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Form N-CSRS FIDELITY SELECT PORTFOLI For: Aug 31

October 19, 2020 11:22 AM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-03114


Fidelity Select Portfolios

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

February 28



Date of reporting period:

August 31, 2020


Item 1.

Reports to Stockholders






Fidelity® Select Portfolios®
Consumer Discretionary Sector

Automotive Portfolio

Communication Services Portfolio

Construction and Housing Portfolio

Consumer Discretionary Portfolio

Leisure Portfolio

Retailing Portfolio



Semi-Annual Report

August 31, 2020

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Note to Shareholders

Automotive Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Communication Services Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Construction and Housing Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Consumer Discretionary Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Leisure Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Retailing Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Proxy Voting Results


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Automotive Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Tesla, Inc. 11.8 
Toyota Motor Corp. sponsored ADR 10.7 
General Motors Co. 8.7 
Honda Motor Co. Ltd. sponsored ADR 5.4 
O'Reilly Automotive, Inc. 4.5 
Aptiv PLC 4.3 
Copart, Inc. 4.1 
AutoZone, Inc. 4.1 
BorgWarner, Inc. 3.6 
Ferrari NV 3.3 
 60.5 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Automobiles 47.8% 
   Specialty Retail 19.3% 
   Auto Components 15.9% 
   Commercial Services & Supplies 5.9% 
   Distributors 4.2% 
   All Others* 6.9% 


* Includes short-term investments and net other assets (liabilities).

Automotive Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%   
 Shares Value 
Auto Components - 15.9%   
Auto Parts & Equipment - 15.9%   
Adient PLC (a) 36,234 $628,298 
Aptiv PLC 27,440 2,363,133 
Autoliv, Inc. 2,793 218,804 
BorgWarner, Inc. 49,006 1,989,154 
Gentex Corp. 36,991 1,000,607 
Lear Corp. 13,350 1,520,966 
Magna International, Inc. Class A (sub. vtg.) 19,738 961,213 
  8,682,175 
Automobiles - 46.8%   
Automobile Manufacturers - 46.2%   
Ferrari NV (b) 9,320 1,815,070 
Fiat Chrysler Automobiles NV (b) 57,484 634,049 
Ford Motor Co. 213,891 1,458,737 
General Motors Co. 159,883 4,737,333 
Honda Motor Co. Ltd. sponsored ADR 116,103 2,969,915 
Li Auto, Inc. ADR (a)(b) 700 11,410 
NIO, Inc. sponsored ADR (a)(b) 66,299 1,261,670 
Tesla, Inc. (a) 12,985 6,470,682 
Toyota Motor Corp. sponsored ADR 44,035 5,831,555 
XPeng, Inc. ADR (a) 3,900 79,950 
  25,270,371 
Motorcycle Manufacturers - 0.6%   
Harley-Davidson, Inc. 11,100 307,581 
TOTAL AUTOMOBILES  25,577,952 
Commercial Services & Supplies - 5.9%   
Diversified Support Services - 5.9%   
Copart, Inc. (a) 21,669 2,238,841 
IAA Spinco, Inc. (a) 17,416 911,205 
KAR Auction Services, Inc. 6,088 105,566 
  3,255,612 
Distributors - 4.2%   
Distributors - 4.2%   
Genuine Parts Co. 10,051 949,216 
LKQ Corp. (a) 42,296 1,342,475 
  2,291,691 
Machinery - 0.9%   
Construction Machinery & Heavy Trucks - 0.9%   
Allison Transmission Holdings, Inc. 13,657 489,877 
Road & Rail - 2.1%   
Trucking - 2.1%   
Lyft, Inc. (a) 11,796 349,987 
Uber Technologies, Inc. (a) 24,387 820,135 
  1,170,122 
Specialty Retail - 19.3%   
Automotive Retail - 19.3%   
Advance Auto Parts, Inc. 9,920 1,550,595 
AutoZone, Inc. (a) 1,857 2,221,548 
CarMax, Inc. (a)(b) 11,744 1,255,786 
Carvana Co. Class A (a)(b) 7,636 1,649,071 
Lithia Motors, Inc. Class A (sub. vtg.) 4,373 1,088,702 
O'Reilly Automotive, Inc. (a) 5,278 2,457,595 
Sonic Automotive, Inc. Class A (sub. vtg.) 7,200 304,272 
  10,527,569 
TOTAL COMMON STOCKS   
(Cost $35,308,535)  51,994,998 
Nonconvertible Preferred Stocks - 1.0%   
Automobiles - 1.0%   
Automobile Manufacturers - 1.0%   
Volkswagen AG   
(Cost $452,360) 3,167 526,613 
Money Market Funds - 7.9%   
Fidelity Cash Central Fund 0.12% (c) 1,144,586 1,144,815 
Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) 3,158,044 3,158,360 
TOTAL MONEY MARKET FUNDS   
(Cost $4,303,175)  4,303,175 
TOTAL INVESTMENT IN SECURITIES - 104.0%   
(Cost $40,064,070)  56,824,786 
NET OTHER ASSETS (LIABILITIES) - (4.0)%  (2,165,380) 
NET ASSETS - 100%  $54,659,406 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $287 
Fidelity Securities Lending Cash Central Fund 3,400 
Total $3,687 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

The value, beginning of period, for the Fidelity Cash Central Fund was $535,945. Net realized gain (loss) and change in net unrealized appreciation (depreciation) was $110 and $0 respectively. Purchases and sales of the Fidelity Cash Central Fund were $17,519,399 and $14,896,874, respectively, during the period.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $51,994,998 $51,994,998 $-- $-- 
Nonconvertible Preferred Stocks 526,613 526,613 -- -- 
Money Market Funds 4,303,175 4,303,175 -- -- 
Total Investments in Securities: $56,824,786 $56,824,786 $-- $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 68.7% 
Japan 16.1% 
Netherlands 4.5% 
Bailiwick of Jersey 4.3% 
Cayman Islands 2.4% 
Canada 1.8% 
Ireland 1.2% 
Germany 1.0% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Automotive Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $3,070,526) — See accompanying schedule:
Unaffiliated issuers (cost $35,760,895) 
$52,521,611  
Fidelity Central Funds (cost $4,303,175) 4,303,175  
Total Investment in Securities (cost $40,064,070)  $56,824,786 
Receivable for investments sold  4,980,115 
Receivable for fund shares sold  599,665 
Dividends receivable  37,083 
Distributions receivable from Fidelity Central Funds  1,287 
Prepaid expenses  396 
Other receivables  2,811 
Total assets  62,446,143 
Liabilities   
Payable for investments purchased $4,525,970  
Payable for fund shares redeemed 56,209  
Accrued management fee 20,940  
Other affiliated payables 9,089  
Other payables and accrued expenses 16,579  
Collateral on securities loaned 3,157,950  
Total liabilities  7,786,737 
Net Assets  $54,659,406 
Net Assets consist of:   
Paid in capital  $33,870,165 
Total accumulated earnings (loss)  20,789,241 
Net Assets  $54,659,406 
Net Asset Value, offering price and redemption price per share ($54,659,406 ÷ 1,293,885 shares)  $42.24 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $221,629 
Income from Fidelity Central Funds (including $3,400 from security lending)  3,687 
Total income  225,316 
Expenses   
Management fee $93,671  
Transfer agent fees 41,742  
Accounting fees 6,852  
Custodian fees and expenses 2,460  
Independent trustees' fees and expenses 109  
Registration fees 13,591  
Audit 17,653  
Legal 25  
Miscellaneous 1,014  
Total expenses before reductions 177,117  
Expense reductions (944)  
Total expenses after reductions  176,173 
Net investment income (loss)  49,143 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 4,262,720  
Fidelity Central Funds (252)  
Foreign currency transactions 706  
Total net realized gain (loss)  4,263,174 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 7,732,062  
Assets and liabilities in foreign currencies 153  
Total change in net unrealized appreciation (depreciation)  7,732,215 
Net gain (loss)  11,995,389 
Net increase (decrease) in net assets resulting from operations  $12,044,532 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $49,143 $493,545 
Net realized gain (loss) 4,263,174 4,080,200 
Change in net unrealized appreciation (depreciation) 7,732,215 (1,479,820) 
Net increase (decrease) in net assets resulting from operations 12,044,532 3,093,925 
Distributions to shareholders (2,839,507) (1,655,954) 
Share transactions   
Proceeds from sales of shares 16,909,732 14,390,055 
Reinvestment of distributions 2,689,399 1,571,589 
Cost of shares redeemed (10,624,530) (21,701,036) 
Net increase (decrease) in net assets resulting from share transactions 8,974,601 (5,739,392) 
Total increase (decrease) in net assets 18,179,626 (4,301,421) 
Net Assets   
Beginning of period 36,479,780 40,781,201 
End of period $54,659,406 $36,479,780 
Other Information   
Shares   
Sold 483,639 396,128 
Issued in reinvestment of distributions 104,362 42,404 
Redeemed (339,130) (618,672) 
Net increase (decrease) 248,871 (180,140) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Automotive Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $34.91 $33.29 $37.52 $36.78 $33.72 $48.82 
Income from Investment Operations       
Net investment income (loss)B .05 .46C .36 .39D .33 .65 
Net realized and unrealized gain (loss) 10.23 2.67E (2.15) 6.11 5.22 (9.37) 
Total from investment operations 10.28 3.13 (1.79) 6.50 5.55 (8.72) 
Distributions from net investment income – (.49)F (.38) (.20) (.52) (.45) 
Distributions from net realized gain (2.95) (1.02)F (2.06) (5.56) (1.98) (5.93) 
Total distributions (2.95) (1.51) (2.44) (5.76) (2.49)G (6.38) 
Redemption fees added to paid in capitalB – – – H H H 
Net asset value, end of period $42.24 $34.91 $33.29 $37.52 $36.78 $33.72 
Total ReturnI,J 34.86% 9.14%E (4.66)% 19.08% 16.80% (20.00)% 
Ratios to Average Net AssetsK,L       
Expenses before reductions 1.00%M 1.00% .97% .97% .96% .87% 
Expenses net of fee waivers, if any 1.00%M 1.00% .97% .96% .96% .87% 
Expenses net of all reductions 1.00%M .99% .97% .96% .95% .86% 
Net investment income (loss) .28%M 1.33%C 1.04% 1.04%D .92% 1.49% 
Supplemental Data       
Net assets, end of period (000 omitted) $54,659 $36,480 $40,781 $56,139 $54,069 $65,745 
Portfolio turnover rateN 64%M 45% 31% 117% 83% 80% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding such non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.

 D Net investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding such non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .83%.

 E Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.19 per share. Excluding these litigation proceeds, the total return would have been 8.58%.

 F The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 G Total distributions of $2.49 per share is comprised of distributions from net investment income of $.515 and distributions from net realized gain of $1.975 per share.

 H Amount represents less than $.005 per share.

 I Total returns for periods of less than one year are not annualized.

 J Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 K Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 L Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 M Annualized

 N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Communication Services Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Alphabet, Inc. Class A 22.7 
Facebook, Inc. Class A 20.3 
T-Mobile U.S., Inc. 6.5 
Netflix, Inc. 4.5 
The Walt Disney Co. 4.3 
Activision Blizzard, Inc. 4.2 
Liberty Broadband Corp. Class A 4.1 
Liberty Global PLC Class C 4.0 
Comcast Corp. Class A 3.4 
Electronic Arts, Inc. 2.6 
 76.6 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Interactive Media & Services 46.4% 
   Entertainment 21.2% 
   Media 12.6% 
   Diversified Telecommunication Services 8.1% 
   Wireless Telecommunication Services 7.5% 
   All Others* 4.2% 


* Includes short-term investments and net other assets (liabilities).

Communication Services Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value 
Communications Equipment - 0.7%   
Communications Equipment - 0.7%   
EchoStar Holding Corp. Class A (a) 182,400 $5,358,912 
Diversified Telecommunication Services - 8.1%   
Alternative Carriers - 6.3%   
GCI Liberty, Inc. (a) 145,032 11,715,685 
Liberty Global PLC Class C (a) 1,337,900 30,785,079 
Liberty Latin America Ltd. Class C (a) 211,100 2,013,894 
Vonage Holdings Corp. (a) 306,300 3,507,135 
  48,021,793 
Integrated Telecommunication Services - 1.8%   
Verizon Communications, Inc. 230,900 13,685,443 
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES  61,707,236 
Entertainment - 21.2%   
Interactive Home Entertainment - 10.9%   
Activision Blizzard, Inc. 386,900 32,313,888 
DouYu International Holdings Ltd. ADR (a) 628,065 10,513,808 
Electronic Arts, Inc. (a) 140,500 19,595,535 
Take-Two Interactive Software, Inc. (a) 94,700 16,211,693 
Zynga, Inc. (a) 500,800 4,537,248 
  83,172,172 
Movies & Entertainment - 10.3%   
Lions Gate Entertainment Corp.:   
Class A (a)(b) 34,500 336,030 
Class B (a) 309,934 2,808,002 
Netflix, Inc. (a) 64,200 33,997,752 
Spotify Technology SA (a)(b) 7,600 2,144,416 
The Walt Disney Co. 245,971 32,436,196 
Warner Music Group Corp. Class A 99,800 2,960,068 
World Wrestling Entertainment, Inc. Class A 75,600 3,331,692 
  78,014,156 
TOTAL ENTERTAINMENT  161,186,328 
Interactive Media & Services - 46.4%   
Interactive Media & Services - 46.4%   
Alphabet, Inc. Class A (a) 105,900 172,567,227 
ANGI Homeservices, Inc. Class A (a)(b) 497,200 6,898,650 
Facebook, Inc. Class A (a) 528,200 154,868,240 
InterActiveCorp (a) 13,700 1,821,963 
Match Group, Inc. (a) 112,970 12,616,490 
Zillow Group, Inc. Class A (a) 57,700 4,920,656 
  353,693,226 
Media - 12.6%   
Advertising - 0.0%   
S4 Capital PLC (a) 65,900 315,369 
Broadcasting - 4.0%   
Liberty Media Corp.:   
Liberty Media Class A (a) 177,962 6,438,665 
Liberty SiriusXM Series A (a) 218,200 7,922,842 
Liberty SiriusXM Series C (a) 19,870 715,221 
Nexstar Broadcasting Group, Inc. Class A 41,400 3,974,814 
Sinclair Broadcast Group, Inc. Class A 14,400 299,664 
ViacomCBS, Inc. Class B 387,800 10,800,230 
  30,151,436 
Cable & Satellite - 8.6%   
Altice U.S.A., Inc. Class A (a) 132,500 3,654,350 
Comcast Corp. Class A 577,300 25,868,813 
DISH Network Corp. Class A (a) 120,339 4,274,441 
Liberty Broadband Corp. Class A (a) 228,623 31,593,412 
  65,391,016 
TOTAL MEDIA  95,857,821 
Road & Rail - 1.9%   
Trucking - 1.9%   
Lyft, Inc. (a)(b) 485,200 14,395,884 
Wireless Telecommunication Services - 7.5%   
Wireless Telecommunication Services - 7.5%   
Millicom International Cellular SA 245,300 7,248,615 
T-Mobile U.S., Inc. 425,050 49,594,834 
  56,843,449 
TOTAL COMMON STOCKS   
(Cost $474,763,266)  749,042,856 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund 0.12% (c) 9,093,729 9,095,547 
Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) 23,853,259 23,855,644 
TOTAL MONEY MARKET FUNDS   
(Cost $32,951,427)  32,951,191 
TOTAL INVESTMENT IN SECURITIES - 102.7%   
(Cost $507,714,693)  781,994,047 
NET OTHER ASSETS (LIABILITIES) - (2.7)%  (20,498,543) 
NET ASSETS - 100%  $761,495,504 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $4,787 
Fidelity Securities Lending Cash Central Fund 224,614 
Total $229,401 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $749,042,856 $749,042,856 $-- $-- 
Money Market Funds 32,951,191 32,951,191 -- -- 
Total Investments in Securities: $781,994,047 $781,994,047 $-- $-- 

See accompanying notes which are an integral part of the financial statements.


Communication Services Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $22,776,389) — See accompanying schedule:
Unaffiliated issuers (cost $474,763,266) 
$749,042,856  
Fidelity Central Funds (cost $32,951,427) 32,951,191  
Total Investment in Securities (cost $507,714,693)  $781,994,047 
Receivable for investments sold  3,865,609 
Receivable for fund shares sold  1,861,842 
Dividends receivable  14,856 
Distributions receivable from Fidelity Central Funds  13,802 
Prepaid expenses  4,299 
Other receivables  14,246 
Total assets  787,768,701 
Liabilities   
Payable for fund shares redeemed 1,945,505  
Accrued management fee 321,896  
Distribution and service plan fees payable 8,791  
Other affiliated payables 121,976  
Other payables and accrued expenses 20,279  
Collateral on securities loaned 23,854,750  
Total liabilities  26,273,197 
Net Assets  $761,495,504 
Net Assets consist of:   
Paid in capital  $489,887,784 
Total accumulated earnings (loss)  271,607,720 
Net Assets  $761,495,504 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($20,278,399 ÷ 266,478 shares)(a)  $76.10 
Maximum offering price per share (100/94.25 of $76.10)  $80.74 
Class M:   
Net Asset Value and redemption price per share ($4,669,666 ÷ 61,550 shares)(a)  $75.87 
Maximum offering price per share (100/96.50 of $75.87)  $78.62 
Class C:   
Net Asset Value and offering price per share ($4,002,613 ÷ 53,170 shares)(a)  $75.28 
Communication Services:   
Net Asset Value, offering price and redemption price per share ($704,893,257 ÷ 9,218,439 shares)  $76.47 
Class I:   
Net Asset Value, offering price and redemption price per share ($17,628,039 ÷ 230,565 shares)  $76.46 
Class Z:   
Net Asset Value, offering price and redemption price per share ($10,023,530 ÷ 130,930 shares)  $76.56 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $1,053,922 
Income from Fidelity Central Funds (including $224,614 from security lending)  229,401 
Total income  1,283,323 
Expenses   
Management fee $1,647,190  
Transfer agent fees 566,703  
Distribution and service plan fees 36,681  
Accounting fees 113,671  
Custodian fees and expenses 3,160  
Independent trustees' fees and expenses 1,924  
Registration fees 54,872  
Audit 20,791  
Legal 432  
Interest 69  
Miscellaneous 12,701  
Total expenses before reductions 2,458,194  
Expense reductions (30,161)  
Total expenses after reductions  2,428,033 
Net investment income (loss)  (1,144,710) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,349,575  
Fidelity Central Funds (1,480)  
Foreign currency transactions (1,498)  
Total net realized gain (loss)  1,346,597 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 164,497,429  
Fidelity Central Funds (236)  
Total change in net unrealized appreciation (depreciation)  164,497,193 
Net gain (loss)  165,843,790 
Net increase (decrease) in net assets resulting from operations  $164,699,080 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(1,144,710) $(1,158,013) 
Net realized gain (loss) 1,346,597 57,254,598 
Change in net unrealized appreciation (depreciation) 164,497,193 13,008,631 
Net increase (decrease) in net assets resulting from operations 164,699,080 69,105,216 
Distributions to shareholders (13,180,711) (180,128,842) 
Share transactions - net increase (decrease) 14,301,887 141,718,647 
Total increase (decrease) in net assets 165,820,256 30,695,021 
Net Assets   
Beginning of period 595,675,248 564,980,227 
End of period $761,495,504 $595,675,248 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Communication Services Portfolio Class A

 Six months ended (Unaudited) August 31, Years endedFebruary 28,  
 2020 2020 A 2019 B 
Selected Per–Share Data    
Net asset value, beginning of period $60.63 $74.84 $78.20 
Income from Investment Operations    
Net investment income (loss)C (.21) (.30) (.12) 
Net realized and unrealized gain (loss) 17.08 8.78 2.68 
Total from investment operations 16.87 8.48 2.56 
Distributions from net investment income – – (.14) 
Distributions from net realized gain (1.40) (22.69) (5.77) 
Total distributions (1.40) (22.69) (5.91) 
Net asset value, end of period $76.10 $60.63 $74.85 
Total ReturnD,E,F 28.77% 11.90% 3.83% 
Ratios to Average Net AssetsG,H    
Expenses before reductions 1.09%I 1.07% 1.13%I 
Expenses net of fee waivers, if any 1.09%I 1.07% 1.12%I 
Expenses net of all reductions 1.08%I 1.06% 1.11%I 
Net investment income (loss) (.67)%I (.47)% (.68)%I 
Supplemental Data    
Net assets, end of period (000 omitted) $20,278 $9,947 $715 
Portfolio turnover rateJ 55%I 73% 107% 

 A For the year ended February 29.

