Fidelity Advisor Semiconductors Fund

This fund primarily allocates its capital to common stocks. A substantial portion of its assets, specifically at least 80%, is dedicated to companies fundamentally involved in the semiconductor industry, covering the design, manufacturing, or sale of semiconductors and their related equipment. Its investments encompass both domestic and international entities. Investment choices are determined through rigorous fundamental analysis, scrutinizing factors such as each issuer's financial robustness, competitive position within its industry, and prevailing market and economic climates. The fund operates with a concentrated, non-diversified portfolio strategy.