Fund Description

The fund normally invests at least 80% of assets in securities of companies principally engaged in merchandising finished goods and services primarily to individual consumers, including department stores and online retailers; specialty retailers such as apparel, electronics, automotive, and home furnishing stores; and retail food stores and super centers. It primarily invests in common stocks of domestic and foreign issuers. Fidelity may determine whether a company is principally engaged based on assets, income, sales, or profits tied to the activity or third-party industry classifications. Derivatives providing related exposure are included in the 80% policy. The fund uses fundamental analysis of issuers and market and economic conditions to select investments.