Fidelity Select Natural Gas Portfolio - Fidelity Investments
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PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 29, 2020
Fidelity® Select Natural Gas
Portfolio
Key Takeaways MARKET RECAP
• For the fiscal year ending February 29, 2020, the fund produced a U.S. stocks stalled to begin the new year
return of -32.98%, lagging the -22.68% result of the FactSet Natural and declined in late February, as the
Gas Linked Index and the 8.19% gain of the broad-based S&P 500® outbreak and spread of the new
coronavirus threatened to hamper global
index.
economic growth and corporate
earnings. For the 12 months ending
• Crude-oil and natural gas prices declined this past year, largely February 29, 2020, the U.S. equity
because supply continued to outpace demand. Negative earnings- bellwether S&P 500® index gained
and cash-flow revisions frustrated investors, who put a lower value on 8.19%. The period began with equities
energy companies, pressuring their stock prices. rising amid upbeat company earnings
and signs the U.S. Federal Reserve may
• According to Co-Manager Ben Shuleva, the fund lagged its industry pause on rates. The uptrend extended
index this period because of its value bias and strategy of selling until May, when the index dipped as
stocks that had rallied and buying stocks hurt by low energy prices. trade talks between the U.S. and China
broke down. The bull market roared back
• Stock picks in the oil & gas equipment & services segment hurt most, to record a series of highs in July, when
while choices in oil & gas storage & transportation and oil & gas the Fed cut interest rates for the first time
exploration & production also had a decidedly negative impact. since 2008. Volatility intensified in
August, as the Treasury yield curve
inverted, which some investors viewed as
• In terms of individual detractors, a non-index stake in satellite & digital a sign the U.S. economy could be
technology solutions provider RigNet sank due to worse-than- heading for recession. But the market
expected offshore drilling activity and the company's debt exposure. proved resilient, hitting a new high on
October 30, when the Fed lowered rates
• Elsewhere, an overweighting in oil & gas producer Encana (now for the third time in 2019, and moving
Ovintiv) was pressured by lower oil and gas prices. A non-index stake higher through December 31. Following
in jack-up rig provider Shelf Drilling fell because of declining a roughly flat January, stocks sank in late
commodity prices and slowing offshore activity. February, after a surge in coronavirus
cases outside China created considerable
• Conversely, a modest underweighting in the poor-performing uncertainty and pushed investors to safer
integrated oil & gas group aided relative performance. A top asset classes. By sector, information
contributor was oil & gas exploration & production company technology (+27%) led the way by a wide
Anadarko Petroleum, which benefited from a buyout last August. margin, followed by utilities and
communication services (+13% each). In
contrast, energy (-25%) was by far the
• On January 1, 2020, Peter Belisle assumed co-management weakest category, struggling due to
responsibilities for the fund, joining Ben Shuleva. Peter expects sluggish oil prices. Other notable
energy stocks to remain challenged in the near term, but sees long- laggards included materials and
term potential in firms with strong balance sheets and long asset lives. industrials (-2% each).
Not FDIC Insured • May Lose Value • No Bank Guarantee
PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 29, 2020
Q&A
An interview with Co-Managers Ben
Shuleva and Peter Belisle
Ben Shuleva Peter Belisle Q: Ben, how did the fund perform for the fiscal
Co-Manager Co-Manager year ending February 29, 2020
B.S. The fund returned -32.98% for the 12-month period,
Fund Facts lagging the -22.68% result of the FactSet Natural Gas Linked
Trading Symbol: FSNGX Index and the gain of the broad-based S&P 500® index. The
fund also underperformed its peer group average.
Start Date: April 21, 1993
Q: Why were natural gas stocks under so much
Size (in millions): $114.91
pressure this period
B.S. Crude oil and natural gas prices declined, largely
because the supply of both commodities outpaced demand.
There were a couple reasons for the imbalance. To start, U.S.
