MUTUAL FUND Investor Guide THE Investor Guide TO FIDELITY ...

DECEMBER 2019

MUTUAL FUND Investor Guide

THE Investor Guide TO FIDELITY FUNDS



Matthew D. Sauer

Founder & Chief Investment Officer

Matthew Sauer is the Founder and Chief Investment Officer of the Mutual Fund Investor Guide family of newsletters. Each month he analyzes and provides buy, sell and hold recommendations for hundreds of mutual funds and ETFs in three newsletters: The Investor Guide to Fidelity Funds, The ETF Investor Guide and The Investor Guide to Vanguard Funds.

Matthew is also the Founder and Chief Investment Officer of MDS Wealth Advisors, a Registered Investment Advisor that provides personalized investment solutions.

IN THIS ISSUE

1 Market Perspective:

GDP Outlook Continues to Improve

2 Portfolio Updates 3 Model Portfolios 5 Data & Rankings 11 Fund Spotlight:

Fidelity Select Pharmaceuticals (FPHAX)

Market Perspective: GDP Outlook Continues to Improve

The stock market extended its bull run, with the S&P 500 Index gaining 3.40 percent. Healthcare drove the market higher, while technology was also strong. A rebound in software and semiconductor shares helped lift the tech sector. Economic data strengthened in the United States over the past month, while overseas struggles continued. Rising interest rates helped boost the value segments of the market, which weighed on utilities and real estate.

Third-quarter GDP growth was revised higher to 2.1 percent, up from the initial 1.9 percent reading. Consumer spending was stronger than initially reported, up 2.9 percent versus the initial 2.8 percent. Inventory growth swung from slightly negative to positive as well. Rising inventories increase GDP since new production goes into inventory, a positive sign for our economy.

The Atlanta Federal Reserve's GDPNow model for the fourth quarter jumped from 0.3 percent to 1.3 percent as early data rolled in. This model is highly dependent on incoming data, but as with last quarter, it started low and began climbing almost immediately. The blue-chip economist forecast is currently at 1.5 percent.

Housing data was strong in November. The National Association of Home Builders' confidence index slipped one point to 70, but remains near its two-year high. Existing and pending home sales were solid in October, and building permits ticked higher, indicating rising activity. New home sales hit an annualized pace of 733,000, well above forecasts of 705,000. Additionally, September's sales pace was revised up to 738,000. Aside from the housing bubble of the late 1990s and early 2000s, this is on par with the strongest housing markets going back to the 1960s.

Consumer confidence remained steady in November. The Conference Board's consumer confidence index moved down less than one point to 125.5. Retail sales increased 0.3 percent in October, boosted by car sales. Auto sales are running at a 17 million unit pace, in line with the

past few years. Employment remains supportive of consumption. Weekly initial claims for unemployment remain near the 200,000 level, a historically low level even before adjusting for population growth.

Opioid lawsuit risk decreased in November with a $48 billion national settlement. Four states' attorneys general proposed the deal in October, which was finalized last month. The result lifted shares of drug distributors such as AmerisourceBergen (ABC), Cardinal Health (CA), McKesson (MCK) and Johnson & Johnson (JNJ). Fidelity Select Healthcare (FSPHX) gained 9.00 percent for the month. Fidelity Select Health Services (FSHCX) advanced 10.64 percent.

Technology shares have rallied strongly from their October lows. Fidelity Select Software (FSCSX) gained 6.25 percent in November, Fidelity Select Semiconductors (FSELX) 4.69 percent and Fidelity Select Technology (FSPTX) 5.94 percent.

Value and dividend-paying shares outpaced the broader market in November. Fidelity Equity Income (FEQTX), Fidelity Value Factor (FVAL) and Fidelity Value Discovery (FVDFX) rose 4.02 percent, 4.36 percent and 3.88 percent, respectively.

