1

Opportunities in Sectors

Beyond the Headlines Chris Peixotto

VP, Investment Product

FEBRUARY 14, 2020

Andy Rubin

Institutional Portfolio Manager

Rajiv Kaul

Portfolio Manager

2 2

Discovering What Sectors Are

and Why They Matter

3

What Is a Sector? A sector is a group of stocks with similar characteristics

Information presented is for informational purposes only and is not investment advice or an offer of any particular security. This information must

not be relied upon in making any investment decision. Fidelity cannot be held responsible for any type of loss incurred by ap plying any of the

information presented. These views must not be relied upon as an indication of trading intent of any Fidelity fund. Specific securities mentioned are

for illustrative purposes only and must not be considered an investment recommendation or advice.

Information Technology

Apple Visa Inc. Cisco Systems Microsoft STOCKS

Communications Equipment

Electronic Equipment, Instruments and Components

IT Services

Semiconductors & Semiconductor Equipment

Software

Technology Hardware, Storage and Peripherals

SECTOR

INDUSTRY

4

The Eleven Sectors All global stocks can be classified in one of these sectors

Communication

Services

Consumer

Discretionary

Consumer

Staples Energy

Financial

Services

Companies that facilitate

communication or provide

entertainment content and

other information through

various types of media.

Consumer companies that are

sensitive to economic cycles,

such as automakers, retailors,

apparel makers, and

restaurants.

Consumer industries that are

less sensitive to the economy,

such as food and beverages,

supermarkets, and household

products.

Companies that produce,

refine, or market energy.

Financial services, such as

banking, lending, brokers, and

insurance.

Health Care Industrials Information

Technology Materials Real Estate Utilities

Goods and services

provided by

pharmaceutical firms,

hospital management

firms, HMOs, and

medical products.

Business that distribute

durable goods or provide

transportation or

commercial services.

Companies that offer

goods and services,

including hardware,

software, semi-

conductors, and

consulting services.

Corporations that supply

synthetic materials, such

as chemicals and

plastics, or raw materials

such as metals or timber.

Companies that own,

operate, or develop

commercial real estate

properties such as

offices, malls, or

warehouses.

Companies that produce

and deliver electric

power, natural gas, or

water.

5

Significant

driver of

returns

Clear patterns

of risk and

volatility

Low

correlations

Stable

system of

classification

Why do sectors

matter?

6 6

Using Sector Resources

7

Fidelity’s Sector Product Offerings Across actively managed mutual funds and passively managed ETFs

Communication Services Consumer Discretionary Consumer Staples Energy Financial Services

Select Communication Services

Portfolio

Select Telecommunications Portfolio

Select Wireless Portfolio

Fidelity MSCI Communication Services

Index ETF (FCOM)

Select Consumer Discretionary

Portfolio

Select Automotive Portfolio

Select Construction & Housing Portfolio

Select Leisure Portfolio

Select Retailing Portfolio

Fidelity MSCI Consumer Discretionary

Index ETF (FDIS)

Select Consumer Staples Portfolio

Fidelity MSCI Consumer Staples Index

ETF (FSTA)

Select Energy Portfolio

Select Energy Services Portfolio

Select Natural Gas Portfolio

Select Natural Resources Portfolio

Select Environment and Alternative

Energy Portfolio

Fidelity MSCI Energy Index ETF

(FENY)

Select Banking Portfolio

Select Brokerage/Invest Mgmt.

