This
example
helps
compare the cost of investing in the fund with the cost of investing in other
funds.
Let's say, hypothetically, that the annual return for shares of
the fund is 5% and that the fees and the annual operating expenses for shares of
the fund are exactly as described in the fee table. This example illustrates the
effect of fees and expenses, but is not meant to suggest actual or expected fees
and expenses or returns, all of which may vary. For every $10,000 you invested,
here's how much you would pay in total expenses if you sell all of your shares
at the end of each time period indicated:
|
1
year |
$
|
74
|
|
3
years |
$
|
230
|
|
5
years |
$
|
401
|
|
10
years |
$
|
894
|
Portfolio
Turnover
The
fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when fund
shares are held in a taxable account. These costs, which are not reflected in
annual operating expenses or in the example, affect the fund's performance.
During the most recent fiscal year, the fund's portfolio turnover rate
was 32 %
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing primarily in common stocks.
- Normally
investing at least 80% of assets in securities of companies principally
engaged in merchandising finished goods and services primarily to individual
consumers.
- Investing
in domestic and foreign issuers.
- Using
fundamental analysis of factors such as each issuer's financial condition and
industry position, as well as market and economic conditions, to select
investments.
Principal
Investment Risks
Stock
markets are volatile and can decline significantly in response to adverse
issuer, political, regulatory, market, or economic developments. Different parts
of the market, including different market sectors, and different types of
securities can react differently to these developments.
Foreign
markets can be more volatile than the U.S. market due to increased risks of
adverse issuer, political, regulatory, market, or economic developments and can
perform differently from the U.S. market.
- Retail
Industry Concentration.
The
retail industry can be significantly affected by consumer confidence and
spending, intense competition, and changing consumer tastes.
The
value of an individual security or particular type of security can be more
volatile than, and can perform differently from, the market as a whole.
The
value of securities of smaller issuers can be more volatile than that of larger
issuers.
In
addition, the fund is classified as non-diversified under the Investment Company
Act of 1940 (1940 Act), which means that it has the ability to invest a greater
portion of assets in securities of a smaller number of individual issuers than a
diversified fund. As a result, changes in the market value of a single
investment could cause greater fluctuations in share price than would occur in a
more diversified fund.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency .
You
could lose money by investing in the fund.
Performance
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 Index Information" section of the
prospectus. Past
performance (before and after taxes) is not an indication of future
performance.
Visit
www.fidelity.com
for
more recent performance information.
Year-by-Year
Returns
|
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
|
|
43.93 %
|
12.02 %
|
18.41 %
|
4.43 %
|
25.82 %
|
4.62 %
|
26.32 %
|
44.33 %
|
18.16 %
|
-
29.44 %
|
|
During
the periods shown in the chart: |
Returns
|
Quarter
ended |
|
Highest
Quarter Return |
34.88
%
|
June
30, 2020 |
|
Lowest
Quarter Return |
-
23.18 %
|
June
30, 2022 |
|
Year-to-Date
Return |
6.99
%
|
March
31, 2023 |
Average
Annual Returns
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, such as an employee benefit plan
(profit sharing, 401(k), or 403(b) plan). 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.
|
For
the periods ended December 31, 2022 |
Past
1
year
|
Past
5
years
|
Past
10
years
|
|
Retailing
Portfolio |
|
|
|
|
Return
Before Taxes |
-
29.44
%
|
9.72
%
|
14.84
%
|
|
Return
After Taxes on Distributions |
-
29.84
%
|
8.17
%
|
13.55
%
|
|
Return
After Taxes on Distributions and Sale of Fund Shares
|
-
17.04 %
|
7.84
%
|
12.41
%
|
|
S&P
500® Index
(reflects
no deduction for fees, expenses, or taxes) |
-
18.11
%
|
9.42
%
|
12.56
%
|
|
MSCI
U.S. IMI Retailing 25-50 Index
(reflects
no deduction for fees, expenses, or taxes) |
-
28.64
%
|
11.39
%
|
15.61
%
|
|
|
|
|
|
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Other investment advisers serve as sub-advisers for the fund.
Portfolio
Manager(s)
Boris
Shepov (Portfolio Manager) has managed the fund since 2018.
Purchase
and Sale of Shares
You
may buy or sell shares 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 is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
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 Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser 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.
Fund
Basics
Principal
Investment Strategies
Automotive
Portfolio
The
fund invests primarily in companies
engaged in the manufacture, marketing or sale of automobiles, trucks, specialty
vehicles, parts, tires, and related services. The
fund normally invests at least 80% of its assets in securities of companies
principally engaged in these activities.
These
companies may include, for example, auto, truck, motorcycle, and scooter
manufacturers; manufacturers of auto components and accessories; tire and rubber
manufacturers; and auto dealers, and other automotive retailers.
Communication
Services Portfolio
The
fund invests primarily in companies
engaged in the development, production, or distribution of communication
services . The
fund normally invests at least 80% of its assets in securities of companies
principally engaged in these activities.
These
companies may include, for example, interactive media and services including
search engines, social media and networking platforms; companies that produce
and sell entertainment and media such as movies, TV, cable, radio, internet and
satellite companies; interactive gaming and home entertainment products and
services; advertising; publishing and public relations companies; operators of
fixed-line telecommunications networks and companies; providers of cellular or
wireless communications services and equipment; and providers of communications
and high-density data transmission services and equipment.
Construction
and Housing Portfolio
The
fund invests primarily in companies
engaged in the design and construction of residential, commercial, industrial
and public works facilities, as well as companies engaged in the manufacture,
supply, distribution, or sale of construction and housing products or
services. The
fund normally invests at least 80% of its assets in securities of companies
principally engaged in these activities.
These
companies may include, for example, residential construction companies and
manufacturers of prefabricated houses; owners and operators of home and garden
improvement retail stores; manufacturers of building components and home
improvement products and equipment; manufacturers of construction materials
including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks;
companies engaged in real estate ownership, development, or management; and
companies engaged in non-residential construction, including civil engineering
companies and large-scale contractors.
Consumer
Discretionary Portfolio
The
fund invests primarily in companies
engaged in the manufacture and distribution of consumer discretionary products
and services. The
fund normally invests at least 80% of its assets in securities of companies
principally engaged in these activities.
Consumer
discretionary products and services are non-essential products and services
whose demand tends to increase as consumers' disposable income increases, such
as automobiles, apparel, electronics, home furnishings, and travel and leisure
products and services.
These
companies may include, for example, on-line retailers; department stores and
specialty retailers including apparel, electronics, automotive, and home
furnishing stores; manufacturers of auto parts and accessories, tire and rubber,
autos, motorcycles, and scooters; manufacturers of consumer electronic products,
including TVs and DVD players; manufacturers of household appliances and home
furnishings; residential construction companies; manufacturers of leisure
products; manufacturers of apparel, accessories, footwear, textiles, and luxury
goods; gaming facility, hotel, cruise and travel agency owners and operators;
restaurants and caterers; and companies providing educational, home security,
legal, and personal services.
Leisure
Portfolio
The
fund invests primarily in companies
engaged in the design, production, or distribution of goods or services in the
leisure industries. The
fund normally invests at least 80% of its assets in securities of companies
principally engaged in these activities.
These
companies may include, for example, gaming facility, hotel, cruise and travel
agency owners and operators; sports, fitness, and amusement center operators;
restaurants, caterers, other consumer services companies; manufacturers of
leisure products and equipment; owners and operators of TV and cable companies;
and other companies that produce or sell entertainment and other leisure
products and services.
Retailing
Portfolio
The
fund invests primarily in companies
engaged in merchandising finished goods and services primarily to individual
consumers .
The fund normally invests at least 80% of its assets in securities of companies
principally engaged in these activities.
These
companies may include, for example, department stores and online retailers;
specialty retailers including apparel, electronics, automotive, and home
furnishing stores; and retail food stores and super centers.
The
following applies to all funds. See the sections above for information unique to
each fund.
Each
fund
seeks
capital appreciation.
The
Adviser does not place any emphasis on income when selecting securities, except
when it believes that income may have a favorable effect on a security's market
value.