Financials powered the strength in value funds, boosted by rising interest rates and merger activity. The 10-year Treasury yield increased from a low of 1.45 percent in late August to a high of 1.95 percent in November, closing the month at 1.77 percent. Fidelity Select Banking (FSRBX) returned 5.18 percent for the month. Brokerage stocks extended a rally that stretches back to early October, when a number of firms announced the elimination of trading fees. The move has already spurred merger activity. In November, Schwab (SCHW) announced it would acquire TD Ameritrade (AMTD). Fidelity Select Brokerage & Investment (FSLBX) rose 7.95 percent in November. Fidelity Select Financial Services (FIDSX) climbed 5.17 percent.

As we've warned for months, China's economy remains in a protracted slowdown. Industrial profits sank in October. Two small banks experienced runs in November as China's banking

(continued on page 2)

1

THE Investor Guide TO FIDELITY FUNDS

Market Perspective: GDP Outlook Continues to Improve (continued)

sector remains under pressure. Home prices are projected to decline in early 2020. The government sped up approval of local government infrastructure bonds for next year.

A weak Chinese economy has weighed on commodities. Crude oil slumped at the end of November ahead of the upcoming OPEC meeting. Members have been cheating on their quotas, but Saudi Arabia made up for it with deeper cuts. If the Saudis signal this arrangement will end, it will put further downward pressure on oil prices. Energy production and services indexes are trading at lows, in some cases 52-week lows and in other cases two-decade lows. Fidelity Select Energy (FSENX) fell 2.50 percent in November. If crude oil holds above $50 per barrel, the sector should stabilize. The other China-related commodity to watch is copper. If it cannot stay above $2.50 per

pound, the economic outlook for China will darken.

Latin American economies are suffering from China's slowdown. Chile is the best-managed economy in Latin America, but it is experiencing major protests in part because the low copper price is weighing on economic growth. Chile's currency fell more than 15 percent over the past two months. Regional currencies also came under pressure. The U.S. dollar achieved a new multiyear high versus the Brazilian real. If these moves herald a breakout by the U.S. dollar, Latin American shares could drag emerging market indexes lower in 2020.

Investors should take care of year-end business sooner rather than later. If you haven't yet taken this year's required minimum distribution, make sure you take care of it as soon as possible.

Many Fidelity funds will pay capital gains in December. Investors in taxable accounts should avoid buying funds with upcoming gains because they will be responsible for taxes on those gains even if they own the fund for only one day.

Fidelity Freedom funds from Fidelity Freedom Index 2015 (FKIFX) through Fidelity Freedom Index 2055 (FFLDX) will pay estimated capital gains worth more than 10 percent of net asset value. The 2060 fund will also distribute more than 5 percent of NAV. Fidelity Magellan (FMAGX) will also pay a double-digit distribution, as will Capital Appreciation (FDCAX). Other funds with sizable distributions planned include Equity Dividend Income (FEQTX), Equity-Income (FEQIX) and several select funds such as Select Biotechnology (FBIOX), Select Pharmaceuticals (FPHAX) and Select Air Transportation (FSAIX).

Portfolio Updates

The Nasdaq increased 4.50 percent in November, the Russell 2000 Index 3.97 percent, the Dow Jones Industrial Average 3.72 percent, the S&P 500 Index 3.40 percent and the MSCI EAFE 0.97 percent.

The Nasdaq has risen 30.60 percent in 2019, the S&P 500 Index 25.30 percent, the Russell 2000 Index 20.46 percent, the Dow Jones Industrial Average 20.25 percent and the MSCI EAFE 14.80 percent.

We made no changes to the Model Portfolios this month.

The Fidelity Select Sector Portfolio increased 5.96 percent in November. Healthcare (FSPHX) rallied 9.00 percent. Technology (FSPTX) advanced 5.94 percent. The portfolio has returned 29.84 percent this year.

The Fidelity Straight Growth Portfolio rose 4.12 percent last month. The portfolio has gained 23.42 percent this year. LowPriced Stock (FLPSX) climbed 4.81 percent. Mega Cap Stock (FGRTX) returned 4.24 percent.

The Fidelity Balanced Growth Portfolio

gained 2.72 percent in November. It has returned 21.74 percent in 2019. Growth and Income (FGRIX) advanced 4.66 percent. Contrafund (FCNTX) gained 4.31 percent.