 B For the period November 30, 2018 (commencement of sale of shares) to February 28, 2019.

 C Calculated based on average shares outstanding during the period.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Communication Services Portfolio Class M

 Six months ended (Unaudited) August 31, Years endedFebruary 28,  
 2020 2020 A 2019 B 
Selected Per–Share Data    
Net asset value, beginning of period $60.52 $74.82 $78.20 
Income from Investment Operations    
Net investment income (loss)C (.29) (.48) (.16) 
Net realized and unrealized gain (loss) 17.04 8.75 2.67 
Total from investment operations 16.75 8.27 2.51 
Distributions from net investment income – – (.12) 
Distributions from net realized gain (1.40) (22.57) (5.77) 
Total distributions (1.40) (22.57) (5.89) 
Net asset value, end of period $75.87 $60.52 $74.82 
Total ReturnD,E,F 28.62% 11.58% 3.76% 
Ratios to Average Net AssetsG,H    
Expenses before reductions 1.34%I 1.35% 1.36%I 
Expenses net of fee waivers, if any 1.34%I 1.35% 1.35%I 
Expenses net of all reductions 1.33%I 1.34% 1.34%I 
Net investment income (loss) (.92)%I (.75)% (.90)%I 
Supplemental Data    
Net assets, end of period (000 omitted) $4,670 $2,264 $485 
Portfolio turnover rateJ 55%I 73% 107% 

 A For the year ended February 29.

 B For the period November 30, 2018 (commencement of sale of shares) to February 28, 2019.

 C Calculated based on average shares outstanding during the period.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Communication Services Portfolio Class C

 Six months ended (Unaudited) August 31, Years endedFebruary 28,  
 2020 2020 A 2019 B 
Selected Per–Share Data    
Net asset value, beginning of period $60.20 $74.76 $78.20 
Income from Investment Operations    
Net investment income (loss)C (.43) (.81) (.25) 
Net realized and unrealized gain (loss) 16.91 8.74 2.67 
Total from investment operations 16.48 7.93 2.42 
Distributions from net investment income – – (.09) 
Distributions from net realized gain (1.40) (22.49) (5.77) 
Total distributions (1.40) (22.49) (5.86) 
Net asset value, end of period $75.28 $60.20 $74.76 
Total ReturnD,E,F 28.32% 11.01% 3.63% 
Ratios to Average Net AssetsG,H    
Expenses before reductions 1.79%I 1.86% 1.87%I 
Expenses net of fee waivers, if any 1.79%I 1.86% 1.85%I 
Expenses net of all reductions 1.78%I 1.85% 1.84%I 
Net investment income (loss) (1.36)%I (1.26)% (1.37)%I 
Supplemental Data    
Net assets, end of period (000 omitted) $4,003 $1,982 $377 
Portfolio turnover rateJ 55%I 73% 107% 

 A For the year ended February 29.

 B For the period November 30, 2018 (commencement of sale of shares) to February 28, 2019.

 C Calculated based on average shares outstanding during the period.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Communication Services Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $60.82 $74.88 $79.70 $80.75 $68.59 $82.48 
Income from Investment Operations       
Net investment income (loss)B (.11) (.12) .13 .21 .22 .27 
Net realized and unrealized gain (loss) 17.16 8.79 5.31 3.14 17.53 (8.82) 
Total from investment operations 17.05 8.67 5.44 3.35 17.75 (8.55) 
Distributions from net investment income – – (.20) (.16) (.33) (.23) 
Distributions from net realized gain (1.40) (22.73) (10.06) (4.23) (5.26) (5.12) 
Total distributions (1.40) (22.73) (10.26) (4.40)C (5.59) (5.34)D 
Redemption fees added to paid in capitalB – – – E E E 
Net asset value, end of period $76.47 $60.82 $74.88 $79.70 $80.75 $68.59 
Total ReturnF,G 28.98% 12.22% 8.12% 4.16% 26.85% (10.88)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .78%J .78% .82% .80% .82% .81% 
Expenses net of fee waivers, if any .78%J .78% .81% .80% .82% .81% 
Expenses net of all reductions .77%J .77% .80% .79% .82% .80% 
Net investment income (loss) (.36)%J (.18)% .17% .26% .30% .34% 
Supplemental Data       
Net assets, end of period (000 omitted) $704,893 $577,157 $562,422 $509,375 $680,392 $576,118 
Portfolio turnover rateK 55%J 73% 107% 22% 33% 42% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $4.40 per share is comprised of distributions from net investment income of $.163 and distributions from net realized gain of $4.233 per share.

 D Total distributions of $5.34 per share is comprised of distributions from net investment income of $.227 and distributions from net realized gain of $5.115 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Communication Services Portfolio Class I

 Six months ended (Unaudited) August 31, Years endedFebruary 28,  
 2020 2020 A 2019 B 
Selected Per–Share Data    
Net asset value, beginning of period $60.80 $74.88 $78.20 
Income from Investment Operations    
Net investment income (loss)C (.11) (.11) (.06) 
Net realized and unrealized gain (loss) 17.17 8.79 2.67 
Total from investment operations 17.06 8.68 2.61 
Distributions from net investment income – – (.15) 
Distributions from net realized gain (1.40) (22.76) (5.77) 
Total distributions (1.40) (22.76) (5.92) 
Net asset value, end of period $76.46 $60.80 $74.89 
Total ReturnD,E 29.01% 12.22% 3.91% 
Ratios to Average Net AssetsF,G    
Expenses before reductions .76%H .77% .70%H 
Expenses net of fee waivers, if any .76%H .77% .69%H 
Expenses net of all reductions .75%H .76% .68%H 
Net investment income (loss) (.34)%H (.17)% (.30)%H 
Supplemental Data    
Net assets, end of period (000 omitted) $17,628 $2,493 $452 
Portfolio turnover rateI 55%H 73% 107% 

 A For the year ended February 29.

 B For the period November 30, 2018 (commencement of sale of shares) to February 28, 2019.

 C Calculated based on average shares outstanding during the period.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Communication Services Portfolio Class Z

 Six months ended (Unaudited) August 31, Years endedFebruary 28,  
 2020 2020 A 2019 B 
Selected Per–Share Data    
Net asset value, beginning of period $60.85 $74.89 $78.20 
Income from Investment Operations    
Net investment income (loss)C (.07) (.03) (.03) 
Net realized and unrealized gain (loss) 17.18 8.80 2.65 
Total from investment operations 17.11 8.77 2.62 
Distributions from net investment income – – (.16) 
Distributions from net realized gain (1.40) (22.81) (5.77) 
Total distributions (1.40) (22.81) (5.93) 
Net asset value, end of period $76.56 $60.85 $74.89 
Total ReturnD,E 29.07% 12.38% 3.92% 
Ratios to Average Net AssetsF,G    
Expenses before reductions .64%H .65% .64%H 
Expenses net of fee waivers, if any .64%H .65% .62%H 
Expenses net of all reductions .63%H .64% .61%H 
Net investment income (loss) (.22)%H (.05)% (.16)%H 
Supplemental Data    
Net assets, end of period (000 omitted) $10,024 $1,833 $529 
Portfolio turnover rateI 55%H 73% 107% 

 A For the year ended February 29.

 B For the period November 30, 2018 (commencement of sale of shares) to February 28, 2019.

 C Calculated based on average shares outstanding during the period.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Construction and Housing Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Lowe's Companies, Inc. 17.7 
The Home Depot, Inc. 16.4 
Equity Residential (SBI) 6.0 
Johnson Controls International PLC 5.6 
Welltower, Inc. 3.7 
D.R. Horton, Inc. 3.4 
Toll Brothers, Inc. 3.0 
Vulcan Materials Co. 2.9 
Essex Property Trust, Inc. 2.8 
Invitation Homes, Inc. 2.5 
 64.0 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Specialty Retail 34.1% 
   Building Products 17.1% 
   Equity Real Estate Investment Trusts (Reits) 16.4% 
   Household Durables 13.5% 
   Construction & Engineering 6.9% 
   All Others* 12.0% 


* Includes short-term investments and net other assets (liabilities).

Construction and Housing Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%   
 Shares Value 
Building Products - 17.1%   
Building Products - 17.1%   
Allegion PLC 68,231 $7,054,403 
Carrier Global Corp. 127,900 3,817,815 
Fortune Brands Home & Security, Inc. 89,487 7,524,067 
Johnson Controls International PLC 440,251 17,931,423 
Patrick Industries, Inc. 31,805 1,787,759 
Resideo Technologies, Inc. (a) 112,900 1,508,344 
The AZEK Co., Inc. 79,400 3,134,712 
Trane Technologies PLC 57,500 6,807,425 
Ufp Industries, Inc. 83,107 4,932,400 
  54,498,348 
Commercial Services & Supplies - 0.4%   
Environmental & Facility Services - 0.4%   
ABM Industries, Inc. 33,097 1,262,320 
Construction & Engineering - 6.9%   
Construction & Engineering - 6.9%   
Comfort Systems U.S.A., Inc. 49,429 2,504,567 
Construction Partners, Inc. Class A (a) 108,907 2,035,472 
Dycom Industries, Inc. (a) 50,454 3,103,426 
EMCOR Group, Inc. 40,370 3,028,154 
Granite Construction, Inc. 44,418 825,731 
Quanta Services, Inc. 89,799 4,602,199 
Willscot Mobile Mini Holdings (a) 329,950 5,906,105 
  22,005,654 
Construction Materials - 4.0%   
Construction Materials - 4.0%   
Forterra, Inc. (a) 60,780 805,335 
Summit Materials, Inc. (a) 183,814 2,736,990 
Vulcan Materials Co. 77,476 9,297,120 
  12,839,445 
Electrical Equipment - 0.9%   
Electrical Components & Equipment - 0.9%   
Atkore International Group, Inc. (a) 111,401 2,977,749 
Equity Real Estate Investment Trusts (REITs) - 16.4%   
Health Care REITs - 3.7%   
Welltower, Inc. 202,700 11,659,304 
Hotel & Resort REITs - 0.8%   
MGM Growth Properties LLC 96,816 2,717,625 
Residential REITs - 11.9%   
Equity Lifestyle Properties, Inc. 27,703 1,836,432 
Equity Residential (SBI) 337,600 19,057,520 
Essex Property Trust, Inc. 40,972 8,870,848 
Invitation Homes, Inc. 283,900 8,128,057 
  37,892,857 
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)  52,269,786 
Household Durables - 13.5%   
Homebuilding - 13.5%   
Blu Investments LLC (b)(c) 11,990,913 3,717 
D.R. Horton, Inc. 149,956 10,702,360 
NVR, Inc. (a) 1,849 7,707,261 
PulteGroup, Inc. 144,785 6,455,963 
Skyline Champion Corp. (a) 70,113 2,001,025 
Taylor Morrison Home Corp. (a) 166,700 3,922,451 
Toll Brothers, Inc. 223,600 9,440,392 
TopBuild Corp. (a) 16,858 2,592,760 
  42,825,929 
Paper & Forest Products - 0.7%   
Forest Products - 0.7%   
Louisiana-Pacific Corp. 66,541 2,191,861 
Real Estate Management & Development - 3.3%   
Diversified Real Estate Activities - 0.6%   
The RMR Group, Inc. 67,528 1,905,640 
Real Estate Development - 0.7%   
Howard Hughes Corp. (a) 37,700 2,228,447 
Real Estate Services - 2.0%   
CBRE Group, Inc. (a) 91,300 4,293,839 
Cushman & Wakefield PLC (a) 184,495 2,141,987 
  6,435,826 
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT  10,569,913 
Specialty Retail - 34.1%   
Home Improvement Retail - 34.1%   
Lowe's Companies, Inc. 341,795 56,290,216 
The Home Depot, Inc. 183,190 52,216,478 
  108,506,694 
Trading Companies & Distributors - 2.2%   
Trading Companies & Distributors - 2.2%   
Beacon Roofing Supply, Inc. (a) 86,803 2,941,754 
BMC Stock Holdings, Inc. (a) 99,700 3,980,024 
  6,921,778 
TOTAL COMMON STOCKS   
(Cost $188,627,164)  316,869,477 
Money Market Funds - 0.9%   
Fidelity Cash Central Fund 0.12% (d)   
(Cost $2,873,909) 2,873,334 2,873,909 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $191,501,073)  319,743,386 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (1,197,914) 
NET ASSETS - 100%  $318,545,472 

Legend

 (a) Non-income producing

 (b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,717 or 0.0% of net assets.

 (c) Level 3 security

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Blu Investments LLC 5/21/20 $20,739 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,381 
Fidelity Securities Lending Cash Central Fund 1,738 
Total $3,119 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $316,869,477 $316,865,760 $-- $3,717 
Money Market Funds 2,873,909 2,873,909 -- -- 
Total Investments in Securities: $319,743,386 $319,739,669 $-- $3,717 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.4% 
Ireland 9.9% 
Others (Individually Less Than 1%) 0.7% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Construction and Housing Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $188,627,164) 
$316,869,477  
Fidelity Central Funds (cost $2,873,909) 2,873,909  
Total Investment in Securities (cost $191,501,073)  $319,743,386 
Cash  139 
Receivable for investments sold  64,785 
Receivable for fund shares sold  781,856 
Dividends receivable  75,985 
Distributions receivable from Fidelity Central Funds  400 
Prepaid expenses  2,474 
Other receivables  17,806 
Total assets  320,686,831 
Liabilities   
Payable for investments purchased $1,267,119  
Payable for fund shares redeemed 666,465  
Accrued management fee 135,720  
Other affiliated payables 52,410  
Other payables and accrued expenses 19,645  
Total liabilities  2,141,359 
Net Assets  $318,545,472 
Net Assets consist of:   
Paid in capital  $202,837,766 
Total accumulated earnings (loss)  115,707,706 
Net Assets  $318,545,472 
Net Asset Value, offering price and redemption price per share ($318,545,472 ÷ 4,731,682 shares)  $67.32 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $2,690,651 
Income from Fidelity Central Funds (including $1,738 from security lending)  3,119 
Total income  2,693,770 
Expenses   
Management fee $698,121  
Transfer agent fees 250,882  
Accounting fees 51,056  
Custodian fees and expenses 9,932  
Independent trustees' fees and expenses 907  
Registration fees 27,330  
Audit 17,391  
Legal 1,492  
Interest 1,551  
Miscellaneous 6,347  
Total expenses before reductions 1,065,009  
Expense reductions (46,673)  
Total expenses after reductions  1,018,336 
Net investment income (loss)  1,675,434 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (12,318,415)  
Fidelity Central Funds 119  
Total net realized gain (loss)  (12,318,296) 
Change in net unrealized appreciation (depreciation) on investment securities  56,727,003 
Net gain (loss)  44,408,707 
Net increase (decrease) in net assets resulting from operations  $46,084,141 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,675,434 $2,713,972 
Net realized gain (loss) (12,318,296) 32,794,214 
Change in net unrealized appreciation (depreciation) 56,727,003 3,334,280 
Net increase (decrease) in net assets resulting from operations 46,084,141 38,842,466 
Distributions to shareholders (13,100,539) (24,490,216) 
Share transactions   
Proceeds from sales of shares 57,177,433 299,727,079 
Reinvestment of distributions 12,458,535 22,923,116 
Cost of shares redeemed (102,979,469) (243,352,371) 
Net increase (decrease) in net assets resulting from share transactions (33,343,501) 79,297,824 
Total increase (decrease) in net assets (359,899) 93,650,074 
Net Assets   
Beginning of period 318,905,371 225,255,297 
End of period $318,545,472 $318,905,371 
Other Information   
Shares   
Sold 976,030 4,813,223 
Issued in reinvestment of distributions 270,192 383,278 
Redeemed (1,960,078) (3,905,073) 
Net increase (decrease) (713,856) 1,291,428 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Construction and Housing Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $58.56 $54.22 $59.88 $61.70 $53.16 $59.74 
Income from Investment Operations       
Net investment income (loss)B .35 .53 .49 .44 .37 .33 
Net realized and unrealized gain (loss) 11.24 8.71 1.32 6.58 10.29 (5.02) 
Total from investment operations 11.59 9.24 1.81 7.02 10.66 (4.69) 
Distributions from net investment income – (.60) (.55) (.30) (.45) (.23) 
Distributions from net realized gain (2.83) (4.31) (6.92) (8.53) (1.67) (1.66) 
Total distributions (2.83) (4.90)C (7.47) (8.84)D (2.12) (1.89) 
Redemption fees added to paid in capitalB – – – E E E 
Net asset value, end of period $67.32 $58.56 $54.22 $59.88 $61.70 $53.16 
Total ReturnF,G 22.02% 17.10% 4.03% 11.07% 20.23% (8.11)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .81%J .79% .80% .80% .80% .81% 
Expenses net of fee waivers, if any .81%J .79% .80% .80% .80% .80% 
Expenses net of all reductions .77%J .79% .79% .79% .79% .80% 
Net investment income (loss) 1.27%J .88% .86% .69% .62% .57% 
Supplemental Data       
Net assets, end of period (000 omitted) $318,545 $318,905 $225,255 $331,418 $404,526 $449,303 
Portfolio turnover rateK 121%J 161% 90% 56% 87% 80% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $4.90 per share is comprised of distributions from net investment income of $.598 and distributions from net realized gain of $4.306 per share.

 D Total distributions of $8.84 per share is comprised of distributions from net investment income of $.303 and distributions from net realized gain of $8.534 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Consumer Discretionary Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Amazon.com, Inc. 25.5 
The Home Depot, Inc. 9.0 
Lowe's Companies, Inc. 5.2 
NIKE, Inc. Class B 4.1 
Starbucks Corp. 3.8 
McDonald's Corp. 3.8 
Dollar General Corp. 2.9 
Burlington Stores, Inc. 2.9 
TJX Companies, Inc. 2.8 
Dollar Tree, Inc. 2.4 
 62.4 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Internet & Direct Marketing Retail 30.4% 
   Specialty Retail 27.0% 
   Hotels, Restaurants & Leisure 17.4% 
   Textiles, Apparel & Luxury Goods 9.6% 
   Multiline Retail 7.1% 
   All Others* 8.5% 


* Includes short-term investments and net other assets (liabilities).

