Fund Description

The fund normally invests at least 80% of its assets in securities of companies principally engaged in the utilities industry or deriving a majority of revenues from utility operations, including electricity producers, gas distribution and transmission firms, water treatment and other utilities, independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable generation and distribution companies. It primarily invests in common stocks of domestic and foreign issuers. Fidelity may determine utility exposure using company financial metrics or third-party classifications, and derivatives providing related exposure are included in the 80% policy. Selection is based on fundamental analysis.