The Fidelity Global Portfolio increased 2.76 percent last month. It has returned 21.91 percent in 2019. International Small Cap Opportunity (FSCOX) advanced 4.00 percent. Global Equity Income (FGILX) rose 3.07 percent.

The Fidelity Conservative Income Portfolio grew 1.52 percent in November. The portfolio has advanced 12.53 percent this year. Equity Dividend Income (FEQTX) increased 4.02 percent. Floating Rate High Income (FFRHX) returned 0.49 percent.

The Diversified Sector Portfolio gained 5.42 percent last month. Rydex Biotechnology (RYOIX) climbed 12.27 percent. Fidelity Select Healthcare (FSPHX) rose 9.00 percent. The portfolio has increased 28.52 percent this year.

The NTF Straight Growth Portfolio increased 3.79 percent last month. It has risen 27.46 percent this year. Fidelity Mega Cap Stock (FGRTX) gained 4.24 percent. Fidelity Equity Dividend Income (FEQTX) rallied 4.02 percent.

The NTF Balanced Growth Portfolio rallied 2.11 percent last month. The portfolio has grown 16.81 percent in 2019. PIMCO Small Cap (PCKAX) rose 4.11 percent. Fidelity New Millennium (FMILX) increased 3.45 percent.

The Tax Advantage Portfolio increased 3.31 percent in November. It has gained 19.37 percent this year. Fidelity LowPriced Stock (FLPSX) rallied 4.81 percent. Fidelity Convertible Securities (FCVSX) added 3.84 percent.

The Aggressive Value Portfolio grew 6.54 percent last month. The portfolio has risen 29.77 percent in 2019. Fidelity Select Biotechnology (FBIOX) bounced 13.71 percent. Fidelity Select Brokerage (FSLBX) climbed 7.95 percent.

The Bear Market Portfolio declined 0.16 percent last month. It has risen 3.88 percent this year. Fidelity Floating Rate High Income (FFRHX) rose 0.49 percent. Calamos Market Neutral (CVSIX) advanced 0.15 percent.

2 DECEMBER 2019 | PHONE: (888) 252-5372

Model Portfolios

FIDELITY SELECT SECTOR FUND PORTFOLIO

SYMBOL

Fund

Price

FSPTX FIDSX FSPHX FIDU FDFAX

Technology Financial Services Healthcare Fidelity MSCI Industrials Consumer Staples

19.44 11.19 27.60 42.14 88.52

TOTAL

FIDELITY STRAIGHT GROWTH PORTFOLIO

SYMBOL

Fund

FEQTX

Equity Dividend Income

FCNTX FLPSX FVDFX FCPEX FGRTX

Contrafund Low-Priced Stock Value Discovery Small Cap Enhanced Mega Cap Stock

Price

26.64

13.79 48.55 29.98 12.95 15.73

TOTAL

FIDELITY BALANCED GROWTH PORTFOLIO

SYMBOL

Fund

FGRTX FFIDX FADMX FCBFX FCNTX FGRIX

Mega Cap Stock Fidelity Fund Strategic Income Corporate Bond Contrafund Growth and Income

Price

15.73 50.26 12.51 12.16 13.79 41.56

Shares 1681.09 5850.42 3397.71 973.69 482.61

Shares 2984.35 4074.69

819.11 1297.26 1619.43 1487.18

Shares 2888.87

927.97 3146.94 2907.60 2902.71 306.27

(Data provided as of 11/30/19)

