Fund Description

The fund normally invests at least 80% of assets in securities of telecommunications services companies and utility companies, including firms providing electricity, gas, water, cable television, radio, telecommunications, or sanitary services to the public. Fidelity may determine whether a company is principally engaged in these activities based on the level of assets, income, sales, or profits tied to them, or a third-party industry/sector classification. Derivatives providing exposure to these investments or related market risk factors are included in the 80% policy. The fund normally invests primarily in common stocks, in domestic and foreign issuers, and uses fundamental analysis of issuers' financial condition, industry position, and market and economic conditions.