The
Adviser normally invests each fund's assets primarily in common stocks.
Each
fund may invest in domestic and foreign securities. Foreign stocks may make up a
majority of some funds' assets at times.
In
addition to concentrating on particular industries, each fund may invest a
significant percentage of its assets in relatively few companies and may invest
up to 25% in a single company. The funds are classified as
non-diversified.
In
buying and selling securities for a fund, the Adviser relies on fundamental
analysis, which involves a bottom-up assessment of a company's potential for
success in light of factors including its financial condition, earnings outlook,
strategy, management, industry position, and economic and market
conditions.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Each
fund has a policy of investing primarily
in
companies engaged in specified activities. Each fund also has a policy of
normally investing at
least 80% of
its assets in securities of companies principally engaged in specified
activities. These policies can be changed without a vote only upon 60 days'
prior notice to shareholders of the affected fund.
Description
of Principal Security Types
Equity
securities represent
an ownership interest, or the right to acquire an ownership interest, in an
issuer. Different types of equity securities provide different voting and
dividend rights and priority in the event of the bankruptcy of the
issuer. Equity securities include common stocks, preferred stocks,
convertible securities, and warrants.
Principal
Investment Risks
Many
factors affect each fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. A fund's share price changes daily
based on changes in market conditions and interest rates and in response to
other economic, political, or financial developments. A fund's reaction to these
developments will be affected by the types of securities in which the fund
invests, the financial condition, industry and economic sector, and geographic
location of an issuer, and the fund's level of investment in the securities of
that issuer. Because each fund concentrates its investments in a particular
industry or group of related industries, the fund's performance could depend
heavily on the performance of that industry or group of industries and could be
more volatile than the performance of less concentrated funds. In addition,
because each fund may invest a significant percentage of assets in a single
issuer, the fund's performance could be closely tied to that one issuer and
could be more volatile than the performance of more diversified funds. When you
sell your shares they may be worth more or less than what you paid for them,
which means that you could lose money by investing in a fund.
The
following factors can significantly affect a fund's performance:
Stock
Market Volatility .
The value of equity securities fluctuates in response to issuer, political,
market, and economic developments. Fluctuations, especially in foreign markets,
can be dramatic over the short as well as long term, and different parts of the
market, including different market sectors, and different types of equity
securities can react differently to these developments. For example, stocks of
companies in one sector can react differently from those in another, large cap
stocks can react differently from small cap stocks, and "growth" stocks can
react differently from "value" stocks. Issuer, political, or economic
developments can affect a single issuer, issuers within an industry or economic
sector or geographic region, or the market as a whole. Changes in the financial
condition of a single issuer can impact the market as a whole. Terrorism and
related geo-political risks have led, and may in the future lead, to increased
short-term market volatility and may have adverse long-term effects on world
economies and markets generally.
Foreign
Exposure. Foreign
securities, foreign currencies, and securities issued by U.S. entities with
substantial foreign operations can involve additional risks relating to
political, economic, or regulatory conditions in foreign countries. These risks
include fluctuations in foreign exchange rates; withholding or other taxes;
trading, settlement, custodial, and other operational risks; and the less
stringent investor protection and disclosure standards of some foreign markets.
All of these factors can make foreign investments, especially those in emerging
markets, more volatile and potentially less liquid than U.S. investments. In
addition, foreign markets can perform differently from the U.S. market.
Global
economies and financial markets are becoming increasingly interconnected, which
increases the possibilities that conditions in one country or region might
adversely impact issuers or providers in, or foreign exchange rates with, a
different country or region.
Industry
Concentration. Market
conditions, interest rates, and economic, regulatory, or financial developments
could significantly affect a single industry or group of related industries, and
the securities of companies in that industry or group of industries could react
similarly to these or other developments. In addition, from time to time, a
small number of companies may represent a large portion of a single industry or
group of related industries as a whole, and these companies can be sensitive to
adverse economic, regulatory, or financial developments.
The
automotive
industry
can be highly cyclical, and companies in the industry may suffer periodic
operating losses. The industry can be significantly affected by labor relations
and fluctuating component prices. While most of the major manufacturers are
large, financially strong companies, many others are small and can be
non-diversified in both product line and customer base.
The
communication
services industries
can be significantly affected by federal and state government regulation,
intense competition, and obsolescence of existing technology. Many communication
services companies compete for market share and can be impacted by competition
from new market entrants, consumer and business confidence and spending, changes
in consumer and business preferences, and general economic conditions. Certain
communication services companies may be more susceptible than other companies to
hacking and potential theft of proprietary or consumer information or
disruptions in service, which could adversely affect their businesses.
The
construction
and housing industry
can be significantly affected by changes in housing starts, the level of new and
existing home sales, government spending on housing subsidies, public works, and
transportation facilities such as highways and airports, as well as changes in
interest rates, consumer confidence and spending, taxation, and demographic
patterns.
The
consumer
discretionary industries
can be significantly affected by the performance of the overall economy,
interest rates, competition, and consumer confidence. Success can depend heavily
on disposable household income and consumer spending. Changes in demographics
and consumer tastes can also affect the demand for, and success of, consumer
discretionary products.
The
leisure
industry
can be significantly affected by the performance of the overall economy,
changing consumer tastes and levels of disposable income, intense competition,
and government regulation.
The
retail
industry
can be significantly affected by consumer spending, which is affected by general
economic conditions and consumer confidence levels. The retailing industry is
highly competitive, and a company's success can be tied to its ability to
anticipate changing consumer tastes.
Issuer-Specific
Changes. Changes
in the financial condition of an issuer or counterparty, changes in specific
economic or political conditions that affect a particular type of security or
issuer, and changes in general economic or political conditions can increase the
risk of default by an issuer or counterparty, which can affect a security's or
instrument's value. The value of securities of smaller, less well-known issuers
can be more volatile than that of larger issuers. Smaller issuers can have more
limited product lines, markets, or financial resources.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance and the fund may
not achieve its investment objective.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, the Adviser may
lend a fund's securities to broker-dealers or other institutions to earn income
for the fund.
The
Adviser may also use various techniques, such as buying and selling futures
contracts and exchange traded funds, to increase or decrease a fund's exposure
to changing security prices or other factors that affect security values.
Each
fund is open for business each day the NYSE is open.
The
NAV is the value of a single share. Fidelity normally calculates NAV each
business day as of the times noted in the table below. Each fund's assets
normally are valued as of this time for the purpose of computing NAV. Fidelity
calculates NAV separately for each class of shares of a multiple class
fund.
|
Fund
|
NAV
Calculation Times
(Eastern
Time) |
|
Automotive
Portfolio |
4:00
p.m. |
|
Communication
Services Portfolio |
4:00
p.m. |
|
Construction
and Housing Portfolio |
4:00
p.m. |
|
Consumer
Discretionary Portfolio |
4:00
p.m. |
|
Leisure
Portfolio |
4:00
p.m. |
|
Retailing
Portfolio |
4:00
p.m. |
NAV
is not calculated and a fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
To
the extent that a fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of a fund's assets may not occur on
days when the fund is open for business.
NAV
is calculated using the values of other open-end funds, if any, in which a fund
invests (referred to as underlying funds). Shares of underlying funds are valued
at their respective NAVs. Other assets are valued primarily on the basis of
market quotations, official closing prices, or information furnished by a
pricing service. Certain short-term securities are valued on the basis of
amortized cost. If market quotations, official closing prices, or information
furnished by a pricing service are not readily available or, in the Adviser's
opinion, are deemed unreliable for a security, then that security will be fair
valued in good faith by the Adviser in accordance with applicable fair value
pricing policies. For example, if, in the Adviser's opinion, a security's value
has been materially affected by events occurring before a fund's pricing time
but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
Arbitrage
opportunities may exist when trading in a portfolio security or securities is
halted and does not resume before a fund calculates its NAV. These arbitrage
opportunities may enable short-term traders to dilute the NAV of long-term
investors. Securities trading in overseas markets present time zone
arbitrage opportunities when events affecting portfolio security values occur
after the close of the overseas markets but prior to the close of the U.S.
market. Fair valuation of a fund's portfolio securities can serve to reduce
arbitrage opportunities available to short-term traders, but there is no
assurance that fair value pricing policies will prevent dilution of NAV by
short-term traders.