Allocation 11.85% 23.75% 34.02% 14.88% 15.50%

100.00%

1 MONTH 5.94% 5.17% 9.00% 4.44% 2.31%

5.96%

YTD 44.86% 31.03% 25.17% 17.03% 28.61%

29.84%

Total Return $32,680.39 $65,466.24 $93,776.81 $41,031.29 $42,720.55

$275,675.28

Allocation 30.73% 21.72% 15.37% 15.03% 8.11% 9.04%

100.00%

1 MONTH 4.02% 4.31% 4.81% 3.88% 3.02% 4.24%

4.12%

YTD 23.55% 26.36% 20.91% 20.81% 21.37% 26.88%

23.42%

Total Return $79,503.13 $56,189.97 $39,767.79 $38,891.94 $20,971.58 $23,393.30

$258,717.71

Allocation

20.70% 21.24% 17.93% 16.10% 18.23% 5.80%

1 MONTH

4.24% 3.54% 0.20% 0.17% 4.31% 4.66%

YTD

26.88% 29.53%

9.61% 14.38% 26.36% 26.94%

Total Return

$45,441.88 $46,639.79 $39,368.22 $35,356.40 $40,028.35 $12,728.58

TOTAL

FIDELITY GLOBAL PORTFOLIO

SYMBOL

Fund

FSCOX FIGRX FWWFX FGILX FGHNX

International Small Cap Opp International Discovery Worldwide Global Equity Income Global High Income

Price

20.01 44.50 28.58 15.09

9.45

TOTAL

FIDELITY CONSERVATIVE INCOME PORTFOLIO

SYMBOL

Fund

Price

FFRHX FSTFX FADMX FEQTX

Floating Rate High Income Limited Term Muni Strategic Income Equity Dividend Income

9.39 10.71 12.51 26.64

TOTAL

Shares 2933.10

399.11 931.83 4285.55 3376.37

Shares 3648.83 1630.18 3702.94 1886.19

100.00%

Allocation 29.40% 8.90% 13.34% 32.39% 15.98%

100.00%

Allocation 23.10% 11.77% 31.24% 33.88%

100.00%

2.72%

1 MONTH 4.00% 1.97% 3.03% 3.07% 0.16%

2.76%

1 MONTH 0.49% 0.14% 0.20% 4.02%

1.52%

21.74% $219,563.22

YTD 23.98% 22.02% 23.67% 25.57% 10.60%

21.91%

Total Return $58,691.40 $17,760.37 $26,631.83 $64,668.89 $31,906.67

$199,659.16

YTD 6.90% 3.93% 9.61% 23.55%

12.53%

Total Return $34,262.51 $17,459.20 $46,323.78 $50,248.10

$148,293.58

User Guide

RANK: Our proprietary ranking system uses both technical and fundamental analysis to identify those funds expected to outperform over the following 6 months, on a risk adjusted basis.

ADVICE: Based on technical and fundamental indicators, we issue buy, hold and sell recommendations based upon expected future performance. We often avoid recommending funds that are extraordinarily volatile or are exposed to significant market risk.

PERFORMANCE RETURNS: YTD, 1-month, 3-month and 1-year returns are calculated each month based on the trailing returns. For 3-year and 5-year periods, returns are annualized.

YIELD %: We use the 30-day SEC Yield to provide the expected income generated by each fund, as reported by the fund in its most recent filing.

BETA: The 3-year Beta is the measure of the volatility, or systematic risk of the fund as compared to the market. A Beta of 1.3 will typically be 30% more volatile than the market.

STANDARD DEVIATION (SD): Also used to measure volatility, is determined from the monthly returns of the fund over the previous 3 years. Those funds with higher standard deviations are more volatile as compared to those with a lower standard deviation.

EXPENSE RATIO: The expense ratio is the fee charged by the mutual fund. This charge is deducted from the return of the fund, impacting performance. Please note, funds may have different share classes with varying expenses associated with each class.

| DECEMBER 2019 3

THE Investor Guide TO FIDELITY FUNDS

DIVERSIFIED SECTOR PORTFOLIO

SYMBOL

Fund

FSPHX FSPTX FIDU HSFNX RYOIX FSTA

Fidelity Select Healthcare Fidelity Select Technology Fidelity MSCI Industrials Hennessy Sm Cap Financial Rydex Biotechnology Fidelity MSCI Cons Staples

TOTAL

NTF STRAIGHT GROWTH PORTFOLIO

SYMBOL

Fund

JAENX FGRTX FEQTX FAMVX PRBLX

Janus Enterprise Mega Cap Stock Equity Dividend Income FAM Value Parnassus Core Equity

TOTAL

NTF BALANCED GROWTH PORTFOLIO

SYMBOL

Fund

FMILX FEQTX FCBFX FSTKX PCKAX THOPX

Fidelity New Millennium Equity Dividend Income Fidelity Corporate Bond Federated MDT Stock PIMCO Small Cap Thompson Bond

