The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index
and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the Additional Information about the Indexes section of the prospectus. Prior to December 1, 2010, the fund was named Home Finance Portfolio, and the fund operated under certain different investment policies and compared its performance to a different additional index.
The fund's historical performance may not represent its current investment policies. Past performance (before and after taxes) is not an indication
of future performance.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state
or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if
you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund
Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
Summary Prospectus
For the periods ended
December 31, 2011
|
Past 1
year
|
Past 5
years
|
Past 10
years
|
Consumer Finance Portfolio
|
|
|
|
Return Before Taxes
|
-0.99%
|
-22.77%
|
-7.87%
|
Return After Taxes on Distributions
|
-1.29%
|
-23.36%
|
-8.87%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
-0.30%
|
-17.34%
|
-5.22%
|
S&P 500
®
Index
(reflects no deduction for fees, expenses, or taxes)
|
2.11%
|
-0.25%
|
2.92%
|
S&P
®
Consumer Finance Index
(reflects no deduction for fees, expenses, or taxes)
|
-3.28%
|
-9.23%
|
0.09%
|
Investment Advisers
Fidelity Management & Research Company (FMR) is the fund's manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Shilpa Mehra (portfolio manager) has managed the fund since April 2012.
Purchase and Sale of Shares
You may buy or sell shares of the fund through a Fidelity brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:
Internet
www.fidelity.com
|
Phone
Fidelity Automated Service Telephone (FAST
®
) 1-800-544-5555
To reach a Fidelity representative 1-800-544-6666
|
Mail
|
Additional purchases:
Fidelity Investments
P.O. Box 770001
Cincinnati, OH
45277-0003
|
Redemptions:
Fidelity Investments
P.O. Box 770001
Cincinnati, OH
45277-0035
|
TDD - Service for the Deaf and Hearing Impaired
1-800-544-0118
|
The price to buy one share of the fund is its net asset value per share (NAV). Your shares will be bought at the NAV next calculated after your
investment is received in proper form.
The price to sell one share of the fund is its NAV, minus the short-term redemption fee, if applicable. Your shares will be sold at the NAV next calculated after your order is received in proper form, minus the short-term redemption fee, if applicable.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
Summary Prospectus
Fund Summary - continued
Initial Purchase Minimum
|
$2,500
|
For Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype Retirement accounts
|
$500
|
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)
|
$200
|
The fund may waive or lower purchase minimums in other circumstances.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and
may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be
taxed later, upon withdrawal of your investment from such account).
Payments to Financial Intermediaries
The fund, FMR, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, including retirement plan sponsors, administrators, or service-providers (who may be affiliated with FMR or FDC), for the sale of fund shares and related services. These payments
may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at
202-371-8300.
Fidelity, Select Portfolios, Fidelity Investments & Pyramid Design, and FAST are registered service marks of FMR LLC.© 2012 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.925633.103 SAV-SUM-0412-02