Select Construction and Housing Portfolio

Cumulative Total Returns (%)

² as of 10/31/2009  

Quarter-End Average Annual Total Returns (%)

² as of 09/30/2009   Return before Taxes Return after Taxes on Distributions Return after Taxes on Distributions & Sale of Fund Shares

Volatility Measure

 as of 10/31/2009   

Risk

 as of 10/31/2009   

The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. Stock values fluctuate in response to issuer, political, regulatory, market, or economic developments. You may have a gain or loss when you sell your shares. Investments in foreign securities, especially those in emerging markets, involve risks in addition to those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations. Because FMR concentrates the fund's investments in a particular industry, the fund's performance could depend heavily on the performance of that industry and could be more volatile than the performance of less concentrated funds and the market as a whole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund; thus changes in the market value of a single investment could cause greater fluctuations in share price than would occur in amore diversified fund. 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.