TOTAL

TAX ADVANTAGE PORTFOLIO

SYMBOL

Fund

PRBLX FPURX PSHAX FLPSX FCVSX

Parnassus Core Equity Puritan PIMCO Short-Term Fidelity Low-Priced Stock Convertible Securities

TOTAL

AGGRESSIVE VALUE PORTFOLIO

SYMBOL

Fund

FDFAX FCPGX FBIOX FSRBX FSLBX FPHAX

Fidelity Consumer Staples Fidelity Sm Cap Growth Fidelity Select Biotech Fidelity Select Banking Fidelity Select Brokerage Fidelity Select Pharma

TOTAL

BEAR MARKET PORTFOLIO

SYMBOL

Fund

CVSIX PSSAX

Calamos Market Neutral PIMCO Short Strategy

MWLDX FFRHX DLFNX

MetWest Low Duration Floating Rate High Income DoubleLine Core Fixed Inc

TOTAL

Price 27.60 19.44 42.14 22.06 87.76 37.00

Price 144.10 15.73 26.64 84.56

46.18

Price 38.43 26.64 12.16 27.85

9.62 11.52

Price 46.18 22.50 9.78 48.55 31.08

Price 88.52 27.02 22.47 28.42 82.16 23.06

Price 13.49

6.81 8.76 9.39 11.07

4 DECEMBER 2019 | PHONE: (888) 252-5372

Shares

1850.49 2886.33 1279.75 1160.59

329.47 1575.52

Allocation 18.65% 20.48% 19.69% 9.35% 10.56% 21.28%

100.00%

Shares

291.38 3440.47 1888.66 536.35 1012.03

Allocation 17.60% 22.69% 21.10% 19.02% 19.59%

100.00%

Shares 555.70 1327.47 2519.78 1309.03 2074.34 2818.83

Shares 699.73 2269.88 2361.93 1208.99 883.83

Allocation 12.12% 20.07% 17.39% 20.69% 11.32% 18.42%

100.00%

Allocation 16.77% 26.51% 11.99% 30.47% 14.26%

100.00%

Shares 417.05 1194.04 1656.58 1467.60 445.19 1554.64

Shares 2664.97 1414.66 1467.44 2916.66 2132.90

Allocation 16.74% 14.63% 16.88% 18.91% 16.59% 16.26%

100.00%

Allocation 32.85% 8.80% 11.75% 25.03% 21.58%

100.00%

1 MONTH 9.00% 5.94% 4.44% 2.08% 12.27% 1.31%

5.42%

1 MONTH 3.96% 4.24% 4.02% 2.82% 3.81%

3.79%

1 MONTH 3.45% 4.02% 0.17% 1.87% 4.11% 0.17%

2.11%

1 MONTH 3.81% 2.46% 0.17% 4.81% 3.84%

3.31%

1 MONTH 2.31% 7.05% 13.71% 5.18% 7.95% 3.87%

6.54%

1 MONTH 0.15% -3.13% -0.05% 0.49% -0.21%

-0.16%

YTD 25.17% 44.86% 30.38% 16.29% 25.23% 23.68%

28.52%

Total Return $51,073.46 $56,110.22 $53,928.61 $25,602.52 $28,914.00 $58,294.34

$273,923.17

YTD 32.34% 26.88% 23.55% 27.66% 28.07%

27.46%

Total Return $41,988.22 $54,118.65 $50,313.82 $45,353.63 $46,735.55

$238,509.86

YTD 23.56% 23.55% 14.38% 17.88% 22.15%

5.02%

16.81%

Total Return $21,355.63 $35,363.92 $30,640.49 $36,456.39 $19,955.10 $32,472.91

$176,244.44

YTD 28.07% 18.54%

2.35% 20.91% 25.08%

19.37%

Total Return $32,313.64 $51,072.40 $23,099.64 $58,696.41 $27,469.53

$192,651.63

YTD 28.61% 33.35% 31.25% 30.88% 30.30% 22.90%

29.77%

Total Return $36,917.61 $32,262.94 $37,223.45 $41,709.33 $36,576.89 $35,850.09

$220,540.31

YTD 5.96% -18.82% 4.05% 6.90% 7.50%

3.88%

Total Return $35,950.44

$9,633.83 $12,854.76 $27,387.39 $23,611.21