Portfolio

Select Consumer Finance Portfolio

Select Insurance Portfolio

Select Financial Services Portfolio

Fidelity MSCI Financials Index ETF

(FNCL)

Health Care Industrials Information Technology Materials Real Estate Utilities

Select Biotechnology Portfolio

Select Health Care Portfolio

Select Health Care Services

Portfolio

Select Medical Technology and

Devices Portfolio

Select Pharmaceuticals

Portfolio

Fidelity MSCI Health Care Index

ETF (FHLC)

Select Air Transportation

Portfolio

Select Defense and Aerospace

Portfolio

Select Industrials Portfolio

Select Transportation Portfolio

Fidelity MSCI Industrials Index

ETF (FIDU)

Select Computers Portfolio

Select Communications

Equipment Portfolio

Select IT Services Portfolio

Select Semiconductors Portfolio

Select Software and Computer

Services Portfolio

Select Technology Portfolio

Fidelity MSCI Information

Technology Index ETF (FTEC)

Fidelity Global Commodity

Stock Fund

Select Chemicals Portfolio

Select Gold Portfolio

Select Materials Portfolio

Fidelity MSCI Materials Index

ETF (FMAT)

Fidelity International Real

Estate Fund

Fidelity Real Estate Income

Fund

Fidelity Real Estate Investment

Fund

Fidelity MSCI Real Estate Index

ETF (FREL)

Select Utilities Portfolio

Fidelity Telecom and Utilities

Portfolio

Fidelity MSCI Utilities Index ETF

(FUTY)

Italics represent ETFs. All other funds are mutual funds.

8

Fidelity’s Online Sector Resources: Sector Investing fidelity.com/sectors

Source: Fidelity.com. For illustrative purposes only.

9

Fidelity’s Online Sector Resources: Quarterly Sector Update fidelity.com/qsu

Source: Fidelity.com. For illustrative purposes only.

10

The Fidelity Guided Portfolio Summary Know your exposure

Source: Fidelity.com. For illustrative purposes only.

11 11

Fidelity Real Estate Investment

Portfolio (FRESX) Andy Rubin, Institutional Portfolio Manager

12

Why Invest in REITs?

Past performance is no guarantee of future results. It is not possible to invest directly in an index. All market indices are unmanaged. Index

performance is not meant to represent that of any Fidelity mutual fund.

Diversification does not ensure a profit or guarantee against a loss.

INCOME: REIT structure has provided investors with reliable income returns and a yield that has historically exceeded the S&P 500®,

helps to reduce overall portfolio volatility

INFLATION PROTECTION: Historical returns have outpaced inflation; natural hedge during periods of high or low inflation

DIVERSIFICATION: Low historical correlation with broader market; has offered an attractive risk/return trade-off

PERFORMANCE: REITs have historically outperformed other major asset classes over the long term; total returns are driven by a

combination of capital appreciation and dividend income

LIQUIDITY: Daily liquidity through public equity markets; allows for tactical asset allocation and portfolio rebalancing

TRANSPARENCY: Tax transparency; market transparency; strong corporate governance

13

U.S. REIT Market Overview

Source: National Association of Real Estate Investment Trusts (NAREIT), as of 12/31/19.

• REITs are stocks that receive special tax considerations and offer investors commercial real estate exposure.

• Currently, there are 179 publicly traded equity REITs operating in the United States, with equity market capitalization

totaling over $1.2 trillion.

• REITs own more than 10% of the commercial real estate in the United States.

GROWTH OF U.S. EQUITY REIT UNIVERSE

19.4%

25.6%

21.4%

13.9%

7.2%

7.1% 5.2%

Retail

Industrial/Office

Residential

Health Care

Self Storage

Diversified

Lodging/Resorts

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

0

20

40

60

80

100

120

140

160

180

200

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Mark

et C

apita

lizatio

n in

Billio

ns $

# o

f R

EIT

s

# of Equity REITs

14

U.S. REITs Have Performed Well Relative to Other Asset

Classes over the Long Term

Past performance is no guarantee of future results. It is not possible to invest directly in an index. Index returns are not meant to represent that of any

Fidelity mutual fund.

See the Glossary at the end of this presentation for more information on any terms.

Source: Morningstar, as of 12/31/19.

