Fidelity Export and Multinational Fund

Fidelity Export and Multinational Fund Key Takeaways For the fiscal year ending August 31, 2017, the fund's Retail Class shares gained 12.85%, trailing the 16.23% advance of the S&P 500 index. In a relatively strong market in which growth far outperformed value, Manager Gordon Scott's focus on higher-quality businesses with attractive valuations fell short of the benchmark, mainly in the second half of the period. Positioning in information technology and stock selection in financials and consumer staples accounted for most of the performance drag versus the S&P 500. Conversely, positioning in energy and underweighted exposure to real estate and telecommunication services bolstered the fund's relative result. Although he believes valuations for the broader market are elevated, Gordon sees opportunities in certain value stocks. He believes being disciplined and waiting for good entry points is especially important at this stage of the bull market. MARKET RECAP The U.S. equity bellwether S&P 500 index gained 16.23% for the year ending August 31, 2017. Equity markets rose sharply following the November election and continued to rally through the end of February on optimism for President Trump's probusiness agenda. Stocks leveled off in March amid fading optimism and stalled efforts by Congress to repeal and replace the Affordable Care Act. Upward momentum soon returned and continued until the index cooled off in August, when geopolitical tension escalated and uncertainty grew regarding the future of health care, tax reform and the debt ceiling. Sectorwise, information technology (+31%) performed best, as a handful of major index constituents posted strong returns. Financials (+26%) rode an uptick in bond yields and a surge in banks, particularly post-election. Industrials (+17%) was boosted by a call for increased infrastructure spending. Consumer discretionary (+13%) slightly lagged the broader market, as brick-and-mortar retailers continued to suffer from increased online competition. Energy (-6%) was hurt by low oil prices. Consumer staples (+4%), telecom (-4%) and real estate (+3%) all struggled amid an improved backdrop for riskier assets that curbed demand for dividend-rich sectors, as well as the likelihood of further interest rate hikes later in 2017. Not FDIC Insured May Lose Value No Bank Guarantee

Q&A An interview with Manager Gordon Scott Fund Facts Trading Symbol: Gordon Scott Manager FEXPX Start Date: October 04, 1994 Size (in millions): $1,648.78 Q: Gordon, how did the fund perform for the fiscal year ending August 31, 2017 The fund's Retail Class shares managed a healthy gain of 12.85% for the 12 months, but trailed the 16.23% advance of the S&P 500 index. In a relatively strong market in which growth far outperformed value, my focus on higher-quality businesses with attractive valuations fell short of the benchmark, mainly in the second half of the period. Investment Approach Fidelity Export and Multinational Fund is a diversified, large-cap core domestic equity strategy that seeks longterm capital growth. The fund is not constrained by a particular investment style and may tend to buy "growth" stocks or "value" stocks, or a combination of both types. Our investment philosophy is rooted in the belief that fundamentally healthy, high-quality businesses should outperform peers over the long run, especially when purchased at attractive valuations relative to their longterm earnings potential. As a result, the fund tends to have higher-quality characteristics and lower risk metrics for equivalent or lower valuation than the market. We invest primarily in a combination of long-term growth "compounders" at reasonable or attractive valuations, as well as high-quality cash-flow generators at low valuations. The compounders often are businesses that benefit from international expansion or market share being taken from smaller rivals. The cash-flow generators typically have durable and plentiful cash-flow streams that can be returned to shareholders through share repurchases and dividends. Many of the fund's holdings are well-positioned to capitalize on the emerging global middle class. These consumers may present a significant opportunity for multinational corporations with a strong global competitive position. Q: Would you explain that last point in more detail I use both growth and value parameters in my work, but I think of myself more as a value investor. Consequently, the fund tends to lag its benchmark in markets where growth stocks significantly outperform value stocks. During the period, the Russell 1000 Growth Index, which measures the performance of large-cap growth stocks, posted a 20.82% return, whereas the Russell 1000 Value Index, which tracks the value side of the large-cap market, gained only 11.58%. This huge discrepancy between growth and value, which was especially evident in the second half of the period, made it difficult for us to match the result of our benchmark. Q: What other factors held back the fund's performance versus its benchmark By sector, positioning in information technology and stock selection in financials and consumer staples accounted for most of the performance drag versus the S&P 500 index. At the stock level, our top relative detractor was AutoZone, a retailer of aftermarket auto parts in which I established an overweighted position in January. The company reported somewhat disappointing quarterly results in May that the company chalked up to unseasonably mild weather. I believe an even bigger driver of the stock's disappointing performance was recent speculation that e-commerce giant Amazon.com might begin to grab a larger share of the market for replacement auto parts. I thought the stock 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

