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© 2011 Morningstar, Inc. All rights reserved. Had the fee been reflected, returns would have been lower. •Fidelity® Select Biotechnology Portfolio is an industry-based, equity-focused strategy that seeks to outperform its benchmark through active management. Learn more about mutual funds at fidelity.com.

Analyze the Fund Fidelity ® Select Biotechnology Portfolio having Symbol FBIOX for type mutual-funds and perform research on other mutual funds.

;ïþqj[¹*ˆŽä{ëŒ[ÍêúðFFDD$˜~î»M:0ÄbWí.¬4Öäñ±ão£"ɈˆŒM£­ÎÝzü Õ©å.4Wš:Vv´ø—îØp¸   &i°{¯¾¯vzÌk¼¥. Total returns include changes in share price and reinvestment of dividends and capital gains, if any. Investing involving involves risk, including risk of loss. +×ß! Our analysis is The Fidelity Select Biotechnology Portfolio invests in companies engaged in the research, manufacturing and distribution of biotech and related products. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. •Fundamental, bottom-up research leveraging Fidelity's experienced global health care team is the primary source of idea generation. l ®Fidelity Select Biotechnology Portfolio is an industry-based, equity-focused strategy that seeks to outperform its benchmark through active management. Current performance may be higher or lower than that quoted. No Transaction Fee 1; ... Technology portfolios buy high-tech businesses in the U.S. or outside of the U.S. ... software, networking, and Internet stocks. * For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on down ward variations and rewarding consistent performance. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals.In this role, Mr. Kaul manages Fidelity Select Biotechnology Portfolio. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics.

Fidelity ® Select Technology Portfolio Fidelity ® Select Technology Portfolio FSPTX. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold.

Fidelity Select Consumer Discretionary Portfolio, Fidelity Select Consumer Staples Portfolio, Fidelity Select Air Transportation Portfolio, Fidelity Select Defense and Aerospace Portfolio, Fidelity Select Construction and Housing Portfolio, Fidelity Select Environment and Alternative Energy Portfolio, Fidelity Select Natural Resources Portfolio, Fidelity Select Communication Services Portfolio, Fidelity Select Telecommunications Portfolio, Fidelity Select Communications Equipment Portfolio, Fidelity Select Financial Services Portfolio, Fidelity Select Consumer Finance Portfolio, Fidelity Select Brokerage and Investment Management Portfolio, Fidelity Select Pharmaceuticals Portfolio, Fidelity Select Medical Technology and Devices Portfolio, Fidelity Select Health Care Services Portfolio, Fidelity Select Software and IT Services Portfolio, Fidelity Select Consumer Discretionary Portfolio (FSCPX), Fidelity Select Leisure Portfolio (FDLSX), Fidelity Select Retailing Portfolio (FSRPX), Fidelity Select Consumer Staples Portfolio (FDFAX), Fidelity Select Natural Gas Portfolio (FSNGX), Fidelity Select Energy Service Portfolio (FSESX), Fidelity Select Industrials Portfolio (FCYIX), Fidelity Select Transportation Portfolio (FSRFX), Fidelity Select Air Transportation Portfolio (FSAIX), Fidelity Select Defense and Aerospace Portfolio (FSDAX), Fidelity Select Construction and Housing Portfolio (FSHOX), Fidelity Select Automotive Portfolio (FSAVX), Fidelity Select Environment and Alternative Energy Portfolio (FSLEX), Fidelity Select Chemicals Portfolio (FSCHX), Fidelity Select IT Services Portfolio (FBSOX), Fidelity Select Natural Resources Portfolio (FNARX), Fidelity Select Wireless Portfolio (FWRLX), Fidelity Select Communication Services Portfolio (FBMPX), Fidelity Select Telecommunications Portfolio (FSTCX), Fidelity Select Communications Equipment Portfolio (FSDCX), Fidelity Select Insurance Portfolio (FSPCX), Fidelity Select Financial Services Portfolio (FIDSX), Fidelity Select Banking Portfolio (FSRBX), Fidelity Select Consumer Finance Portfolio (FSVLX), Fidelity Select Brokerage and Investment Management Portfolio (FSLBX), Fidelity Select Health Care Portfolio (FSPHX), Fidelity Select Pharmaceuticals Portfolio (FPHAX), Fidelity Select Medical Technology and Devices Portfolio (FSMEX), Fidelity Select Health Care Services Portfolio (FSHCX), Fidelity Select Biotechnology Portfolio (FBIOX), Fidelity Select Materials Portfolio (FSDPX), Fidelity Select Technology Portfolio (FSPTX), Fidelity Select Software and IT Services Portfolio (FSCSX), Fidelity Select Semiconductors Portfolio (FSELX), Fidelity Select Computers Portfolio (FDCPX), Fidelity Telecom and Utilities Fund (FIUIX), Fidelity Select Utilities Portfolio (FSUTX).

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