Fidelity Advisor Consumer Discretionary Fund
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PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
Fidelity Advisor® Consumer
Discretionary Fund
Key Takeaways MARKET RECAP
• For the fiscal year ending July 31, 2021, the fund's Class I shares The S&P 500® index gained 36.45% for
gained 38.05%, underperforming the 47.04% result of the MSCI US the 12 months ending July 31, 2021, as
IMI Consumer Discretionary 25/50 index and outpacing the 36.45% U.S. equities continued a historic
rebound following a steep but brief
advance of the broad-based S&P 500® index.
decline due to the early-2020 outbreak
and spread of COVID-19. A confluence of
• Consumer discretionary stocks outpaced the broader equity market powerful forces propelled risk assets,
the past 12 months. Despite persistently high unemployment, metrics returning the stock market to pre-
around consumer health improved amid the prospect of a surge in pandemic highs by late August 2020. The
economic growth amid widespread COVID-19 vaccinations, fiscal rally slowed in September, when stocks
stimulus and fresh government spending programs. began a two-month retreat amid
Congress's inability to reach a deal on
• Among the MSCI sector index's industry components, those tied to additional fiscal stimulus, as well as
economic reopenings, including brick-and-mortar retailers and leisure uncertainty about the election. But as the
categories, as well as home- and auto-related groups, performed calendar turned, investors grew hopeful.
especially well this period. The rollout of three COVID-19 vaccines
was underway, the U.S. Federal Reserve
• The fund's underperformance of the sector index was due partly to pledged to hold interest rates near zero
until the economy recovered, and the
Portfolio Manager Katie Shaw's decision to largely avoid certain areas
federal government planned to deploy
of the market that rallied for idiosyncratic reasons as opposed to
trillions of dollars to boost consumers
business fundamentals, including an underweighting in electric
and the economy. This backdrop fueled a
vehicle maker Tesla (+140%) and not owning index component and sharp rotation, with small-cap value
auto maker General Motors (+128%). usurping leadership from large growth.
As part of the "reopening" theme,
• An overweighting in global luxury brands Capri Holdings (+277%) and investors moved out of tech-driven
Tapestry (+216%) contributed most to the fund's relative result. mega-caps that had thrived due to the
work-from-home trend in favor of cheap
• Looking ahead, Katie believes the U.S. consumer will be resilient due smaller companies that stood to benefit
to many positive consumer health statistics, yet she remains cognizant from a broad cyclical recovery. A flattish
of risks, such as high unemployment and further COVID-19 outbreaks. May reflected concerns about inflation
and jobs, but the uptrend resumed
• As of July 31, Katie has positioned the fund for economic reopenings through July, driven by corporate
earnings. Notably, this leg saw
through positions in companies with global brands, but she maintains
momentum shift back to large growth, as
some defensive positioning in areas such as off-price retail that she
easing rates and a hawkish Fed stymied
believes could perform well even if the pandemic were to tilt in an
the reflation trade. By sector, financials
undesirable direction again. (+55%) led, driven by banks (+63%),
whereas utilities (+12%) and consumer
staples (+18%) notably lagged.
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
Q&A
An interview with Portfolio Manager
Katherine Shaw
Katherine Shaw Q: Katie, how did the fund perform for the fiscal
Portfolio Manager year ending July 31, 2021
The fund's Class I shares gained 38.05% the past 12 months,
Fund Facts underperforming the 47.04% result of the MSCI US IMI
Trading Symbol: FCNIX Consumer Discretionary 25/50 index and the peer group
average and outpacing the 36.45% advance of the broad-
Start Date: September 03, 1996 based S&P 500® index.
Size (in millions): $740.57
Q: What was the environment like for consumer
discretionary stocks the past 12 months
The broader equity market rallied this period on the prospect
of a surge in economic growth amid widespread COVID-19
Investment Approach vaccinations, fiscal stimulus and fresh government spending
• Fidelity Advisor® Consumer Discretionary Fund is a programs. Despite persistently high unemployment, metrics
sector-based, equity-focused strategy that seeks to around consumer health improved during the period.
outperform its benchmark through active management.
