Fidelity Select Telecommunications Portfolio

This fund primarily allocates its capital to common stocks. Typically, a minimum of 80% of its assets are dedicated to companies whose principal business involves the development, production, or distribution of telecommunications services. Its investments span both domestic and international issuers. Investment decisions are guided by a fundamental analysis that assesses factors like an issuer's financial stability, its standing within its industry, and broader market and economic dynamics. The portfolio is structured as non-diversified.