Policies
regarding excessive trading may not be effective to prevent short-term NAV
arbitrage trading, particularly in regard to omnibus accounts.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
General
Information
Information
on Fidelity
Fidelity
Investments was established in 1946 to manage one of America's first mutual
funds. Today, Fidelity is one of the world's largest providers of financial
services.
In
addition to its fund business, the company operates one of America's leading
brokerage firms, Fidelity Brokerage Services LLC. Fidelity is also a leader in
providing tax-advantaged retirement plans for individuals investing on their own
or through their employer.
Ways
to Invest
Subject
to the purchase and sale requirements stated in this prospectus, you may buy or
sell shares through a Fidelity ®
brokerage
account or a Fidelity ®
mutual
fund account. If you buy or sell shares (other than by exchange) through a
Fidelity ®
brokerage
account, your transactions generally involve your Fidelity ®
brokerage
core (a settlement vehicle included as part of your Fidelity ®
brokerage
account).
If
you do not currently have a Fidelity ®
brokerage
account or a Fidelity ®
mutual
fund account and would like to invest in a fund, you may need to complete an
application. For more information about a Fidelity ®
brokerage
account or a Fidelity ®
mutual
fund account, please visit Fidelity's web site at www.fidelity.com, call
1-800-FIDELITY, or visit a Fidelity Investor Center (call 1-800-544-9797 for the
center nearest you).
You
may also buy or sell shares through a retirement account (such as an IRA or an
account funded through salary deduction) or an investment professional.
Retirement specialists are available at 1-800-544-4774 to answer your questions
about Fidelity ®
retirement
products. If you buy or sell shares through a retirement account or an
investment professional, the procedures for buying, selling, and exchanging
shares and the account features, policies, and fees may differ from those
discussed in this prospectus. Fees in addition to those discussed in this
prospectus may apply. For example, you may be charged a transaction fee if you
buy or sell shares through a non-Fidelity broker or other investment
professional.
Information
on Placing Orders
You
should include the following information with any order:
- Your
name
- Your
account number
- Type
of transaction requested
- Name(s)
of fund(s) and class(es)
- Dollar
amount or number of shares
Certain
methods of contacting Fidelity may be unavailable or delayed (for example,
during periods of unusual market activity). In addition, the level and type of
service available may be restricted.
Frequent
Purchases and Redemptions
A
fund may reject for any reason, or cancel as permitted or required by law, any
purchase or exchange, including transactions deemed to represent excessive
trading, at any time.
Excessive
trading of fund shares can harm shareholders in various ways, including reducing
the returns to long-term shareholders by increasing costs to a fund (such as
brokerage commissions or spreads paid to dealers who sell money market
instruments), disrupting portfolio management strategies, and diluting the value
of the shares in cases in which fluctuations in markets are not fully priced
into the fund's NAV.
Each
fund reserves the right at any time to restrict purchases or exchanges or impose
conditions that are more restrictive on excessive trading than those stated in
this prospectus.
Excessive
Trading Policy
The
Board of Trustees has adopted policies designed to discourage excessive trading
of fund shares. Excessive trading activity in a fund is measured by the number
of roundtrip transactions in a shareholder's account and each class of a
multiple class fund is treated separately. A roundtrip transaction occurs when a
shareholder sells fund shares (including exchanges) within 30 days of the
purchase date.
Shareholders
with two or more roundtrip transactions in a single fund within a rolling 90-day
period will be blocked from making additional purchases or exchange purchases of
the fund for 85 days. Shareholders with four or more roundtrip transactions
across all Fidelity ®
funds
within any rolling 12-month period will be blocked for at least 85 days from
additional purchases or exchange purchases across all Fidelity ®
funds.
Any roundtrip within 12 months of the expiration of a multi-fund block will
initiate another multi-fund block. Repeat offenders may be subject to long-term
or permanent blocks on purchase or exchange purchase transactions in any account
under the shareholder's control at any time. In addition to enforcing these
roundtrip limitations, the fund may in its discretion restrict, reject, or
cancel any purchases or exchanges that, in the Adviser's opinion, may be
disruptive to the management of the fund or otherwise not be in the fund's
interests.
Exceptions
The
following transactions are exempt from the fund's excessive trading policy
described above: (i) systematic withdrawal and/or contribution programs, (ii)
mandatory retirement distributions, (iii) transactions initiated by a plan
sponsor or sponsors of certain employee benefit plans or other related accounts,
(iv) transactions within a qualified advisory program, and (v) transactions
initiated by the trustee or adviser to a donor-advised charitable gift fund,
qualified fund of funds, or other strategy funds.
A
qualified advisory program is one that demonstrates to Fidelity that the program
has investment strategies and trading policies designed to protect the interests
of long-term investors and meets specific criteria outlined by Fidelity.
A
qualified fund of funds is a mutual fund, qualified tuition program, or other
strategy fund consisting of qualified plan assets that either applies the fund's
excessive trading policies to shareholders at the fund of funds level, or
demonstrates that the fund of funds has an investment strategy coupled with
policies designed to control frequent trading that are reasonably likely to be
effective as determined by the fund's Treasurer.
Fidelity
may choose not to monitor transactions below certain dollar value
thresholds.
Omnibus
Accounts
Omnibus
accounts, in which shares are held in the name of an intermediary on behalf of
multiple investors, are a common form of holding shares among retirement plans
and financial intermediaries such as brokers, advisers, and third-party
administrators. Individual trades in omnibus accounts are often not disclosed to
the fund, making it difficult to determine whether a particular shareholder is
engaging in excessive trading. Excessive trading in omnibus accounts is likely
to go undetected by the fund and may increase costs to the fund and disrupt its
portfolio management .
Under
policies adopted by the Board of Trustees, intermediaries will be permitted to
apply the fund's excessive trading policy (described above), or their own
excessive trading policy if approved by the Adviser. In these cases, the fund
will typically not request or receive individual account data but will rely on
the intermediary to monitor trading activity in good faith in accordance with
its or the fund's policies. Reliance on intermediaries increases the risk that
excessive trading may go undetected. For other intermediaries, the fund will
generally monitor trading activity at the omnibus account level to attempt to
identify disruptive trades. The fund may request transaction information, as
frequently as daily, from any intermediary at any time, and may apply the fund's
policy to transactions that exceed thresholds established by the Board of
Trustees. The fund may prohibit purchases of fund shares by an intermediary or
by some or all of any intermediary's clients. There is no assurance that the
Adviser will request data with sufficient frequency to detect or deter excessive
trading in omnibus accounts effectively.
If
you purchase or sell fund shares through a financial intermediary, you may wish
to contact the intermediary to determine the policies applicable to your
account.
Retirement
Plans
For
employer-sponsored retirement plans, only participant directed exchanges count
toward the roundtrip limits. Employer-sponsored retirement plan participants
whose activity triggers a purchase or exchange block will be permitted one trade
every calendar quarter. In the event of a block, employer and participant
contributions and loan repayments by the participant may still be invested in
the fund.
Other
Information about the Excessive Trading Policy
Each
fund's Treasurer is authorized to suspend each fund's policies during periods of
severe market turbulence or national emergency. Each fund reserves the right to
modify its policies at any time without prior notice.
Each
fund does not knowingly accommodate frequent purchases and redemptions of fund
shares by investors, except to the extent permitted by the policies described
above.
As
described in "Valuing Shares," each fund also uses fair value pricing to help
reduce arbitrage opportunities available to short-term traders. There is no
assurance that each fund's excessive trading policy will be effective, or will
successfully detect or deter excessive or disruptive trading.
Buying
Shares
Eligibility
Shares
are generally available only to investors residing in the United States.
There
is no minimum balance or purchase minimum for fund shares.
Price
to Buy
The
price to buy one share is its NAV. Shares are sold without a sales
charge.
Shares
will be bought at the NAV next calculated after an order is received in proper
form.