Against this backdrop, each of the MSCI sector index's
• The fund is constructed to maximize ownership of industry components produced a gain this period, with
companies with characteristics that we believe should especially strong results from industries tied to economic
drive outperformance: a tailwind from improving reopenings, including brick-and-mortar retailers and leisure
consumer macro trends; market-share gains; a
categories. Additionally, positive trends in housing and the
technology lead relative to peers; improving margins;
auto industry propelled the home- and auto-related groups.
increasing returns of capital to shareholders; and
reasonable valuation. We look to invest when the stock
prices do not yet reflect our higher-than-consensus Q: Why did the fund lag the sector index
expectations for long-term earnings growth.
As a refresher, my investment strategy is based on bottom-
• Position sizes and fund concentration are a function of up stock selection. I choose stocks using an industry thematic
our conviction level in our investment ideas, weighed backdrop that intersects company-specific fundamentals as
against the probability of upside to a stock's intrinsic well as valuation. Specifically, I seek to maximize exposure to
(fair) value and the time horizon needed to capture it. the following six characteristics: a tailwind from improving
• Stock selection and idea generation come from bottom- consumer macro trends; market-share gains or exposure to
up research that leverages Fidelity's deep and an increase in consumer preference; a technology lead
experienced global consumer team. We consider versus competitors; increasing profit margins; improving
attractive consumer stocks outside of the benchmark cash return to shareholders; and reasonable valuation.
that offer the potential for favorable risk-adjusted Overall, I seek to own companies that are driving faster-than-
returns. average top- and bottom-line growth, especially those where
• Sector strategies could be used by investors as Fidelity has a differentiated view of earnings growth.
alternatives to individual stocks for either tactical- or
strategic-allocation purposes. During the past 12 months, industry positioning and security
selection held back the fund's performance versus the sector
index. Specifically, my decisions to largely avoid certain areas
of the market that rallied for idiosyncratic reasons detracted.
For instance, lower-than-index exposure to electric vehicle
maker Tesla – a component of the sector index that gained
roughly 140% – was by far the fund's largest individual
2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
detractor. I continued to find the stock overvalued but used industry and the continued distribution of COVID-19
weakness in late 2020 to reduce the fund's large vaccines. Capri, Tapestry and PVH were among the fund's
underweight. Shares of Tesla surged as the company largest holdings on July 31.
reported its sixth-consecutive quarter of profits in January
Another notable relative contributor was casinos & gaming
and deliveries hit a new quarterly record in April.
firm Caesars Entertainment. Our shares of Caesars gained
roughly 180%, benefiting from management's optimistic
Q: What other stock choices hurt outlook for the company and the Las Vegas gaming market,
The fund did not own automakers General Motors (+128%) specifically citing the pace of COVID-19 vaccinations across
and Ford Motor (+111%), two index components that rallied the country and consumers' resumption of more normal
on investor enthusiasm around the companies' plans for behavior. In April, Caesars announced the completion of its
electric vehicles (EVs). Overall, I continue to largely avoid the merger with Britain-based gambling group William Hill to
traditional auto stocks, such as General Motors and Ford expand in the fast-growing U.S. sports-betting market. The
Motor, where the seasonally adjusted annual rate (SAAR) for deal follows Caesars' July 2020 merger with Eldorado
sales has not grown in five years. Resorts, creating the largest U.S. casino and gaming
company.
Elsewhere, video game retailer and index component
GameStop made headlines in late January when a large
Q: What's your outlook as of July 31, Katie
number of day traders ran up the stock in an effort to
squeeze short sellers. As a result, the stock surged 1,700% in The U.S. economy is regaining footing very quickly following
the month of January. The retailer was hit hard by the a significant shock in 2020 from the COVID-19 pandemic,
accelerated move to e-commerce amid the pandemic. While which led to an unprecedented economic and social
not owning GameStop was costly in terms of relative shutdown. As vaccines have now broadly rolled out and the
performance this period, I don't think the firm has the world is reopening, the fund has a significant overweight in
fundamentals or growth potential to warrant a position in the stocks that I believe can benefit from these developments.
fund, thus I continued to avoid the stock throughout the
Furthermore, the consumer today is healthier on multiple
period, but that decision resulted in GameStop being a large
metrics than at any time in the past, and I believe that the
relative detractor.
well-heeled consumer, combined with the reopening trade,
I'll also mention the fund's overweight position in Penn has the potential to be a very powerful force, especially for
National Gaming, another relative detractor that pulled back stocks of firms that used COVID-19 as an opportunity to
later in the period after outperforming amid the reopening improve their balance sheets and still have cheap valuations.
rally. Still, I remain positive on the stock and continue to hold Thus, I believe the U.S. consumer is well-positioned, will be
an outsized position as of July 31. resilient, and there will be a significant boom in consumer
spending.
