Fidelity Select Telecommunications Portfolio

This fund primarily focuses its capital on common stocks. It typically commits at least 80% of its total assets to enterprises involved in the development, production, or distribution of telecommunications services. The portfolio holds investments in both U.S. and international companies. Investment choices are guided by a thorough fundamental analysis, which evaluates factors like an issuer's financial health, its industry standing, and broader market and economic conditions. This is considered a non-diversified fund.