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Sector Insight: Consumer Discretionary Manager


Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information.  Read it carefully.

Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Sector funds can be more volatile because of their narrow concentration in a specific industry.

1. John Harris is referring to MSCI GICS sub-industry classification for the consumer discretionary sector.
2. RevPAR is a hotel industry metric defined as revenue per available room.
3. comScore is an Internet marketing research company providing marketing data and services studying a variety of online behavior.
4. Source: Atkinson, A., Piketty, T and E. Saez, 2009. “Top Incomes in the Long Run of History,” NBER Working Paper No. 15408
5. Source FMR Research, Factset 2010
The value of the fund's domestic and foreign investments will vary from day to day in response to many factors.
Stock values fluctuate in response to issuer, political, regulatory, market, or economic developments. You may have a gain or loss when you sell your shares.
Investments in foreign securities, especially those in emerging markets, involve risks in addition to those of U.S. investments, including increased political and economic risk, as well as exposure to currency fluctuations. Because FMR concentrates the fund's investments in a particular industry, the fund's performance could depend heavily on the performance of that industry and could be more volatile than the performance of less concentrated funds and the market as a whole. The fund is considered non-diversified and can invest a greater portion of assets in securities of individual 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 consumer discretionary industries can be significantly affected by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and changes in demographics and consumer