Fidelity Select Medical Equip/Systems (FSMEX)

Fund Fact Sheet 12-31-09 09-30-09 06-30-2009 03-31-2009 Prospectus Fact Sheet Explanation

Fund Summary The investment seeks capital appreciation. The fund normally invests at least 80% of assets in securities of companies principally engaged in research, development, manufacture, distribution, supply, or sale of medical equipment and devices and related technologies. It may invest in securities of foreign issuers and may invest a significant percentage of assets in a single issuer. The fund is nondiversified.

Fund Management Edward Lee Yoon, Lead Manager since 01-May-07
Yoon is portfolio manager at Fidelity. Since joining Fidelity in 2006 as an equity research analyst, Yoon has been following companies in the medical technology sector. He previously worked for JPMorgan Asset Management from 2002 to 2006, where he served as health-care analyst and co-portfolio manager.