Fidelity® Select Biotechnology Portfolio (FBIOX)

Investment Objective The investment seeks capital appreciation. The fund invests primarily in common stocks. It normally invests at least 80% of assets in securities of companies principally engaged in the research- development- manufacture- and distribution of various biotechnological products- services- and processes and companies that benefit significantly from scientific and technological advances in biotechnology. The fund invests in domestic and foreign issuers. It uses fundamental analysis of factors such as each issuer's financial condition and industry position- as well as market and economic conditions to select investments. The fund is non-diversified.