Fidelity Natural Resources Fund FNARX Strategy

The investment seeks capital appreciation. The fund normally invests at least 80% of assets in securities of companies principally engaged in owning or developing natural resources, or supplying goods and services to such companies, and in precious metals. It invests primarily in common stocks and in certain precious metals. The fund invests in domestic and foreign issuers. It uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions to select investments. The fund is non-diversified.