PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

Fidelity Advisor® Fund

Key Takeaways MARKET RECAP

® • For the fiscal year ending February 28, 2021, the fund's Class I shares The S&P 500 index gained 31.29% for gained 19.13%, handily outpacing the 11.82% advance of the MSCI the 12 months ending February 28, 2021, U.S. IMI Services 25/50 Index and lagging the a volatile but productive period for U.S. risk assets. The early-2020 outbreak and 31.29% result of the broadly based S&P 500® index. spread of COVID-19 resulted in stocks • suffering one of the quickest declines on Telecommunication services stocks posted a strong absolute gain the record, through March 23, followed by a past 12 months, overcoming volatility in March 2020 due to the historic rebound that included the index outbreak and spread of COVID-19, which resulted in severe economic closing 2020 at an all-time high and contraction in the United States. gaining modest ground in the first two months of the new year. The crisis and • Stock selection drove the fund's outperformance of the industry index. containment efforts caused broad Stock picking in the integrated telecommunication services segment contraction in economic activity, along contributed notably. with extreme uncertainty and dislocation in financial markets. A rapid and • Underweighting industry index component AT&T (-15%) and holding a expansive U.S. monetary/fiscal-policy non-index stake in industrial conglomerate Reliance Industries response partially offset the economic (+105%) also added considerable value. disruption and fueled the market surge, as did resilient corporate earnings. The • Conversely, underweighting alternative carrier Bandwidth.com rally slowed in September, when stocks detracted, as did avoiding index component Gogo, an in-flight began a two-month retreat amid Congress's inability to reach a deal on broadband provider. additional fiscal stimulus, as well as concerns about election uncertainty, • On April 1, 2020, Nicole Abernethy became sole portfolio manager of indications the U.S. economic recovery the fund after having served as co-manager with Matt Drukker since could be slowing and a new wave of August 2020. COVID-19 cases. A shift in momentum began in October and accelerated • As of February 28, Nicole is watching how consumers embrace new following the U.S. elections, with the 5G handsets, and how competitive intensity impacts the three approval of three breakthrough COVID- dominant U.S. wireless providers, each of which is held in the fund: 19 vaccines and prospects for additional AT&T, and T-Mobile. government stimulus fueling the "reflation trade" through February 28. By sector for the full 12 months, information technology (+50%) and consumer discretionary (+43%) led all gainers. Materials (+42%) and communication services (+37%) also stood out. In contrast, the defensive utilities (-3%) and real estate sectors (+5%) notably lagged.

Not FDIC Insured • May Lose Value • No Bank Guarantee PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

Q&A

An interview with Portfolio Manager Nicole Abernethy and Co-Portfolio Manager Matthew Drukker Matthew Drukker Nicole Abernethy Co-Manager Portfolio Manager Q: Matt, how did the fund perform for the fiscal year ending February 28, 2021฀ Fund Facts M.D. The fund's Class I shares gained 19.13% the past 12 Trading Symbol: FTUIX months, handily outpacing the 11.82% advance of the MSCI U.S. IMI Telecommunication Services 25/50 Index. The fund Start Date: July 29, 1985 widely lagged its peer group average, which tracks a broader Size (in millions): $350.52 group of communications stocks, and the 31.29% result of the broad-based S&P 500® index.

Q: How would you describe the investment Investment Approach environment for telecom stocks฀ M.D. Telecommunication services stocks trailed the S&P 500 • ® Fidelity Advisor Telecommunications Fund is an in a volatile March as the outbreak and spread of COVID-19 industry-based, equity-focused strategy that seeks to resulted in severe economic contraction. outperform its benchmark through active management. Many governments effectively shut down parts of their • We use a bottom-up, stock-by-stock approach to economies and ordered people to stay home to control the capitalize on our view that both earnings revisions and earnings growth drive telecommunications stocks. As spread of the virus. This triggered investor fears of a such, the fund tends to emphasize companies with prolonged contraction that ended the longest bull market for sustainable growth that is likely to beat expectations, as U.S. equities on record, with communications stocks taking a well as secular growers that can drive consistent excess slightly bigger hit than the market at-large. returns. Unprecedented government stimulus to encourage investors • Due to the capital intensity of the telecom industry, we and boost liquidity in some parts of the financial system led believe free-cash- yield is the best profitability to strong performance for stocks in the second quarter of indicator to determine earnings power. So, we look for 2020, especially in April and May. companies that generate a lot of cash from strong sales growth and benefit from high barriers to entry, quality Telecom stocks rebounded solidly but lagged the broader franchises, strong management teams and positive U.S. equity market as the period progressed amid a "risk on" market-share trends over multiyear periods. environment, as investors favored other industries with more direct exposure to an economic recovery. • Sector and industry strategies could be used by investors as alternatives to individual stocks for either tactical- or With many consumers staying at home much more than strategic-allocation purposes. usual during the pandemic, companies offering services that kept the country running – namely, those delivering faster broadband and facilitating telecommuting – delivered some of the best returns in the telecom industry for the period.