Consumer Discretionary Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.6%   
 Shares Value 
Automobiles - 0.7%   
Automobile Manufacturers - 0.7%   
Ferrari NV 10,097 $1,966,391 
Tesla, Inc. (a) 3,000 1,494,960 
  3,461,351 
Commercial Services & Supplies - 0.3%   
Diversified Support Services - 0.3%   
Copart, Inc. (a) 13,858 1,431,809 
Diversified Consumer Services - 1.4%   
Education Services - 1.4%   
Bright Horizons Family Solutions, Inc. (a) 10,200 1,356,702 
Grand Canyon Education, Inc. (a) 38,723 3,641,511 
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 10,790 1,582,138 
  6,580,351 
Food & Staples Retailing - 1.6%   
Food Distributors - 0.8%   
Performance Food Group Co. (a) 102,092 3,727,379 
Food Retail - 0.2%   
Kroger Co. 27,800 991,904 
Hypermarkets & Super Centers - 0.6%   
BJ's Wholesale Club Holdings, Inc. (a) 61,932 2,750,400 
TOTAL FOOD & STAPLES RETAILING  7,469,683 
Food Products - 0.2%   
Packaged Foods & Meats - 0.2%   
JDE Peet's BV 19,300 850,098 
Hotels, Restaurants & Leisure - 17.4%   
Casinos & Gaming - 2.3%   
Caesars Entertainment, Inc. (a) 99,007 4,534,521 
Churchill Downs, Inc. 30,046 5,250,839 
Penn National Gaming, Inc. (a) 26,619 1,360,231 
  11,145,591 
Hotels, Resorts & Cruise Lines - 2.3%   
Extended Stay America, Inc. unit 180,500 2,254,445 
Hilton Worldwide Holdings, Inc. 61,700 5,575,212 
Marriott Vacations Worldwide Corp. 33,378 3,159,895 
  10,989,552 
Leisure Facilities - 1.8%   
Drive Shack, Inc. (a) 175,900 244,501 
Planet Fitness, Inc. (a) 63,096 3,835,606 
Vail Resorts, Inc. 19,712 4,290,711 
  8,370,818 
Restaurants - 11.0%   
ARAMARK Holdings Corp. 99,768 2,749,606 
Chipotle Mexican Grill, Inc. (a) 7,072 9,266,300 
Darden Restaurants, Inc. 7,500 650,025 
McDonald's Corp. 84,416 18,024,504 
Noodles & Co. (a) 87,700 667,397 
Restaurant Brands International, Inc. 18,800 1,018,589 
Starbucks Corp. 217,387 18,362,680 
Wendy's Co. 100,300 2,100,282 
  52,839,383 
TOTAL HOTELS, RESTAURANTS & LEISURE  83,345,344 
Household Durables - 3.7%   
Homebuilding - 3.7%   
D.R. Horton, Inc. 107,281 7,656,645 
Lennar Corp. Class A 59,793 4,473,712 
NVR, Inc. (a) 1,367 5,698,121 
  17,828,478 
Interactive Media & Services - 0.5%   
Interactive Media & Services - 0.5%   
Alphabet, Inc. Class A (a) 1,344 2,190,088 
Internet & Direct Marketing Retail - 30.4%   
Internet & Direct Marketing Retail - 30.4%   
Amazon.com, Inc. (a) 35,385 122,112,218 
Delivery Hero AG (a)(b) 3,900 418,959 
Expedia, Inc. 56,100 5,506,215 
MercadoLibre, Inc. (a) 2,300 2,687,757 
Ocado Group PLC (a) 35,500 1,184,942 
The Booking Holdings, Inc. (a) 5,731 10,948,789 
The RealReal, Inc. (a)(c) 77,800 1,249,468 
Wayfair LLC Class A (a) 4,412 1,308,423 
  145,416,771 
IT Services - 0.6%   
Data Processing & Outsourced Services - 0.6%   
PayPal Holdings, Inc. (a) 9,937 2,028,539 
Visa, Inc. Class A 4,300 911,557 
  2,940,096 
Multiline Retail - 7.1%   
General Merchandise Stores - 7.1%   
B&M European Value Retail SA 230,386 1,465,930 
Dollar General Corp. 70,142 14,160,267 
Dollar Tree, Inc. (a) 118,031 11,362,844 
Ollie's Bargain Outlet Holdings, Inc. (a) 48,302 4,614,773 
Target Corp. 16,200 2,449,602 
  34,053,416 
Road & Rail - 0.1%   
Trucking - 0.1%   
Lyft, Inc. (a) 22,800 676,476 
Specialty Retail - 27.0%   
Apparel Retail - 7.3%   
Burlington Stores, Inc. (a) 70,300 13,844,179 
Ross Stores, Inc. 83,827 7,634,963 
TJX Companies, Inc. 244,113 13,374,951 
  34,854,093 
Automotive Retail - 2.3%   
AutoZone, Inc. (a) 3,693 4,417,973 
O'Reilly Automotive, Inc. (a) 13,884 6,464,807 
  10,882,780 
Computer & Electronics Retail - 1.0%   
Best Buy Co., Inc. 43,743 4,851,536 
Home Improvement Retail - 14.9%   
Floor & Decor Holdings, Inc. Class A (a) 45,106 3,303,563 
Lowe's Companies, Inc. 151,834 25,005,541 
The Home Depot, Inc. 151,917 43,302,422 
  71,611,526 
Specialty Stores - 1.5%   
Dick's Sporting Goods, Inc. 36,300 1,964,556 
Five Below, Inc. (a) 31,379 3,434,432 
National Vision Holdings, Inc. (a) 30,753 1,155,390 
Sally Beauty Holdings, Inc. (a) 52,800 589,248 
  7,143,626 
TOTAL SPECIALTY RETAIL  129,343,561 
Textiles, Apparel & Luxury Goods - 9.6%   
Apparel, Accessories & Luxury Goods - 4.6%   
adidas AG 8,205 2,492,900 
Canada Goose Holdings, Inc. (a)(c) 20,434 501,157 
Capri Holdings Ltd. (a) 117,621 1,863,117 
G-III Apparel Group Ltd. (a) 20,097 222,273 
Hermes International SCA 984 844,760 
lululemon athletica, Inc. (a) 8,330 3,129,331 
LVMH Moet Hennessy Louis Vuitton SE 6,484 3,045,033 
PVH Corp. 82,606 4,606,111 
Tapestry, Inc. 191,682 2,823,476 
VF Corp. 37,266 2,450,240 
  21,978,398 
Footwear - 5.0%   
Deckers Outdoor Corp. (a) 18,700 3,812,369 
NIKE, Inc. Class B 176,130 19,707,186 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 18,446 550,613 
  24,070,168 
TOTAL TEXTILES, APPAREL & LUXURY GOODS  46,048,566 
TOTAL COMMON STOCKS   
(Cost $269,254,424)  481,636,088 
Money Market Funds - 1.2%   
Fidelity Cash Central Fund 0.12% (d) 5,331,412 5,332,478 
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) 167,721 167,738 
TOTAL MONEY MARKET FUNDS   
(Cost $5,500,216)  5,500,216 
TOTAL INVESTMENT IN SECURITIES - 101.8%   
(Cost $274,754,640)  487,136,304 
NET OTHER ASSETS (LIABILITIES) - (1.8)%  (8,437,718) 
NET ASSETS - 100%  $478,698,586 

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $418,959 or 0.1% of net assets.

 (c) Security or a portion of the security is on loan at period end.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,837 
Fidelity Securities Lending Cash Central Fund 12,335 
Total $14,172 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $481,636,088 $478,591,055 $3,045,033 $-- 
Money Market Funds 5,500,216 5,500,216 -- -- 
Total Investments in Securities: $487,136,304 $484,091,271 $3,045,033 $-- 

See accompanying notes which are an integral part of the financial statements.


Consumer Discretionary Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $152,130) — See accompanying schedule:
Unaffiliated issuers (cost $269,254,424) 
$481,636,088  
Fidelity Central Funds (cost $5,500,216) 5,500,216  
Total Investment in Securities (cost $274,754,640)  $487,136,304 
Receivable for investments sold  3,726,336 
Receivable for fund shares sold  1,308,491 
Dividends receivable  207,377 
Distributions receivable from Fidelity Central Funds  624 
Prepaid expenses  5,483 
Other receivables  20,364 
Total assets  492,404,979 
Liabilities   
Payable for investments purchased $292,668  
Payable for fund shares redeemed 12,953,259  
Accrued management fee 206,143  
Other affiliated payables 73,063  
Other payables and accrued expenses 17,835  
Collateral on securities loaned 163,425  
Total liabilities  13,706,393 
Net Assets  $478,698,586 
Net Assets consist of:   
Paid in capital  $261,755,119 
Total accumulated earnings (loss)  216,943,467 
Net Assets  $478,698,586 
Net Asset Value, offering price and redemption price per share ($478,698,586 ÷ 8,056,442 shares)  $59.42 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $1,574,049 
Income from Fidelity Central Funds (including $12,335 from security lending)  14,172 
Total income  1,588,221 
Expenses   
Management fee $1,057,322  
Transfer agent fees 329,778  
Accounting fees 77,332  
Custodian fees and expenses 5,950  
Independent trustees' fees and expenses 1,271  
Registration fees 25,680  
Audit 26,318  
Legal 295  
Interest 1,656  
Miscellaneous 6,927  
Total expenses before reductions 1,532,529  
Expense reductions (7,720)  
Total expenses after reductions  1,524,809 
Net investment income (loss)  63,412 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 7,800,550  
Fidelity Central Funds (45)  
Foreign currency transactions (4,764)  
Total net realized gain (loss)  7,795,741 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 100,705,607  
Assets and liabilities in foreign currencies 73  
Total change in net unrealized appreciation (depreciation)  100,705,680 
Net gain (loss)  108,501,421 
Net increase (decrease) in net assets resulting from operations  $108,564,833 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $63,412 $1,050,157 
Net realized gain (loss) 7,795,741 8,088,931 
Change in net unrealized appreciation (depreciation) 100,705,680 14,436,079 
Net increase (decrease) in net assets resulting from operations 108,564,833 23,575,167 
Distributions to shareholders – (10,526,325) 
Share transactions   
Proceeds from sales of shares 71,686,768 141,736,274 
Reinvestment of distributions – 9,985,146 
Cost of shares redeemed (103,956,364) (195,554,961) 
Net increase (decrease) in net assets resulting from share transactions (32,269,596) (43,833,541) 
Total increase (decrease) in net assets 76,295,237 (30,784,699) 
Net Assets   
Beginning of period 402,403,349 433,188,048 
End of period $478,698,586 $402,403,349 
Other Information   
Shares   
Sold 1,460,812 2,990,069 
Issued in reinvestment of distributions – 214,717 
Redeemed (2,233,395) (4,151,320) 
Net increase (decrease) (772,583) (946,534) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Consumer Discretionary Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $45.58 $44.31 $43.65 $37.00 $32.38 $35.23 
Income from Investment Operations       
Net investment income (loss)B .01 .11 .12 .16 .21 .24 
Net realized and unrealized gain (loss) 13.83 2.26 1.87 8.17 4.73 (1.79) 
Total from investment operations 13.84 2.37 1.99 8.33 4.94 (1.55) 
Distributions from net investment income – (.11) (.15) (.14) (.32) (.18) 
Distributions from net realized gain – (.99) (1.18) (1.54) – (1.13) 
Total distributions – (1.10) (1.33) (1.68) (.32) (1.30)C 
Redemption fees added to paid in capitalB – – – – D D 
Net asset value, end of period $59.42 $45.58 $44.31 $43.65 $37.00 $32.38 
Total ReturnE,F 30.36% 5.30% 4.81% 22.79% 15.29% (4.60)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .77%I .76% .78% .78% .76% .77% 
Expenses net of fee waivers, if any .77%I .76% .77% .78% .76% .77% 
Expenses net of all reductions .77%I .76% .77% .77% .76% .76% 
Net investment income (loss) .03%I .23% .27% .40% .60% .71% 
Supplemental Data       
Net assets, end of period (000 omitted) $478,699 $402,403 $433,188 $819,937 $828,992 $1,119,021 
Portfolio turnover rateJ 37%I 41%K 46%K 74% 39%K 69% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $1.30 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $1.126 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Leisure Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
McDonald's Corp. 23.3 
Starbucks Corp. 18.2 
Chipotle Mexican Grill, Inc. 7.1 
Hilton Worldwide Holdings, Inc. 4.9 
Marriott International, Inc. Class A 4.9 
Churchill Downs, Inc. 3.5 
Las Vegas Sands Corp. 3.2 
Penn National Gaming, Inc. 2.5 
Caesars Entertainment, Inc. 2.5 
Darden Restaurants, Inc. 2.5 
 72.6 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Hotels, Restaurants & Leisure 89.7% 
   Diversified Consumer Services 4.2% 
   Internet & Direct Marketing Retail 1.3% 
   Multiline Retail 1.1% 
   Food & Staples Retailing 1.0% 
   All Others* 2.7% 


* Includes short-term investments and net other assets (liabilities).

Leisure Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%   
 Shares Value 
Diversified Consumer Services - 4.2%   
Education Services - 4.1%   
Bright Horizons Family Solutions, Inc. (a) 60,000 $7,980,600 
Chegg, Inc. (a)(b) 74,800 5,515,752 
Grand Canyon Education, Inc. (a) 53,100 4,993,524 
  18,489,876 
Specialized Consumer Services - 0.1%   
Weight Watchers International, Inc. (a) 22,500 528,300 
TOTAL DIVERSIFIED CONSUMER SERVICES  19,018,176 
Food & Staples Retailing - 1.0%   
Food Distributors - 1.0%   
Performance Food Group Co. (a) 129,039 4,711,214 
Hotels, Restaurants & Leisure - 89.7%   
Casinos & Gaming - 13.8%   
Aristocrat Leisure Ltd. 175,277 3,667,547 
Boyd Gaming Corp. 16,500 441,870 
Caesars Entertainment, Inc. (a) 246,500 11,289,700 
Churchill Downs, Inc. 91,200 15,938,112 
DraftKings, Inc. Class A (a)(b) 17,400 615,264 
Galaxy Entertainment Group Ltd. 535,000 4,205,748 
Las Vegas Sands Corp. 290,808 14,746,874 
MGM Mirage, Inc. 50,100 1,127,250 
Penn National Gaming, Inc. (a) 222,709 11,380,430 
  63,412,795 
Hotels, Resorts & Cruise Lines - 15.3%   
Choice Hotels International, Inc. 46,700 4,636,843 
Extended Stay America, Inc. unit 460,900 5,756,641 
Hilton Worldwide Holdings, Inc. 251,097 22,689,125 
Marriott International, Inc. Class A 216,093 22,238,131 
Marriott Vacations Worldwide Corp. 57,800 5,471,926 
Royal Caribbean Cruises Ltd. (b) 131,490 9,051,772 
  69,844,438 
Leisure Facilities - 2.2%   
Planet Fitness, Inc. (a) 100,000 6,079,000 
Vail Resorts, Inc. 19,000 4,135,730 
  10,214,730 
Restaurants - 58.4%   
Chipotle Mexican Grill, Inc. (a) 24,950 32,691,486 
Darden Restaurants, Inc. 130,100 11,275,767 
Dunkin' Brands Group, Inc. 119,000 9,053,520 
McDonald's Corp. 500,208 106,804,410 
Noodles & Co. (a) 96,900 737,409 
Restaurant Brands International, Inc. 57,100 3,093,692 
Starbucks Corp. 989,700 83,599,959 
Wendy's Co. 314,900 6,594,006 
Wingstop, Inc. 40,600 6,634,040 
Yum! Brands, Inc. 74,316 7,123,189 
  267,607,478 
TOTAL HOTELS, RESTAURANTS & LEISURE  411,079,441 
Internet & Direct Marketing Retail - 1.3%   
Internet & Direct Marketing Retail - 1.3%   
Expedia, Inc. 59,700 5,859,555 
IT Services - 0.3%   
Data Processing & Outsourced Services - 0.3%   
Shift4 Payments, Inc. 26,700 1,344,879 
Leisure Products - 0.0%   
Leisure Products - 0.0%   
Callaway Golf Co. 10,700 223,202 
Multiline Retail - 1.1%   
General Merchandise Stores - 1.1%   
Dollar General Corp. 14,300 2,886,884 
Ollie's Bargain Outlet Holdings, Inc. (a) 21,200 2,025,448 
  4,912,332 
Real Estate Management & Development - 0.1%   
Real Estate Services - 0.1%   
KE Holdings, Inc. ADR (a) 9,200 471,868 
Road & Rail - 0.8%   
Trucking - 0.8%   
Lyft, Inc. (a) 54,800 1,625,916 
Uber Technologies, Inc. (a) 63,100 2,122,053 
  3,747,969 
Textiles, Apparel & Luxury Goods - 0.8%   
Apparel, Accessories & Luxury Goods - 0.8%   
LVMH Moet Hennessy Louis Vuitton SE 8,200 3,850,906 
TOTAL COMMON STOCKS   
(Cost $262,202,764)  455,219,542 
Money Market Funds - 2.4%   
Fidelity Cash Central Fund 0.12% (c) 2,476,664 2,477,159 
Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) 8,391,081 8,391,921 
TOTAL MONEY MARKET FUNDS   
(Cost $10,869,080)  10,869,080 
TOTAL INVESTMENT IN SECURITIES - 101.7%   
(Cost $273,071,844)  466,088,622 
NET OTHER ASSETS (LIABILITIES) - (1.7)%  (7,941,949) 
NET ASSETS - 100%  $458,146,673 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $2,317 
Fidelity Securities Lending Cash Central Fund 31,539 
Total $33,856 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $455,219,542 $447,162,888 $8,056,654 $-- 
Money Market Funds 10,869,080 10,869,080 -- -- 
Total Investments in Securities: $466,088,622 $458,031,968 $8,056,654 $-- 

See accompanying notes which are an integral part of the financial statements.