market overreacted to this possibility, given the unique nature of the auto-parts industry, where customers value advice on part selection and often require immediate turnaround times. Additionally, AutoZone's core customer base has a low overlap with Amazon Prime customers, and a large portion of AutoZone's business is conducted across a parts counter, in cash. These factors tend to mitigate the disruptive potential of e-commerce, in my view. Further hampering the fund's relative performance was TransDigm Group, which manufactures new and aftermarket aircraft parts. Although management has executed well over time, the company came under scrutiny for its pricing practices with respect to sales to the U.S. Department of Defense. Consequently, I exited the position in May, which turned out to be poor timing, given the stock's subsequent rally. Underweighting benchmark component Microsoft the entire year due to valuation concerns also worked against the fund's relative result. The stock gained 33% this period, mostly due to investor enthusiasm about the company's cloud-computing business, and we missed out on most of this gain. I'll also mention Bank of America. Here, my timing was advantageous, as we had an overweighting ahead of the U.S. presidential election. A subsequent surge in interest rates led to exceptionally strong performance for bank shares and other stocks that tend to do well amid rising rates. I then scaled back our exposure to an underweighting beginning in May, which coincided with a lengthy plateau in BofA's stock price. Q: What is your outlook at period end The broader market remains richly valued across all traditional valuation metrics. Consequently, I'm even more value-conscious than usual, and I've redoubled my efforts to identify stocks that might benefit from low expectations and positive catalysts. The huge discrepancy between growth and value stocks during this reporting period gives me some reassurance, though. Most of the extreme overvaluations I'm seeing at period end are on the growth side, whereas I'm still finding value stocks that interest me. Even here, I'm focused on staying disciplined and identifying what I consider good entry points. Q: How about contributors Positioning in energy and underweighted exposure to real estate and telecommunication services added value versus the benchmark. Among individual holdings, an out-of-benchmark position in homebuilder NVR contributed most to the fund's relative result. I purchased this stock early in the period on price weakness, after which it gained steadily, returning about 81% for the period. The company added new orders, share buybacks continued and the firm's balance sheet remained one of the strongest in the industry. I trimmed the position later in the period to lock in profits. Liberty Media, another non-benchmark success story, gained 48% for the fund this period. In January 2017, Liberty announced the completion of its purchase of F1, parent company of global motorsports business Formula 1, which it renamed Formula One Group. The move allowed Liberty to convert from a holding company comprising a disparate group of poorly understood assets to the morestraightforward structure of an operating company. The market also liked the appointment of respected media veteran Chase Carey as F1's CEO. I exited the fund's position in Liberty Media and in a number of other media stocks by period end, as they reached what I considered full valuation. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

LARGEST CONTRIBUTORS VS. BENCHMARK Gordon Scott on how Fed policy could benefit value stocks: "The Fed's plan to begin scaling back its massive holdings of longer-term securities the result of three quantitative-easing (bond-buying) campaigns from 2008 to 2014 will bring an end to a period of extraordinary policy accommodation and begin a new chapter of U.S. monetary policy. "No one can predict what the results of normalizing policy will be, but I think we can make some educated guesses as to what it may mean for equity markets. "Just as the Fed's past bond-buying drove longerterm interest rates lower, I believe the plan to slowly pare back its bond holdings in addition to the ongoing rate-hike cycle could allow longerterm rates to creep higher over time. "And based on my historical research, growth stocks generally do better when interest rates are falling, whereas value shares tend to outperform when rates rise. "There are several reasons for this. For one, banks and other financial companies that fall into the value camp benefit from the wider net-interest spreads made possible by higher rates. This is one of the reasons I increased the fund's weighting in financial companies during the period. "Also, higher rates tend to negatively impact the net present value of future earnings, a calculation often used to value growth companies. Because I think growth-stock valuations overall are too high as of August 31, this is a particularly unfavorable trend one that highlights the potential appeal of value stocks." Holding NVR, Inc. Liberty SiriusXM Liberty SiriusXM Series A Market Segment Consumer Discretionary Consumer Discretionary Average Relative Relative Contribution (basis points)* 1.12% 70 1.46% 44 Bank of America Corp. Financials -0.23% 42 Anthem, Inc. Health Care 1.17% 39 Hostess Brands, Inc. Class A * 1 basis point = 0.01%. Consumer Staples 1.06% 28 LARGEST DETRACTORS VS. BENCHMARK Holding AutoZone, Inc. Market Segment Consumer Discretionary Average Relative Relative Contribution (basis points)* 0.39% -40 TransDigm Group, Inc. Industrials 0.78% -38 Microsoft Corp. Information Technology -2.13% -37 CVS Health Corp. Consumer Staples 0.48% -34 Medtronic PLC Health Care 0.10% -33 * 1 basis point = 0.01%. ASSET ALLOCATION Asset Class Six Months Ago Domestic Equities 93.43% 89.26% International Equities 4.15% 5.84% Developed Markets 4.15% 5.84% Emerging Markets 0.00% 0.00% Tax-Advantaged Domiciles 0.00% 0.00% Bonds 0.01% 0.01% Cash & Net Other Assets 2.41% 4.89% 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. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

