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PORTFOLIO MANAGER Q&A | AS OF OCTOBER 31, 2023
Fidelity® Focused Stock Fund
Key Takeaways MARKET RECAP
• For the fiscal year ending October 31, 2023, the fund gained 11.64%, U.S. equities gained 10.14% for the 12
outpacing the 10.14% advance of the benchmark S&P 500® index. months ending October 31, 2023,
according to the S&P 500® index, as
global economic expansion and a
• Portfolio Manager Stephen DuFour notes that while the broad-market
slowing in the pace of inflation provided
benchmark posted a double-digit gain the past 12 months, most of the
a favorable backdrop for higher-risk
growth was confined to just two of the index's 11 sectors: information assets through July. After returning
technology, which gained 33% for the period, and communication -18.11% in 2022, the index's upturn has
services, which gained 36%. been driven by a narrow set of
companies in the information technology
• The catalyst for much of the index's gain was the emergence of and communication services sectors,
generative artificial intelligence as a powerful secular trend. largely due to excitement for generative
artificial intelligence. Monetary tightening
• By sector, stock selection in communication services and health care, by the U.S. Federal Reserve continued
along with picks and a significant underweight in consumer staples, amid consistent pressure on core
contributed to the fund's performance versus the benchmark for the inflation. Since March 2022, the Fed has
12 months. hiked its benchmark interest rate 11
times. The latest bump came in late July,
a fourth consecutive raise of 25 basis
• Among individual stocks, sizable overweight positions in three of the
points, followed by the decision to hold
period's big gainers − chipmaker and equipment provider Nvidia
rates in September at a 22-year high so
(+198%), pharmaceutical firm Eli Lilly (+54%) and Facebook parent the Fed can observe the pause's effect
Meta Platforms (+61%) − were the fund's top contributors relative to on inflation and the economy. The year-
the benchmark. to-date equity rally sputtered in August
and continued to lose steam through
• Conversely, stock picking in information technology, particularly in the October amid a stalling pattern in
semiconductors & semiconductor equipment group, and an disinflationary trends, soaring yields on
overweight in the financials sector, especially among insurance longer-term government bonds and
companies, detracted from the fund's relative performance. mixed earnings from some big and
influential firms. The S&P 500® closed at
• The fund's largest individual detractors were two of the previous its 2023 high on July 31 before returning
reporting period's best performers: UnitedHealth Group (-3%) and -3.27% in Q3 and -2.10% in October. Still,
Constellation Energy (-16%), the latter of which was sold early in the U.S. stocks ended October up 10.69%
year to date. By sector for the full 12
period, thus missing out on a subsequent rebound.
months, communications services (+36%)
and tech (+33%) led. In contrast, two
• As of October 31, Steve believes the likely end of the U.S. Federal defensive, rate-sensitive sectors lagged
Reserve's interest rate-hiking program could provide support for a most: utilities (-8%) and real estate (-7%).
broad-based market gain in 2024. He is particularly excited about
several emergent investing themes, including the AI boom and an
expected wave of weight-loss drugs.
Not FDIC Insured • May Lose Value • No Bank GuaranteePORTFOLIO MANAGER Q&A | AS OF OCTOBER 31, 2023
Q&A
An interview with Portfolio Manager
Stephen DuFour
Stephen DuFour Q: Steve, how did the fund perform for the
Portfolio Manager fiscal year ending October 31, 2023
The fund gained 11.64% the past 12 months, outpacing the
Fund Facts 10.14% advance of the benchmark S&P 500® index but
Trading Symbol: FTQGX underperforming the peer group average.
Start Date: November 12, 1996 Q: How would you describe the market
Size (in millions): $2,594.34 backdrop the past 12 months
It was a very unusual period, unique in my experience, in
fact. The benchmark S&P 500® index was up 10% for the
annual reporting period, which is not in itself unusual – it was
how it got to that 10% that was unique.