Investment Approach oil production grew materially this past year, leading to an
• Fidelity® Select Natural Gas Portfolio is an industry- increase in associated gas production, which is a byproduct
based, equity-focused strategy that seeks to outperform of the same wells. Also, over the past decade, improved
its benchmark through active management. productivity resulted in more oil and gas being pumped from
each well, in turn driving a dramatic increase in production
• The fund targets and invests in companies with two
volumes, even this past year. Less of a factor was weakened
primary characteristics: high-quality businesses with
strong reinvestment opportunities, and stocks that are demand. However, mild winter weather in much of the U.S.
cheap relative to our benchmark. We believe this was a modest headwind, and China pulled back in terms of
combination can lead to outperformance in the long run. how much liquid natural gas (LNG) it imported. Then, late in
the period, the coronavirus pandemic accelerated concern
• Stock selection and idea generation come from in-depth about global economic growth, further clouding demand
research that leverages Fidelity's deep and experienced prospects. Weakened commodity prices led to lower
global energy team. Fundamental research is the core of
corporate earnings and cash flows, frustrating investors who
the stock selection process.
placed lower valuations on energy stocks.
• Sector and industry strategies could be used by investors
Of the major constituents in the FactSet industry index, the
as alternatives to individual stocks for either tactical- or
strategic-allocation purposes. oil & gas equipment & services (-41%) and exploration &
production (-31%) segments posted the steepest declines.
Integrated oil & gas (-48%), at about 5% of the index, also
fared poorly. All were hard-hit by declining commodity
prices. Conversely, oil & gas storage & transportation
companies (0.9%) held up relatively well, benefiting from
both increased production volumes and their dividend
payouts, which attracted investors in a low and declining
interest rate environment. Gas utilities (-12%) also were
somewhat cushioned by their consistent dividend payouts.
Q: What factors caused the fund to lag the
FactSet industry index this period
B.S. The lion's share of underperformance came from
security selection, largely because of my value bias. I favored
cheaper companies that I thought had better revenue- and
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 FEBRUARY 29, 2020
earnings-growth potential, which hurt stock picks within the period, as interest rates declined and investors rewarded the
oil & gas equipment & services, storage & transportation and company for its dividend.
exploration & production (E&P) segments. Conversely, the
fund was underweight low-volatility stocks that I thought Q: Switching gears, which investment choices
were trading at relatively expensive valuations. During the
aided the fund's relative result
period, many of these stocks held up relatively well because
of the dividends the companies paid. To top it off, the fund's B.S. Our underweighting in the integrated oil & gas segment
underweighting in the midstream (storage & transportation) had a modestly positive impact. In terms of individual
segment and overweighting in the underperforming E&P contributors, the biggest was Anadarko Petroleum (+64%),
group hurt relative performance. an E&P company that was the subject of a bidding war
between integrated oil & gas providers Chevron (not in the
Q: Which stocks detracted most portfolio) and Occidental Petroleum. The latter ended up
buying Anadarko in August for a sizable premium. At the
B.S. Versus the industry index, the fund's biggest individual time of purchase, Anadarko stock had seemed to me to be
detractor was a non-index position in RigNet (-77%), a depressed due to episodic operational issues, with investors
services company that provides satellite communications and overlooking its high-quality assets. Fortunately, other larger
technology to energy producers. Within the segment, I tried companies recognized the same value I did.
to focus on companies that I thought offered unique services
or a compelling valuation. I view RigNet as having a A non-index stake in Houston-based natural gas and crude-
differentiated offering in a consolidated market. Plus, it has oil pipeline company Enterprise Products Partners (-10%)
the potential to benefit as oil and gas producers become also benefited from a dividend that helped cushion its
more data-dependent. However, RigNet's business is highly downside. This company has great scale in the U.S. that can
exposed to offshore drilling activity, which was worse than help it deal with increasing production volumes. I owned
expected this period. A negative legal settlement that led to Enterprise – a top-10 holding at period end – because I
more debt on the balance sheet also impeded the stock. The thought it had some structural advantages over competitors.
stock's price-to-earnings (P/E) ratio contracted as investors
worried about the company's longer-term prospects. Q: Turning to you, Peter, what's your outlook
Another big disappointment was a sizable overweighting in for natural gas stocks
Canadian oil & gas E&P company Encana (recently renamed P.B. Broadly speaking, Ben and I view the outlook for energy
Ovintiv). I owned the stock because it seemed cheap partly stocks as relatively challenged in the short term. The
because of resources in an area known as the STACK in supply/demand dynamics for natural gas are unfavorable,
Oklahoma, which investors viewed negatively. I thought especially given rising U.S. inventories and concern that the
Encana was doing a good job managing costs, which wasn't coronavirus pandemic could weaken demand in 2020.