Each
fund has authorized certain intermediaries to accept orders to buy shares on its
behalf. When authorized intermediaries receive an order in proper form, the
order is considered as being placed with the fund, and shares will be bought at
the NAV next calculated after the order is received by the authorized
intermediary. If applicable, orders by funds of funds for which Fidelity serves
as investment manager will be treated as received by the fund at the same time
that the corresponding orders are received in proper form by the funds of
funds.
Each
fund may stop offering shares completely or may offer shares only on a limited
basis, for a period of time or permanently.
If
your payment is not received and collected, your purchase may be canceled and
you could be liable for any losses or fees a fund or Fidelity has
incurred.
Certain
financial institutions that have entered into sales agreements with FDC may
enter confirmed purchase orders on behalf of customers by phone, with payment to
follow no later than the time when shares are priced on the following business
day. If payment is not received by that time, the order will be canceled and the
financial institution could be held liable for resulting fees or losses.
Under
applicable anti-money laundering rules and other regulations, purchase orders
may be suspended, restricted, or canceled and the monies may be withheld.
Selling
Shares
The
price to sell one share is its NAV.
Shares
will be sold at the NAV next calculated after an order is received in proper
form.
Normally,
redemptions will be processed by the next business day, but it may take up to
seven days to pay the redemption proceeds if making immediate payment would
adversely affect a fund.
Each
fund has authorized certain intermediaries to accept orders to sell shares on
its behalf. When authorized intermediaries receive an order in proper form, the
order is considered as being placed with the fund, and shares will be sold at
the NAV next calculated after the order is received by the authorized
intermediary. If applicable, orders by funds of funds for which Fidelity serves
as investment manager will be treated as received by the fund at the same time
that the corresponding orders are received in proper form by the funds of
funds.
See
"Policies Concerning the Redemption of Fund Shares" below for additional
redemption information.
A
signature guarantee is designed to protect you and Fidelity from fraud. Fidelity
may require that your request be made in writing and include a signature
guarantee in certain circumstances, such as:
- When
you wish to sell more than $100,000 worth of shares.
- When
the address on your account (record address) has changed within the last 15
days or you are requesting that a check be mailed to an address different than
the record address.
- When
you are requesting that redemption proceeds be paid to someone other than the
account owner.
- In
certain situations when the redemption proceeds are being transferred to a
Fidelity®
brokerage or mutual fund account with a different registration.
You
should be able to obtain a signature guarantee from a bank, broker (including
Fidelity ®
Investor
Centers), dealer, credit union (if authorized under state law), securities
exchange or association, clearing agency, or savings association. A notary
public cannot provide a signature guarantee.
When
you place an order to sell shares, note the following:
- Redemption
proceeds (other than exchanges) may be delayed until money from prior
purchases sufficient to cover your redemption has been received and
collected.
- Redemptions
may be suspended or payment dates postponed when the NYSE is closed (other
than weekends or holidays), when trading on the NYSE is restricted, or as
permitted by the SEC.
- Redemption
proceeds may be paid in securities or other property rather than in cash if
the Adviser determines it is in the best interests of a fund.
- You
will not receive interest on amounts represented by uncashed redemption
checks.
- If
you hold your shares in a Fidelity®
brokerage or mutual fund account and your redemption check remains uncashed
for six months, the check may be invested in additional shares at the NAV next
calculated on the day of the investment.
- Under
applicable anti-money laundering rules and other regulations, redemption
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
Policies
Concerning the Redemption of Fund Shares
If
your account is held directly with a fund ,
the
length of time that a fund typically expects to pay redemption proceeds depends
on the method you have elected to receive such proceeds. A fund typically
expects to make payment of redemption proceeds by wire, automated clearing house
(ACH) or by issuing a check by the next business day following receipt of a
redemption order in proper form. Proceeds from the periodic and automatic sale
of shares of a Fidelity ®
money
market fund that are used to buy shares of another Fidelity ®
fund
are settled simultaneously.
If
your account is held through an intermediary ,
the
length of time that a fund typically expects to pay redemption proceeds depends,
in part, on the terms of the agreement in place between the intermediary and a
fund. For redemption proceeds that are paid either directly to you from a fund
or to your intermediary for transmittal to you, a fund typically expects to make
payments by wire, by ACH or by issuing a check on the next business day
following receipt of a redemption order in proper form from the intermediary by
a fund. Redemption orders that are processed through investment professionals
that utilize the National Securities Clearing Corporation will generally settle
one to three business days following receipt of a redemption order in proper
form.
As
noted elsewhere, payment of redemption proceeds may take longer than the time a
fund typically expects and may take up to seven days from the date of receipt of
the redemption order as permitted by applicable law.
Redemption
Methods Available. Generally
a fund expects to pay redemption proceeds in cash. To do so, a fund typically
expects to satisfy redemption requests either by using available cash (or cash
equivalents) or by selling portfolio securities. On a less regular basis, a fund
may also satisfy redemption requests by utilizing one or more of the following
sources, if permitted: borrowing from another Fidelity ®
fund;
drawing on an available line or lines of credit from a bank or banks; or using
reverse repurchase agreements. These methods may be used during both normal and
stressed market conditions.
In
addition to paying redemption proceeds in cash, a fund reserves the right to pay
part or all of your redemption proceeds in readily marketable securities instead
of cash (redemption in-kind). Redemption in-kind proceeds will typically be made
by delivering the selected securities to the redeeming shareholder within seven
days after the receipt of the redemption order in proper form by a fund.
An
exchange involves the redemption of all or a portion of the shares of one fund
and the purchase of shares of another fund.
As
a shareholder, you have the privilege of exchanging shares for shares of other
Fidelity ®
funds.
However,
you should note the following policies and restrictions governing
exchanges:
- The
exchange limit may be modified for accounts held by certain institutional
retirement plans to conform to plan exchange limits and Department of Labor
regulations. See your retirement plan materials for further
information.
- Each
fund may refuse any exchange purchase for any reason. For example, each fund
may refuse exchange purchases by any person or group if, in the Adviser's
judgment, the fund would be unable to invest the money effectively in
accordance with its investment objective and policies, or would otherwise
potentially be adversely affected.
- Before
any exchange, read the prospectus for the shares you are purchasing, including
any purchase and sale requirements.
- The
shares you are acquiring by exchange must be available for sale in your
state.
- Exchanges
may have tax consequences for you.
- If
you are exchanging between accounts that are not registered in the same name,
address, and taxpayer identification number (TIN), there may be additional
requirements.
- Under
applicable anti-money laundering rules and other regulations, exchange
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
The
funds may terminate or modify exchange privileges in the future.
Other
funds may have different exchange restrictions and minimums. Check each fund's
prospectus for details.
Features
The
following features may be available to buy and sell shares of a fund or to move
money to and from your account, if you are investing through a Fidelity
®
brokerage
account or a Fidelity ®
mutual
fund account. Please visit Fidelity's web site at www.fidelity.com or call
1-800-544-6666 for more information.
|
Electronic
Funds Transfer: electronic money movement through the Automated Clearing
House
- To
transfer money between a bank account and a Fidelity®
brokerage account or Fidelity®
mutual fund account.
- You
can use electronic funds transfer to:
- _Make
periodic (automatic) purchases of Fidelity®
fund shares or payments to your Fidelity®
brokerage account.
- _Make
periodic (automatic) redemptions of Fidelity®
fund shares or withdrawals from your Fidelity®
brokerage account.
|
|
Wire:
electronic money movement through the Federal Reserve wire system
- To
transfer money between a bank account and a Fidelity®
brokerage account or Fidelity®
mutual
fund account.
|
|
Automatic
Transactions: periodic (automatic) transactions
- To
directly deposit all or a portion of your compensation from your
employer (or the U.S. Government, in the case of Social Security) into a
Fidelity®
brokerage
account or Fidelity®
mutual
fund account.
- To
make contributions from a Fidelity®
mutual
fund account to a Fidelity®
mutual fund IRA.
- To
sell shares of a Fidelity®
money market fund and simultaneously to buy shares of another
Fidelity®
fund
in a Fidelity®
mutual
fund account.
|
Policies
The
following apply to you as a shareholder.