Q: How did you and Nicole manage the fund฀ M.D. We continued to position the fund in stocks of companies with what we considered above-average revenue and earnings-per-share (EPS) growth. In our view, stock prices ultimately follow the earnings and cash flows of the companies they represent, and we sought to invest the

2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

fund's assets in companies with sustainable, above-index software developer designs applications for voice and growth rates for the long term. messaging services that run on its own internet protocol voice network. Due to the fixed-cost nature and high incremental profit margins of telecom services companies, we usually find that While the company is growing solidly, it barely posts positive sales growth drives earnings and cash flow more sustainably earnings and has no free-cash-flow yield. We also found this than cutting costs. Ideally, the fund will own companies with stock to be expensive relative to its earnings quality, so we consistently faster sales growth and cash-flow conversion invested in other opportunities that better aligned with our than the average firm in the industry index. investment criteria. Position sizing in the portfolio is driven by conviction in our Likewise, avoiding index component Gogo, an in-flight differentiated view of an individual company's potential internet broadband provider, hurt the fund's relative result. future cash flows relative to the market's shorter-term In late August, satellite provider Intelsat announced a deal to assessment, as reflected by the stock's current market price. acquire Gogo's commercial aviation business in a $400 million cash buyout. As a result, the fund missed out on Overall, we invested the fund in segments of the telecom Gogo's swift stock surge. industry we believed could benefit from the increasing necessity of broadband connectivity. This strategy played out well for the 12 months, as stock selection largely drove the Q: Any final thoughts for shareholders as of fund's outperformance of the industry index. February 28, Nicole฀ N.A. The first real 5G network handset cycle began in the fall Q: Nicole, which investments helped relative to of 2020, when consumer tech giant Apple rolled out its first the industry index฀ 5G iPhone® device. As of February 28, we're closely monitoring the rate at which consumers upgrade their N.A. Stock picking and an underweighting in the integrated handsets. There's a strong marketing push for 5G, although telecommunication services segment contributed strongly the recent trend is for consumers to hold on to their existing for the period. phones for longer periods of time. Looking at individual stocks, the fund's non-index stake in Device upgrades often lead consumers to evaluate their Reliance Industries (+105%) added considerable value. wireless plans. This presents the potential for market-share Reliance maintains a diversified business across several shifts among the three major providers: AT&T, Verizon areas, such as energy, chemicals, natural resources and Communications and T-Mobile. retail. Yet it's also emerged as a dominant wireless network service provider in India. Reliance shares surged partly due I will be watching how the shift to 5G impacts competitive to investments by Facebook and Google in the company's intensity, and in turn, industry pricing. wireless platform this period. We are still in the very early days of the 5G rollout, which I Given this stock's strong run, we reduced the fund's position think could result in the emergence of new blockbuster in Reliance by February 28 to take profits. consumer applications over time. ■ Underweighting AT&T (-15%), a large component in the telecom index, also helped the fund's relative return. This integrated telecom giant continued to work through revenue headwinds and heavy debt from its 2018 acquisition of Time Warner and its 2015 DirecTV purchase. Elsewhere, a non-index stake in Israeli telecom services company (+60%) boosted the fund's relative result. Bezeq has spent the past few years building out its fiber network, but it hasn't been able to bring it to market. As the regulatory environment continued to improve and the wireless market continued to rationalize in , the company's stock performed very well. By period end, we sold the fund's Bezeq position to invest elsewhere.

Q: What held back the fund's relative result฀ N.A. Underweighting alternative carrier Bandwidth.com (+151%) detracted more than any other position. This

