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Views and opinions expressed may not reflect those of Fidelity Investments. These comments should not be viewed as a recommendation for or against any particular security or trading strategy. Views and opinions are subject to change at any time based on market and other conditions.
As of August 31, 2013, the most recent disclosure of Fidelity Select Technology Portfolio's holdings, the fund held salesforce.com, Amazon.com, Rackspace Hosting, and Microsoft.
As of August 31, 2013, the most recent disclosure of Fidelity Select Health Care Portfolio's holdings, the fund held Gilead Sciences, Amgen, Biogen, and Regeneron.
As of August 31, 2013, the most recent disclosure of Fidelity Select Consumer Discretionary Portfolio's holdings, the fund held TJX Companies, The Gap, and Fast Retailing.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
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.
The consumer discretionary industries can be significantly affected by the performance of the overall economy, and by interest rates, competition, consumer confidence and spending, and changes in demographics and consumer tastes.
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 condition.
1. Equity market performance reflects total returns for the S&P 500® Index and includes reinvested dividends over the period from December 31, 2008, through June 30, 2013. Cumulative total return during this period was 96.19%.
2. Source: Wired.com.
3. Source: Reported new drugs approved by the U.S. Food and Drug Administration through 2012.
Indexes are unmanaged. It is not possible to invest directly in an index.
The S&P 500® Index is a market capitalization–weighted index of common stocks, is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by Fidelity Distributors Corporation and its affiliates.
Past performance is no guarantee of future results.
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