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Principal Investment Risks</b></font>

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

• Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

• Technology Industry Concentration. The technology industries can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions.

• Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.

In addition, the fund is classified as non-diversified under the Investment Company Act of 1940, which means that it has the ability to invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Performance</b></font>

Performance history will be available for the fund after the fund has been in operation for one calendar year.

[1] Based on estimated amounts for the current fiscal year.