Statements
that
Fidelity sends to you, if applicable, include the following:
- Confirmation
statements (after transactions affecting your fund balance except, to the
extent applicable, reinvestment of distributions in the fund or another fund
and certain transactions through automatic investment or withdrawal
programs).
- Monthly
or quarterly account statements (detailing fund balances and all transactions
completed during the prior month or quarter).
Current
regulations allow Fidelity to send a single copy of shareholder documents for
Fidelity ®
funds,
such as prospectuses, annual and semi-annual reports, and proxy materials, to
certain mutual fund customers whom we believe are members of the same family who
share the same address. For certain types of accounts, we will not send multiple
copies of these documents to you and members of your family who share the same
address. Instead, we will send only a single copy of these documents. This will
continue for as long as you are a shareholder, unless you notify us otherwise.
If at any time you choose to receive individual copies of any documents, please
call 1-800-544-8544. We will begin sending individual copies to you within 30
days of receiving your call.
Electronic
copies of most financial reports and prospectuses are available at Fidelity's
web site. To participate in Fidelity's electronic delivery program, call
Fidelity or visit Fidelity's web site for more information.
You
may initiate many transactions
by telephone or electronically. Fidelity
will not be responsible for any loss, cost, expense, or other liability
resulting from unauthorized transactions if it follows reasonable security
procedures designed to verify the identity of the investor. Fidelity will
request personalized security codes or other information, and may also record
calls. For transactions conducted through the Internet, Fidelity recommends the
use of an Internet browser with 128-bit encryption. You should verify the
accuracy of your confirmation statements upon receipt and notify Fidelity
immediately of any discrepancies in your account activity. If you do not want
the ability to sell and exchange by telephone, call Fidelity for
instructions.
You
may be asked to provide additional information in order for Fidelity to verify
your identity in accordance with requirements under anti-money laundering
regulations. Accounts may be restricted and/or closed, and the monies withheld,
pending verification of this information or as otherwise required under these
and other federal regulations. In addition, each fund reserves the right to
involuntarily redeem an account in the case of: (i) actual or suspected
threatening conduct or actual or suspected fraudulent, illegal or suspicious
activity by the account owner or any other individual associated with the
account; or (ii) the failure of the account owner to provide information to the
funds related to opening the accounts. Your shares will be sold at the NAV,
minus any applicable shareholder fees, calculated on the day Fidelity closes
your fund position.
Fidelity
may charge a fee
for certain services, such
as providing historical account documents.
Dividends
and Capital Gain Distributions
Each
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. Each fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) to shareholders as capital gain distributions.
Each
fund normally declares dividends and pays capital gain distributions per the
tables below:
|
Fund
Name |
Dividends
Paid |
|
Automotive
Portfolio |
April,
December |
|
Communication
Services Portfolio |
April,
December |
|
Construction
and Housing Portfolio |
April,
December |
|
Consumer
Discretionary Portfolio |
April,
December |
|
Leisure
Portfolio |
April,
December |
|
Retailing
Portfolio |
April,
December |
|
Fund
Name |
Capital
Gains Paid |
|
Automotive
Portfolio |
April,
December |
|
Communication
Services Portfolio |
April,
December |
|
Construction
and Housing Portfolio |
April,
December |
|
Consumer
Discretionary Portfolio |
April,
December |
|
Leisure
Portfolio |
April,
December |
|
Retailing
Portfolio |
April,
December |
Distribution
Options
When
you open an account, specify how you want to receive your distributions. The
following distribution options are available:
Any
dividends and capital gain distributions will be automatically reinvested in
additional shares. If you do not indicate a choice, you will be assigned this
option.
Any
capital gain distributions will be automatically reinvested in additional
shares. Any dividends will be paid in cash.
Any
dividends and capital gain distributions will be paid in cash.
- 4.
Directed
Dividends®
Option.
Any
dividends will be automatically invested in shares of another identically
registered Fidelity ®
fund.
Any capital gain distributions will be automatically invested in shares of
another identically registered Fidelity ®
fund,
automatically reinvested in additional shares of the fund, or paid in
cash.
Not
all distribution options may be available for every account and certain
restrictions may apply. If the distribution option you prefer is not listed on
your account application, or if you want to change your current distribution
option, visit Fidelity's web site at www.fidelity.com or call 1-800-544-6666 for
more information.
If
you elect to receive distributions paid in cash by check and the U.S. Postal
Service does not deliver your checks, your distribution option may be converted
to the Reinvestment Option. You will not receive interest on amounts represented
by uncashed distribution checks.
If
your dividend check(s) remains uncashed for six months, your check(s) may be
invested in additional shares at the NAV next calculated on the day of the
investment.
As
with any investment, your investment in a fund could have tax consequences for
you (for non-retirement accounts).
Taxes
on Distributions
Distributions
you receive from each fund are subject to federal income tax, and may also be
subject to state or local taxes.
For
federal tax purposes, certain distributions, including dividends and
distributions of short-term capital gains, are taxable to you as ordinary
income, while certain distributions, including distributions of long-term
capital gains, are taxable to you generally as capital gains. A percentage of
certain distributions of dividends may qualify for taxation at long-term capital
gains rates (provided certain holding period requirements are met).
If
you buy shares when a fund has realized but not yet distributed income or
capital gains, you will be "buying a dividend" by paying the full price for the
shares and then receiving a portion of the price back in the form of a taxable
distribution.
Any
taxable distributions you receive from a fund will normally be taxable to you
when you receive them, regardless of your distribution option.
Taxes
on Transactions
Your
redemptions, including exchanges, may result in a capital gain or loss for
federal tax purposes. A capital gain or loss on your investment in a fund
generally is the difference between the cost of your shares and the price you
receive when you sell them.
Fund
Services
Each
fund is a mutual fund, an investment that pools shareholders' money and invests
it toward a specified goal.
Adviser
FMR.
The
Adviser is each fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2022, the Adviser had approximately $3.1 trillion in
discretionary assets under management, and approximately $3.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser has overall responsibility for directing each fund's
investments and handling its business affairs.
Sub-Adviser(s)
FMR
Investment Management (UK) Limited (FMR UK) ,
at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a
sub-adviser for each fund. As of December 31, 2022, FMR UK had approximately
$14.7 billion in discretionary assets under management. FMR UK is an affiliate
of the Adviser.
FMR
UK may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for Automotive
Portfolio, Communication Services Portfolio, Construction and Housing Portfolio,
Consumer Discretionary Portfolio, Leisure Portfolio, and Retailing
Portfolio.
Fidelity
Management & Research (Hong Kong) Limited (FMR H.K.) ,
at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for
each fund. As of December 31, 2022, FMR H.K. had approximately $21.4 billion in
discretionary assets under management. FMR H.K. is an affiliate of the
Adviser.
Currently,
FMR H.K. has day-to-day responsibility for choosing certain types of investments
for Automotive Portfolio.
FMR
H.K. may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for
Communication Services Portfolio, Construction and Housing Portfolio, Consumer
Discretionary Portfolio, Leisure Portfolio, and Retailing Portfolio.
Fidelity
Management & Research (Japan) Limited (FMR Japan) ,
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for each fund. As of March 31, 2022, FMR Japan had
approximately $6.9 billion in discretionary assets under management. FMR Japan
is an affiliate of the Adviser.
FMR
Japan may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for Automotive
Portfolio, Communication Services Portfolio, Construction and Housing Portfolio,
Consumer Discretionary Portfolio, Leisure Portfolio, and Retailing
Portfolio.
Portfolio
Manager(s)
Hiroki
Sugihara is Portfolio Manager of Automotive Portfolio, which he has managed
since 2022. Since joining Fidelity Investments in 2019, Mr. Sugihara has worked
as a research analyst and portfolio manager. Prior to joining the firm, Mr.
Sugihara was an investment manager at a private equity firm in Singapore.
Matthew
Drukker is Portfolio Manager of Communication Services Portfolio, which he has
managed since 2018. He also manages other funds. Since joining Fidelity
Investments in 2007, Mr. Drukker has worked as a research analyst and portfolio
manager.
Jordan
Michaels is Portfolio Manager of Construction and Housing Portfolio and Consumer
Discretionary Portfolio, which he has managed since 2021 and 2022, respectively.