being reflected in the share price. However, while its stock However, we think there's long-term opportunity in the gas
looked attractive when oil was $55 per barrel (bbl), it did not industry. To start, the rate of change in the supply/demand
when oil declined to $35 bbl. I thought the company's balance is positive based on leading indicators. For example,
competitive position was much less appealing and reduced in the second quarter of 2019, natural gas prices started to
our exposure. Shares of Encana returned -47% this period. disappoint and operators began dropping rigs. By period
end, U.S. gas-directed rig counts were down more than 40%
Q: What about other disappointments year over year. While that reduction hasn't affected gas
supply yet, it will. Meanwhile, growth in associated gas
B.S. A non-index stake in offshore driller Shelf Drilling (-62%)
volumes started to slow by year-end 2019. Given continued
further hindered relative performance. Shelf provides jack-up
weak oil prices, we also expect oil & gas producers to trim
rigs, a lower-cost market with more consistent demand than
their capital budgets in the coming year, which will further
offshore, ultra-deep water rigs. I thought the stock looked
curtail the production of associated gas.
very inexpensive relative to its asset value. Plus, the company
had a stronger balance sheet than many of its peers and In addition, we think the secular demand growth profile for
seemed on the cusp of generating free cash flow. However, natural gas over a multiyear period is much better than that
investors didn't distinguish between different types of for oil, especially because the shift toward clean fuel
offshore drillers as oil prices declined and offshore drilling overseas continues to drive the growth of the U.S. LNG
activity slowed; they all sank. Another detractor was our industry. The bottom line is we're likely to see a more
sizable underweighting in TC Energy (formerly constructive supply/demand outlook for natural gas going
TransCanada), which provides pipelines to very high-cost gas forward than we've seen in recent years. ■
producers in Canada. I was underexposed because I thought
the stock looked expensive. However, it rose 22% this
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 FEBRUARY 29, 2020
LARGEST CONTRIBUTORS VS. BENCHMARK
Average Relative
Peter Belisle on reasons to invest in Holding Market Segment
Relative Contribution
Weight (basis points)*
energy stocks: Anadarko Petroleum Oil & Gas Exploration
0.28% 118
Corp. & Production
"The precipitous drop in oil prices in recent years Enterprise Products Oil & Gas Storage &
3.39% 44
has punished energy stocks. Many investors may Partners LP Transportation
wonder why you would even want to own oil and Oil & Gas Exploration
Marathon Oil Corp. -1.25% 35
gas stocks today, given the prospect of extended & Production
volatility. My view is that over the next few years Targa Resources Corp.
Oil & Gas Storage &
2.07% 35
energy prices are likely to trend up, creating some Transportation
attractive investment opportunities for long-term Occidental Petroleum
Integrated Oil & Gas -1.01% 34
investors. I think this is a great time to recalibrate Corp.
and buy high-quality energy stocks, which have * 1 basis point = 0.01%.
taken a beating along with their lower-quality peers.
"However, investors will have to be selective. I'm
avoiding two areas and targeting two others. First,
LARGEST DETRACTORS VS. BENCHMARK
I'm steering clear of companies that are
overexposed to shale and have too much debt. I Average Relative
Relative Contribution
expect they will struggle because they have to Holding Market Segment Weight (basis points)*
continually bring on new wells to maintain
Oil & Gas Equipment
production levels. As result, they have enormous RigNet, Inc.
& Services
3.40% -304
capital needs, a huge challenge when they also
Oil & Gas Exploration
have weak balance sheets. This mix can create a Encana Corp.
& Production
4.02% -154
liquidity crisis when oil and gas prices are low. Shelf Drilling Ltd. Oil & Gas Drilling 2.76% -140
"Second, I'm avoiding U.S. onshore energy services TC Energy Corp.
Oil & Gas Storage &
-4.45% -136
providers. These stocks may look cheap at period Transportation
end, but earnings are likely to decline because Forum Energy Oil & Gas Equipment
1.04% -126
productivity gains mean less equipment is needed Technologies, Inc. & Services
to do the same amount of work. Plus, their * 1 basis point = 0.01%.
customers – the E&P companies – are struggling,
which means pricing, volumes or both will fall.
"Conversely, I like companies that also have
conventional, long-lived assets that are not shale-
based and have de-risked exploration portfolios. For
example, the fund owned E&P Noble Energy at
period end. In addition to shale assets, it has
conventional fields coming on line over the next few
years that should produce tremendous amounts of
free cash flow with minimal reinvestment needs.