3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

LARGEST CONTRIBUTORS VS. BENCHMARK

Average Relative Portfolio Manager Nicole Abernethy Relative Contribution Holding Market Segment Weight (basis points)* on recent changes to the portfolio: Interactive Media & Facebook, Inc. Class A -15.98% 151 Services "Since I assumed co-portfolio management Wireless responsibilities for the fund in August, Matt Drukker Sprint Corp. Telecommunication 0.62% 125 and I have embraced a collaborative effort in Services choosing the investments for the portfolio. Last fall, Bandwidth, Inc. Alternative Carriers 3.31% 123 Reliance Industries Oil & Gas Refining & we reviewed each of the fund's investments and 1.81% 120 dug deeper into key trends driving growth across Ltd. Marketing the telecom industry. Bezeq The Israel Integrated Telecommunication Telecommunication 1.59% 101 "Matt and I follow a similar approach. We each use a Corp. Ltd. Services bottom-up, stock-by-stock process to choose * 1 basis point = 0.01%. investments for the fund. "One of the most important criteria I take into consideration when choosing investments for the LARGEST DETRACTORS VS. BENCHMARK fund is free-cash-flow yield, given the capital- intensive nature of the industry. I also seek to Average Relative identify companies for which I believe the level of Relative Contribution earnings durability is mispriced. Holding Market Segment Weight (basis points)* Integrated Verizon "As I prepared to take sole responsibility for the Telecommunication 14.46% -592 Communications, Inc. fund, I decided to to take profits in some of the Services fund's international holdings, including India-based Integrated conglomerate Reliance Industries and Israeli AT&T, Inc. Telecommunication 8.94% -587 telecom services company Bezeq. I expect to Services maintain a U.S.-centric focus. Cogent Communications Alternative Carriers 3.74% -254 "I also sold the fund's non-index positions in video- Group, Inc. game developers Activision Blizzard and Electronic Interactive Media & Snap, Inc. Class A -1.11% -180 Arts to remain focused on telecommunication Services services firms. Wireless T-Mobile U.S., Inc. Telecommunication 7.35% -172 "With the proceeds of these sales, I added to the Services fund's stakes in Verizon Communications and AT&T. * 1 basis point = 0.01%. These two names, plus T-Mobile, represent the fund's largest positions as of February 28. "Each of these companies is investing heavily in densifying their networks to prepare for the continued rollout of the 5G networks.

4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

ASSET ALLOCATION

Relative Change From Six Months Asset Class Portfolio Weight Index Weight Relative Weight Ago Domestic Equities 97.81% 100.00% -2.19% 6.00% International Equities 1.57% 0.00% 1.57% -6.70% Developed Markets 1.11% 0.00% 1.11% -3.54% Emerging Markets 0.46% 0.00% 0.46% -3.16% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 0.62% 0.00% 0.62% 0.70% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.

MARKET-SEGMENT DIVERSIFICATION

Relative Change From Six Months Market Segment Portfolio Weight Index Weight Relative Weight Ago Integrated Telecommunication Services 39.36% 47.95% -8.59% 2.20% Alternative Carriers 29.31% 36.91% -7.60% -1.04% Wireless Telecommunication Services 13.74% 15.14% -1.40% -0.53% Cable & Satellite 11.34% -- 11.34% 4.13% Communications Equipment 3.01% -- 3.01% 0.60% Construction & Engineering 1.43% -- 1.43% 0.44% Application Software 0.72% -- 0.72% -0.16% Oil & Gas Refining & Marketing 0.46% -- 0.46% -2.88%

5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

10 LARGEST HOLDINGS

Portfolio Weight Market Segment Portfolio Weight Holding Six Months Ago Verizon Communications, Inc. Integrated Telecommunication Services 22.48% 16.57% AT&T, Inc. Integrated Telecommunication Services 15.47% 14.33% T-Mobile U.S., Inc. Wireless Telecommunication Services 7.68% 10.14% Vonage Holdings Corp. Alternative Carriers 4.94% 4.83% PLC Class C Alternative Carriers 4.64% 4.67% Corp. Class A Cable & Satellite 4.59% 2.36% Liberty Broadband Corp. Class C Cable & Satellite 4.52% -- Bandwidth, Inc. Alternative Carriers 4.26% 3.91% Iridium Communications, Inc. Alternative Carriers 4.06% 4.21% Liberty Latin America Ltd. Class C Alternative Carriers 3.94% 2.38% 10 Largest Holdings as a % of Net Assets 76.59% 70.72% Total Number of Holdings 28 37 The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.

FISCAL PERFORMANCE SUMMARY: Cumulative Annualized Periods ending February 28, 2021 6 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Fidelity Advisor Telecommunications Fund - Class I 2.93% -1.59% 19.13% 11.46% 9.67% 8.99% Gross Expense Ratio: 0.88%2 S&P 500 Index 9.74% 1.72% 31.29% 14.14% 16.82% 13.43% Sel Telecommunications (IG) 1.43% -0.13% 11.82% 6.64% 4.90% 7.20% Morningstar Fund Communications 16.78% 5.19% 38.57% 14.01% 12.72% 9.61% % Rank in Morningstar Category (1% = Best) -- -- 87% 66% 62% 50% # of Funds in Morningstar Category -- -- 40 29 27 26 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 07/29/1985. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus. Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class performance, visit institutional.fidelity.com or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this document for most-recent calendar-quarter performance.