He also manages other funds. Since joining Fidelity Investments in 2008,
Mr. Michaels has worked as a research associate, research analyst, and portfolio
manager.
Kevin
Francfort is Portfolio Manager of Leisure Portfolio, which he has managed since
2022. Since joining Fidelity Investments in 2015, Mr. Francfort has worked as a
research associate, research analyst, and portfolio manager.
Boris
Shepov is Portfolio Manager of Retailing Portfolio, which he has managed since
2018. Since joining Fidelity Investments in 2008, Mr. Shepov has worked as a
research analyst and portfolio manager.
The
Statement of Additional Information (SAI) provides additional information about
the compensation of, any other accounts managed by, and any fund shares held by
the portfolio manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
Each
fund pays a management fee to the Adviser.
The
management fee is calculated and paid to the Adviser every month.
The
fee is calculated by adding a group fee rate to an individual fund fee rate,
dividing by twelve, and multiplying the result by the fund's average net assets
throughout the month.
The
group fee rate is based on the average net assets of a group of mutual funds
advised by FMR. This rate cannot rise above 0.52%, and it drops as total assets
under management increase.
The
group fee rate(s) for February 2023 and the annual individual fund fee rate(s)
are reflected in the table below:
|
Fund
|
|
Group
Fee Rate |
|
Individual
Fund Fee Rate |
|
Automotive
Portfolio |
|
0.23%
|
|
0.30%
|
|
Communication
Services Portfolio |
|
0.23%
|
|
0.30%
|
|
Construction
and Housing Portfolio |
|
0.23%
|
|
0.30%
|
|
Consumer
Discretionary Portfolio |
|
0.23%
|
|
0.30%
|
|
Leisure
Portfolio |
|
0.23%
|
|
0.30%
|
|
Retailing
Portfolio |
|
0.23%
|
|
0.30%
|
The
total management fee, as a percentage of a fund's average net assets, for the
fiscal year ended February 28, 2023, for each fund is shown in the following
table. Because each fund's management fee rate may fluctuate, a fund's
management fee may be higher or lower in the future.
|
Fund
|
Total
Management Fee Rate |
|
Automotive
Portfolio |
0.52%
|
|
Communication
Services Portfolio |
0.53%
|
|
Construction
and Housing Portfolio |
0.53%
|
|
Consumer
Discretionary Portfolio |
0.53%
|
|
Leisure
Portfolio |
0.53%
|
|
Retailing
Portfolio |
0.53%
|
The
Adviser pays FMR Investment Management (UK) Limited, Fidelity Management &
Research (Hong Kong) Limited, and Fidelity Management & Research (Japan)
Limited for providing sub-advisory services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreements for each fund is available in each fund's semi-annual
report for the fiscal period ended August 31, 2022.
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
FMR
has contractually agreed to reimburse Automotive Portfolio to the extent that
total operating expenses (excluding interest, certain taxes, fees and expenses
of the Independent Trustees, proxy and shareholder meeting expenses,
extraordinary expenses, and acquired fund fees and expenses (including fees and
expenses associated with a wholly owned subsidiary), if any, as well as
non-operating expenses such as brokerage commissions and fees and expenses
associated with the fund's securities lending program, if applicable), as a
percentage of its average net assets, exceed 0.90% (the Expense Cap). If at any
time during the current fiscal year expenses for Automotive Portfolio fall below
the Expense Cap, FMR reserves the right to recoup through the end of the fiscal
year any expenses that were reimbursed during the current fiscal year up to, but
not in excess of, the Expense Cap. This arrangement will remain in effect
through June 30, 2024. FMR may not terminate this arrangement before the
expiration date without the approval of the Board of Trustees and may extend it
in its discretion after that date.
Communication
Services Portfolio is composed of multiple classes of shares. All classes of a
multiple class fund have a common investment objective and investment
portfolio.
FDC
distributes each fund's shares.
Intermediaries
may receive from the Adviser, FDC, and/or their affiliates compensation for
providing recordkeeping and administrative services, as well as other retirement
plan expenses, and compensation for services intended to result in the sale of
fund shares.
These
payments are described in more detail in this section and in the SAI.
Distribution
and Service Plan(s)
Each
fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under
the 1940 Act with respect to its shares that recognizes that the Adviser may use
its management fee revenues, as well as its past profits or its resources from
any other source, to pay FDC for expenses incurred in connection with providing
services intended to result in the sale of shares of each fund and/or
shareholder support services. The Adviser, directly or through FDC, may pay
significant amounts to intermediaries that provide those services. Currently,
the Board of Trustees of each fund has authorized such payments for shares of
each fund.
If
payments made by the Adviser to FDC or to intermediaries under a Distribution
and Service Plan were considered to be paid out of a fund's or class's assets on
an ongoing basis, they might increase the cost of your investment and might cost
you more than paying other types of sales charges.
From
time to time, FDC may offer special promotional programs to investors who
purchase shares of Fidelity® funds. For example, FDC may offer merchandise,
discounts, vouchers, or similar items to investors who purchase shares of
certain Fidelity® funds during certain periods. To determine if you qualify for
any such programs, contact Fidelity or visit our web site at
www.fidelity.com.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the funds or FDC. This
prospectus and the related SAI do not constitute an offer by the funds or by FDC
to sell shares of the funds to, or to buy shares of the funds from, any person
to whom it is unlawful to make such offer.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
The annual information has been audited by PricewaterhouseCoopers LLP,
independent registered public accounting firm, whose report(s), along with
fund financial statements, is included in the annual report. Annual reports are
available for free upon request.
|
Years
ended February 28, |
|
2023
|
|
2022
|
|
2021
|
|
2020
A
|
|
2019
|
|
Selected
Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$
|
56.56
|
$
|
54.21
|
$
|
34.91
|
$
|
33.29
|
$
|
37.52
|
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C
|
|
.34
D
|
|
.23
E
|
|
.05
F
|
|
.46
G
|
|
.36
|
|
Net
realized and unrealized gain (loss) |
|
(9.86)
|
|
3.82
|
|
23.73
|
|
2.67
H
|
|
(2.15)
|
|
Total
from investment operations |
|
(9.52)
|
|
4.05
|
|
23.78
|
|
3.13
|
|
(1.79)
|
|
Distributions
from net investment income |
|
(.28)
|
|
(.29)
|
|
(.01)
|
|
(.49)
I
|
|
(.38)
|
|
Distributions
from net realized gain |
|
(.77)
|
|
(1.40)
|
|
(4.47)
|
|
(1.02)
I
|
|
(2.06)
|
|
Total
distributions |
|
(1.05)
|
|
(1.70)
J
|
|
(4.48)
|
|
(1.51)
|
|
(2.44)
|
|
Net
asset value, end of period |
$
|
45.99
|
$
|
56.56
|
$
|
54.21
|
$
|
34.91
|
$
|
33.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return
K
|
|
(16.92)%
|
|
7.20%
|
|
78.19%
|
|
9.14%
H
|
|
(4.66)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets L,M,C
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.89%
|
|
.80%
|
|
.88%
|
|
1.00%
|
|
.97%
|
|
Expenses
net of fee waivers, if any |
|
.88%
|
|
.80%
|
|
.88%
|
|
1.00%
|
|
.97%
|
|
Expenses
net of all reductions |
|
.88%
|
|
.80%
|
|
.87%
|
|
.99%
|
|
.97%
|
|
Net
investment income (loss) |
|
.73%
D
|
|
.37%
E
|
|
.10%
F
|
|
1.33%
G
|
|
1.04%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$
|
106,479
|
$
|
165,176
|
$
|
198,225
|
$
|
36,480
|
$
|
40,781
|
|
Portfolio
turnover rate N
|
|
54%
|
|
69%
|
|
56%
|
|
45%
|
|
31%
|
A
For
the year ended February 29.
B
Calculated
based on average shares outstanding during the period.
C
Net
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
D
Net
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.09 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been .54%.
E
Net
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.10 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been .20%.
F
Net
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.14 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been (.21)%.
G
Net
investment income per share reflects one or more large, non-recurring
dividend(s) which amounted to $.09 per share. Excluding such non-recurring
dividend(s), the ratio of net investment income (loss) to average net assets
would have been 1.07%.