Gaming companies like Penn and Churchill Downs, another
fund holding, have very significantly cut costs and can Yet, the overall positive backdrop remains both fragile and in
produce prior peak profitability on significantly less revenue flux, with unemployment still high, COVID-19 outbreaks
– yet revenue is coming in better than expected, which is continuing and many people still unvaccinated. Further, we
leading to impressive bottom-line results. These stocks also have yet to see what a fully reopened and return-to-
benefit from sports betting, which is a new market workspace world looks like, which leaves the future anything
opportunity that is just in its infancy and could grow to be a but certain. By and large, I've positioned the fund for a more
very large and profitable market. Further, these stocks fully reopened economy, but I also maintain some defensive
remain reasonably valued, in my view. positioning in areas such as off-price retail that I believe
could perform well even if the pandemic were to tilt in an
Q: What stocks contributed most undesirable direction again. ■
Our sizable positions in global luxury goods companies Capri
Holdings (+277%), Tapestry (+216%) and PVH (+114%) were
notable relative contributors. I am extremely bullish on
global brands.
Capri is the owner of iconic brands Michael Kors, Jimmy
Choo and Versace, while Tapestry owns Kate Spade, Stuart
Weitzman and Coach, and PVH owns brands including
Tommy Hilfiger and Calvin Klein. Each of these firms
achieved strong earnings and revenue growth this period on
the back of an improving outlook for the fashion luxury
3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
LARGEST CONTRIBUTORS VS. BENCHMARK
Average Relative
Portfolio Manager Katie Shaw on Holding Market Segment
Relative Contribution
Weight (basis points)*
investing in global brands: Apparel, Accessories
Capri Holdings Ltd. 2.00% 143
& Luxury Goods
"As of July 31, I'm most excited about the prospects Apparel, Accessories
Tapestry, Inc. 1.43% 85
for global brands, which are exposed to exponential & Luxury Goods
growth prospects compared with their U.S.-market- Caesars
Casinos & Gaming 1.23% 79
only peers. For the first time in a decade, consumers Entertainment, Inc.
are turning toward consumption of 'things,' with PVH Corp.
Apparel, Accessories
1.43% 59
luxury and accessory companies experiencing much & Luxury Goods
better-than-expected trends. Hotels, Resorts &
Expedia, Inc. 1.15% 56
Cruise Lines
"The strength of the recovery in the U.S. is
* 1 basis point = 0.01%.
buttressed by even better demand trends, and
China – the largest buyer of luxury goods – is
emerging from the peak of the pandemic even
faster than the U.S. The strong demand these
LARGEST DETRACTORS VS. BENCHMARK
companies are seeing is playing out both in quantity
of goods sold as well as the prices they have been Average Relative
Relative Contribution
charging. For example, Tapestry's Coach brand saw Holding Market Segment Weight (basis points)*
prices paid increase 25% year-over-year in the most
Automobile
recently reported quarter. Tesla, Inc.
Manufacturers
-4.35% -454
"Additionally, I think these firms have only gotten General Motors Co.
Automobile
-1.26% -68
stronger and more efficient during the pandemic, as Manufacturers
they've significantly cut costs, closed less profitable GameStop Corp. Class Computer &
-0.17% -63
retail stores, experienced a boom in their digital A Electronics Retail
sales and reduced SKU counts and promotions. Penn National
Casinos & Gaming 0.48% -52
Gaming, Inc.
Global brands also have good balance sheets,
better profit margin structures and, on average, are Ollie's Bargain Outlet General Merchandise
0.66% -50
Holdings, Inc. Stores
beating earnings expectations in 2021. I believe low
inventories and high demand also could boost these * 1 basis point = 0.01%.
names.
"As the world continues to reopen and consumers
increasingly want something new to wear or carry as
they go out, I'm incredibly bullish on the
opportunity for this strong product demand
environment to continue, driving upside to revenue
and even more so to profit margins given significant
cost-cutting that took place during the pandemic.