Average Annual Total Returns (%) as of 12/31/19 1-Year 3-Year 5-Year 10-Year 20-Year 25-Year

U.S. REIT

FTSE NAREIT All Equity REITs Index 28.66 10.29 8.43 12.59 11.60 10.89

U.S. Equity

S&P 500 Index 31.49 15.27 11.70 13.56 6.06 10.22

Small Cap U.S. Equity

Russell 2000 Index 25.52 8.59 8.23 11.83 7.59 9.35

Global Equity

Dow Jones Global Index 26.56 12.48 8.64 9.14 5.09 7.65

Investment Grade Bond

Bloomberg Barclays U.S. Aggregate Bond Index 8.72 4.03 3.05 3.75 5.03 5.57

U.S. High Yield Bond

ICE BofAML U.S. High Yield Constrained Index 14.41 6.32 6.13 7.50 7.01 7.58

Gold

S&P GSCI Gold Index 18.03 8.97 4.44 2.69 8.00 5.42

15

U.S. Commercial Real Estate Fundamentals Occupancy and Net Operating Income (NOI) remain firm supported by

economic growth and limited new supply

Note: These two time-sequential graphs are based on the same-store data.

Green bars show the periods of recession.

Source: Citi Investment Research and Analysis, as of 9/30/19.

OCCUPANCY NOI GROWTH

88%

89%

90%

91%

92%

93%

94%

95%

96%

1Q

01

4Q

01

3Q

02

2Q

03

1Q

04

4Q

04

3Q

05

2Q

06

1Q

07

4Q

07

3Q

08

2Q

09

1Q

10

4Q

10

3Q

11

2Q

12

1Q

13

4Q

13

3Q

14

2Q

15

1Q

16

4Q

16

3Q

17

2Q

18

1Q

19

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

4Q

98

3Q

99

2Q

00

1Q

01

4Q

01

3Q

02

2Q

03

1Q

04

4Q

04

3Q

05

2Q

06

1Q

07

4Q

07

3Q

08

2Q

09

1Q

10

4Q

10

3Q

11

2Q

12

1Q

13

4Q

13

3Q

14

2Q

15

1Q

16

4Q

16

3Q

17

2Q

18

1Q

19

16

U.S. Commercial Real Estate Fundamentals

Percentage of total stock represents supply addition of U.S. commercial real estate as a percentage of the total U.S. commercial real estate.

Source: Citi Investment Research and Analysis, as of 12/31/19.

NEW SUPPLY REMAINS BELOW HISTORICAL AVERAGE … … AND COSTS CONTINUE TO RISE

1.6% 1.7%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017

1.6% 2.1%

4.1% 4.4% 4.5%

4.7% 5.0%

5.9%

5.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2011 2012 2013 2014 2015 2016 2017 2018 2019

Annual Changes in Construction Costs

% of Total Stock

% of Total Stock

(Historical Average)

17

Access to Capital and Cost of Capital Public REITs have access to all forms of capital and issued record

amounts of debt and equity in 2019

Source: Citi Investment Research and Analysis, as of 12/31/19.

CAPITAL RAISED

0

10

20

30

40

50

60

70

80

90

100

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

（B

illio

ns $

)

Total Equity Total Debt Preferred Equity

18

8.1%

2.1%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

19

90

19

92

19

94

19

96

19

98

20

00

20

02

20

04

20

06

20

08

20

10

20

12

20

14

20

16

20

18

All REITs Average: 2.1%

Valuation REIT dividend yields are attractive relative to government bond yields;

REITs trade at a modest premium relative to the net asset value of their

underlying properties

Note: REIT Premium/Discount to NAV reflects the relationship between REIT prices and the value of the underlying REIT properties or the net asset value

(NAV). Premium—REITs trading above NAV; Discount—REITs trading below the NAV. Sources: Citi Investment Research, FactSet, and National

Association of Real Estate Investment Trusts (NAREIT), as of 9/30/19, Green Street Advisors, as of 1/1/20.