6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

Definitions and Important Information © 2021 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or Information provided in this document is for informational and redistributed; and (3) is not warranted to be accurate, complete or educational purposes only. To the extent any investment information timely. Neither Morningstar nor its content providers are in this material is deemed to be a recommendation, it is not meant to responsible for any damages or losses arising from any use of this be impartial investment advice or advice in a fiduciary capacity and is information. Fidelity does not review the Morningstar data and, for not intended to be used as a primary basis for you or your client's mutual fund performance, you should check the fund's current investment decisions. Fidelity, and its representatives may have a prospectus for the most up-to-date information concerning conflict of interest in the products or services mentioned in this applicable loads, fees and expenses. material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the % Rank in Morningstar Category is the fund's total-return management, distribution and/or servicing of these products or percentile rank relative to all funds that have the same Morningstar services including Fidelity funds, certain third-party funds and Category. The highest (or most favorable) percentile rank is 1 and products, and certain investment services. the lowest (or least favorable) percentile rank is 100. The top- performing fund in a category will always receive a rank of 1%. % FUND RISKS Rank in Morningstar Category is based on total returns which Stock markets, especially foreign markets, are volatile and can include reinvested dividends and capital gains, if any, and exclude decline significantly in response to adverse issuer, political, sales charges. Multiple share classes of a fund have a common regulatory, market, or economic developments. The telecom portfolio but impose different expense structures. services industry is subject to government regulation and can be significantly affected by intense competition and technology RELATIVE WEIGHTS changes. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The fund may have Relative weights represents the % of fund assets in a particular additional volatility because of its narrow concentration in a specific market segment, asset class or credit quality relative to the industry. Non-diversified funds that focus on a relatively small benchmark. A positive number represents an overweight, and a number of stocks tend to be more volatile than diversified funds and negative number is an underweight. The fund's benchmark is listed the market as a whole. immediately under the fund name in the Performance Summary.

IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance.

INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

Sel Communications (IG) represents the performance of the MSCI U.S. IM Telecommunication Services 25/50 Index since December 3, 2018, the MSCI US IM Communications Services 25/50 Index from January 1, 2010 to November 30, 2018, MSCI US Investable Market Communication Services Index from October 2, 2006 to December 31, 2009, the Select Telecommunications Non Cash Custom Index from October 1, 2002 to September 26, 2006, and the Select Telecommunications Index prior to that date.

MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION

7 | PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

Manager Facts

Matthew Drukker is a portfolio manager and research analyst in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals.

In this role, Mr. Drukker manages the Fidelity Select Communication Services Portfolio. He is also responsible for covering the Communication Services Sector including Telecom, Media and Video Games. Additionally, he manages Fidelity Select Telecommunications Portfolio, Fidelity Communication Services Central Fund, VIP Communications Services Portfolio, and Fidelity Select Wireless Portfolio. He is also responsible for managing the communication services sub-portfolio of Fidelity Stock Selector All Cap Fund.

Prior to assuming his current responsibilities, Mr. Drukker co- managed Select Wireless Portfolio and covered the restaurant industry. Previously, he was an intern in Fidelity's Equity Research division.

Before joining Fidelity full time in 2008, Mr. Drukker was an investment banker in New York, specializing in mergers and acquisitions and capital raising for financial institutions. He has been in the financial industry since 1999.

Mr. Drukker earned his bachelor of arts degree in economics from Williams College and his master of business administration degree in finance from The Wharton School of the University of Pennsylvania.

8 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PERFORMANCE SUMMARY: Annualized Quarter ending June 30, 2021 1 3 5 10 Year/ Year Year Year LOF1 Fidelity Advisor Telecommunications Fund - Class I 21.27% 14.11% 8.76% 9.11% Gross Expense Ratio: 0.79%2 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 07/29/1985. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Class I shares. Class I shares are sold to eligible investors without a sales charge or 12b-1 fee as defined in the fund's Class I prospectus. Other share classes with these fees would have had lower performance. To learn more or to obtain the most recent month-end or other share-class performance, visit institutional.fidelity.com or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar the investment objectives, risks, charges, and expenses. For quarter. this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial prospectus or, if available, a summary prospectus. Read it Services LLC. carefully before you invest. Other third-party marks appearing herein are the property of their respective owners. Past performance is no guarantee of future results. All other marks appearing herein are registered or unregistered Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company. necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, responsibility to update such views. These views may not be relied on as Smithfield, RI 02917. investment advice and, because investment decisions for a Fidelity fund Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI are based on numerous factors, may not be relied on as an indication of 02917. trading intent on behalf of any Fidelity fund. The securities mentioned are © 2021 FMR LLC. All rights reserved. not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. LLC. References to specific company securities should not be construed 739810.12.0 as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss.