Select Construction and Housing Portfolio

(FSHOX)

No Transaction Fee¹

On October 1, 2006 the fund began comparing its performance to a different benchmark and adjusted its investments.

Expense Ratio: as of 04/29/2009	1.03%
Expense Ratio after Reductions: as of 08/31/2009	1.04%
Expense Cap: as of 01/01/2007	1.15%
Expense Cap is a limit that Fidelity has placed on the level of the expenses borne by the fund. The cap is voluntary and indicates the maximum level of expenses (with certain exceptions) that the fund would be paying at that time. The Expense Cap may be terminated or revised at any time, which may lower the fund's yield or return.
Lipper Specialty & Misc Avg. Most recent data available	1.15%
Small Balance Fee ²
Short-term Redemption Fee	0.75%
Short-term Redemption Period	30

See prospectus for more information on Fees, Expenses & Loads.

Minimum Initial Investment³	$ 2,500
Minimum Retirement	$ 2,500
Minimum Additional Investment	$ 0
Minimum Automatic Account Builder	$ 0
Minimum Balance	$ 2,000
Retirement Accounts	Yes
Check Writing	No
Direct Deposit	Yes
Direct Deposit Minimum	$0
Automatic Account Builder	Yes
Exchange Redemptions Maximum in a year	No
Simple IRA	Yes

You can receive a prospectus from Fidelity by mail.

as of 10/31/2009

Dividends:	April, December
Capital Gains:	April, December

Dividends (Distributed April, December)
Date	Per Share Amount	Reinvestment Price
04/11/2008	$0.050000	$33.28
12/12/2008	$0.210000	$23.72
12/30/2008	$0.040000	$23.40
04/17/2009	$0.020000	$24.63

Capital Gains (Distributed April, December)
Date	Per Share Amount	Reinvestment Price
12/15/2006	$4.450000	$44.53
04/13/2007	$0.430000	$44.59
12/14/2007	$3.980000	$33.42
04/11/2008	$0.850000	$33.28

No Transaction Fee Fidelity funds are available without paying a trading fee to Fidelity or a sales load to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of long-term shareholders of the fund. See Expenses & Fees for more information.
Fidelity may deduct a small balance maintenance fee of $12.00 from a fund balance with a value less than $2,000. Fund positions opened after September 30 will not be subject to the fee for that calendar year. This fee will not be deducted from fund positions opened after January 1 of that calendar year if those positions use regular investment plans. Refer to the fund prospectus for details.
Minimum investment for SEP-IRAs or Keoghs is $500.




	Before investing, consider the fund's investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus containing this information. Read it carefully.

Expenses & Fees (FSHOX)