Investment Approach
Most of the market upside came from just a couple of
• Fidelity® Focused Stock Fund is a diversified domestic
sectors: information technology, which gained 33%, and
equity strategy with a large-cap growth orientation.
communication services, which gained 36%. Meanwhile, six
• The fund seeks capital appreciation and will normally of the other nine sectors in the S&P 500® index had a
invest in approximately 40 to 60 stocks. negative result, while the remaining three underperformed.
For a period in which the index posted a double-digit gain,
• Our investment process is driven by research and
bottom-up fundamental company analysis. that's virtually unprecedented.
• We manage a concentrated portfolio by investing in For much of the 12 months, large parts of the market were
companies we believe that, over time, will offer growth preoccupied with rising interest rates, the anticipation of
at a reasonable price. We seek firms that will grow slowing earnings growth and the possibility of an economic
earnings materially faster than the market and are still recession. The U.S. Federal Reserve continued hiking its
trading at attractive valuations. policy interest rate to combat inflation, and that left rate-
sensitive sectors, such as real estate and utilities, in the
• Every stock is typically a positive active position in the
doldrums. At the same time, though, the Fed moderated the
portfolio, and it is very unlikely for us to take an
pace of its hiking cycle from the previous year, and for most
underweighted stance in any name relative to the
benchmark. As a result of this, the majority of our relative of 2023 the market operated on the assumption that the
performance comes from stock selection. central bank would finish its hiking cycle by the end of the
year. This helped some growth-oriented stocks, which are
• Our concentrated approach tends to lead to a thematic evaluated on the long view of future earnings, but even
investing style. among growth names there were winners and losers.
The big catalyst for much of the broad market's gain was the
emergence of artificial intelligence as a powerful secular
trend. AI technology had been developing for years, but late
last year the launch of OpenAI's ChatGPT "chatbot" turbo-
charged interest in generative AI and set off something of a
market gold rush. So, the biggest winners for the past 12
months included the equipment suppliers (Nvidia), software
makers (Microsoft) and communication services companies
(Meta Platforms) that are viewed as the major players in the
AI sandbox.
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 OCTOBER 31, 2023
Against this challenging backdrop, the fund modestly Q: What detracted from relative performance
outperformed the benchmark but, honestly, I'm
disappointed we didn't do better. In short, I got some Stock picking in information technology, particularly in the
important things right and a few things wrong. Most of the semiconductors & semiconductor equipment group, notably
bad stuff was concentrated in the first half of the period, so I hurt. Though Nvidia was the top contributor, several short-
feel good about where the portfolio stands as of October 31. term holdings among semi firms didn't pan out and have
been sold. An overweight in the financials sector, especially
among insurance companies, also detracted.
Q: What helped the fund outperform the S&P
500® index the past year The fund's largest individual detractors were two of the
previous reporting period's best performers: UnitedHealth
By sector, stock selection in communication services and Group and Constellation Energy. UnitedHealth (-3%) had
health care, along with picks and a significant underweight in good financial performance, but HMO stocks didn't do well
consumer staples, helped most. this period because a lot of people started getting elective
Among individual stocks, we had sizable overweight procedures done that they had delayed during the
positions in three of the year's big gainers: chip and pandemic, sending health insurers' costs up. I reduced the
equipment maker Nvidia, pharmaceutical firm Eli Lilly, and position, but UnitedHealth remains a top-20 holding.
Facebook and Instagram parent Meta Platforms. The stocks Constellation Energy (-16%) is a nuclear-generating electric
gained 198%, 54% and 61%, respectively, for the fund and business that was spun off from a big U.S. utility last year.
were, in order, the three largest relative contributors. Our holding in the stock was the fund's top relative
Nvidia's growth trajectory this period was extraordinary. As I contributor last year, when the company benefited from high
mentioned, the launch of ChatGPT set off a race for electric power generation prices in the wake of Russia's
companies in just about every industry – health care, finance invasion of Ukraine. I sold the stock early in the period
and real estate, among others – to create their own large because I believed the company would not sustain its growth
language models for generative AI applications. So, trajectory, but the stock subsequently rebounded, and we
everyone was trying to do the same thing at the same time, missed out on that gain. So, that was a bad call on my part.