"I'm also expecting to find selective investment
opportunities amid a more constructive
supply/demand backdrop for natural gas. My focus
is on companies with strong or improving balance
sheets. At period end, the fund owns E&P
companies Cabot Oil & Gas, which I believe has one
of the best balance sheets in the industry, and EQT,
which has a management team that is intent on
paying down debt."
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 FEBRUARY 29, 2020
ASSET ALLOCATION
Relative Change
From Six Months
Asset Class Portfolio Weight Index Weight Relative Weight Ago
Domestic Equities 77.68% 75.07% 2.61% 1.73%
International Equities 20.07% 24.93% -4.86% -3.91%
Developed Markets 15.98% 24.58% -8.60% -3.80%
Emerging Markets 2.51% 0.35% 2.16% 0.17%
Tax-Advantaged Domiciles 1.58% 0.00% 1.58% -0.28%
Bonds 0.00% 0.00% 0.00% 0.00%
Cash & Net Other Assets 2.25% 0.00% 2.25% 2.18%
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
Oil & Gas Exploration & Production 36.34% 31.09% 5.25% -3.55%
Oil & Gas Storage & Transportation 30.35% 37.19% -6.84% -1.38%
Oil & Gas Equipment & Services 13.06% 13.05% 0.01% -1.44%
Multi-Utilities 6.59% 4.16% 2.43% 1.04%
Gas Utilities 5.83% 7.60% -1.77% 3.78%
Oil & Gas Drilling 2.59% 1.42% 1.17% 0.28%
Integrated Oil & Gas 2.42% 4.18% -1.76% -0.60%
Marine 0.56% -- 0.56% -0.08%
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 FEBRUARY 29, 2020
10 LARGEST HOLDINGS
Portfolio Weight
Market Segment Portfolio Weight
Holding Six Months Ago
Enbridge, Inc. Oil & Gas Storage & Transportation 9.22% 6.74%
EOG Resources, Inc. Oil & Gas Exploration & Production 8.04% 7.16%
Noble Energy, Inc. Oil & Gas Exploration & Production 6.35% 5.62%
The Williams Companies, Inc. Oil & Gas Storage & Transportation 6.34% 6.94%
Schlumberger Ltd. Oil & Gas Equipment & Services 5.38% 5.36%
PDC Energy, Inc. Oil & Gas Exploration & Production 5.14% 4.91%
CenterPoint Energy, Inc. Multi-Utilities 5.00% 4.61%
Devon Energy Corp. Oil & Gas Exploration & Production 4.61% 5.20%
Enterprise Products Partners LP Oil & Gas Storage & Transportation 4.32% 2.88%
UGI Corp. Gas Utilities 3.72% 2.43%
10 Largest Holdings as a % of Net Assets 58.12% 55.31%
Total Number of Holdings 60 65
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 February 29, 2020 6 1 3 5 10 Year/
Month YTD Year Year Year LOF1
Select Natural Gas Portfolio
-19.09% -25.62% -32.98% -19.74% -14.40% -6.73%
Gross Expense Ratio: 0.89%2
S&P 500 Index 1.92% -8.27% 8.19% 9.87% 9.23% 12.65%
FactSet Natural Gas Linked Index -10.28% -20.26% -22.68% -12.27% -9.29% -1.94%
Morningstar Fund Equity Energy -15.87% -24.55% -29.27% -17.61% -14.37% -5.43%
% Rank in Morningstar Category (1% = Best) -- -- 66% 67% 59% 69%
# of Funds in Morningstar Category -- -- 88 84 77 54
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 04/21/1993.
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 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 FEBRUARY 29, 2020
Definitions and Important Information
MARKET-SEGMENT WEIGHTS
Information provided in this document is for informational and Market-segment weights illustrate examples of sectors or
educational purposes only. To the extent any investment information industries in which the fund may invest, and may not be
in this material is deemed to be a recommendation, it is not meant to representative of the fund's current or future investments. They
be impartial investment advice or advice in a fiduciary capacity and is should not be construed or used as a recommendation for any
not intended to be used as a primary basis for you or your client's sector or industry.