$109,437.62

Data & Rankings

Symbol

Name

FARNX FBCVX FBGRX FCNTX FCPEX FCPGX FCPVX FDCAX FDEGX FDEQX FDFFX FDGFX FDGRX FDLO FDMO FDRR FDSCX FDSSX FDSVX FDVLX FDVV FEQIX FEQTX FEXPX FFIDX FGRIX FGRTX FLCEX FLCOX FLCSX FLGEX FLPSX FLVCX FLVEX FMAGX FMCSX FMEIX FMILX FNCMX FOCPX FQAL FSCRX FSDIX FSKAX FSLCX FSLSX FSLVX FSMAX FSMDX FSMVX FSSMX FSSNX FTQGX FTRNX FVAL FVDFX FXAIX FZROX ONEQ

Fidelity Event Driven Opportunities Fidelity Blue Chip Value Fidelity Blue Chip Growth Fidelity Contrafund Fidelity Small Cap Enhanced Index Fidelity Small Cap Growth Fidelity Small Cap Value Fidelity Capital Appreciation Fidelity Growth Strategies Fidelity Disciplined Equity Fidelity Independence Fidelity Dividend Growth Fidelity Growth Company Fidelity Low Volatility Factor ETF Fidelity Momentum Factor ETF Fidelity Dividend ETF for Rising Rates Fidelity Stock Selector Small Cap Fidelity Stock Selec All Cp Fidelity Growth Discovery Fidelity Value Fidelity Core Dividend ETF Fidelity Equity-Income Fidelity Equity Dividend Income Fidelity Export & Multinational Fidelity Fund Fidelity Growth & Income Portfolio Fidelity Mega Cap Stock Fidelity Large Cap Core Enhanced Index Fidelity Large Cap Value Index Fidelity Large Cap Stock Fidelity Large Cap Growth Enhanced Idx Fidelity Low-Priced Stock Fidelity Leveraged Company Stock Fidelity Large Cap Value Enhanced Index Fidelity Magellan Fidelity Mid-Cap Stock Fidelity Mid Cap Enhanced Index Fidelity New Millennium Fidelity Nasdaq Composite Index Fidelity OTC Portfolio Fidelity Quality Factor ETF Fidelity Small Cap Discovery Fidelity Strategic Dividend & Income Fidelity Total Market Index Fidelity Small Cap Stock Fidelity Value Strategies Fidelity Stock Selec Lg Cp Val Fidelity Extended Market Index Fidelity Mid Cap Index Fidelity Mid Cap Value Fidelity Advisor Stock Selector Mid Cp Fidelity Small Cap Index Fidelity Focused Stock Fidelity Trend Fidelity Value Factor ETF Fidelity Value Discovery Fidelity 500 Index Fidelity ZERO Total Market Index Fidelity Nasdaq Composite Tr Stk ETF

FBIOX FBMPX FBSOX FCYIX FDCPX FDFAX FDLSX FIDSX FNARX FPHAX FSAGX FSAIX

Fidelity Select Biotechnology Portfolio Fidelity Select Comm Services Fidelity Select IT Services Portfolio Fidelity Select Industrials Portfolio Fidelity Select Computers Portfolio Fidelity Select Consumer Staples Port Fidelity Select Leisure Portfolio Fidelity Select Financial Services Port Fidelity Select Natural Resources Port Fidelity Select Pharmaceuticals Port Fidelity Select Gold Portfolio Fidelity Select Air Transportation Port

(Data provided as of 11/30/19)

NAV Rank

Advice

% Return (3 and 5 Years Annualized)