and the best way to do it was with a Nvidia system. The firm Constellation remains on our radar.
is no longer just a chip manufacturer but a system provider – A non-benchmark position in Block (-8%), the financial
it offers a full-stack solution that customers can plug into their services hardware and software firm that owns the Square
data center. It will take at least two years for competitors to and Cash App brands, also hurt our relative result. Block was
catch up to Nvidia, in my opinion. I trimmed the stake to a beneficiary of the pandemic economy, as people avoided
keep it from getting too big, but Nvidia was the fund's in-person shopping and bought online. But the shares ceded
second-largest holding as of October 31. most of their gain in 2022, and the stock continued to be
Eli Lilly's growth accelerated after its new-ish diabetes drug weighed down this period by the early-2022 acquisition of a
was found to be a highly effective weight-loss treatment. buy-now, pay-later company, which has proven disastrous. I
Approved by the FDA as MounjaroTM in 2022, the injectable bought the stock this period at what I thought was an
drug will now simultaneously be marketed as an anti-obesity attractive price, but it's not in the portfolio at period end.
treatment called ZepboundTM. While high cost and short
supply are issues now, weight-loss drugs are expected to be Q: What's your outlook for the markets and
a huge growth market in the years ahead. At the moment, Eli fund as of October 31, Steve
Lilly and Danish company Novo Nordisk (makers of Wegovy®)
are the only firms with an approved treatment. Lilly has a Looking ahead, I'm quite bullish. The past 12 months, there
promising Alzheimer's treatment in its pipeline. It's the was a lot of uncertainty in the U.S. macroeconomy and a lot
fourth-largest holding at period end. of volatility in the equity market. Some pockets of the market
did well, whereas a lot of others did not. But as of period
In 2021–22, Meta poured billions into developing its virtual end, the Fed's rate-hiking program appears to be stabilizing
reality world, the metaverse. That huge expenditure, – even if the central bank keeps interest rates high for much
combined with a sluggish advertising environment, sent the of 2024, it looks like there will be few, if any, further raises –
company's shares down through most of 2022. Starting in Q4 and U.S. economic data remains surprisingly strong. That
2022, the company undertook a major cost-cutting effort and could provide a favorable backdrop for a broad-based
the stock soared as revenue recovered, helped also by the advance in the year ahead.
market's exuberance for AI. We didn't own Meta at the start
of the period, but I built a significant stake and as of October What has me most excited, though, about the coming year is
31 it's our third-largest holding. the existence of several big, potentially transformative,
market trends that I believe could have lengthy runways for
growth. I discuss these in the callout section of this report. ■
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 OCTOBER 31, 2023
LARGEST CONTRIBUTORS VS. BENCHMARK
Average Relative
Steve DuFour on the market's Holding Market Segment
Relative Contribution
Weight (basis points)*
emergent mega-trends: Information
NVIDIA Corp. 3.30% 242
Technology
"As I've stressed in this report, the past 12 months Eli Lilly & Co. Health Care 4.09% 169
was a period in which a lot of the equity market's Meta Platforms, Inc. Communication
3.10% 152
gain was not only concentrated in specific sectors, Class A Services
but in a small number of stocks within those sectors. Eaton Corp. PLC Industrials 2.07% 63
Put another way, this was very much a stock-picker's Deckers Outdoor Consumer
1.15% 58
market, without a lot of correlation, and I expect that Corp. Discretionary
to continue in the year ahead. * 1 basis point = 0.01%.
"This fund is a stock-picker's fund – at a given time,
the portfolio holds just a few dozen of what I
consider to be the very best growth opportunities in LARGEST DETRACTORS VS. BENCHMARK
the U.S. market. And right now, there are several
big, emergent investment themes – including AI, Average Relative
weight-loss drugs, and the ongoing 'electrification Relative Contribution
of everything' trend that just gets bigger and bigger Holding Market Segment Weight (basis points)*
– with extraordinary long-term growth potential. UnitedHealth Group,
Health Care 1.85% -113
Inc.