2.11% 1.32%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

1994

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

EQUITY REITS DIVIDEND YIELD VS. 10-YEAR TREASURY BOND YIELD

Equity REIT Dividend Yield Less 10-Yr. Treasury Yield

Historical Average

PR

EM

IUM

D

ISC

OU

NT

REIT PREMIUM/DISCOUNT TO NAV

19

• Industrial REITs, which includes warehouses

and logistics facilities, are a critical part of the

global commerce and trade ecosystem.

• Growth of these facilities and their importance

in global economy is being driven in part by

secular trends, such as e-commerce.

• Companies with high-quality facilities in the

most strategically important geographic areas

may have the chance to outperform.

• The fund may invest in opportunities in the

industrial REIT space.

Thematic Opportunities in Real Estate Warehouses and logistics

$2.8

$3.5 $4.1

$4.9

11.9%

13.7%

15.5%

17.5%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

2018 2019 2020 2021

Share

of

tota

l w

orld

wid

e r

eta

il sale

s

World

wid

e e

Com

merc

e reta

il sale

s (

U.S

.$ T

rilli

ons)

Worldwide eCommerce retail sales

Share of total worldwide retail sales

Source: eMarketer as of 2018

20

Thematic Opportunities in Real Estate Data Centers

122

156

201

254

319

396

0

50

100

150

200

250

300

350

400

2017 2018 2019 2020 2021 2022

GLOBAL INTERNET TRAFFIC EXPECTED TO NEARLY TRIPLE FROM 2017 through 2022 (26% CAGR)

EXABYTES PER MONTH

• Data centers are centralized locations where

computing and networking equipment is

concentrated in order to collect, process, and

store large amounts of data.

• The number of giant data centers built for

“hyperscale” firms like Amazon is expected to

increase by 50% through 2021.1

• The fund may invest in data center REITs,

which could benefit from the continued usage

growth of the internet.

CAGR: Compounded annual growth rate 1: Cisco, 2019

Source: Cisco VNI Global IP Forecast, 2017-2022

21

Investment Outlook

Valuation Valuations are mixed, some metrics appear slightly expensive while others appear slightly cheap.

Fundamentals Fundamentals are favorable and have reaccelerated, supporting external growth.

Retail is secularly challenged.

Technicals/Capital Issuance has resurged recently driven by low interest rates and strong share price performance.

Other Considerations Remain flexible to adapt to current environment.

Corporate actions may provide opportunities.

For illustrative purposes only.

22 22

Fidelity Select Biotechnology

Portfolio (FBIOX) Rajiv Kaul, Portfolio Manager

23

Why Invest inBiotechnology?

Past performance is no guarantee of future results. It is not possible to invest directly in an index. All market indices are unmanaged. Index

performance is not meant to represent that of any Fidelity mutual fund.

Diversification does not ensure a profit or guarantee against a loss.

PERSONALIZED MEDICINE: The combination of the Human Genome Project and the commercial application of diagnostics

has created opportunities to develop more personalized therapies with greater efficacy.

INDUSTRY GROWTH: Despite a challenging macro environment, the biotechnology industry continues to add start-ups at

a substantial rate, resulting in an expanding investment universe and a more positive outlook over the next three to five years.

FAVORABLE DEMOGRAPHICS: The need for better and more cost-effective health care is rising globally.

HIGH INNOVATION AND ECONOMIC INSENSITIVITY: The biotechnology industry is recognized by its high-growth companies

on the forefront of innovation and is balanced by its lower economic sensitivity due to stable demand and favorable demographics.

24

Life Expectancy: Dramatic Rise over the Past 50+ Years 100-year life expectancy…how soon?

Source: World Bank, as of 12/31/17.

U.S. LIFE EXPECTANCY AT BIRTH

64

66

68

70

72

74

76

78

80

1960

1961

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

25

Life Cycle of a Biotechnology Therapy Capital users in first 10 years, profitable in subsequent years

Source: Fidelity Investments. For illustration purposes.