Beta SD Expense

YTD 1 Month 3 Month 1 Year 3 Year 5 Year Yield % 3 Year 3 Year Ratio

FIDELITY GROWTH FUNDS

10.74 73

Sell

2.38 5.40 5.29 -8.57 0.88 3.89

0.92 13.66 1.03

20.57 92

Buy

18.40 4.05 8.97 8.18 8.73 6.53

0.83 11.10 0.65

104.44 98 Strong Buy 28.89 5.85 7.14 22.32 21.00 13.74

1.08 14.60 0.80

13.79 96 Strong Buy 26.36 4.71 5.27 17.24 17.78 12.35

1.06 13.84 0.81

12.95 79

Hold

21.37 2.13 8.28 7.90 5.49 6.86

1.19 16.61 0.64

27.02 90

Hold

33.35 6.97 4.36 19.84 18.08 14.72

1.11 15.99 1.04

15.12 88 Strong Buy 17.51 0.13 7.90 5.14 4.80 6.61

1.02 13.90 0.64

37.30 94

Buy

25.67 3.44 5.22 15.46 13.99 8.96

0.97 12.39 0.53

50.98 95

Buy

34.44 5.14 5.18 23.70 14.90 9.98

1.00 12.65 0.59

39.16 93

Buy

28.44 4.57 6.41 16.03 12.42 8.32

1.00 12.28 0.53

39.79 86

Buy

29.02 4.03 4.05 17.91 15.44 8.31

1.04 13.07 0.49

30.64 92 Strong Buy 25.41 5.15 14.18 13.09 12.54 8.31

1.03 13.20 0.49

21.54 94 Strong Buy 34.46 7.00 9.34 23.30 20.79 14.94

1.22 16.25 0.85

38.12 98 Strong Buy 28.59 2.64 4.55 17.83 16.20

0.79 9.88 0.29

36.20 89

Buy

23.24 3.31 1.95 12.51 14.20

0.96 12.31 0.29

34.11 94 Strong Buy 22.43 3.58 9.47 12.15 12.68

0.92 11.43 0.29

25.59 91

Buy

28.08 4.15 8.62 15.36 10.21 9.03

1.12 14.95 0.67

49.25 92

Buy

28.16 4.23 8.08 16.31 14.31 9.89

1.08 13.27 0.65

38.81 95

Buy

29.08 4.30 6.01 19.59 19.93 13.07

1.04 13.43 0.76

11.09 88 Strong Buy 27.47 3.74 11.68 13.15 7.66 5.86

1.23 15.69 0.56

31.45 91

Buy

19.28 2.59 8.40 9.21 10.79

0.83 10.64 0.29

61.80 88 Strong Buy 24.22 2.90 7.54 13.80 9.79 7.72 1.86 0.91 11.33 0.60

26.64 93 Strong Buy 23.55 3.42 9.67 12.48 9.45 7.50 2.65 0.95 11.85 0.60

21.56 86

Hold

25.06 5.32 14.43 12.77 12.26 9.18

1.03 13.32 0.73

50.26 95 Strong Buy 29.53 3.97 6.66 19.42 15.57 10.55 0.68 0.98 12.16 0.49

41.56 95 Strong Buy 26.94 4.61 11.62 14.26 11.60 8.73 2.05 1.05 13.11 0.61

15.73 96 Strong Buy 26.88 4.66 10.85 14.96 12.44 9.04 0.83 1.01 12.53 0.65

16.40 96 Strong Buy 24.24 3.80 7.97 14.38 14.00 9.88

0.98 11.87 0.39

13.25 85

Buy

23.12 2.71 8.52 12.09 9.79

0.96 11.98 0.04

33.73 93

Buy

28.13 4.98 12.28 14.60 12.28 9.05

1.11 13.82 0.62

21.59 95 Strong Buy 27.98 4.70 6.51 18.28 16.35 11.60

1.05 13.00 0.39

48.55 93 Strong Buy 20.91 4.23 12.63 11.03 9.38 7.17

0.87 11.42 0.51

31.26 82

Hold

30.58 4.17 8.62 18.36 10.24 6.12

1.20 15.68 0.78

13.85 87

Buy

21.38 3.05 8.37 10.65 10.14 7.90

0.94 11.83 0.39

11.38 95 Strong Buy 28.25 4.02 4.02 17.27 15.80 10.87

1.03 12.88 0.66