investment decisions. Fidelity, and its representatives may have a
conflict of interest in the products or services mentioned in this
RANKING INFORMATION
material because they have a financial interest in, and receive
compensation, directly or indirectly, in connection with the © 2020 Morningstar, Inc. All rights reserved. The Morningstar
management, distribution and/or servicing of these products or information contained herein: (1) is proprietary to Morningstar
services including Fidelity funds, certain third-party funds and and/or its content providers; (2) may not be copied or
products, and certain investment services. 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
FUND RISKS
information. Fidelity does not review the Morningstar data and, for
The value of the fund's domestic and foreign investments will vary mutual fund performance, you should check the fund's current
from day to day in response to many factors. Stock values fluctuate prospectus for the most up-to-date information concerning
in response to issuer, political, regulatory, market, or economic applicable loads, fees and expenses.
developments. You may have a gain or loss when you sell your
shares. Investments in foreign securities, especially those in % Rank in Morningstar Category is the fund's total-return
emerging markets, involve risks in addition to those of U.S. percentile rank relative to all funds that have the same Morningstar
investments, including increased political and economic risk, as well Category. The highest (or most favorable) percentile rank is 1 and
as exposure to currency fluctuations. Because FMR concentrates the the lowest (or least favorable) percentile rank is 100. The top-
fund's investments in a particular industry, the fund's performance performing fund in a category will always receive a rank of 1%. %
could depend heavily on the performance of that industry and could Rank in Morningstar Category is based on total returns which
be more volatile than the performance of less concentrated funds include reinvested dividends and capital gains, if any, and exclude
and the market as a whole. The fund is considered non-diversified sales charges. Multiple share classes of a fund have a common
and can invest a greater portion of assets in securities of individual portfolio but impose different expense structures.
issuers than a diversified fund; thus changes in the market value of a
single investment could cause greater fluctuations in share price
than would occur in a more diversified fund. The natural gas RELATIVE WEIGHTS
industry is subject to changes in price and supply of energy sources Relative weights represents the % of fund assets in a particular
and can be significantly affected by events relating to international market segment, asset class or credit quality relative to the
politics, energy conservation, the success of energy source benchmark. A positive number represents an overweight, and a
exploration projects, and tax and other government regulations. negative number is an underweight. The fund's benchmark is listed
immediately under the fund name in the Performance Summary.
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 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.
FactSet Natural Gas Linked Index is a float-adjusted modified
market capitalization weighted index designed to measure and track
the performance of companies involved in upstream gas
exploration/production, midstream transportation/storage, and
downstream natural gas utilities. Oil and gas support services
providers and equipment manufacturers are also included as part of
the upstream natural gas vertical. Index returns shown for periods
prior to April 1, 2017 are returns of the S&P Custom Natural Gas
Index.
7 |PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 29, 2020 Manager Facts Ben Shuleva is a portfolio manager and research analyst 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. Shuleva co-manages the Fidelity Select Natural Gas Portfolio and co-manages the Fidelity and Fidelity Advisor Stock Selector All Cap Fund, Fidelity Select Consumer Staples Portfolio, Fidelity Advisor Consumer Staples Fund, Fidelity VIP Consumer Staples Portfolio, and Fidelity Consumer Staples Central Fund. Additionally, he is a research analyst responsible for researching energy companies for Fidelity's diversified and energy-specific funds. Prior to his current role, Mr. Shuleva was an equity research associate from 2008 to 2011 where he began his career researching stocks. He has been in the financial industry since joining Fidelity in 2008. Mr. Shuleva earned his bachelor degree in finance from Southern Methodist University. He is also a CFA® charterholder. Peter Belisle is a research analyst 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, Mr. Belisle evaluates companies in the oil, gas, metals and mining sectors. He also co-manages the Select Natural Gas Portfolio. Prior to joining Fidelity in 2016, Mr. Belisle was an investment banking analyst at Evercore Partners and an associate at Triplepoint Capital. He has been in the financial industry since 2009. Mr. Belisle earned his bachelor of science in mechanical engineering at Stanford University and his master of business administration in accounting and healthcare management from the Wharton School of the University of Pennsylvania. 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 June 30, 2020 1 3 5 10 Year/
Year Year Year LOF1
Select Natural Gas Portfolio
-49.59% -23.25% -18.77% -7.74%
Gross Expense Ratio: 0.93%2
1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/21/1993.
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 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
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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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LLC. References to specific company securities should not be construed
736987.10.0
as recommendations or investment advice.
Diversification does not ensure a profit or guarantee against a loss.You can also read
