Results

We developed the Fidelity Select Fundranker system in early 2003 using data from December 29, 1995, forward. The system uses one-, three-, six-, and 12-month returns, so we ranked the Select funds as of December 31, 1996, for the first time, and started Fundranker’s theoretical Top Eight Model Portfolio on Fundranker’s first hypothetical exchange date, January 2, 1997, with $24,000 ($3,000 in each of the eight funds).

To track the performance of the Top Eight Model Portfolio, on each Fundranker exchange date, we divide the total value of the eight funds from the previous month equally into the eight funds for the new month. Although this cannot be done in real life, it does allow a pure measure of performance of an equally weighted portfolio of eight funds. If you rebalance your eight funds periodically, your portfolio’s performance should approximate this pure measure of performance.

For comparison, we also track performance of the Nasdaq Composite Index (as measured by Fidelity’s Nasdaq Composite Index Fund) and the S&P 500 Index (as measured by Fidelity’s Spartan 500 Index - Investor Class Fund) with theoretical portfolios. We started the S&P 500 Index tracking portfolio with $24,000 on January 2, 1997, similarly to the Top Eight Model Portfolio. We started the Nasdaq Composite Index tracking portfolio on September 30, 2003, as that is the month that Fidelity’s Nasdaq Composite Index Fund began operations, with a value of $35,431.26, equal to the value of the S&P 500 tracking portfolio on September 30, 2003.

As of the close of trading on January 22, 2010, Fidelity Investments merged its Spartan 500 Index - Investor Class Fund (FSMKX) into its Spartan US Equity Fund (FUSEX). Beginning January 25, 2010, the newly merged fund retains the name Spartan 500 Index - Investor Class but uses the FUSEX trading symbol. Because of this merger, as of January 22, 2010, we adjusted the number of shares we list for the S&P 500 theoretical portfolio from 582.597 (of FSMKX, NAV $75.29) to 1,135.190 (equivalent shares of FUSEX, NAV $38.64).

The tables below, through December, 2009, show performance of the Nasdaq Composite Index tracking portfolio as Nasdaq Composite Index Fund and symbol FNCMX and performance of the S&P 500 Index tracking portfolio as Spartan 500 Index Fund and symbol FSMKX.

Beginning January, 2010, the tables below still show performance of the Nasdaq Composite Index tracking portfolio as Nasdaq Composite Index Fund and symbol FNCMX but show performance of the S&P 500 Index tracking portfolio as Spartan 500 Index - Investor Class Fund and symbol FUSEX.

To see the results for the three tracking portfolios for a particular month, click on a link below.