"The development and implementation of Constellation Energy
generative artificial intelligence will be a years-long Utilities 1.11% -88
Corp.
evolution, but the first order of business is for Block, Inc. Class A Financials 0.79% -84
companies to build out the data center capability The Travelers
needed to run these incredibly data-heavy AI Financials 2.24% -79
Companies, Inc.
applications. So, I expect equipment manufacturers Northrop Grumman
Industrials 0.58% -79
to do well in the near term and am looking for the Corp.
best opportunities in that area, while also keeping * 1 basis point = 0.01%.
an eye out for longer-term opportunities in AI. This
data center buildout also plays into the
electrification theme because we will need to
increase the nation's, and the world's, capacity to
power this new data infrastructure that will use a
tremendous amount of electricity.
"Lastly, it's clear the weight-loss drugs have huge
sales-growth potential, with profound implications
for other industries – from airlines to snack food –
that are impacted by customers' weight and eating
habits. It will be a fascinating theme to follow.
"These types of mega-trends don't come around all
too often. In my 30-year-plus investing career at
Fidelity, there have been periods where you go five
to seven years, and no major trends emerge. But
right now, there's a lot of newness. So, I get up
every day excited to come to the office because I
think the next two to five years could be an
industrial revolution unlike any we've seen before."
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 OCTOBER 31, 2023
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 96.65% 100.00% -3.35% 4.45%
International Equities 2.84% 0.00% 2.84% 0.53%
Developed Markets 2.84% 0.00% 2.84% 0.55%
Emerging Markets 0.00% 0.00% 0.00% -0.02%
Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets 0.51% 0.00% 0.51% -4.98%
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
Information Technology 33.53% 28.06% 5.47% 0.77%
Industrials 15.66% 8.33% 7.33% 5.90%
Communication Services 13.64% 8.71% 4.93% 2.76%
Financials 10.85% 12.76% -1.91% -7.60%
Health Care 9.73% 13.15% -3.42% 0.27%
Consumer Discretionary 9.19% 10.55% -1.36% -1.51%
Energy 6.88% 4.54% 2.34% 5.35%
Materials 0.00% 2.42% -2.42% -0.67%
Consumer Staples 0.00% 6.62% -6.62% -0.85%
Utilities 0.00% 2.50% -2.50% 0.37%
Real Estate 0.00% 2.36% -2.36% 0.18%
Other 0.00% 0.00% 0.00% 0.00%
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 OCTOBER 31, 2023
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Microsoft Corp. Information Technology 9.31% 8.56%
NVIDIA Corp. Information Technology 8.06% 4.51%
Meta Platforms, Inc. Class A Communication Services 7.95% 6.19%
Eli Lilly & Co. Health Care 6.68% 5.15%
Amazon.com, Inc. Consumer Discretionary 5.58% 1.66%
Eaton Corp. PLC Industrials 5.16% 1.53%
Alphabet, Inc. Class A Communication Services 5.15% 3.67%
Fiserv, Inc. Financials 4.99% 4.89%
Oracle Corp. Information Technology 4.32% 2.01%
Exxon Mobil Corp. Energy 3.65% --
10 Largest Holdings as a % of Net Assets 60.86% 50.51%
Total Number of Holdings 37 43
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 October 31, 2023 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Fidelity Focused Stock Fund
6.56% 14.04% 11.64% 6.55% 11.99% 11.65%
Gross Expense Ratio: 0.80%2
S&P 500 Index 1.39% 10.69% 10.14% 10.36% 11.01% 11.18%
Morningstar Fund Large Growth 3.94% 17.15% 14.19% 4.51% 10.68% 10.98%
% Rank in Morningstar Category (1% = Best) -- -- 68% 41% 33% 40%
# of Funds in Morningstar Category -- -- 1,210 1,126 1,039 808
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 11/12/1996.