H
Net
realized and unrealized gain (loss) per share reflects proceeds received from
litigation which amounted to $.19 per share. Excluding these litigation
proceeds, the total return would have been 8.58%.
I
The
amount shown reflects reclassifications related to book to tax differences that
were made in the year shown.
J
Total
distributions per share do not sum due to rounding.
K
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
L
Fees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
M
Expense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
N
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
|
Communication
Services Portfolio |
|
Years
ended February 28, |
|
2023
|
|
2022
|
|
2021
|
|
2020
A
|
|
2019
|
|
Selected
Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$
|
78.98
|
$
|
87.88
|
$
|
60.82
|
$
|
74.88
|
$
|
79.70
|
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C
|
|
(.30)
|
|
(.34)
|
|
(.36)
|
|
(.12)
|
|
.13
|
|
Net
realized and unrealized gain (loss) |
|
(15.78)
|
|
(3.22)
|
|
30.52
|
|
8.79
|
|
5.31
|
|
Total
from investment operations |
|
(16.08)
|
|
(3.56)
|
|
30.16
|
|
8.67
|
|
5.44
|
|
Distributions
from net investment income |
|
-
|
|
-
|
|
-
|
|
-
|
|
(.20)
|
|
Distributions
from net realized gain |
|
-
|
|
(5.34)
|
|
(3.10)
|
|
(22.73)
|
|
(10.06)
|
|
Total
distributions |
|
-
|
|
(5.34)
|
|
(3.10)
|
|
(22.73)
|
|
(10.26)
|
|
Net
asset value, end of period |
$
|
62.90
|
$
|
78.98
|
$
|
87.88
|
$
|
60.82
|
$
|
74.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return
D
|
|
(20.36)%
|
|
(4.79)%
|
|
51.29%
|
|
12.22%
|
|
8.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets E,F,C
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.80%
|
|
.75%
|
|
.77%
|
|
.78%
|
|
.82%
|
|
Expenses
net of fee waivers, if any |
|
.79%
|
|
.74%
|
|
.77%
|
|
.78%
|
|
.81%
|
|
Expenses
net of all reductions |
|
.79%
|
|
.74%
|
|
.76%
|
|
.77%
|
|
.80%
|
|
Net
investment income (loss) |
|
(.47)%
|
|
(.36)%
|
|
(.51)%
|
|
(.18)%
|
|
.17%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$
|
710,710
|
$
|
958,304
|
$
|
859,871
|
$
|
577,157
|
$
|
562,422
|
|
Portfolio
turnover rate G
|
|
45%
|
|
57%
|
|
63%
|
|
73%
|
|
107%
|
A
For
the year ended February 29.
B
Calculated
based on average shares outstanding during the period.
C
Net
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
D
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
E
Fees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
F
Expense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
G
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
|
Construction
and Housing Portfolio |
|
Years
ended February 28, |
|
2023
|
|
2022
|
|
2021
|
|
2020
A
|
|
2019
|
|
Selected
Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$
|
89.80
|
$
|
77.53
|
$
|
58.56
|
$
|
54.22
|
$
|
59.88
|
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C
|
|
.76
|
|
.57
|
|
.59
|
|
.53
|
|
.49
|
|
Net
realized and unrealized gain (loss) |
|
(1.42)
|
|
17.59
|
|
21.82
|
|
8.71
|
|
1.32
|
|
Total
from investment operations |
|
(.66)
|
|
18.16
|
|
22.41
|
|
9.24
|
|
1.81
|
|
Distributions
from net investment income |
|
(.66)
|
|
(.53)
|
|
(.61)
|
|
(.60)
|
|
(.55)
|
|
Distributions
from net realized gain |
|
-
|
|
(5.36)
|
|
(2.83)
|
|
(4.31)
|
|
(6.92)
|
|
Total
distributions |
|
(.66)
|
|
(5.89)
|
|
(3.44)
|
|
(4.90)
D
|
|
(7.47)
|
|
Net
asset value, end of period |
$
|
88.48
|
$
|
89.80
|
$
|
77.53
|
$
|
58.56
|
$
|
54.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return
E
|
|
(.70)%
|
|
22.95%
|
|
41.70%
|
|
17.10%
|
|
4.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets F,G,C
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.77%
|
|
.75%
|
|
.78%
|
|
.79%
|
|
.80%
|
|
Expenses
net of fee waivers, if any |
|
.76%
|
|
.75%
|
|
.78%
|
|
.79%
|
|
.80%
|
|
Expenses
net of all reductions |
|
.76%
|
|
.75%
|
|
.77%
|
|
.79%
|
|
.79%
|
|
Net
investment income (loss) |
|
.90%
|
|
.60%
|
|
.94%
|
|
.88%
|
|
.86%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$
|
498,697
|
$
|
713,338
|
$
|
343,461
|
$
|
318,905
|
$
|
225,255
|
|
Portfolio
turnover rate H
|
|
20%
|
|
70%
|
|
93%
|
|
161%
|
|
90%
|
A
For
the year ended February 29.
B
Calculated
based on average shares outstanding during the period.
C
Net
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
D
Total
distributions per share do not sum due to rounding.
E
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
F
Fees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
G
Expense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
H
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
|
Consumer
Discretionary Portfolio |
|
Years
ended February 28, |
|
2023
|
|
2022
|
|
2021
|
|
2020
A
|
|
2019
|
|
Selected
Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$
|
63.23
|
$
|
68.01
|
$
|
45.58
|
$
|
44.31
|
$
|
43.65
|
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C
|
|
.01
|
|
(.16)
|
|
(.03)
|
|
.11
|
|
.12
|
|
Net
realized and unrealized gain (loss) |
|
(9.85)
|
|
1.92
|
|
23.23
|
|
2.26
|
|
1.87
|
|
Total
from investment operations |
|
(9.84)
|
|
1.76
|
|
23.20
|
|
2.37
|
|
1.99
|
|
Distributions
from net investment income |
|
(.02)
|
|
-
|
|
-
|
|
(.11)
|
|
(.15)
|
|
Distributions
from net realized gain |
|
(5.83)
|
|
(6.54)
|
|
(.77)
|
|
(.99)
|
|
(1.18)
|
|
Total
distributions |
|
(5.85)
|
|
(6.54)
|
|
(.77)
|
|
(1.10)
|
|
(1.33)
|
|
Net
asset value, end of period |
$
|
47.54
|
$
|
63.23
|
$
|
68.01
|
$
|
45.58
|
$
|
44.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return
D
|
|
(16.87)%
|
|
1.88%
|
|
50.96%
|
|
5.30%
|
|
4.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets E,F,C
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.76%
|
|
.73%
|
|
.76%
|
|
.76%
|
|
.78%
|
|
Expenses
net of fee waivers, if any |
|
.76%
|
|
.73%
|
|
.76%
|
|
.76%
|
|
.77%
|
|
Expenses
net of all reductions |
|
.76%
|
|
.73%
|
|
.75%
|
|
.76%
|
|
.77%
|
|
Net
investment income (loss) |
|
.02%
|
|
(.22)%
|
|
(.06)%
|
|
.23%
|
|
.27%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$
|
424,791
|
$
|
418,675
|
$
|
583,938
|
$
|
402,403
|
$
|
433,188
|
|
Portfolio
turnover rate G
|
|
46%
|
|
38%
|
|
55%
|
|
41%
H
|
|
46%
H
|
A
For
the year ended February 29.
B
Calculated
based on average shares outstanding during the period.