New Molecular Entity: Drugs that contain active moieties that have not been previously approved by the FDA

EARNINGS TRAJECTORY FROM RESEARCH & DEVELOPMENT THROUGH LAUNCH

Time (Years)

–10 0 +10 +20

Earnings ($)

Clinical Launch Earnings Power Regulatory –10 to –1 0 to 3 3+ –1 to 0

$418 $424

-$6 -$100

$900

All 628 NMEs Top 26 NMEs Bottom 602 NMEs

CUMULATIVE NET PRESENT VALUE GENERATED ($B) 628 New Molecular Entities (NMEs) Approved since 1995

9%

44%

Phase 1 Phase 3

PROBABILITY OF SUCCESS

IS VERY LOW

26

Highly Innovative Industry The Human Genome Project has helped in the development of personalized

medicine, while research and development projects continue to grow

1 Pharmaceutical Researchers and Manufactures of America. 2 Fidelity Investments.

Sources: Left Chart: Citeline Inc., as of 12/31/18. Right Chart: National Human Genome Research Institute, Fidelity, as of 7/31/17.

• $105B1 in U.S.-branded drugs are expected to go off patent from 2019–2023

• 7 out of 10 top drugs in the world are biotechnology drugs2

WORLDWIDE ACTIVE R&D PROJECTS

IN DEVELOPMENT STAGE COST OF SEQUENCING PER GENOME

0

500

1,000

1,500

2,000

2,500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Phase I Phase II Phase III

$100

$1,000

$10,000

$100,000

$1,000,000

$10,000,000

$100,000,000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

27

Example of a Long-Term Winner The importance of finding companies with strong pipelines and growth

prospects

Past performance is no guarantee of future results. It is not possible to invest directly in an index. All market indices are unmanaged. Index

performance is not meant to represent that of any Fidelity mutual fund. The stocks mentioned here are not necessarily holdings invested in by FMR LLC.

References to specific companies should not be construed as a recommendation or investment advice. The statements and opinions are subject to

change at any time, based on market and other conditions. Source: FactSet, as of 12/31/19.

MSCI Biotech: MSCI U.S. IMI Biotech 25/50 Index

COMPOUNDING RETURNS OVER 15 YEARS

-100%

0%

100%

200%

300%

400%

500%

1/3

1/2

004

11/3

0/2

004

9/3

0/2

005

7/3

1/2

006

5/3

1/2

007

3/3

1/2

008

1/3

1/2

009

11/3

0/2

009

9/3

0/2

010

7/3

1/2

011

5/3

1/2

012

3/3

1/2

013

1/3

1/2

014

11/3

0/2

014

9/3

0/2

015

7/3

1/2

016

5/3

1/2

017

3/3

1/2

018

1/3

1/2

019

Vertex Pharmaceuticals Inc Pfizer Inc S&P 500 MSCI Biotech

Perc

ent

Change

28

Outlook and Opportunities

Source: Fidelity Investments.

Outlook Opportunities

• Continue to have a positive outlook for biotechnology

drug development

• The need for better and more cost-effective health care

may continue to rise globally

• Clinical failure and the increase in reimbursement

pressure are potential headwinds

• Despite heightened concerns over drug pricing

legislation, we believe there is a low likelihood of material

change

Drug development pipeline

• Advances in basic research and diagnostic tools

• Access to venture capital and increased outsourcing of

R&D by large pharma companies

Valuations

• Relative valuations versus the broader market are

attractive when compared to their historical average

29 29

Q&A

30

Disclosures

Index Definitions: see slide 31

Diversification does not ensure a profit or guarantee against loss.

Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic

developments.

Exchange-traded products (ETPs) are subject to market volatility and the risks of their underlying securities, which may include the risks associated with investing in

smaller companies, foreign securities, commodities, and fixed income investments. Foreign securities are subject to interest rate, currency-exchange rate, economic,

and political risks, all of which are magnified in emerging markets. Exchange-traded products (ETPs) that target a small universe of securities, such as a specific

region or market sector, are generally subject to greater market volatility, as well as to the specific risks associated with that sector, region, or other focus. ETPs that

use derivatives, leverage, or complex investment strategies are subject to additional risks. The return of an index ETP is usually different from that of the index it tracks

because of fees, expenses, and tracking error. An ETP may trade at a premium or discount to its net asset value (NAV) (or indicative value in the case of exchange-

traded notes). Each ETP has a unique risk profile, which is detailed in its prospectus, offering circular, or similar material, which should be considered carefully when

making investment decisions.

ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Unlike mutual funds,

ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund.

Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be

magnified in emerging markets.

The percentage of fund assets used to pay for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs

incurred by the fund, except brokerage costs. Fund expenses are reflected in the fund's NAV. Sales charges are not included in the expense ratio.

Global Industry Classification Standard—GICS is a standardized classification system for equities developed jointly by Morgan Stanley Capital International (MSCI)

and Standard & Poor's. The GICS hierarchy begins with 11 sectors and is followed by 24 industry groups, 69 industries, and 158 sub-industries. Each stock that is

classified will have a coding at all four of these levels.

Index Definitions

31

Term Definition

Bloomberg Barclays U.S. Aggregate

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, market-value-weighted benchmark that measures the performance of the investment-grade, U.S. dollar-

denominated, fixed-rate taxable bond market. Sectors in the index include Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM

passthroughs), ABS, and CMBS.

Dow Jones Global Index Index includes equity securities with readily available prices that trade globally. Country indices are maintained for each represented market. Countries are categorized as either

Developed, Emerging, or Frontier for the purpose of stock selection. The Dow Jones Global Total Stock Market Index family includes country level indices.

Dow Jones U.S. Select Real Estate Securities

IndexSM

Dow Jones U.S. Select Real Estate Securities Index is a float-adjusted market capitalization-weighted index of publicly traded real estate securities such as real estate investment

trusts (REITs) and real estate operating companies (REOCs).

FTSE NAREIT All Equity REITs Index

A market capitalization-weighted index that is designed to measure the performance of tax-qualified Real Estate Investment Trusts (REITs) that are listed on the New York Stock

Exchange, the NYSE MKT LLC, or the NASDAQ National Market List with more than 50% of total assets in qualifying real estate assets secured by real property. Mortgage REITs

are excluded.

ICE BofAML U.S. High Yield Constrained Index The ICE BofAML U.S. High Yield Constrained Index tracks the performance of below-investment-grade, but not in default, U.S. dollar-denominated corporate bonds publicly issued

in the U.S. domestic market, and includes issues with a credit rating of BBB or below, as rated by Moody’s and S&P.

MSCI U.S. IMI Biotech 25/50 Index An index made up of stocks of large, mid-size, and small U.S. companies within the health care sector, as classified under the Global Industry Classification Standard (GICS). The

MSCI 25/50 Indexes are designed to take into account U.S. Internal Revenue Code investment constraints needed for a fund to qualify as a regulated investment company (RIC)

in the U.S.

Russell 2000® Index The index is a market capitalization-weighted index designed to measure the performance of the small cap segment of the U.S. equity market. It includes approximately 2,000 of

the smallest securities in the Russell 3000 Index.

S&P 500® Index The Standard & Poor's 500 Index is a market capitalization-weighted index of 500 widely held U.S. stocks and includes reinvestment of dividends.

S&P GSCI Gold Index TR The S&P GSCI Gold Index is a sub-index of the S&P GSCI which tracks the COMEX gold future.

32

Disclosures

Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies. Non-diversified sector funds may

have additional volatility because they can invest a significant portion of assets in securities of a small number of individual issuers.

Because FMR concentrates the funds’ investments in a particular industry, the funds’ performance could depend heavily on the performance of that industry and could

be more volatile than the performance of less concentrated funds and the market as a whole.

The funds are considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund; thus changes in the

market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

Before investing in any mutual fund or exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses. Contact

Fidelity for a prospectus, offering circular, or, if available, a summary prospectus containing this information. Read it carefully.

© 2020 FMR LLC. All rights reserved.

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