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, or
estimated amounts for the current fiscal year in the case of a newly launched fund. 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 Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, 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 Q&A 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 OCTOBER 31, 2023
Definitions and Important Information % Rank in Morningstar Category is the fund's total-return
percentile rank relative to all funds that have the same Morningstar
Category. The highest (or most favorable) percentile rank is 1 and
Information provided in, and presentation of, this document are for
informational and educational purposes only and are not a the lowest (or least favorable) percentile rank is 100. The top-
recommendation to take any particular action, or any action at all, nor performing fund in a category will always receive a rank of 1%. %
an offer or solicitation to buy or sell any securities or services Rank in Morningstar Category is based on total returns which
presented. It is not investment advice. Fidelity does not provide legal or include reinvested dividends and capital gains, if any, and exclude
tax advice. sales charges. Multiple share classes of a fund have a common
portfolio but impose different expense structures.
Before making any investment decisions, you should consult with your
own professional advisers and take into account all of the particular
facts and circumstances of your individual situation. Fidelity and its RELATIVE WEIGHTS
representatives may have a conflict of interest in the products or Relative weights represents the % of fund assets in a particular
services mentioned in these materials because they have a financial
market segment, asset class or credit quality relative to the
interest in them, and receive compensation, directly or indirectly, in
benchmark. A positive number represents an overweight, and a
connection with the management, distribution, and/or servicing of these
products or services, including Fidelity funds, certain third-party funds negative number is an underweight. The fund's benchmark is listed
and products, and certain investment services. immediately under the fund name in the Performance Summary.
FUND RISKS
Stock markets, especially foreign markets, are volatile and can
decline significantly in response to adverse issuer, political,
regulatory, market, or economic developments. Foreign securities
are subject to interest rate, currency exchange rate, economic, and
political risks. The fund may have additional volatility because it can
invest a 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.
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.
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
© 2023 Morningstar, Inc. All rights reserved. The Morningstar
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
timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this
information. Fidelity does not review the Morningstar data and, for
mutual fund performance, you should check the fund's current
prospectus for the most up-to-date information concerning
applicable loads, fees and expenses.
7 |PORTFOLIO MANAGER Q&A | AS OF OCTOBER 31, 2023 Manager Facts Stephen DuFour is a 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, Mr. DuFour manages Fidelity Focused Stock Fund and Fidelity U.S. Focused Stock Fund. Additionally, he co- manages Fidelity Worldwide and Fidelity Advisor Worldwide Funds. Prior to assuming his current responsibilities, Mr. DuFour managed various other Fidelity funds, including Fidelity Advisor Equity Value Fund and Fidelity VIP Value Portfolio, Fidelity Equity-Income II Fund, and Fidelity Balanced Fund. Previously, Mr. DuFour served as sector leader of Fidelity's Natural Resources Equity Research group. During this time, he also managed Fidelity Convertible Securities Fund, Fidelity Advisor Energy Fund, and Select Energy Portfolio. Prior to that, Mr. DuFour managed Select Transportation Portfolio and Select Multimedia Portfolio. Before joining Fidelity as an equity analyst in 1992, Mr. DuFour worked at General Electric Capital Corporation and Paine Webber, Inc. He has been in the financial industry since 1988. Mr. DuFour earned his bachelor of arts degree in American studies from the University of Notre Dame and his master of business administration degree in finance from the University of Chicago. 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 December 31, 2023 1 3 5 10 Year/
Year Year Year LOF1
Fidelity Focused Stock Fund
28.93% 6.35% 16.06% 12.29%
Gross Expense Ratio: 0.51%2
% Rank in Morningstar Category (1% = Best) 75% 44% 49% 47%
# of Funds in Morningstar Category 1,200 1,118 1,031 810
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 11/12/1996.
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, or
estimated amounts for the current fiscal year in the case of a newly launched fund. 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 Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different
returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, 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
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street,
any time based upon market or other conditions and Fidelity disclaims any
Smithfield, RI 02917.
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a Fidelity fund Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI
are based on numerous factors, may not be relied on as an indication of 02917.
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not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.
LLC. References to specific company securities should not be construed
706086.19.0
as recommendations or investment advice.
Diversification does not ensure a profit or guarantee against a loss.You can also read