C
Net
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
D
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
E
Fees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
F
Expense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
G
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
H
Portfolio
turnover rate excludes securities received or delivered in-kind.
|
Years
ended February 28, |
|
2023
|
|
2022
|
|
2021
|
|
2020
A
|
|
2019
B
|
|
Selected
Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$
|
16.38
|
$
|
18.94
|
$
|
13.89
|
$
|
14.53
|
$
|
16.58
|
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) C,D
|
|
.07
|
|
.01
|
|
.07
|
|
.12
|
|
.16
|
|
Net
realized and unrealized gain (loss) |
|
(.12)
|
|
1.41
|
|
5.40
|
|
.25
|
|
.39
|
|
Total
from investment operations |
|
(.05)
|
|
1.42
|
|
5.47
|
|
.37
|
|
.55
|
|
Distributions
from net investment income |
|
(.05)
|
|
(.02)
|
|
(.08)
|
|
(.11)
|
|
(.16)
|
|
Distributions
from net realized gain |
|
(.42)
|
|
(3.96)
|
|
(.34)
|
|
(.89)
|
|
(2.44)
|
|
Total
distributions |
|
(.48)
E
|
|
(3.98)
|
|
(.42)
|
|
(1.01)
E
|
|
(2.60)
|
|
Redemption
fees added to paid in capital C
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
F
|
|
Net
asset value, end of period |
$
|
15.85
|
$
|
16.38
|
$
|
18.94
|
$
|
13.89
|
$
|
14.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return
G
|
|
(.22)%
|
|
7.53%
|
|
41.30%
|
|
1.76%
|
|
4.48%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets H,I,D
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.74%
|
|
.73%
|
|
.77%
|
|
.76%
|
|
.76%
|
|
Expenses
net of fee waivers, if any |
|
.74%
|
|
.73%
|
|
.77%
|
|
.75%
|
|
.76%
|
|
Expenses
net of all reductions |
|
.74%
|
|
.73%
|
|
.76%
|
|
.75%
|
|
.76%
|
|
Net
investment income (loss) |
|
.45%
|
|
.05%
|
|
.48%
|
|
.79%
|
|
1.05%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$
|
563,381
|
$
|
646,800
|
$
|
653,709
|
$
|
431,146
|
$
|
472,923
|
|
Portfolio
turnover rate J
|
|
46%
|
|
79%
|
|
72%
|
|
53%
|
|
41%
|
A
For
the year ended February 29.
B
Per
share amounts have been adjusted to reflect the impact of the 10 for 1 share
split that occurred on August 10, 2018.
C
Calculated
based on average shares outstanding during the period.
D
Net
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
E
Total
distributions per share do not sum due to rounding.
F
Amount
represents less than $.005 per share.
G
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
H
Fees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
I
Expense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
J
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
|
Years
ended February 28, |
|
2023
|
|
2022
|
|
2021
|
|
2020
A
|
|
2019
B
|
|
Selected
Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$
|
19.92
|
$
|
23.50
|
$
|
15.71
|
$
|
15.01
|
$
|
14.35
|
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) C,D
|
|
.05
|
|
(.02)
|
|
(.01)
|
|
.04
|
|
.03
|
|
Net
realized and unrealized gain (loss) |
|
(2.76)
|
|
.11
|
|
9.35
|
|
1.02
|
|
.93
|
|
Total
from investment operations |
|
(2.71)
|
|
.09
|
|
9.34
|
|
1.06
|
|
.96
|
|
Distributions
from net investment income |
|
(.06)
|
|
-
|
|
-
|
|
(.05)
|
|
(.02)
|
|
Distributions
from net realized gain |
|
(.41)
|
|
(3.67)
|
|
(1.55)
|
|
(.31)
|
|
(.27)
|
|
Total
distributions |
|
(.46)
E
|
|
(3.67)
|
|
(1.55)
|
|
(.36)
|
|
(.30)
E
|
|
Net
asset value, end of period |
$
|
16.75
|
$
|
19.92
|
$
|
23.50
|
$
|
15.71
|
$
|
15.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return
F
|
|
(13.86)%
|
|
(1.23)%
|
|
59.90%
|
|
7.02%
|
|
6.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets G,H,D
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.72%
|
|
.70%
|
|
.73%
|
|
.74%
|
|
.76%
|
|
Expenses
net of fee waivers, if any |
|
.72%
|
|
.70%
|
|
.73%
|
|
.74%
|
|
.75%
|
|
Expenses
net of all reductions |
|
.72%
|
|
.70%
|
|
.73%
|
|
.74%
|
|
.75%
|
|
Net
investment income (loss) |
|
.31%
|
|
(.07)%
|
|
(.07)%
|
|
.26%
|
|
.20%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$
|
2,774,090
|
$
|
3,704,191
|
$
|
4,055,939
|
$
|
2,698,998
|
$
|
3,035,591
|
|
Portfolio
turnover rate I
|
|
32%
|
|
33%
|
|
46%
|
|
17%
|
|
34%
|
A
For
the year ended February 29.
B
Per
share amounts have been adjusted to reflect the impact of the 10 for 1 share
split that occurred on May 11, 2018.
C
Calculated
based on average shares outstanding during the period.
D
Net
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
E
Total
distributions per share do not sum due to rounding.
F
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
G
Fees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
H
Expense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
I
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Additional
Index Information
FactSet
Automotive Linked Index is
a float-adjusted modified market capitalization weighted index designed to
measure and track the performance of companies engaged in the manufacturing and
distribution of automotive vehicles, parts and components. Index returns shown
for periods prior to April 1, 2017 are returns of the S&P® Custom
Automobiles & Components Index.
MSCI
U.S. IMI Communication Services 25-50 (Media Linked) Index is
a modified market capitalization-weighted index of stocks designed to measure
the performance of Communication Services companies in the MSCI U.S. Investable
Market 2500 Index. Index returns shown for periods prior to December 1, 2018 are
returns of the MSCI U.S. IM Media 25-50 Index.
MSCI
U.S. IMI Construction & Housing 25-50 Index is
a modified market capitalization-weighted index of stocks designed to measure
the performance of Construction & Housing Custom companies in the MSCI U.S.
Investable Market 2500 Index.
MSCI
U.S. IMI Consumer Discretionary 25-50 Index is
a modified market capitalization-weighted index of stocks designed to measure
the performance of Consumer Discretionary companies in the MSCI U.S. Investable
Market 2500 Index.
MSCI
U.S. IMI Consumer Services 25-50 Index
is
a modified market capitalization-weighted index of stocks designed to measure
the performance of Consumer Services companies in the MSCI U.S. Investable
Market 2500 Index.
MSCI
U.S. IMI Retailing 25-50 Index
is
a modified market capitalization-weighted index of stocks designed to measure
the performance of Retailing companies in the MSCI U.S. Investable Market 2500
Index.
S&P
500 ®
Index
is
a market capitalization-weighted index of 500 common stocks chosen for market
size, liquidity, and industry group representation to represent U.S. equity
performance.
|
IMPORTANT
INFORMATION ABOUT OPENING A NEW ACCOUNT
To
help the government fight the funding of terrorism and money laundering
activities, the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT ACT), requires all financial institutions to obtain, verify, and
record information that identifies each person or entity that opens an
account.
For
individual investors opening an account: When
you open an account, you will be asked for your name, address, date of
birth, and other information that will allow Fidelity to identify you. You
may also be asked to provide documents that may help to establish your
identity, such as your driver's license.
For
investors other than individuals:
When
you open an account, you will be asked for the name of the entity, its
principal place of business and taxpayer identification number (TIN). You
will be asked to provide information about the entity's control person and
beneficial owners, and person(s) with authority over the account,
including name, address, date of birth and social security number. You may
also be asked to provide documents, such as drivers' licenses, articles of
incorporation, trust instruments or partnership agreements and other
information that will help Fidelity identify the entity.
|
You
can obtain additional information about the funds. A description of each fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about each fund and its investments. The
SAI is incorporated herein by reference (legally forms a part of the
prospectus). Each fund's annual and semi-annual reports also include additional
information. Each fund's annual report includes a discussion of the fund's
holdings and recent market conditions and the fund's investment strategies that
affected performance.
For
a free copy of any of these documents or to request other information or ask
questions about a fund, call Fidelity at 1-800-544-8544. In addition, you may
visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus,
SAI, or annual or semi-annual report or to request other information.
The
SAI, the funds' annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to [email protected] or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the funds, including the funds' SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
|
Investment
Company Act of 1940, File Number(s), 811-03114
|
Fidelity
Distributors Company LLC (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,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2023 FMR LLC. All rights reserved.
|
1.910399.114
|
SELCON-PRO-0423
|