MARKET-SEGMENT DIVERSIFICATION 10 LARGEST HOLDINGS Market Segment Six Months Ago Health Care 19.74% 9.34% Financials 18.52% 21.89% Information Technology 14.87% 16.23% Consumer Discretionary 13.69% 21.29% Industrials 11.61% 10.25% Energy 6.94% 2.11% Consumer Staples 6.85% 11.28% Materials 2.01% 2.42% Telecommunication Services 1.73% 0.31% Real Estate 1.03% 0.00% Utilities 0.61% 0.00% Other 0.00% 0.00% Holding Berkshire Hathaway, Inc. Class B Apple, Inc. Market Segment Six Months Ago Financials 5.07% 4.58% Information Technology 3.67% 3.94% JPMorgan Chase & Co. Financials 3.15% 2.76% Wells Fargo & Co. Financials 2.47% 2.65% Exxon Mobil Corp. Energy 2.30% -- Johnson & Johnson Health Care 2.28% -- Amgen, Inc. Health Care 1.80% 0.82% Verizon Communications, Inc. Telecommunication Services 1.73% 0.31% Anthem, Inc. Health Care 1.69% 1.32% Chevron Corp. Energy 1.64% 1.24% 10 Largest Holdings as a % of Net Assets 25.79% 27.42% Total Number of Holdings 155 129 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: Periods ending August 31, 2017 6 Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Fidelity Export and Multinational Fund Gross Expense Ratio: 0.77% 2 2.65% 9.54% 12.85% 7.86% 11.40% 5.67% S&P 500 Index 5.65% 11.93% 16.23% 9.54% 14.34% 7.61% Morningstar Fund Large Growth 9.98% 18.18% 18.81% 9.16% 13.88% 7.95% % Rank in Morningstar Category (1% = Best) -- -- 92% 71% 89% 91% # of Funds in Morningstar Category -- -- 1,391 1,258 1,124 790 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 10/04/1994. 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. 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 Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, 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 Q&A document for most-recent calendarquarter performance. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Definitions and Important Information Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. FUND RISKS Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Export and multinational companies can be significantly affected by political, economic, and regulatory developments in foreign markets. (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed 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. Russell 1000 Growth Index is a market capitalization weighted index designed to measure the performance of the large- cap growth segment of the U.S. equity market. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth rates. Russell 1000 Value Index is a market capitalization weighted index designed to measure the performance of the large-cap value segment of the U.S. equity market. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth rates. 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. Should not be construed or used as a recommendation for any sector or industry. RANKING INFORMATION 2017 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 redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest 6

Manager Facts Gordon Scott is a portfolio manager at Fidelity Management & Research Company (FMR Co.), the investment advisor for Fidelity's family of mutual funds. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, Mr. Scott manages Fidelity Export and Multinational Fund and is a member of the fund management team for Fidelity Advisor Stock Selector Mid Cap Fund. Additionally, he comanages Fidelity Dividend Growth Fund and Fidelity Advisor Dividend Growth Fund. Prior to assuming his current responsibilities, Mr. Scott was responsible for the coverage of stocks within the Consumer Discretionary sector, and managed Fidelity Select Consumer Discretionary (2012-2014), Fidelity Advisor Consumer Discretionary Fund (2012-2014), VIP Consumer Discretionary (2012-2014), and Fidelity Consumer Discretionary Central Fund (2012-2014). He was also a member of the fund management team for Fidelity Stock Selector All Cap Fund, Fidelity Advisor Stock Selector All Cap Fund, and Fidelity Series Broad Market Opportunities Fund. Previously, Mr. Scott was a research associate covering transportation and machinery stocks. He has been in the investments industry since joining Fidelity in 2005. Mr. Scott earned his bachelor of business administration degree and his master of science degree in finance from the University of Wisconsin-Madison. He is also a CFA charterholder. 7 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PERFORMANCE SUMMARY: Quarter ending September 30, 2017 1 3 Annualized 5 10 / LOF 1 Fidelity Export and Multinational Fund Gross Expense Ratio: 0.77% 2 15.35% 9.38% 11.34% 5.30% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 10/04/1994. 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. 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 Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, 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 the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Information included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2017 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 717453.6.0 Diversification does not ensure a profit or guarantee against a loss.