"As a reflection of this thesis, the fund's retained
sizable positions in Capri, Tapestry, PVH and LVMH
Moet Hennessey Louis Vuitton at period end."
4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 96.85% 100.00% -3.15% 1.17%
International Equities 3.31% 0.00% 3.31% -0.33%
Developed Markets 3.09% 0.00% 3.09% 0.03%
Emerging Markets 0.22% 0.00% 0.22% -0.36%
Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets -0.16% 0.00% -0.16% -0.84%
Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of
the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future
settlement, Net Other Assets can be a negative number.
"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.
MARKET-SEGMENT DIVERSIFICATION
Relative Change
From Six Months
Market Segment Portfolio Weight Index Weight Relative Weight Ago
Internet & Direct Marketing Retail 24.55% 25.76% -1.21% 2.37%
Apparel, Accessories & Luxury Goods 11.12% 2.91% 8.21% 2.00%
Home Improvement Retail 9.48% 9.34% 0.14% -0.99%
Hotels, Resorts & Cruise Lines 8.30% 5.05% 3.25% 0.17%
Apparel Retail 6.93% 4.16% 2.77% 0.50%
Restaurants 6.51% 9.67% -3.16% -1.33%
Automobile Manufacturers 6.10% 12.08% -5.98% -0.87%
Footwear 5.51% 4.60% 0.91% 0.00%
General Merchandise Stores 5.51% 4.15% 1.36% -1.04%
Casinos & Gaming 3.56% 2.04% 1.52% 0.37%
Other 12.60% 13.55% -0.95% -3.51%
5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Amazon.com, Inc. Internet & Direct Marketing Retail 21.64% 20.88%
The Home Depot, Inc. Home Improvement Retail 5.66% 5.86%
Tesla, Inc. Automobile Manufacturers 5.61% 8.87%
NIKE, Inc. Class B Footwear 4.17% 3.91%
Capri Holdings Ltd. Apparel, Accessories & Luxury Goods 3.21% 2.72%
Lowe's Companies, Inc. Home Improvement Retail 2.95% 3.24%
Starbucks Corp. Restaurants 2.72% 2.87%
Tapestry, Inc. Apparel, Accessories & Luxury Goods 2.52% 1.26%
Burlington Stores, Inc. Apparel Retail 2.38% 1.80%
Booking Holdings, Inc. Hotels, Resorts & Cruise Lines 2.19% 0.74%
10 Largest Holdings as a % of Net Assets 53.06% 54.59%
Total Number of Holdings 93 96
The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings
do not include money market investments.
FISCAL PERFORMANCE SUMMARY: Cumulative Annualized
Periods ending July 31, 2021 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Advisor Consumer Discretionary Fund - Class I
12.38% 12.16% 38.05% 19.82% 18.55% 16.40%
Gross Expense Ratio: 0.79%2
S&P 500 Index 19.19% 17.99% 36.45% 18.16% 17.35% 15.35%
MSCI US IMI Consumer Discretionary 25/50 11.54% 14.77% 47.04% 24.61% 21.90% 19.18%
Morningstar Fund Consumer Cyclical 10.62% 14.64% 47.77% 19.69% 17.62% 15.00%
% Rank in Morningstar Category (1% = Best) -- -- 64% 51% 35% 36%
# of Funds in Morningstar Category -- -- 48 42 39 35
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 09/03/1996.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus.
Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class
performance, visit institutional.fidelity.com or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends
and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this document for most-recent
calendar-quarter performance.
6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021
Definitions and Important Information information contained herein: (1) is proprietary to Morningstar
and/or its content providers; (2) may not be copied or
redistributed; and (3) is not warranted to be accurate, complete or
Information provided in this document is for informational and
timely. Neither Morningstar nor its content providers are
educational purposes only. To the extent any investment information
responsible for any damages or losses arising from any use of this
in this material is deemed to be a recommendation, it is not meant to
information. Fidelity does not review the Morningstar data and, for
be impartial investment advice or advice in a fiduciary capacity and is
mutual fund performance, you should check the fund's current
not intended to be used as a primary basis for you or your client's
prospectus for the most up-to-date information concerning
investment decisions. Fidelity, and its representatives may have a
applicable loads, fees and expenses.
conflict of interest in the products or services mentioned in this
material because they have a financial interest in, and receive % Rank in Morningstar Category is the fund's total-return
compensation, directly or indirectly, in connection with the percentile rank relative to all funds that have the same Morningstar
management, distribution and/or servicing of these products or Category. The highest (or most favorable) percentile rank is 1 and
services including Fidelity funds, certain third-party funds and the lowest (or least favorable) percentile rank is 100. The top-
products, and certain investment services. performing fund in a category will always receive a rank of 1%. %
Rank in Morningstar Category is based on total returns which
FUND RISKS include reinvested dividends and capital gains, if any, and exclude
Stock markets, especially foreign markets, are volatile and can sales charges. Multiple share classes of a fund have a common
decline significantly in response to adverse issuer, political, portfolio but impose different expense structures.
regulatory, market, or economic developments. Focus funds can be
more volatile because of their narrow concentration in a specific
RELATIVE WEIGHTS
industry. The consumer discretionary industries can be significantly
affected by the performance of the overall economy, interest rates, Relative weights represents the % of fund assets in a particular
competition, consumer confidence and spending, and changes in market segment, asset class or credit quality relative to the
demographics and consumer tastes. Foreign securities are subject benchmark. A positive number represents an overweight, and a
to interest rate, currency exchange rate, economic, and political negative number is an underweight. The fund's benchmark is listed
risks. The fund may have additional volatility because it can invest a immediately under the fund name in the Performance Summary.
significant portion of assets in securities of a small number of
individual issuers.
IMPORTANT FUND INFORMATION
Relative positioning data presented in this commentary is based on
the fund's primary benchmark (index) unless a secondary benchmark
is provided to assess performance.
INDICES
It is not possible to invest directly in an index. All indices represented
are unmanaged. All indices include reinvestment of dividends and
interest income unless otherwise noted.
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. The MSCI U.S. Investable Market
2500 Index is the aggregation of the MSCI U.S. Large Cap 300, Mid
Cap 450, and Small Cap 1750 Indices.
S&P 500 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.
MARKET-SEGMENT WEIGHTS
Market-segment weights illustrate examples of sectors or
industries in which the fund may invest, and may not be
representative of the fund's current or future investments. They
should not be construed or used as a recommendation for any
sector or industry.
RANKING INFORMATION
© 2021 Morningstar, Inc. All rights reserved. The Morningstar
7 |PORTFOLIO MANAGER Q&A | AS OF JULY 31, 2021 Manager Facts Katherine Shaw is a sector leader and portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals. In this role, Ms. Shaw serves as sector leader of the Global Consumer team and is responsible for providing research coverage for the consumer discretionary sector. Additionally, she manages Fidelity Select Consumer Discretionary Portfolio, Fidelity Advisor Consumer Discretionary Fund, Fidelity VIP Consumer Discretionary Portfolio, and Fidelity Consumer Discretionary Central Fund. She also co-manages Fidelity Stock Selector All Cap Fund. Prior to joining Fidelity in 2007, Ms. Shaw served as a private equity associate at TA Associates and as an investment banking analyst at Salomon Smith Barney. She has been in the financial industry since 2000. Ms. Shaw earned her bachelor of arts degree in economics and government from The University of Virginia and her master of business administration degree from Harvard Business School. She is also a CFA® charterholder. 8 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PERFORMANCE SUMMARY: Annualized
Quarter ending September 30, 2021 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Advisor Consumer Discretionary Fund - Class I
25.19% 16.85% 18.07% 17.84%
Gross Expense Ratio: 0.77%2
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 09/03/1996.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It
does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.
Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a
gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the
fund's Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus.
Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class
performance, visit institutional.fidelity.com or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends
and capital gains, if any. Cumulative total returns are reported as of the period indicated.
Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar
the investment objectives, risks, charges, and expenses. For quarter.
this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial
prospectus or, if available, a summary prospectus. Read it Services LLC.
carefully before you invest. Other third-party marks appearing herein are the property of their
respective owners.
Past performance is no guarantee of future results.
All other marks appearing herein are registered or unregistered
Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company.
necessarily represent the views of Fidelity. Views are subject to change at
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