36.93 95 Strong Buy 23.22 2.58 6.49 12.81 11.67 8.81

0.88 10.93 0.67

15.66 90

Buy

24.78 3.78 7.41 13.94 9.61 7.69

1.06 13.26 0.59

38.43 95 Strong Buy 23.56 3.67 7.99 12.96 12.24 8.83

0.94 11.68 0.63

113.58 95

Buy

31.96 4.76 9.00 20.46 18.25 13.67

1.14 14.48 0.29

12.44 94

Buy

34.01 5.42 8.94 23.70 21.89 15.36

1.15 15.38 0.88

36.90 93

Buy

24.94 3.30 6.55 13.92 14.32

0.94 11.46 0.29

23.70 89

Buy

24.03 1.28 8.42 12.34 5.87 5.99

1.03 13.87 0.60

15.88 95 Strong Buy 19.75 1.86 4.01 12.48 9.46 7.36 2.11 1.12 8.07 0.71

89.43 93

Buy

27.26 3.69 7.90 16.34 14.10 10.58

1.02 12.36 0.02

17.89 89

Buy

27.42 4.07 7.19 14.54 9.56 8.54

1.05 14.35 0.67

39.68 90

Buy

31.04 4.39 11.21 17.20 9.77 6.94

1.16 14.75 0.62

21.37 93

Buy

21.70 2.89 8.70 11.01 8.48 6.76

0.95 12.04 0.66

65.51 89

Buy

25.29 3.89 7.66 12.68 10.89 8.77

1.13 14.65 0.05

23.69 91

Buy

27.61 3.00 6.81 15.72 11.58 8.88

1.04 13.04 0.03

22.92 86

Hold

20.13 2.69 10.67 7.78 5.59 4.37

1.12 14.74 0.52

38.00 87

Buy

26.12 2.73 7.89 12.87 12.08 8.45

1.10 13.84 0.75

20.98 89

Buy

22.13 3.15 8.99 8.24 8.56 8.42

1.17 15.92 0.03

26.36 93 Strong Buy 26.18 3.90 2.97 17.49 20.48 12.43

1.03 13.77 0.81

114.42 96

Buy

32.16 5.53 6.62 21.76 18.71 12.65

1.05 13.64 0.66

37.14 95 Strong Buy 26.88 4.36 12.26 13.40 13.44

1.08 13.36 0.29

29.98 92 Strong Buy 20.81 3.59 8.82 10.87 8.98 6.75

0.84 10.76 0.60

109.49 89 Strong Buy 27.63 3.64 7.93 17.07 14.77 10.97

1.00 12.07 0.02

11.18 89

Buy

27.33 3.61 8.02 16.45

0.00

340.89 97 Strong Buy 32.22 4.63 9.11 19.89 18.70 13.77 0.94 1.14 14.44 0.21

FIDELITY SELECT SECTOR FUNDS

22.47 96 66.65 83 75.75 98 36.45 87 81.57 94 88.52 89 15.97 85 11.19 92 24.76 37 23.06 91 22.05 66 80.39 76

Strong Buy Buy

Strong Buy Hold Buy Buy Hold

Strong Buy Sell

Strong Buy Sell Sell

31.25 30.02 40.65 27.14 30.42 28.61 23.63 31.03 10.11 22.90 22.03 23.31

13.71 15.11 4.09 5.56 5.90 3.02 4.50 5.71 2.82 14.26 2.80 5.04 2.77 -3.74 4.29 12.46 -1.04 1.10 4.87 9.81 -1.03 -10.07 3.50 5.76

17.47 19.61 30.76 14.46 19.94 16.10 12.14 17.13 -2.29 14.16 35.03

7.95

11.25 12.54 25.13 9.34 18.59

7.24 13.40 12.11 -3.58 12.85 4.92 10.81

5.85 8.74 18.84 8.02 10.40 4.55 10.23 8.78 -3.39 5.03 6.95 8.44

1.36 23.09 0.72 0.94 14.50 0.80 1.05 14.42 0.74 1.23 15.56 0.75 1.17 16.08 0.77 0.80 12.31 0.75 0.91 13.17 0.77 1.13 15.24 0.75 1.29 19.53 0.80 0.78 12.78 0.79 0.00 21.38 0.85 1.30 17.38 0.81

| DECEMBER 2019 5

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