Leisure Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $8,062,498) — See accompanying schedule:
Unaffiliated issuers (cost $262,202,764) 
$455,219,542  
Fidelity Central Funds (cost $10,869,080) 10,869,080  
Total Investment in Securities (cost $273,071,844)  $466,088,622 
Foreign currency held at value (cost $529)  551 
Receivable for investments sold  879,038 
Receivable for fund shares sold  1,026,863 
Dividends receivable  733,569 
Distributions receivable from Fidelity Central Funds  1,953 
Prepaid expenses  3,938 
Other receivables  14,184 
Total assets  468,748,718 
Liabilities   
Payable for investments purchased $930,021  
Payable for fund shares redeemed 1,000,447  
Accrued management fee 192,020  
Other affiliated payables 76,188  
Other payables and accrued expenses 17,494  
Collateral on securities loaned 8,385,875  
Total liabilities  10,602,045 
Net Assets  $458,146,673 
Net Assets consist of:   
Paid in capital  $294,167,958 
Total accumulated earnings (loss)  163,978,715 
Net Assets  $458,146,673 
Net Asset Value, offering price and redemption price per share ($458,146,673 ÷ 30,916,218 shares)  $14.82 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $2,901,938 
Income from Fidelity Central Funds (including $31,539 from security lending)  33,856 
Total income  2,935,794 
Expenses   
Management fee $1,034,852  
Transfer agent fees 362,175  
Accounting fees 75,704  
Custodian fees and expenses 6,095  
Independent trustees' fees and expenses 1,297  
Registration fees 24,431  
Audit 17,800  
Legal 313  
Miscellaneous 8,373  
Total expenses before reductions 1,531,040  
Expense reductions (34,664)  
Total expenses after reductions  1,496,376 
Net investment income (loss)  1,439,418 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (28,545,945)  
Fidelity Central Funds (1,420)  
Foreign currency transactions 3,540  
Total net realized gain (loss)  (28,543,825) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 67,772,544  
Assets and liabilities in foreign currencies 24  
Total change in net unrealized appreciation (depreciation)  67,772,568 
Net gain (loss)  39,228,743 
Net increase (decrease) in net assets resulting from operations  $40,668,161 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,439,418 $3,993,037 
Net realized gain (loss) (28,543,825) 44,807,931 
Change in net unrealized appreciation (depreciation) 67,772,568 (38,596,433) 
Net increase (decrease) in net assets resulting from operations 40,668,161 10,204,535 
Distributions to shareholders (11,021,977) (31,042,814) 
Share transactions   
Proceeds from sales of shares 85,369,009 119,782,717 
Reinvestment of distributions 10,296,502 28,804,554 
Cost of shares redeemed (98,310,790) (169,526,142) 
Net increase (decrease) in net assets resulting from share transactions (2,645,279) (20,938,871) 
Total increase (decrease) in net assets 27,000,905 (41,777,150) 
Net Assets   
Beginning of period 431,145,768 472,922,918 
End of period $458,146,673 $431,145,768 
Other Information   
Shares   
Sold 7,143,569 7,488,013 
Issued in reinvestment of distributions 934,347 1,846,047 
Redeemed (8,197,007) (10,835,961) 
Net increase (decrease) (119,091) (1,501,901) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Leisure Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 B 2018 B 2017 B 2016 A,B 
Selected Per–Share Data       
Net asset value, beginning of period $13.89 $14.53 $16.58 $14.14 $12.83 $14.01 
Income from Investment Operations       
Net investment income (loss)C .05 .12 .16 .18 .16 .15 
Net realized and unrealized gain (loss) 1.24 .25 .39 3.31 1.29 (.62) 
Total from investment operations 1.29 .37 .55 3.49 1.45 (.47) 
Distributions from net investment income (.02) (.11) (.16) (.14) (.14) (.13) 
Distributions from net realized gain (.34) (.89) (2.44) (.91) – (.58) 
Total distributions (.36) (1.01)D (2.60) (1.05) (.14) (.71) 
Redemption fees added to paid in capitalC – – E E E E 
Net asset value, end of period $14.82 $13.89 $14.53 $16.58 $14.14 $12.83 
Total ReturnF,G 10.20% 1.76% 4.48% 24.75% 11.26% (3.48)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .79%J .76% .76% .77% .80% .79% 
Expenses net of fee waivers, if any .78%J .75% .76% .77% .79% .79% 
Expenses net of all reductions .77%J .75% .76% .77% .79% .78% 
Net investment income (loss) .74%J .79% 1.05% 1.09% 1.17% 1.08% 
Supplemental Data       
Net assets, end of period (000 omitted) $458,147 $431,146 $472,923 $544,540 $402,941 $416,771 
Portfolio turnover rateK 44%J 53% 41% 56% 23% 48% 

 A For the year ended February 29.

 B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

 C Calculated based on average shares outstanding during the period.

 D Total distributions of $1.01 per share is comprised of distributions from net investment income of $.111 and distributions from net realized gain of $.894 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Retailing Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Amazon.com, Inc. 24.7 
The Home Depot, Inc. 13.4 
Lowe's Companies, Inc. 6.3 
Dollar General Corp. 3.7 
TJX Companies, Inc. 3.7 
MercadoLibre, Inc. 3.3 
Dollar Tree, Inc. 3.3 
Target Corp. 2.9 
Ross Stores, Inc. 2.6 
Burlington Stores, Inc. 2.5 
 66.4 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Specialty Retail 40.9% 
   Internet & Direct Marketing Retail 35.2% 
   Multiline Retail 11.1% 
   Food & Staples Retailing 4.8% 
   Textiles, Apparel & Luxury Goods 4.0% 
   All Others* 4.0% 


* Includes short-term investments and net other assets (liabilities).

Retailing Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%   
 Shares Value 
Food & Staples Retailing - 4.8%   
Food Distributors - 2.4%   
Performance Food Group Co. (a) 826,436 $30,173,179 
U.S. Foods Holding Corp. (a) 2,210,000 53,813,500 
  83,986,679 
Food Retail - 0.8%   
Kroger Co. 776,100 27,691,248 
Hypermarkets & Super Centers - 1.6%   
BJ's Wholesale Club Holdings, Inc. (a) 589,740 26,190,353 
Costco Wholesale Corp. 72,900 25,344,414 
Walmart, Inc. 31,800 4,415,430 
  55,950,197 
TOTAL FOOD & STAPLES RETAILING  167,628,124 
Interactive Media & Services - 1.3%   
Interactive Media & Services - 1.3%   
Alphabet, Inc. Class A (a) 15,700 25,583,621 
Facebook, Inc. Class A (a) 63,400 18,588,880 
  44,172,501 
Internet & Direct Marketing Retail - 35.2%   
Internet & Direct Marketing Retail - 35.2%   
Amazon.com, Inc. (a) 250,830 865,604,296 
Expedia, Inc. 810,600 79,560,390 
Farfetch Ltd. Class A (a)(b) 1,811,600 50,163,204 
MercadoLibre, Inc. (a) 98,300 114,872,397 
The Booking Holdings, Inc. (a) 43,840 83,754,128 
The RealReal, Inc. (a)(b) 2,471,815 39,697,349 
Wayfair LLC Class A (a) 2,700 800,712 
  1,234,452,476 
Leisure Products - 0.2%   
Leisure Products - 0.2%   
Vista Outdoor, Inc. (a) 366,600 7,115,706 
Multiline Retail - 11.1%   
General Merchandise Stores - 11.1%   
Dollar General Corp. 646,300 130,475,044 
Dollar Tree, Inc. (a) 1,178,800 113,483,076 
Ollie's Bargain Outlet Holdings, Inc. (a)(b) 448,635 42,862,588 
Target Corp. 673,000 101,764,330 
  388,585,038 
Oil, Gas & Consumable Fuels - 0.5%   
Oil & Gas Refining & Marketing - 0.5%   
Reliance Industries Ltd. sponsored GDR (c) 291,395 16,871,771 
Road & Rail - 0.9%   
Trucking - 0.9%   
Lyft, Inc. (a) 682,800 20,258,676 
Uber Technologies, Inc. (a) 355,100 11,942,013 
  32,200,689 
Software - 0.9%   
Application Software - 0.9%   
HubSpot, Inc. (a) 41,600 12,466,688 
Manhattan Associates, Inc. (a) 205,700 20,004,325 
  32,471,013 
Specialty Retail - 40.9%   
Apparel Retail - 8.9%   
Burlington Stores, Inc. (a) 431,794 85,033,192 
Ross Stores, Inc. 1,010,300 92,018,124 
The Children's Place Retail Stores, Inc. (b) 217,043 4,333,264 
TJX Companies, Inc. 2,352,400 128,887,996 
  310,272,576 
Automotive Retail - 5.7%   
AutoZone, Inc. (a) 28,163 33,691,679 
CarMax, Inc. (a)(b) 636,100 68,018,173 
Carvana Co. Class A (a)(b) 267,500 57,769,300 
O'Reilly Automotive, Inc. (a) 88,986 41,434,551 
  200,913,703 
Computer & Electronics Retail - 2.0%   
Best Buy Co., Inc. 644,000 71,426,040 
Home Improvement Retail - 20.9%   
Floor & Decor Holdings, Inc. Class A (a) 562,537 41,200,210 
Lowe's Companies, Inc. 1,347,100 221,853,899 
The Home Depot, Inc. 1,640,100 467,494,104 
  730,548,213 
Specialty Stores - 3.4%   
Dick's Sporting Goods, Inc. (b) 866,100 46,873,332 
Five Below, Inc. (a) 589,800 64,553,610 
Tiffany & Co., Inc. 50,100 6,137,250 
  117,564,192 
TOTAL SPECIALTY RETAIL  1,430,724,724 
Textiles, Apparel & Luxury Goods - 4.0%   
Apparel, Accessories & Luxury Goods - 4.0%   
adidas AG 78,300 23,789,647 
Aritzia LP (a) 348,300 4,988,112 
Canada Goose Holdings, Inc. (a)(b) 306,600 7,519,557 
Capri Holdings Ltd. (a) 440,400 6,975,936 
G-III Apparel Group Ltd. (a) 784,528 8,676,880 
lululemon athletica, Inc. (a) 82,457 30,976,621 
LVMH Moet Hennessy Louis Vuitton SE 56,500 26,533,680 
PVH Corp. 536,100 29,892,936 
  139,353,369 
TOTAL COMMON STOCKS   
(Cost $1,563,050,222)  3,493,575,411 
Money Market Funds - 5.0%   
Fidelity Cash Central Fund 0.12% (d) 25,882,938 25,888,114 
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) 149,217,023 149,231,945 
TOTAL MONEY MARKET FUNDS   
(Cost $175,120,059)  175,120,059 
TOTAL INVESTMENT IN SECURITIES - 104.8%   
(Cost $1,738,170,281)  3,668,695,470 
NET OTHER ASSETS (LIABILITIES) - (4.8)%  (167,798,753) 
NET ASSETS - 100%  $3,500,896,717 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $16,871,771 or 0.5% of net assets.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $9,774 
Fidelity Securities Lending Cash Central Fund 122,411 
Total $132,185 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Drive Shack, Inc. $9,998,274 $-- $4,390,046 $-- $(11,712,122) $6,103,894 $-- 
Total $9,998,274 $-- $4,390,046 $-- $(11,712,122) $6,103,894 $-- 

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $3,493,575,411 $3,467,041,731 $26,533,680 $-- 
Money Market Funds 175,120,059 175,120,059 -- -- 
Total Investments in Securities: $3,668,695,470 $3,642,161,790 $26,533,680 $-- 

See accompanying notes which are an integral part of the financial statements.


Retailing Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $145,555,386) — See accompanying schedule:
Unaffiliated issuers (cost $1,563,050,222) 
$3,493,575,411  
Fidelity Central Funds (cost $175,120,059) 175,120,059  
Total Investment in Securities (cost $1,738,170,281)  $3,668,695,470 
Receivable for investments sold  12,149,064 
Receivable for fund shares sold  8,153,543 
Dividends receivable  525,994 
Distributions receivable from Fidelity Central Funds  35,654 
Prepaid expenses  19,400 
Other receivables  62,365 
Total assets  3,689,641,490 
Liabilities   
Payable for investments purchased $33,259,971  
Payable for fund shares redeemed 4,246,480  
Accrued management fee 1,482,276  
Other affiliated payables 506,449  
Other payables and accrued expenses 21,987  
Collateral on securities loaned 149,227,610  
Total liabilities  188,744,773 
Net Assets  $3,500,896,717 
Net Assets consist of:   
Paid in capital  $1,297,211,552 
Total accumulated earnings (loss)  2,203,685,165 
Net Assets  $3,500,896,717 
Net Asset Value, offering price and redemption price per share ($3,500,896,717 ÷ 160,508,991 shares)  $21.81 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $10,213,668 
Income from Fidelity Central Funds (including $122,411 from security lending)  132,185 
Total income  10,345,853 
Expenses   
Management fee $7,450,014  
Transfer agent fees 2,395,173  
Accounting fees 413,718  
Custodian fees and expenses 10,635  
Independent trustees' fees and expenses 8,790  
Registration fees 53,163  
Audit 19,265  
Legal 2,002  
Interest 12,464  
Miscellaneous 51,840  
Total expenses before reductions 10,417,064  
Expense reductions (166,489)  
Total expenses after reductions  10,250,575 
Net investment income (loss)  95,278 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 291,473,525  
Fidelity Central Funds 8,303  
Other affiliated issuers (11,712,122)  
Foreign currency transactions 37,782  
Total net realized gain (loss)  279,807,488 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 653,297,809  
Affiliated issuers 6,103,894  
Assets and liabilities in foreign currencies (2,707)  
Total change in net unrealized appreciation (depreciation)  659,398,996 
Net gain (loss)  939,206,484 
Net increase (decrease) in net assets resulting from operations  $939,301,762 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $95,278 $8,073,263 
Net realized gain (loss) 279,807,488 34,252,880 
Change in net unrealized appreciation (depreciation) 659,398,996 180,411,347 
Net increase (decrease) in net assets resulting from operations 939,301,762 222,737,490 
Distributions to shareholders (2,233,202) (70,573,195) 
Share transactions   
Proceeds from sales of shares 381,463,799 537,224,260 
Reinvestment of distributions 2,123,182 67,160,431 
Cost of shares redeemed (518,756,465) (1,093,141,870) 
Net increase (decrease) in net assets resulting from share transactions (135,169,484) (488,757,179) 
Total increase (decrease) in net assets 801,899,076 (336,592,884) 
Net Assets   
Beginning of period 2,698,997,641 3,035,590,525 
End of period $3,500,896,717 $2,698,997,641 
Other Information   
Shares   
Sold 21,056,068 33,219,799 
Issued in reinvestment of distributions 143,749 4,207,150 
Redeemed (32,481,458) (67,831,907) 
Net increase (decrease) (11,281,641) (30,404,958) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Retailing Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 B 2018 B 2017 B 2016 A,B 
Selected Per–Share Data       
Net asset value, beginning of period $15.71 $15.01 $14.35 $11.56 $9.88 $9.53 
Income from Investment Operations       
Net investment income (loss)C D .04 .03 .04 .01 .01E 
Net realized and unrealized gain (loss) 6.11 1.02 .93 3.23 1.69 .47 
Total from investment operations 6.11 1.06 .96 3.27 1.70 .48 
Distributions from net investment income – (.05) (.02) (.03) (.02) (.02) 
Distributions from net realized gain (.01) (.31) (.27) (.45) – (.11) 
Total distributions (.01) (.36) (.30)F (.48) (.02) (.13) 
Redemption fees added to paid in capitalC – – – – D D 
Net asset value, end of period $21.81 $15.71 $15.01 $14.35 $11.56 $9.88 
Total ReturnG,H 38.96% 7.02% 6.83% 28.66% 17.20% 5.11% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .74%K .74% .76% .78% .78% .81% 
Expenses net of fee waivers, if any .74%K .74% .75% .77% .78% .80% 
Expenses net of all reductions .73%K .74% .75% .77% .78% .80% 
Net investment income (loss) .01%K .26% .20% .29% .07% .14%E 
Supplemental Data       
Net assets, end of period (000 omitted) $3,500,897 $2,698,998 $3,035,591 $2,329,366 $1,924,403 $1,849,996 
Portfolio turnover rateL 52%K 17% 34% 24% 17% 11% 

 A For the year ended February 29.

 B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.

 C Calculated based on average shares outstanding during the period.

 D Amount represents less than $.005 per share.

 E Net investment income per share reflects one a large, non-recurring dividend which amounted to $.01 per share. Excluding such non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .02%.

 F Total distributions of $.30 per share is comprised of distributions from net investment income of $.024 and distributions from net realized gain of $.272 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2020

1. Organization.

Automotive Portfolio, Communication Services Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Leisure Portfolio, and Retailing Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Each Fund offers a single class of shares, with the exception of Communication Services Portfolio. Communication Services Portfolio offers Class A, Class M, Class C, Communication Services, Class I and Class Z shares. Communication Services Portfolio commenced sale of Class A, Class M, Class C, Class I and Class Z on November 30, 2018. Each class of Communication Services Portfolio has equal rights as to assets and voting privileges, and each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Share transactions on the Statement of Changes in Net Assets and Share Transactions note may contain exchanges between affiliated funds.

2. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2020 is included at the end of each Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

For Communication Services Portfolio, investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, redemptions in kind, partnerships, net operating losses, and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Automotive Portfolio $40,461,112 $17,597,185 $(1,233,511) $16,363,674 
Communication Services Portfolio 512,978,440 285,370,171 (16,354,564) 269,015,607 
Construction and Housing Portfolio 193,375,325 133,471,894 (7,086,810) 126,385,084 
Consumer Discretionary Portfolio 276,915,551 223,974,705 (13,753,952) 210,220,753 
Leisure Portfolio 277,881,777 196,616,416 (8,409,571) 188,206,845 
Retailing Portfolio 1,740,140,131 1,983,675,070 (55,119,731) 1,928,555,339 

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

 No expiration   
 Short-term Long-term Total capital loss carryforward 
Consumer Discretionary Portfolio (2,391,308) (–) (2,391,308) 

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2019 to February 29, 2020 and ordinary losses recognized during the period January 1, 2020 to February 29, 2020. Loss deferrals were as follows:

  Capital losses  Ordinary losses 
Automotive Portfolio  $(37,594)  $(12,920) 
Construction and Housing Portfolio  (–)  (380,060) 
Consumer Discretionary Portfolio  (–)  (58,248) 
Retailing Portfolio  (–)  (993,743) 

Restricted Securities (including Private Placements). The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities are noted in the table below.

 Purchases ($) Sales ($) 
Automotive Portfolio 15,667,920 11,551,955 
Communication Services Portfolio 171,299,829 180,291,692 
Construction and Housing Portfolio 164,666,005 209,525,060 
Consumer Discretionary Portfolio 74,969,895 109,500,715 
Leisure Portfolio 86,963,684 103,082,462 
Retailing Portfolio 739,637,213 912,693,666 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:

 Individual Rate Group Rate Total 
Automotive Portfolio .30% .23% .53% 
Communication Services Portfolio .30% .23% .53% 
Construction and Housing Portfolio .30% .23% .53% 
Consumer Discretionary Portfolio .30% .23% .53% 
Leisure Portfolio .30% .23% .53% 
Retailing Portfolio .30% .23% .53% 

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, Communication Services Portfolio has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of each Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Communication Services Portfolio     
Class A -% .25% $17,276 $– 
Class M .25% .25% 6,748 – 
Class C .75% .25% 12,657 – 
   $36,681 $– 

Sales Load. For Communication Services Portfolio, FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Communication Services Portfolio  
Class A $18,166 
Class M 1,071 
Class C(a) 333 
 $19,570 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class (Communication Services Portfolio) or Fund (all other Funds). FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective class or Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were as follows:

 Amount % of Average Net Assets 
Automotive Portfolio $41,742 .24 
Communication Services Portfolio   
Class A 16,713 .24 
Class M 3,297 .24 
Class C 2,447 .19 
Communication Services 536,957 .18 
Class I 6,378 .16 
Class Z 911 .04 
 566,703  
Construction and Housing Portfolio 250,882 .19 
Consumer Discretionary Portfolio 329,778 .17 
Leisure Portfolio 362,175 .19 
Retailing Portfolio 2,395,173 .17 

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Automotive Portfolio .04 
Communication Services Portfolio .04 
Construction and Housing Portfolio .04 
Consumer Discretionary Portfolio .04 
Leisure Portfolio .04 
Retailing Portfolio .03 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Automotive Portfolio $576 
Communication Services Portfolio 3,943 
Construction and Housing Portfolio 3,354 
Consumer Discretionary Portfolio 862 
Leisure Portfolio 2,585 
Retailing Portfolio 8,896 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, each fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Communication Services Portfolio Borrower $3,623,500 .34% $69 
Construction and Housing Portfolio Borrower $5,209,875 1.34% $1,551 
Consumer Discretionary Portfolio Borrower $1,565,188 1.59% $1,108 
Retailing Portfolio Borrower $14,073,867 .92% $12,464 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 233,442 shares of the Consumer Discretionary Portfolio were redeemed in-kind for investments and cash with a value of $10,509,560. The Fund had a net realized gain of $4,367,344 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. Consumer Discretionary Portfolio recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Automotive Portfolio $43 
Communication Services Portfolio 752 
Construction and Housing Portfolio 364 
Consumer Discretionary Portfolio 501 
Leisure Portfolio 526 
Retailing Portfolio 3,436 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

Certain Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the Funds. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a Fund's daily lending revenue, for its services as lending agent. The Funds may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, an affiliated borrower. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Net income from Fidelity Central Funds is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity was as follows:

 Total Security Lending Income Fees Paid to NFS Security Lending Income From Securities Loaned to NFS 
Automotive Portfolio $286 $– 
Communication Services Portfolio $22,234 $2 
Construction and Housing Portfolio $155 $– 
Consumer Discretionary Portfolio $1,060 $– 
Leisure Portfolio $2,988 $– 
Retailing Portfolio $9,053 $– 

8. Bank Borrowings.

Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Consumer Discretionary Portfolio $1,436,538 1.06% $548 

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of certain Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. All of the applicable expense reductions are noted in the table below.

 Brokerage service rebates 
Automotive Portfolio $860 
Communication Services Portfolio 28,878 
Construction and Housing Portfolio 45,925 
Consumer Discretionary Portfolio 6,817 
Leisure Portfolio 33,658 
Retailing Portfolio 160,296 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses as follows:

 Amount 
Automotive Portfolio $84 
Communication Services Portfolio 1,283 
Construction and Housing Portfolio 748 
Consumer Discretionary Portfolio 903 
Leisure Portfolio 1,006 
Retailing Portfolio 6,193 

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
August 31, 2020 
Year ended
February 29, 2020 
Communication Services Portfolio   
Distributions to shareholders   
Class A $218,147 $798,640 
Class M 43,040 242,564 
Class C 46,096 201,206 
Communication Services 12,783,820 178,269,893 
Class I 48,553 316,058 
Class Z 41,055 300,481 
Total $13,180,711 $180,128,842 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended August 31, 2020 Year ended February 29, 2020 Six months ended August 31, 2020 Year ended February 29, 2020 
Communication Services Portfolio     
Class A     
Shares sold 183,160 163,941 $10,857,508 $10,592,862 
Reinvestment of distributions 4,024 12,499 217,520 794,118 
Shares redeemed (84,779) (21,919) (4,682,847) (1,385,300) 
Net increase (decrease) 102,405 154,521 $6,392,181 $10,001,680 
Class M     
Shares sold 38,060 40,632 $2,532,360 $2,626,137 
Reinvestment of distributions 798 3,855 43,040 242,564 
Shares redeemed (14,710) (13,568) (834,702) (861,553) 
Net increase (decrease) 24,148 30,919 $1,740,698 $2,007,148 
Class C     
Shares sold 27,058 32,141 $1,759,437 $2,084,369 
Reinvestment of distributions 860 3,184 46,096 199,573 
Shares redeemed (7,676) (7,441) (436,503) (459,981) 
Net increase (decrease) 20,242 27,884 $1,369,030 $1,823,961 
Communication Services     
Shares sold 1,259,943 2,955,352 $80,871,063 $190,171,586 
Reinvestment of distributions 227,417 2,705,020 12,337,334 169,393,115 
Shares redeemed (1,758,755) (3,681,065) (107,897,773) (235,496,213) 
Net increase (decrease) (271,395) 1,979,307 $(14,689,376) $124,068,488 
Class I     
Shares sold 218,951 63,284 $14,449,225 $4,090,035 
Reinvestment of distributions 888 4,990 48,174 315,170 
Shares redeemed (30,272) (33,315) (1,876,297) (2,081,507) 
Net increase (decrease) 189,567 34,959 $12,621,102 $2,323,698 
Class Z     
Shares sold 121,078 25,004 $8,178,654 $1,643,568 
Reinvestment of distributions 712 4,650 38,657 293,270 
Shares redeemed (20,980) (6,601) (1,349,059) (443,166) 
Net increase (decrease) 100,810 23,053 $6,868,252 $1,493,672 

12. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2020 to August 31, 2020).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
March 1, 2020 
Ending
Account Value
August 31, 2020 
Expenses Paid
During Period-B
March 1, 2020
to August 31, 2020 
Automotive Portfolio 1.00%    
Actual  $1,000.00 $1,348.60 $5.92 
Hypothetical-C  $1,000.00 $1,020.16 $5.09 
Communication Services Portfolio     
Class A 1.09%    
Actual  $1,000.00 $1,287.70 $6.29 
Hypothetical-C  $1,000.00 $1,019.71 $5.55 
Class M 1.34%    
Actual  $1,000.00 $1,286.20 $7.72 
Hypothetical-C  $1,000.00 $1,018.45 $6.82 
Class C 1.79%    
Actual  $1,000.00 $1,283.20 $10.30 
Hypothetical-C  $1,000.00 $1,016.18 $9.10 
Communication Services .78%    
Actual  $1,000.00 $1,289.80 $4.50 
Hypothetical-C  $1,000.00 $1,021.27 $3.97 
Class I .76%    
Actual  $1,000.00 $1,290.10 $4.39 
Hypothetical-C  $1,000.00 $1,021.37 $3.87 
Class Z .64%    
Actual  $1,000.00 $1,290.70 $3.70 
Hypothetical-C  $1,000.00 $1,021.98 $3.26 
Construction and Housing Portfolio .81%    
Actual  $1,000.00 $1,220.20 $4.53 
Hypothetical-C  $1,000.00 $1,021.12 $4.13 
Consumer Discretionary Portfolio .77%    
Actual  $1,000.00 $1,303.60 $4.47 
Hypothetical-C  $1,000.00 $1,021.32 $3.92 
Leisure Portfolio .78%    
Actual  $1,000.00 $1,102.00 $4.13 
Hypothetical-C  $1,000.00 $1,021.27 $3.97 
Retailing Portfolio .74%    
Actual  $1,000.00 $1,389.60 $4.46 
Hypothetical-C  $1,000.00 $1,021.48 $3.77 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 
% of
Votes 
Dennis J. Dirks 
Affirmative 32,463,705,305.665 92.437 
Withheld 2,655,951,104.308 7.563 
TOTAL 35,119,656,409.973 100.000 
Donald F. Donahue 
Affirmative 32,446,843,861.354 92.389 
Withheld 2,672,812,548.619 7.611 
TOTAL 35,119,656,409.973 100.000 
Bettina Doulton 
Affirmative 32,610,463,757.584 92.855 
Withheld 2,509,192,652.389 7.145 
TOTAL 35,119,656,409.973 100.000 
Vicki L. Fuller 
Affirmative 32,688,213,522.720 93.077 
Withheld 2,431,442,887.253 6.923 
TOTAL 35,119,656,409.973 100.000 
Patricia L. Kampling 
Affirmative 32,313,755,598.535 92.010 
Withheld 2,805,900,811.438 7.990 
TOTAL 35,119,656,409.973 100.000 
Alan J. Lacy 
Affirmative 31,990,158,754.948 91.089 
Withheld 3,129,497,655.026 8.911 
TOTAL 35,119,656,409.973 100.000 
Ned C. Lautenbach 
Affirmative 32,043,019,991.143 91.240 
Withheld 3,076,636,418.830 8.760 
TOTAL 35,119,656,409.973 100.000 
Robert A. Lawrence 
Affirmative 32,150,842,398.009 91.547 
Withheld 2,968,814,011.965 8.453 
TOTAL 35,119,656,409.973 100.000 
Joseph Mauriello 
Affirmative 32,082,201,213.166 91.351 
Withheld 3,037,455,196.807 8.649 
TOTAL 35,119,656,409.973 100.000 
Cornelia M. Small 
Affirmative 32,207,976,835.934 91.709 
Withheld 2,911,679,574.039 8.291 
TOTAL 35,119,656,409.973 100.000 
Garnett A. Smith 
Affirmative 32,102,654,343.096 91.409 
Withheld 3,017,002,066.877 8.591 
TOTAL 35,119,656,409.973 100.000 
David M. Thomas 
Affirmative 32,150,749,424.556 91.546 
Withheld 2,968,906,985.418 8.454 
TOTAL 35,119,656,409.973 100.000 
Susan Tomasky 
Affirmative 32,381,933,484.515 92.205 
Withheld 2,737,722,925.459 7.795 
TOTAL 35,119,656,409.973 100.000 
Michael E. Wiley 
Affirmative 32,135,064,741.973 91.502 
Withheld 2,984,591,668.000 8.498 
TOTAL 35,119,656,409.973 100.000 
Proposal 1 reflects trust wide proposal and voting results. 





Fidelity Investments

SELCON-SANN-1020
1.813637.115




Fidelity® Select Portfolios®
Energy Sector

Energy Portfolio

Energy Service Portfolio

Natural Gas Portfolio

Natural Resources Portfolio



Semi-Annual Report

August 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Note to Shareholders

Energy Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Energy Service Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Natural Gas Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Natural Resources Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Proxy Voting Results


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Energy Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Chevron Corp. 18.0 
Exxon Mobil Corp. 12.7 
Cheniere Energy, Inc. 5.8 
BP PLC sponsored ADR 5.5 
The Williams Companies, Inc. 4.3 
EOG Resources, Inc. 4.0 
Pioneer Natural Resources Co. 3.9 
ConocoPhillips Co. 3.7 
Marathon Petroleum Corp. 3.5 
Valero Energy Corp. 3.5 
 64.9 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Oil, Gas & Consumable Fuels 87.4% 
   Energy Equipment & Services 8.5% 
   Independent Power and Renewable Electricity Producers 3.1% 
   All Others* 1.0% 


* Includes short-term investments and net other assets (liabilities).

Energy Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%   
 Shares Value 
Energy Equipment & Services - 8.5%   
Oil & Gas Drilling - 0.8%   
Nabors Industries Ltd. (a) 34,558 $1,381,629 
Odfjell Drilling Ltd. (b) 1,835,680 2,437,571 
Patterson-UTI Energy, Inc. 379,500 1,461,075 
Shelf Drilling Ltd. (b)(c) 1,474,713 496,315 
  5,776,590 
Oil & Gas Equipment & Services - 7.7%   
Baker Hughes Co. Class A (a) 1,674,140 23,906,719 
Cactus, Inc. 166,300 3,673,567 
Forum Energy Technologies, Inc. (b) 491,419 268,855 
Nextier Oilfield Solutions, Inc. (b) 762,900 1,922,508 
Oceaneering International, Inc. (b) 253,000 1,363,670 
ProPetro Holding Corp. (b) 759,300 4,768,404 
RigNet, Inc. (b) 582,601 2,907,179 
Schlumberger Ltd. 386,458 7,346,567 
TechnipFMC PLC 799,700 6,157,690 
  52,315,159 
TOTAL ENERGY EQUIPMENT& SERVICES  58,091,749 
Independent Power and Renewable Electricity Producers - 3.1%   
Independent Power Producers & Energy Traders - 3.1%   
Vistra Corp. 1,117,200 21,483,756 
Oil, Gas & Consumable Fuels - 87.4%   
Integrated Oil & Gas - 41.9%   
BP PLC sponsored ADR 1,787,100 37,404,003 
Chevron Corp. 1,465,723 123,018,131 
Exxon Mobil Corp. 2,167,648 86,575,861 
Occidental Petroleum Corp. 479,400 6,107,556 
Occidental Petroleum Corp. warrants 8/3/27 (b) 63,600 187,620 
Royal Dutch Shell PLC Class B sponsored ADR 488,600 13,729,660 
Suncor Energy, Inc. 831,600 13,344,109 
Total SA sponsored ADR 156,200 6,180,834 
  286,547,774 
Oil & Gas Exploration & Production - 22.1%   
Callon Petroleum Co. (a)(b) 76,900 509,847 
Canadian Natural Resources Ltd. 806,100 15,895,191 
Cimarex Energy Co. 161,300 4,480,914 
Concho Resources, Inc. 57,100 2,968,058 
ConocoPhillips Co. 675,800 25,606,062 
Devon Energy Corp. 275,700 2,996,859 
EOG Resources, Inc. 605,164 27,438,136 
Hess Corp. 96,500 4,442,860 
Magnolia Oil & Gas Corp. Class A (b) 533,100 3,433,164 
National Energy Services Reunited Corp. (b) 788,300 5,943,782 
Noble Energy, Inc. 1,319,400 13,128,030 
Northern Oil & Gas, Inc. (a)(b) 3,643,400 2,472,047 
Parsley Energy, Inc. Class A 554,500 5,960,875 
PDC Energy, Inc. (b) 470,751 7,127,170 
Pioneer Natural Resources Co. 257,899 26,803,443 
Viper Energy Partners LP 225,159 2,292,119 
  151,498,557 
Oil & Gas Refining & Marketing - 9.8%   
Marathon Petroleum Corp. 683,692 24,243,718 
Phillips 66 Co. 314,873 18,410,624 
Valero Energy Corp. 456,600 24,012,594 
World Fuel Services Corp. 25,500 673,200 
  67,340,136 
Oil & Gas Storage & Transport - 13.6%   
Cheniere Energy, Inc. (b) 764,100 39,771,405 
Enterprise Products Partners LP 587,700 10,320,012 
Euronav NV 102,700 936,624 
Golar LNG Ltd. (a)(b) 380,600 3,939,210 
Noble Midstream Partners LP 514,314 4,608,253 
Teekay LNG Partners LP 366,400 4,056,048 
The Williams Companies, Inc. 1,403,800 29,142,888 
  92,774,440 
TOTAL OIL, GAS & CONSUMABLE FUELS  598,160,907 
TOTAL COMMON STOCKS   
(Cost $893,167,769)  677,736,412 
Money Market Funds - 4.8%   
Fidelity Cash Central Fund 0.12% (d) 1,150,086 1,150,316 
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) 31,410,362 31,413,503 
TOTAL MONEY MARKET FUNDS   
(Cost $32,563,819)  32,563,819 
TOTAL INVESTMENT IN SECURITIES - 103.8%   
(Cost $925,731,588)  710,300,231 
NET OTHER ASSETS (LIABILITIES) - (3.8)%  (25,967,214) 
NET ASSETS - 100%  $684,333,017 

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $496,315 or 0.1% of net assets.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $11,204 
Fidelity Securities Lending Cash Central Fund 43,429 
Total $54,633 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $677,736,412 $677,736,412 $-- $-- 
Money Market Funds 32,563,819 32,563,819 -- -- 
Total Investments in Securities: $710,300,231 $710,300,231 $-- $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 82.6% 
United Kingdom 8.4% 
Canada 4.2% 
Bermuda 1.1% 
Curacao 1.1% 
Others (Individually Less Than 1%) 2.6% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Energy Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $28,779,435) — See accompanying schedule:
Unaffiliated issuers (cost $893,167,769) 
$677,736,412  
Fidelity Central Funds (cost $32,563,819) 32,563,819  
Total Investment in Securities (cost $925,731,588)  $710,300,231 
Receivable for fund shares sold  1,400,941 
Dividends receivable  6,123,473 
Distributions receivable from Fidelity Central Funds  9,728 
Prepaid expenses  11,548 
Other receivables  296,851 
Total assets  718,142,772 
Liabilities   
Payable for fund shares redeemed 1,703,897  
Accrued management fee 314,985  
Other affiliated payables 175,177  
Other payables and accrued expenses 207,371  
Collateral on securities loaned 31,408,325  
Total liabilities  33,809,755 
Net Assets  $684,333,017 
Net Assets consist of:   
Paid in capital  $1,381,632,878 
Total accumulated earnings (loss)  (697,299,861) 
Net Assets  $684,333,017 
Net Asset Value, offering price and redemption price per share ($684,333,017 ÷ 31,962,801 shares)  $21.41 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $17,160,250 
Income from Fidelity Central Funds (including $43,429 from security lending)  54,633 
Total income  17,214,883 
Expenses   
Management fee $1,763,262  
Transfer agent fees 872,630  
Accounting fees 119,669  
Custodian fees and expenses 6,034  
Independent trustees' fees and expenses 2,166  
Registration fees 55,446  
Audit 34,844  
Legal 514  
Interest 164  
Miscellaneous 26,207  
Total expenses before reductions 2,880,936  
Expense reductions (93,795)  
Total expenses after reductions  2,787,141 
Net investment income (loss)  14,427,742 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (73,688,166)  
Fidelity Central Funds (547)  
Foreign currency transactions (2,437)  
Total net realized gain (loss)  (73,691,150) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (49,005,458)  
Assets and liabilities in foreign currencies (274)  
Total change in net unrealized appreciation (depreciation)  (49,005,732) 
Net gain (loss)  (122,696,882) 
Net increase (decrease) in net assets resulting from operations  $(108,269,140) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $14,427,742 $19,564,546 
Net realized gain (loss) (73,691,150) (47,026,999) 
Change in net unrealized appreciation (depreciation) (49,005,732) (239,088,970) 
Net increase (decrease) in net assets resulting from operations (108,269,140) (266,551,423) 
Distributions to shareholders (4,066,017) (17,018,375) 
Share transactions   
Proceeds from sales of shares 308,298,295 208,781,170 
Reinvestment of distributions 3,863,469 16,049,946 
Cost of shares redeemed (191,805,864) (417,122,444) 
Net increase (decrease) in net assets resulting from share transactions 120,355,900 (192,291,328) 
Total increase (decrease) in net assets 8,020,743 (475,861,126) 
Net Assets   
Beginning of period 676,312,274 1,152,173,400 
End of period $684,333,017 $676,312,274 
Other Information   
Shares   
Sold 15,556,729 6,071,489 
Issued in reinvestment of distributions 198,534 450,411 
Redeemed (9,040,223) (12,000,042) 
Net increase (decrease) 6,715,040 (5,478,142) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Energy Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $26.79 $37.50 $41.01 $44.10 $32.63 $45.64 
Income from Investment Operations       
Net investment income (loss)B .46 .71 .49 .75C .18 .42 
Net realized and unrealized gain (loss) (5.70) (10.76) (3.51) (3.06) 11.58 (12.98) 
Total from investment operations (5.24) (10.05) (3.02) (2.31) 11.76 (12.56) 
Distributions from net investment income (.14) (.64) (.48) (.68) (.24) (.39) 
Distributions from net realized gain – (.02) (.01) (.10) (.05) (.07) 
Total distributions (.14) (.66) (.49) (.78) (.29) (.45)D 
Redemption fees added to paid in capitalB – – – – E E 
Net asset value, end of period $21.41 $26.79 $37.50 $41.01 $44.10 $32.63 
Total ReturnF,G (19.53)% (27.24)% (7.30)% (5.27)% 36.05% (27.61)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .87%J .81% .78% .79% .79% .80% 
Expenses net of fee waivers, if any .87%J .81% .78% .79% .79% .80% 
Expenses net of all reductions .84%J .80% .77% .78% .78% .79% 
Net investment income (loss) 4.35%J 2.00% 1.12% 1.82%C .44% 1.03% 
Supplemental Data       
Net assets, end of period (000 omitted) $684,333 $676,312 $1,152,173 $1,778,436 $2,289,350 $1,928,897 
Portfolio turnover rateK 28%J 79%L 59%L 59% 93%L 79% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend which amounted to $.48 per share. Excluding such non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .66%.

 D Total distributions of $.45 per share is comprised of distributions from net investment income of $.387 and distributions from net realized gain of $.066 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Energy Service Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Baker Hughes Co. Class A 14.2 
Schlumberger Ltd. 13.8 
TechnipFMC PLC 6.2 
National Energy Services Reunited Corp. 5.5 
Halliburton Co. 5.0 
Cheniere Energy, Inc. 5.0 
Championx Corp. 4.9 
Cactus, Inc. 4.8 
Dril-Quip, Inc. 4.2 
Tenaris SA sponsored ADR 3.4 
 67.0 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Energy Equipment & Services 86.1% 
   Oil, Gas & Consumable Fuels 11.1% 
   All Others* 2.8% 


* Includes short-term investments and net other assets (liabilities).

Energy Service Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%   
 Shares Value 
Energy Equipment & Services - 86.1%   
Oil & Gas Drilling - 9.6%   
Borr Drilling Ltd. (a)(b) 95,212 $83,706 
Helmerich & Payne, Inc. 208,498 3,436,047 
Independence Contract Drilling, Inc. (b) 74,562 207,282 
Nabors Industries Ltd. (a) 60,341 2,412,433 
Odfjell Drilling Ltd. (a)(b) 3,599,482 4,779,696 
Patterson-UTI Energy, Inc. 795,290 3,061,867 
Shelf Drilling Ltd. (b)(c) 3,743,976 1,260,035 
Transocean Ltd. (United States) (a)(b) 355,200 433,344 
  15,674,410 
Oil & Gas Equipment & Services - 76.5%   
Archrock, Inc. 463,416 3,040,009 
Baker Hughes Co. Class A (a) 1,609,538 22,984,199 
Cactus, Inc. 349,786 7,726,773 
Championx Corp. (b) 771,848 7,903,724 
Core Laboratories NV (a) 42,200 883,246 
CSI Compressco LP 935,457 1,066,421 
Dril-Quip, Inc. (b) 206,800 6,851,284 
Forum Energy Technologies, Inc. (b) 568,197 310,861 
Frank's International NV (b) 464,583 1,073,187 
Halliburton Co. 500,850 8,103,753 
Helix Energy Solutions Group, Inc. (b) 761,729 2,726,990 
National Oilwell Varco, Inc. 295,700 3,548,400 
Nextier Oilfield Solutions, Inc. (b) 1,576,400 3,972,528 
Oceaneering International, Inc. (b) 801,525 4,320,220 
Oil States International, Inc. (b) 227,625 999,274 
ProPetro Holding Corp. (b) 848,500 5,328,580 
Ranger Energy Services, Inc. Class A (a)(b) 687,587 1,849,609 
RigNet, Inc. (b) 244,735 1,221,228 
Schlumberger Ltd. 1,182,711 22,483,336 
SEACOR Holdings, Inc. (b) 30,900 976,749 
SEACOR Marine Holdings, Inc. (b) 100 268 
Smart Sand, Inc. (a)(b) 271,990 375,346 
TechnipFMC PLC 1,305,372 10,051,364 
Tenaris SA sponsored ADR 477,500 5,567,650 
TETRA Technologies, Inc. (b) 1,185,322 806,019 
TETRA Technologies, Inc. warrants 12/14/21 (b) 300,100 
Weatherford International PLC (a)(b) 1,499 4,542 
  124,175,567 
TOTAL ENERGY EQUIPMENT & SERVICES  139,849,977 
Oil, Gas & Consumable Fuels - 11.1%   
Oil & Gas Exploration & Production - 5.5%   
National Energy Services Reunited Corp. (a)(b) 1,178,274 8,884,186 
Oil & Gas Storage & Transport - 5.6%   
Cheniere Energy, Inc. (b) 154,812 8,057,965 
Golar LNG Ltd. (b) 93,533 968,067 
  9,026,032 
TOTAL OIL, GAS & CONSUMABLE FUELS  17,910,218 
TOTAL COMMON STOCKS   
(Cost $290,774,422)  157,760,195 
Money Market Funds - 14.2%   
Fidelity Cash Central Fund 0.12% (d) 4,734,390 4,735,337 
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) 18,322,202 18,324,034 
TOTAL MONEY MARKET FUNDS   
(Cost $23,059,253)  23,059,371 
TOTAL INVESTMENT IN SECURITIES - 111.4%   
(Cost $313,833,675)  180,819,566 
NET OTHER ASSETS (LIABILITIES) - (11.4)%  (18,435,396) 
NET ASSETS - 100%  $162,384,170 

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,260,035 or 0.8% of net assets.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $4,057 
Fidelity Securities Lending Cash Central Fund 97,053 
Total $101,110 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

The value, beginning of period, for the Fidelity Cash Central Fund was $2,393,395. Net realized gain (loss) and change in net unrealized appreciation (depreciation) was $(51) and $0, respectively. Purchases and sales of the Fidelity Cash Central Fund were $55,366,462 and $39,435,772, respectively, during the period.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $157,760,195 $157,760,188 $7 $-- 
Money Market Funds 23,059,371 23,059,371 -- -- 
Total Investments in Securities: $180,819,566 $180,819,559 $7 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 63.8% 
Curacao 13.8% 
United Kingdom 6.2% 
British Virgin Islands 5.5% 
Bermuda 5.0% 
Luxembourg 3.4% 
Netherlands 1.2% 
Others (Individually Less Than 1%) 1.1% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Energy Service Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $17,187,593) — See accompanying schedule:
Unaffiliated issuers (cost $290,774,422) 
$157,760,195  
Fidelity Central Funds (cost $23,059,253) 23,059,371  
Total Investment in Securities (cost $313,833,675)  $180,819,566 
Receivable for investments sold  1,617,434 
Receivable for fund shares sold  622,797 
Dividends receivable  37,443 
Distributions receivable from Fidelity Central Funds  13,334 
Prepaid expenses  2,654 
Other receivables  67,371 
Total assets  183,180,599 
Liabilities   
Payable for investments purchased $1,698,357  
Payable for fund shares redeemed 573,061  
Accrued management fee 75,725  
Other affiliated payables 42,784  
Other payables and accrued expenses 81,851  
Collateral on securities loaned 18,324,651  
Total liabilities  20,796,429 
Net Assets  $162,384,170 
Net Assets consist of:   
Paid in capital  $586,858,120 
Total accumulated earnings (loss)  (424,473,950) 
Net Assets  $162,384,170 
Net Asset Value, offering price and redemption price per share ($162,384,170 ÷ 13,272,686 shares)  $12.23 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $1,498,772 
Income from Fidelity Central Funds (including $97,053 from security lending)  101,110 
Total income  1,599,882 
Expenses   
Management fee $369,648  
Transfer agent fees 185,522  
Accounting fees 27,044  
Custodian fees and expenses 3,868  
Independent trustees' fees and expenses 456  
Registration fees 28,757  
Audit 25,610  
Legal 113  
Miscellaneous 7,708  
Total expenses before reductions 648,726  
Expense reductions (18,556)  
Total expenses after reductions  630,170 
Net investment income (loss)  969,712 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (47,622,884)  
Fidelity Central Funds 45  
Foreign currency transactions 6,133  
Total net realized gain (loss)  (47,616,706) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 6,799,146  
Assets and liabilities in foreign currencies 225  
Total change in net unrealized appreciation (depreciation)  6,799,371 
Net gain (loss)  (40,817,335) 
Net increase (decrease) in net assets resulting from operations  $(39,847,623) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $969,712 $3,142,678 
Net realized gain (loss) (47,616,706) (94,157,598) 
Change in net unrealized appreciation (depreciation) 6,799,371 (34,954,625) 
Net increase (decrease) in net assets resulting from operations (39,847,623) (125,969,545) 
Distributions to shareholders (658,867) (4,506,594) 
Share transactions   
Proceeds from sales of shares 99,644,307 134,993,891 
Reinvestment of distributions 626,975 4,269,353 
Cost of shares redeemed (56,510,189) (153,007,034) 
Net increase (decrease) in net assets resulting from share transactions 43,761,093 (13,743,790) 
Total increase (decrease) in net assets 3,254,603 (144,219,929) 
Net Assets   
Beginning of period 159,129,567 303,349,496 
End of period $162,384,170 $159,129,567 
Other Information   
Shares   
Sold 9,120,652 5,361,676 
Issued in reinvestment of distributions 64,042 176,201 
Redeemed (5,154,196) (6,204,797) 
Net increase (decrease) 4,030,498 (666,920) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Energy Service Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $17.22 $30.61 $42.04 $54.70 $37.54 $54.34 
Income from Investment Operations       
Net investment income (loss)B .08 .34 .26 1.41C .17 .45 
Net realized and unrealized gain (loss) (5.01) (13.21) (11.37) (10.86) 17.22 (16.85) 
Total from investment operations (4.93) (12.87) (11.11) (9.45) 17.39 (16.40) 
Distributions from net investment income (.06) (.52) (.32) (1.77) (.23) (.40) 
Distributions from net realized gain – – – (1.43) – – 
Total distributions (.06) (.52) (.32) (3.21)D (.23) (.40) 
Redemption fees added to paid in capitalB – – – E E E 
Net asset value, end of period $12.23 $17.22 $30.61 $42.04 $54.70 $37.54 
Total ReturnF,G (28.54)% (42.54)% (26.36)% (17.41)% 46.36% (30.30)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .93%J .90% .84% .84% .85% .85% 
Expenses net of fee waivers, if any .93%J .90% .84% .84% .85% .84% 
Expenses net of all reductions .90%J .89% .81% .82% .84% .81% 
Net investment income (loss) 1.39%J 1.38% .65% 3.04%C .36% .92% 
Supplemental Data       
Net assets, end of period (000 omitted) $162,384 $159,130 $303,349 $413,055 $734,091 $435,375 
Portfolio turnover rateK 33%J 42% 80% 62% 96% 58% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend which amounted to $1.34 per share. Excluding such non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .16%.

 D Total distributions of $3.21 per share is comprised of distributions from net investment income of $1.774 and distributions from net realized gain of $1.431 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Natural Gas Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Enbridge, Inc. 10.5 
TC Energy Corp. 7.8 
The Williams Companies, Inc. 5.4 
Kinder Morgan, Inc. 5.0 
Hess Corp. 4.7 
Schlumberger Ltd. 4.6 
Phillips 66 Co. 4.4 
Occidental Petroleum Corp. 4.2 
EOG Resources, Inc. 3.5 
Pioneer Natural Resources Co. 3.4 
 53.5 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Oil, Gas & Consumable Fuels 75.3% 
   Energy Equipment & Services 12.8% 
   Gas Utilities 6.6% 
   Multi-Utilities 4.3% 
   Electric Utilities 0.5% 
   All Others* 0.5% 


* Includes short-term investments and net other assets (liabilities).

Natural Gas Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%   
 Shares Value 
Electric Utilities - 0.5%   
Electric Utilities - 0.5%   
PG&E Corp. (a) 46,700 $432,442 
Energy Equipment & Services - 12.8%   
Oil & Gas Equipment & Services - 12.8%   
Archrock, Inc. 75,900 497,904 
Baker Hughes Co. Class A (b) 154,400 2,204,832 
Cactus, Inc. 23,500 519,115 
Championx Corp. (a) 117,600 1,204,224 
Core Laboratories NV 38,700 809,991 
Oceaneering International, Inc. (a) 53,100 286,209 
SBM Offshore NV 57,700 997,383 
Schlumberger Ltd. 219,118 4,165,433 
TechnipFMC PLC 113,200 871,640 
  11,556,731 
Gas Utilities - 6.6%   
Gas Utilities - 6.6%   
Atmos Energy Corp. 29,051 2,899,871 
National Fuel Gas Co. 4,300 196,252 
ONE Gas, Inc. 9,853 730,304 
UGI Corp. 62,000 2,140,860 
  5,967,287 
Multi-Utilities - 4.3%   
Multi-Utilities - 4.3%   
CenterPoint Energy, Inc. 142,300 2,855,961 
NiSource, Inc. 46,700 1,034,872 
  3,890,833 
Oil, Gas & Consumable Fuels - 75.3%   
Integrated Oil & Gas - 6.0%   
Cenovus Energy, Inc. (Canada) 43,718 206,465 
Occidental Petroleum Corp. 298,515 3,803,081 
Occidental Petroleum Corp. warrants 8/3/27 (a) 70,150 206,943 
Suncor Energy, Inc. 74,700 1,197,441 
  5,413,930 
Oil & Gas Exploration & Production - 26.9%   
Apache Corp. 170,400 2,521,920 
Cabot Oil & Gas Corp. 94,904 1,800,329 
Canadian Natural Resources Ltd. 144,280 2,837,988 
ConocoPhillips Co. 54,100 2,049,849 
EOG Resources, Inc. 69,200 3,137,528 
EQT Corp. 98,323 1,560,386 
Hess Corp. 92,300 4,249,492 
Kosmos Energy Ltd. 283,800 417,186 
Magnolia Oil & Gas Corp. Class A (a) 36,400 234,416 
MEG Energy Corp. (a) 154,100 427,678 
Parsley Energy, Inc. Class A 113,929 1,224,737 
PDC Energy, Inc. (a) 48,200 729,748 
Pioneer Natural Resources Co. 29,300 3,045,149 
  24,236,406 
Oil & Gas Refining & Marketing - 5.6%   
Phillips 66 Co. 68,200 3,987,654 
Reliance Industries Ltd. sponsored GDR (c) 17,900 1,036,410 
  5,024,064 
Oil & Gas Storage & Transport - 36.8%   
Avenir LNG Ltd. (a)(d) 1,999,500 1,716,663 
Enbridge, Inc. 295,700 9,460,315 
Gibson Energy, Inc. 57,600 1,048,798 
Keyera Corp. 34,700 633,690 
Kinder Morgan, Inc. 323,400 4,469,388 
ONEOK, Inc. 35,800 983,784 
Pembina Pipeline Corp. 89,400 2,213,838 
Targa Resources Corp. 43,500 739,935 
TC Energy Corp. 150,019 7,014,727 
The Williams Companies, Inc. 235,729 4,893,734 
  33,174,872 
TOTAL OIL, GAS & CONSUMABLE FUELS  67,849,272 
TOTAL COMMON STOCKS   
(Cost $109,003,892)  89,696,565 
Money Market Funds - 2.8%   
Fidelity Cash Central Fund 0.12% (e) 221,824 221,868 
Fidelity Securities Lending Cash Central Fund 0.11% (e)(f) 2,352,945 2,353,180 
TOTAL MONEY MARKET FUNDS   
(Cost $2,575,048)  2,575,048 
TOTAL INVESTMENT IN SECURITIES - 102.3%   
(Cost $111,578,940)  92,271,613 
NET OTHER ASSETS (LIABILITIES) - (2.3)%  (2,093,424) 
NET ASSETS - 100%  $90,178,189 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,036,410 or 1.1% of net assets.

 (d) Level 3 security

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $2,084 
Fidelity Securities Lending Cash Central Fund 9,389 
Total $11,473 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $89,696,565 $87,979,902 $-- $1,716,663 
Money Market Funds 2,575,048 2,575,048 -- -- 
Total Investments in Securities: $92,271,613 $90,554,950 $-- $1,716,663 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:  
Common Stocks  
Beginning Balance $-- 
Total Realized Gain (Loss) (113) 
Total Unrealized Gain (Loss) (98,748) 
Cost of Purchases -- 
Proceeds of Sales (387) 
Amortization/Accretion -- 
Transfers in to Level 3 1,815,911 
Transfers out of Level 3 -- 
Ending Balance $1,716,663 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2020 $(98,748) 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 61.6% 
Canada 27.7% 
Curacao 4.6% 
Netherlands 2.0% 
Bermuda 1.9% 
India 1.2% 
United Kingdom 1.0% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Natural Gas Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $2,203,404) — See accompanying schedule:
Unaffiliated issuers (cost $109,003,892) 
$89,696,565  
Fidelity Central Funds (cost $2,575,048) 2,575,048  
Total Investment in Securities (cost $111,578,940)  $92,271,613 
Cash  16,126 
Receivable for fund shares sold  139,090 
Dividends receivable  301,524 
Distributions receivable from Fidelity Central Funds  223 
Prepaid expenses  1,505 
Other receivables  48,809 
Total assets  92,778,890 
Liabilities   
Payable for fund shares redeemed 116,903  
Accrued management fee 41,310  
Other affiliated payables 23,765  
Other payables and accrued expenses 65,648  
Collateral on securities loaned 2,353,075  
Total liabilities  2,600,701 
Net Assets  $90,178,189 
Net Assets consist of:   
Paid in capital  $529,003,092 
Total accumulated earnings (loss)  (438,824,903) 
Net Assets  $90,178,189 
Net Asset Value, offering price and redemption price per share ($90,178,189 ÷ 9,096,091 shares)  $9.91 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $1,420,866 
Income from Fidelity Central Funds (including $9,389 from security lending)  11,473 
Total income  1,432,339 
Expenses   
Management fee $233,907  
Transfer agent fees 116,865  
Accounting fees 17,105  
Custodian fees and expenses 7,046  
Independent trustees' fees and expenses 317  
Registration fees 6,987  
Audit 17,534  
Legal 83  
Miscellaneous 6,410  
Total expenses before reductions 406,254  
Expense reductions (18,293)  
Total expenses after reductions  387,961 
Net investment income (loss)  1,044,378 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (85,408,890)  
Fidelity Central Funds 89  
Foreign currency transactions (1,013)  
Total net realized gain (loss)  (85,409,814) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 54,979,475  
Assets and liabilities in foreign currencies 4,619  
Total change in net unrealized appreciation (depreciation)  54,984,094 
Net gain (loss)  (30,425,720) 
Net increase (decrease) in net assets resulting from operations  $(29,381,342) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,044,378 $2,506,777 
Net realized gain (loss) (85,409,814) (62,167,914) 
Change in net unrealized appreciation (depreciation) 54,984,094 1,048,778 
Net increase (decrease) in net assets resulting from operations (29,381,342) (58,612,359) 
Distributions to shareholders (560,858) (1,660,041) 
Share transactions   
Proceeds from sales of shares 23,592,555 41,679,382 
Reinvestment of distributions 527,294 1,560,585 
Cost of shares redeemed (18,629,604) (69,422,307) 
Net increase (decrease) in net assets resulting from share transactions 5,490,245 (26,182,340) 
Total increase (decrease) in net assets (24,451,955) (86,454,740) 
Net Assets   
Beginning of period 114,630,144 201,084,884 
End of period $90,178,189 $114,630,144 
Other Information   
Shares   
Sold 2,493,829 2,360,441 
Issued in reinvestment of distributions 58,588 87,673 
Redeemed (1,910,692) (3,826,441) 
Net increase (decrease) 641,725 (1,378,327) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Natural Gas Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $13.56 $20.45 $21.60 $27.76 $17.83 $32.05 
Income from Investment Operations       
Net investment income (loss)B .12 .28 .24 .61C .13 .33 
Net realized and unrealized gain (loss) (3.71) (6.98) (1.27) (5.83) 9.98 (14.16) 
Total from investment operations (3.59) (6.70) (1.03) (5.22) 10.11 (13.83) 
Distributions from net investment income (.06) (.19) – (.65) (.15) (.39) 
Distributions from net realized gain – – (.12) (.29) (.03) – 
Total distributions (.06) (.19) (.12) (.94) (.18) (.39) 
Redemption fees added to paid in capitalB – – – D D D 
Net asset value, end of period $9.91 $13.56 $20.45 $21.60 $27.76 $17.83 
Total ReturnE,F (26.41)% (32.98)% (4.82)% (18.97)% 56.75% (43.29)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .92%I,J .93% .89% .89% .87% .89% 
Expenses net of fee waivers, if any .92%I,J .93% .89% .89% .87% .88% 
Expenses net of all reductions .87%I,J .92% .86% .87% .87% .88% 
Net investment income (loss) 2.38%I,J 1.51% 1.02% 2.52%C .50% 1.24% 
Supplemental Data       
Net assets, end of period (000 omitted) $90,178 $114,630 $201,085 $238,368 $479,879 $255,990 
Portfolio turnover rateK 179%I 87% 86% 69% 76% 62% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend which amounted to $.45 per share. Excluding such non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .66%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Proxy expenses are not annualized.

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Natural Resources Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Chevron Corp. 8.3 
Barrick Gold Corp. 7.4 
Agnico Eagle Mines Ltd. (Canada) 6.2 
Franco-Nevada Corp. 5.5 
The Williams Companies, Inc. 4.9 
Crown Holdings, Inc. 4.5 
Cenovus Energy, Inc. (Canada) 4.2 
Pioneer Natural Resources Co. 3.8 
ConocoPhillips Co. 3.7 
Cheniere Energy, Inc. 3.7 
 52.2 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Oil, Gas & Consumable Fuels 61.6% 
   Metals & Mining 19.1% 
   Containers & Packaging 11.8% 
   Energy Equipment & Services 4.3% 
   Construction Materials 1.8% 
   All Others* 1.4% 


* Includes short-term investments and net other assets (liabilities).

Natural Resources Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%   
 Shares Value 
Construction Materials - 1.8%   
Construction Materials - 1.8%   
Eagle Materials, Inc. 39,900 $3,262,623 
Summit Materials, Inc. (a) 92,700 1,380,303 
  4,642,926 
Containers & Packaging - 11.8%   
Metal & Glass Containers - 6.7%   
Aptargroup, Inc. 48,700 5,765,593 
Crown Holdings, Inc. (a) 152,300 11,704,255 
  17,469,848 
Paper Packaging - 5.1%   
Avery Dennison Corp. 67,500 7,788,825 
Graphic Packaging Holding Co. 116,600 1,630,068 
Packaging Corp. of America 36,300 3,675,012 
  13,093,905 
TOTAL CONTAINERS & PACKAGING  30,563,753 
Energy Equipment & Services - 4.3%   
Oil & Gas Drilling - 0.2%   
Odfjell Drilling Ltd. (a) 194,500 258,274 
Shelf Drilling Ltd. (a)(b) 790,300 265,975 
  524,249 
Oil & Gas Equipment & Services - 4.1%   
Baker Hughes Co. Class A (c) 369,700 5,279,316 
Dril-Quip, Inc. (a) 28,425 941,720 
Halliburton Co. 139,600 2,258,728 
National Oilwell Varco, Inc. 53,600 643,200 
Oceaneering International, Inc. (a) 49,500 266,805 
RigNet, Inc. (a)(c) 266,330 1,328,987 
  10,718,756 
TOTAL ENERGY EQUIPMENT & SERVICES  11,243,005 
Metals & Mining - 19.1%   
Gold - 19.1%   
Agnico Eagle Mines Ltd. (Canada) (c) 195,700 16,134,916 
Barrick Gold Corp. 642,432 19,048,109 
Franco-Nevada Corp. 94,300 14,182,413 
  49,365,438 
Oil, Gas & Consumable Fuels - 61.6%   
Coal & Consumable Fuels - 0.3%   
Pinnacle Renewable Energy, Inc. 142,300 713,491 
Integrated Oil & Gas - 15.8%   
Cenovus Energy, Inc. (Canada) 2,291,900 10,823,862 
Chevron Corp. 255,798 21,469,125 
Suncor Energy, Inc. 533,000 8,552,681 
  40,845,668 
Oil & Gas Exploration & Production - 25.1%   
Brigham Minerals, Inc. Class A 44,900 530,269 
Cabot Oil & Gas Corp. 106,700 2,024,099 
Canadian Natural Resources Ltd. 462,200 9,113,953 
Centennial Resource Development, Inc. Class A (a) 270,200 196,219 
ConocoPhillips Co. 255,700 9,688,473 
Crescent Point Energy Corp. 295,400 518,623 
Diamondback Energy, Inc. 88,500 3,447,960 
EOG Resources, Inc. 79,800 3,618,132 
EQT Corp. 139,400 2,212,278 
Hess Corp. 83,000 3,821,320 
Kosmos Energy Ltd. 289,800 426,006 
Magnolia Oil & Gas Corp. Class A (a) 838,800 5,401,872 
Noble Energy, Inc. 493,400 4,909,330 
Parsley Energy, Inc. Class A 559,700 6,016,775 
PDC Energy, Inc. (a) 114,600 1,735,044 
Pioneer Natural Resources Co. 96,000 9,977,280 
PrairieSky Royalty Ltd. 67,438 488,070 
Viper Energy Partners LP 101,500 1,033,270 
  65,158,973 
Oil & Gas Refining & Marketing - 7.4%   
Delek U.S. Holdings, Inc. 170,204 2,677,309 
Marathon Petroleum Corp. 41,398 1,467,973 
Phillips 66 Co. 86,016 5,029,356 
Reliance Industries Ltd. 6,932 112,937 
Reliance Industries Ltd. 103,986 2,953,508 
Valero Energy Corp. 133,400 7,015,506 
  19,256,589 
Oil & Gas Storage & Transport - 13.0%   
Cheniere Energy, Inc. (a) 182,500 9,499,125 
Enbridge, Inc. 26,400 844,614 
Enterprise Products Partners LP 341,200 5,991,472 
Golar LNG Ltd. (a) 116,500 1,205,775 
Noble Midstream Partners LP 200,877 1,799,858 
TC Energy Corp. 34,200 1,599,155 
The Williams Companies, Inc. 617,900 12,827,604 
  33,767,603 
TOTAL OIL, GAS & CONSUMABLE FUELS  159,742,324 
Paper & Forest Products - 0.9%   
Forest Products - 0.9%   
Western Forest Products, Inc. (c) 2,623,600 2,373,480 
TOTAL COMMON STOCKS   
(Cost $316,657,517)  257,930,926 
Money Market Funds - 3.9%   
Fidelity Cash Central Fund 0.12% (d) 357,528 357,600 
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) 9,910,684 9,911,675 
TOTAL MONEY MARKET FUNDS   
(Cost $10,269,275)  10,269,275 
TOTAL INVESTMENT IN SECURITIES - 103.4%   
(Cost $326,926,792)  268,200,201 
NET OTHER ASSETS (LIABILITIES) - (3.4)%  (8,936,659) 
NET ASSETS - 100%  $259,263,542 

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $265,975 or 0.1% of net assets.

 (c) Security or a portion of the security is on loan at period end.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $2,587 
Fidelity Securities Lending Cash Central Fund 8,884 
Total $11,471 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $257,930,926 $257,930,926 $-- $-- 
Money Market Funds 10,269,275 10,269,275 -- -- 
Total Investments in Securities: $268,200,201 $268,200,201 $-- $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 65.5% 
Canada 32.6% 
India 1.2% 
Others (Individually Less Than 1%) 0.7% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Natural Resources Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $9,358,172) — See accompanying schedule:
Unaffiliated issuers (cost $316,657,517) 
$257,930,926  
Fidelity Central Funds (cost $10,269,275) 10,269,275  
Total Investment in Securities (cost $326,926,792)  $268,200,201 
Foreign currency held at value (cost $7)  
Receivable for investments sold  1,291,514 
Receivable for fund shares sold  253,520 
Dividends receivable  824,039 
Distributions receivable from Fidelity Central Funds  950 
Prepaid expenses  5,681 
Other receivables  75,415 
Total assets  270,651,327 
Liabilities   
Payable for fund shares redeemed 1,008,081  
Accrued management fee 117,666  
Other affiliated payables 69,535  
Other payables and accrued expenses 281,323  
Collateral on securities loaned 9,911,180  
Total liabilities  11,387,785 
Net Assets  $259,263,542 
Net Assets consist of:   
Paid in capital  $572,357,286 
Total accumulated earnings (loss)  (313,093,744) 
Net Assets  $259,263,542 
Net Asset Value, offering price and redemption price per share ($259,263,542 ÷ 13,441,457 shares)  $19.29 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $3,958,540 
Income from Fidelity Central Funds (including $8,884 from security lending)  11,471 
Total income  3,970,011 
Expenses   
Management fee $683,510  
Transfer agent fees 356,779  
Accounting fees 49,988  
Custodian fees and expenses 6,103  
Independent trustees' fees and expenses 906  
Registration fees 17,939  
Audit 29,100  
Legal 230  
Interest 987  
Miscellaneous 15,486  
Total expenses before reductions 1,161,028  
Expense reductions (6,719)  
Total expenses after reductions  1,154,309 
Net investment income (loss)  2,815,702 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (34,328,877)  
Fidelity Central Funds 304  
Foreign currency transactions (17)  
Total net realized gain (loss)  (34,328,590) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $139,226) 11,005,866  
Assets and liabilities in foreign currencies (584)  
Total change in net unrealized appreciation (depreciation)  11,005,282 
Net gain (loss)  (23,323,308) 
Net increase (decrease) in net assets resulting from operations  $(20,507,606) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,815,702 $4,795,973 
Net realized gain (loss) (34,328,590) (5,822,055) 
Change in net unrealized appreciation (depreciation) 11,005,282 (72,689,969) 
Net increase (decrease) in net assets resulting from operations (20,507,606) (73,716,051) 
Distributions to shareholders (188,262) (6,015,518) 
Share transactions   
Proceeds from sales of shares 72,905,976 141,880,695 
Reinvestment of distributions 177,220 5,281,203 
Cost of shares redeemed (108,657,005) (176,063,968) 
Net increase (decrease) in net assets resulting from share transactions (35,573,809) (28,902,070) 
Total increase (decrease) in net assets (56,269,677) (108,633,639) 
Net Assets   
Beginning of period 315,533,219 424,166,858 
End of period $259,263,542 $315,533,219 
Other Information   
Shares   
Sold 4,454,051 5,678,652 
Issued in reinvestment of distributions 11,560 202,237 
Redeemed (6,345,235) (7,159,749) 
Net increase (decrease) (1,879,624) (1,278,860) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Natural Resources Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $20.59 $25.55 $27.51 $29.13 $21.80 $31.49 
Income from Investment Operations       
Net investment income (loss)B .19 .30 .29 .43C .10 .18 
Net realized and unrealized gain (loss) (1.48) (4.88) (1.97) (1.64) 7.42 (9.69) 
Total from investment operations (1.29) (4.58) (1.68) (1.21) 7.52 (9.51) 
Distributions from net investment income (.01) (.30) (.28) (.39) (.11) (.18) 
Distributions from net realized gain – (.08) D (.02) (.08) – 
Total distributions (.01) (.38) (.28) (.41) (.19) (.18) 
Redemption fees added to paid in capitalB – – – D D D 
Net asset value, end of period $19.29 $20.59 $25.55 $27.51 $29.13 $21.80 
Total ReturnE,F (6.23)% (18.25)% (6.06)% (4.16)% 34.54% (30.22)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .90%I,J .84% .81% .83% .84% .86% 
Expenses net of fee waivers, if any .90%I,J .84% .81% .83% .84% .86% 
Expenses net of all reductions .89%I,J .84% .80% .82% .83% .85% 
Net investment income (loss) 2.19%I,J 1.18% 1.02% 1.54%C .35% .66% 
Supplemental Data       
Net assets, end of period (000 omitted) $259,264 $315,533 $424,167 $910,733 $912,090 $462,869 
Portfolio turnover rateK 17%I 8% 26% 78% 84% 78% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend which amounted to $.31 per share. Excluding such non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .41%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Proxy expenses not annualized.

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2020

1. Organization.

Energy Portfolio, Energy Service Portfolio, Natural Gas Portfolio, and Natural Resources Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Natural Resources Portfolio may also invest in certain precious metals.

2. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Independent prices obtained from a single source or broker are evaluated by management and may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2020, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in each Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in each accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Energy Portfolio $188,032 
Energy Service Portfolio 64,075 
Natural Gas Portfolio 46,532 
Natural Resources Portfolio 73,760 

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Energy Portfolio $938,792,612 $37,223,761 $(265,716,142) $(228,492,381) 
Energy Service Portfolio 318,043,039 12,879,914 (150,103,387) (137,223,473) 
Natural Gas Portfolio 116,591,784 4,207,461 (28,527,632) (24,320,171) 
Natural Resources Portfolio 328,716,636 40,178,219 (100,694,654) (60,516,435) 

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

 No expiration   
 Short-term Long-term Total capital loss carryforward 
Energy Portfolio $(266,229,505) $(144,820,234) $(411,049,739) 
Energy Service Portfolio (56,814,095) (182,072,322) (238,886,417) 
Natural Gas Portfolio (68,076,638) (260,560,814) (328,637,452) 
Natural Resources Portfolio (93,793,841) (125,079,751) (218,873,592) 

Restricted Securities (including Private Placements). The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Energy Portfolio 235,265,301 92,356,827 
Energy Service Portfolio 68,175,530 23,328,166 
Natural Gas Portfolio 89,043,092 80,803,402 
Natural Resources Portfolio 22,480,896 54,850,969 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:

 Individual Rate Group Rate Total 
Energy Portfolio .30% .23% .53% 
Energy Service Portfolio .30% .23% .53% 
Natural Gas Portfolio .30% .23% .53% 
Natural Resources Portfolio .30% .23% .53% 

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:

Energy Portfolio .26% 
Energy Service Portfolio .27% 
Natural Gas Portfolio .27% 
Natural Resources Portfolio .28% 

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Energy Portfolio .04 
Energy Service Portfolio .04 
Natural Gas Portfolio .04 
Natural Resources Portfolio .04 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Energy Portfolio $9,978 
Energy Service Portfolio 8,734 
Natural Gas Portfolio 5,752 
Natural Resources Portfolio 1,590 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, each fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Energy Portfolio Borrower $6,057,000 .33% $164 
Natural Resources Portfolio Borrower $10,098,000 .70% $987 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 1,155,173 shares of the Energy Portfolio were redeemed in-kind for investments and cash with a value of $37,704,833. The Fund had a net realized gain of $6,179,274 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. Energy Portfolio recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Energy Portfolio $882 
Energy Service Portfolio 190 
Natural Gas Portfolio 134 
Natural Resources Portfolio 382 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

Certain Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the Funds. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a Fund's daily lending revenue, for its services as lending agent. The Funds may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Net income from Fidelity Central Funds is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity was as follows:

 Total Security Lending Income Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Energy Portfolio $2,571 $– $– 
Energy Service Portfolio $8,489 $1,326 $610 
Natural Gas Portfolio $688 $– $– 
Natural Resources Portfolio $195 $– $– 

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of certain Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

 Brokerage service rebates Custodian credits 
Energy Portfolio $91,784 $219 
Energy Service Portfolio 18,143 – 
Natural Gas Portfolio 17,990 – 
Natural Resources Portfolio 5,900 – 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:

 Amount 
Energy Portfolio $1,792 
Energy Service Portfolio 413 
Natural Gas Portfolio 303 
Natural Resources Portfolio 819 

9. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2020 to August 31, 2020).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
March 1, 2020 
Ending
Account Value
August 31, 2020 
Expenses Paid
During Period-B
March 1, 2020
to August 31, 2020 
Energy Portfolio .87%    
Actual  $1,000.00 $804.70 $3.96 
Hypothetical-C  $1,000.00 $1,020.82 $4.43 
Energy Service Portfolio .93%    
Actual  $1,000.00 $714.60 $4.02 
Hypothetical-C  $1,000.00 $1,020.52 $4.74 
Natural Gas Portfolio .92%    
Actual  $1,000.00 $735.90 $4.03 
Hypothetical-C  $1,000.00 $1,020.57 $4.69 
Natural Resources Portfolio .90%    
Actual  $1,000.00 $937.70 $4.40 
Hypothetical-C  $1,000.00 $1,020.67 $4.58 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 
% of
Votes 
Dennis J. Dirks 
Affirmative 32,463,705,305.665 92.437 
Withheld 2,655,951,104.308 7.563 
TOTAL 35,119,656,409.973 100.000 
Donald F. Donahue 
Affirmative 32,446,843,861.354 92.389 
Withheld 2,672,812,548.619 7.611 
TOTAL 35,119,656,409.973 100.000 
Bettina Doulton 
Affirmative 32,610,463,757.584 92.855 
Withheld 2,509,192,652.389 7.145 
TOTAL 35,119,656,409.973 100.000 
Vicki L. Fuller 
Affirmative 32,688,213,522.720 93.077 
Withheld 2,431,442,887.253 6.923 
TOTAL 35,119,656,409.973 100.000 
Patricia L. Kampling 
Affirmative 32,313,755,598.535 92.010 
Withheld 2,805,900,811.438 7.990 
TOTAL 35,119,656,409.973 100.000 
Alan J. Lacy 
Affirmative 31,990,158,754.948 91.089 
Withheld 3,129,497,655.026 8.911 
TOTAL 35,119,656,409.973 100.000 
Ned C. Lautenbach 
Affirmative 32,043,019,991.143 91.240 
Withheld 3,076,636,418.830 8.760 
TOTAL 35,119,656,409.973 100.000 
Robert A. Lawrence 
Affirmative 32,150,842,398.009 91.547 
Withheld 2,968,814,011.965 8.453 
TOTAL 35,119,656,409.973 100.000 
Joseph Mauriello 
Affirmative 32,082,201,213.166 91.351 
Withheld 3,037,455,196.807 8.649 
TOTAL 35,119,656,409.973 100.000 
Cornelia M. Small 
Affirmative 32,207,976,835.934 91.709 
Withheld 2,911,679,574.039 8.291 
TOTAL 35,119,656,409.973 100.000 
Garnett A. Smith 
Affirmative 32,102,654,343.096 91.409 
Withheld 3,017,002,066.877 8.591 
TOTAL 35,119,656,409.973 100.000 
David M. Thomas 
Affirmative 32,150,749,424.556 91.546 
Withheld 2,968,906,985.418 8.454 
TOTAL 35,119,656,409.973 100.000 
Susan Tomasky 
Affirmative 32,381,933,484.515 92.205 
Withheld 2,737,722,925.459 7.795 
TOTAL 35,119,656,409.973 100.000 
Michael E. Wiley 
Affirmative 32,135,064,741.973 91.502 
Withheld 2,984,591,668.000 8.498 
TOTAL 35,119,656,409.973 100.000 
Proposal 1 reflects trust wide proposal and voting results. 





Fidelity Investments

SELNR-SANN-1020
1.813654.115




Fidelity® Select Portfolios®
Health Care Sector

Biotechnology Portfolio

Health Care Portfolio

Health Care Services Portfolio

Medical Technology and Devices Portfolio

Pharmaceuticals Portfolio



Semi-Annual Report

August 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

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Contents

Note to Shareholders

Biotechnology Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Health Care Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Health Care Services Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Medical Technology and Devices Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Pharmaceuticals Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Proxy Voting Results


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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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. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Biotechnology Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
AbbVie, Inc. 8.4 
Regeneron Pharmaceuticals, Inc. 6.0 
Amgen, Inc. 6.0 
Immunomedics, Inc. 2.7 
Vertex Pharmaceuticals, Inc. 2.6 
Biogen, Inc. 2.1 
Alnylam Pharmaceuticals, Inc. 2.1 
Acceleron Pharma, Inc. 2.1 
Mirati Therapeutics, Inc. 1.7 
Argenx SE ADR 1.5 
 35.2 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Biotechnology 90.5% 
   Pharmaceuticals 7.0% 
   Life Sciences Tools & Services 0.6% 
   Health Care Technology 0.4% 
   Health Care Equipment & Supplies 0.4% 
   All Others* 1.1% 


* Includes short-term investments and net other assets (liabilities).

Biotechnology Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Preferred Securities - 0.1%   
 Shares Value 
Kronos Bio, Inc. (a)(b)   
(Cost $8,000,000) 8,000,000 8,000,000 
Common Stocks - 97.7%   
Biotechnology - 89.7%   
Biotechnology - 89.7%   
AbbVie, Inc. 6,530,917 625,465,924 
AC Immune SA (c)(d) 35,332 274,176 
ACADIA Pharmaceuticals, Inc. (c) 1,493,794 59,139,304 
Acceleron Pharma, Inc. (c) 1,563,353 152,380,017 
Adaptimmune Therapeutics PLC sponsored ADR (c) 945,000 8,221,500 
ADC Therapeutics SA (c)(d) 746,745 32,983,727 
Aduro Biotech, Inc. (c) 579,106 1,795,229 
Adverum Biotechnologies, Inc. (c) 774,442 9,448,192 
Agios Pharmaceuticals, Inc. (c) 997,715 40,916,292 
Akebia Therapeutics, Inc. (c) 1,525,367 15,879,070 
Akouos, Inc. (c)(d) 233,600 5,237,312 
Albireo Pharma, Inc. (c)(d) 235,650 6,555,783 
Aldeyra Therapeutics, Inc. (c) 322,333 2,104,834 
Alector, Inc. (c)(d) 744,582 9,619,999 
Alexion Pharmaceuticals, Inc. (c) 261,057 29,817,931 
Allakos, Inc. (c)(d) 424,331 38,011,571 
Allena Pharmaceuticals, Inc. (c)(e) 1,447,443 1,954,048 
Allena Pharmaceuticals, Inc. (c)(d) 122,740 165,699 
Allogene Therapeutics, Inc. (c)(d) 448,970 16,005,781 
Allovir, Inc. (c) 111,300 3,605,007 
Alnylam Pharmaceuticals, Inc. (c) 1,151,048 152,675,007 
ALX Oncology Holdings, Inc. (c) 92,330 3,733,825 
Amarin Corp. PLC ADR (c)(d) 293,131 2,274,697 
Amgen, Inc. 1,767,634 447,777,045 
Amicus Therapeutics, Inc. (c) 3,282,081 47,918,383 
AnaptysBio, Inc. (c) 213,167 3,694,184 
Annexon, Inc. (c) 461,300 11,380,271 
Apellis Pharmaceuticals, Inc. (c) 262,134 8,081,591 
Applied Genetic Technologies Corp. (c) 129,100 663,574 
Applied Molecular Transport, Inc. 137,144 3,513,629 
Applied Therapeutics, Inc. (c) 973,740 23,467,134 
Aprea Therapeutics, Inc. 535,700 14,517,470 
Aravive, Inc. (c)(d) 575,269 3,279,033 
Arcturus Therapeutics Holdings, Inc. (c) 770,000 37,144,800 
Arcus Biosciences, Inc. (c) 1,335,442 31,783,520 
Arcutis Biotherapeutics, Inc. (c) 733,274 18,383,179 
Ardelyx, Inc. (c) 244,494 1,403,396 
Arena Pharmaceuticals, Inc. (c) 594,673 41,520,069 
Argenx SE ADR (c) 497,286 115,007,333 
Arrowhead Pharmaceuticals, Inc. (c) 1,367,926 57,781,194 
Ascendis Pharma A/S sponsored ADR (c) 659,409 97,711,226 
Assembly Biosciences, Inc. (c) 195,733 4,280,681 
Atara Biotherapeutics, Inc. (c) 1,128,895 15,217,505 
Athenex, Inc. (c)(d) 377,600 4,338,624 
Atreca, Inc. (c)(d) 160,988 2,289,249 
aTyr Pharma, Inc. (c) 407,046 1,530,493 
Aurinia Pharmaceuticals, Inc. (c)(d) 1,434,386 21,271,944 
Autolus Therapeutics Ltd. ADR (c) 46,508 682,272 
Avidity Biosciences, Inc. (d) 235,484 6,781,939 
AVROBIO, Inc. (c) 451,154 7,813,987 
Axcella Health, Inc. (c) 449,149 2,245,745 
Bicycle Therapeutics PLC ADR (c)(d) 211,444 3,767,932 
BioCryst Pharmaceuticals, Inc. (c)(d) 1,398,084 5,802,049 
Biogen, Inc. (c) 551,432 158,613,900 
Biohaven Pharmaceutical Holding Co. Ltd. (c) 1,018,184 64,542,684 
BioMarin Pharmaceutical, Inc. (c) 1,145,386 89,374,470 
BioNTech SE ADR (c) 183,828 11,259,465 
BioXcel Therapeutics, Inc. (c)(d) 221,727 9,035,375 
Black Diamond Therapeutics, Inc. (c)(d) 392,142 11,281,925 
bluebird bio, Inc. (c) 66,184 3,924,711 
Blueprint Medicines Corp. (c) 1,075,476 83,274,107 
Bridgebio Pharma, Inc. (c)(d) 373,345 11,148,082 
Cabaletta Bio, Inc. (c) 89,850 947,918 
Calithera Biosciences, Inc. (c) 11,606 46,772 
Catabasis Pharmaceuticals, Inc. (c) 369,200 2,436,720 
Cellectis SA sponsored ADR (c) 226,965 4,187,504 
ChemoCentryx, Inc. (c) 2,062,222 110,328,877 
Chimerix, Inc. (c) 398,067 1,118,568 
Clovis Oncology, Inc. (c)(d) 255,770 1,332,562 
Coherus BioSciences, Inc. (c)(d) 147,087 2,790,240 
Constellation Pharmaceuticals, Inc. (c) 80,100 1,686,105 
Corbus Pharmaceuticals Holdings, Inc. (c)(d) 1,479,867 13,740,565 
Cortexyme, Inc. (c)(d) 4,847 213,123 
Crinetics Pharmaceuticals, Inc. (c) 1,202,629 19,278,143 
CRISPR Therapeutics AG (c)(d) 479,642 44,827,341 
Cyclerion Therapeutics, Inc. (c) 837,285 5,710,284 
Cyclerion Therapeutics, Inc. (a)(c) 94,809 646,597 
Cytokinetics, Inc. (c) 2,565,744 61,475,226 
CytomX Therapeutics, Inc. (c) 2,100 15,330 
CytomX Therapeutics, Inc. (c)(e) 287,485 2,098,641 
Deciphera Pharmaceuticals, Inc. (c) 213,400 9,605,134 
Denali Therapeutics, Inc. (c)(d) 521,086 16,622,643 
Dicerna Pharmaceuticals, Inc. (c) 722,512 13,380,922 
Dynavax Technologies Corp. (c)(d) 85,598 511,876 
Editas Medicine, Inc. (c)(d) 61,589 2,169,780 
Eidos Therapeutics, Inc. (c)(d) 118,947 5,148,026 
Emergent BioSolutions, Inc. (c) 96,306 10,983,699 
Epizyme, Inc. (c)(d) 1,992,046 25,896,598 
Equillium, Inc. (c) 209,800 1,235,722 
Esperion Therapeutics, Inc. (c)(d) 123,732 4,466,725 
Evelo Biosciences, Inc. (c) 229,599 1,019,420 
Exact Sciences Corp. (c) 332,912 25,064,944 
Exelixis, Inc. (c) 4,112,350 91,376,417 
Fate Therapeutics, Inc. (c) 1,045,687 38,063,007 
FibroGen, Inc. (c) 1,543,640 69,201,381 
Forma Therapeutics Holdings, Inc. 152,200 6,686,146 
Frequency Therapeutics, Inc. (d) 46,456 898,459 
Fusion Pharmaceuticals, Inc. (c)(d) 871,443 11,215,471 
G1 Therapeutics, Inc. (c) 737,500 11,320,625 
Galapagos Genomics NV sponsored ADR (c) 502,457 66,907,174 
Gamida Cell Ltd. (c) 1,465,111 6,387,884 
Generation Bio Co. 103,000 3,216,690 
Genmab A/S ADR (c) 281,690 10,636,614 
Geron Corp. (c)(d) 6,568,541 13,465,509 
Geron Corp. warrants 12/31/25 (c) 2,100,000 1,224,136 
Gilead Sciences, Inc. 1,049,754 70,071,080 
Global Blood Therapeutics, Inc. (c)(d) 1,178,916 74,012,346 
Gossamer Bio, Inc. (c)(d) 60,414 839,755 
Gritstone Oncology, Inc. (c) 435,100 1,440,181 
Halozyme Therapeutics, Inc. (c) 494,277 14,331,562 
Heron Therapeutics, Inc. (c)(d) 905,925 12,954,728 
Homology Medicines, Inc. (c) 375,276 3,989,184 
Hookipa Pharma, Inc. (c)(d) 819,000 7,321,860 
Idorsia Ltd. (c) 1,038,808 30,821,208 
IGM Biosciences, Inc. (c) 49,028 2,108,204 
Immunic, Inc. (c) 391,300 6,280,365 
ImmunoGen, Inc. (c) 1,573,743 5,822,849 
Immunomedics, Inc. (c)(d) 4,432,572 197,515,408 
Incyte Corp. (c) 413,105 39,802,667 
Inhibrx, Inc. (c) 104,400 1,825,956 
Inovio Pharmaceuticals, Inc. (c)(d) 229,400 2,750,506 
Inozyme Pharma, Inc. (c)(d) 609,380 18,269,212 
Insmed, Inc. (c) 1,346,120 37,947,123 
Intellia Therapeutics, Inc. (c)(d) 1,378,401 29,745,894 
Intercept Pharmaceuticals, Inc. (c)(d) 484,825 24,183,071 
Invitae Corp. (c)(d) 106,307 3,716,493 
Ionis Pharmaceuticals, Inc. (c) 1,722,677 93,885,897 
Iovance Biotherapeutics, Inc. (c)(d) 1,632,207 54,401,459 
Ironwood Pharmaceuticals, Inc. Class A (c)(d) 315,574 3,187,297 
iTeos Therapeutics, Inc. (c) 115,900 3,361,100 
Jounce Therapeutics, Inc. (c)(d) 296,774 1,436,386 
Kalvista Pharmaceuticals, Inc. (c) 895,054 11,725,207 
Karuna Therapeutics, Inc. (c) 229,311 17,519,360 
Karyopharm Therapeutics, Inc. (c)(d) 355,510 5,407,307 
Keros Therapeutics, Inc. 262,407 14,049,271 
Kezar Life Sciences, Inc. (c) 1,013,094 4,923,637 
Kiniksa Pharmaceuticals Ltd. (c)(d) 507,140 8,961,164 
Kodiak Sciences, Inc. (c)(d) 351,813 18,501,846 
Krystal Biotech, Inc. (c)(f) 1,329,286 63,553,164 
Kura Oncology, Inc. (c) 1,865,963 46,443,819 
Kymera Therapeutics, Inc. (c) 139,900 4,462,810 
La Jolla Pharmaceutical Co. (c)(d) 53,085 222,957 
Legend Biotech Corp. ADR (d) 91,094 3,097,196 
Lexicon Pharmaceuticals, Inc. (c)(d) 205,504 359,632 
Ligand Pharmaceuticals, Inc. Class B (c)(d) 1,898 193,596 
Macrogenics, Inc. (c) 257,531 7,452,947 
Madrigal Pharmaceuticals, Inc. (c)(d) 34,241 3,687,756 
MannKind Corp. (c)(d) 4,943,162 8,601,102 
Mersana Therapeutics, Inc. (c) 614,906 11,781,599 
Mesoblast Ltd. (c) 442,900 1,723,583 
Minerva Neurosciences, Inc. (c)(d) 782,914 2,489,667 
Miragen Therapeutics, Inc. (c)(f) 3,888,656 3,600,507 
Mirati Therapeutics, Inc. (c) 854,540 127,642,640 
Mirum Pharmaceuticals, Inc. (c)(d) 235,000 6,100,600 
Moderna, Inc. (c) 739,805 48,005,946 
Molecular Templates, Inc. (c) 228,958 2,658,202 
Morphic Holding, Inc. (c) 758,437 20,098,581 
Morphosys AG (c) 139 17,492 
Morphosys AG sponsored ADR (c) 127 3,978 
Myovant Sciences Ltd. (c) 502,466 10,240,257 
Natera, Inc. (c) 343,115 21,859,857 
Neurocrine Biosciences, Inc. (c) 809,151 94,201,359 
NextCure, Inc. (c)(d) 148,490 1,334,925 
Nkarta, Inc. (c)(d) 60,200 1,483,328 
Novavax, Inc. (c)(d) 21,230 2,342,518 
Nurix Therapeutics, Inc. (c) 335,685 7,855,029 
ObsEva SA (c)(d) 1,355,036 3,848,302 
Oragenics, Inc. (c) 155,806 113,754 
ORIC Pharmaceuticals, Inc. (c)(d) 689,974 17,283,849 
Ovid Therapeutics, Inc. (c)(d) 1,822,543 10,461,397 
Pandion Therapeutics, Inc. (c) 333,333 6,166,661 
Passage Bio, Inc. 630,262 10,437,139 
Poseida Therapeutics, Inc. (c)(d) 101,700 954,963 
Poseida Therapeutics, Inc. 513,583 4,340,290 
Prevail Therapeutics, Inc. (c) 742,000 9,089,500 
ProQR Therapeutics BV (c) 253,116 1,594,631 
Protagonist Therapeutics, Inc. (c) 412,463 9,239,171 
Prothena Corp. PLC (c) 534,212 6,923,388 
PTC Therapeutics, Inc. (c) 2,307,744 114,060,247 
Puma Biotechnology, Inc. (c) 25,768 265,153 
Radius Health, Inc. (c) 101,449 1,255,939 
Regeneron Pharmaceuticals, Inc. (c) 724,970 449,430,652 
REGENXBIO, Inc. (c) 63,008 1,923,004 
Relay Therapeutics, Inc. (c)(d) 557,643 22,411,672 
Repare Therapeutics, Inc. 540,250 13,365,785 
Replimune Group, Inc. (c) 918,717 24,805,359 
Retrophin, Inc. (c) 813,699 15,940,363 
Revolution Medicines, Inc. 599,215 16,981,753 
Rhythm Pharmaceuticals, Inc. (c)(d) 118,978 3,511,041 
Rocket Pharmaceuticals, Inc. (c)(d) 829,552 21,211,645 
Rubius Therapeutics, Inc. (c)(d) 82,842 398,884 
Sage Therapeutics, Inc. (c) 836,193 43,849,961 
Sangamo Therapeutics, Inc. (c)(d) 828,127 9,138,381 
Sarepta Therapeutics, Inc. (c) 733,004 107,326,446 
Scholar Rock Holding Corp. (c)(d)(f) 1,528,947 23,087,100 
Seattle Genetics, Inc. (c) 629,941 99,744,858 
Selecta Biosciences, Inc. (c)(d) 2,515,686 6,540,784 
Seres Therapeutics, Inc. (c)(d) 602,847 15,969,417 
Spero Therapeutics, Inc. (c)(d) 21,752 236,444 
Springworks Therapeutics, Inc. (c)(d) 638,173 28,341,263 
Stoke Therapeutics, Inc. (c)(d) 811,136 23,823,064 
Surface Oncology, Inc. (c) 198,365 1,289,373 
Sutro Biopharma, Inc. (c) 338,600 3,389,386 
Syros Pharmaceuticals, Inc. (c) 758,619 10,051,702 
Syros Pharmaceuticals, Inc. (c)(e) 303,621 4,022,978 
Syros Pharmaceuticals, Inc. warrants 10/10/22 (c) 21,625 128,263 
TCR2 Therapeutics, Inc. (c) 388,715 7,859,817 
TG Therapeutics, Inc. (c)(d) 3,505,759 86,960,352 
Translate Bio, Inc. (c)(d) 982,323 13,840,931 
Turning Point Therapeutics, Inc. (c) 890,858 69,647,278 
Twist Bioscience Corp. (c) 654,831 45,792,332 
Ultragenyx Pharmaceutical, Inc. (c)(d) 981,637 83,498,043 
uniQure B.V. (c) 702,608 28,645,328 
United Therapeutics Corp. (c) 218,716 23,393,863 
UroGen Pharma Ltd. (c)(d) 119,603 3,000,839 
Vaxart, Inc. (c) 297,265 1,762,781 
Vaxcyte, Inc. 470,019 21,282,460 
Verastem, Inc. (c)(d) 250,000 315,000 
Vertex Pharmaceuticals, Inc. (c) 693,811 193,656,526 
Viela Bio, Inc. 2,090,732 70,436,761 
Voyager Therapeutics, Inc. (c)(d) 121,029 1,426,932 
X4 Pharmaceuticals, Inc. (c) 367,300 3,077,974 
X4 Pharmaceuticals, Inc. warrants 4/12/24 (c) 450,000 880,233 
Xencor, Inc. (c) 990,843 35,422,637 
Xenon Pharmaceuticals, Inc. (c) 297,342 3,612,705 
Y-mAbs Therapeutics, Inc. (c) 1,114,642 47,963,045 
Zai Lab Ltd. ADR (c) 38,400 3,047,808 
Zealand Pharma A/S (c) 442,144 16,870,179 
Zentalis Pharmaceuticals, Inc. 306,433 10,541,295 
Zymeworks, Inc. (c) 709,195 22,992,102 
  6,684,860,426 
Capital Markets - 0.0%   
Asset Management & Custody Banks - 0.0%   
Arix Bioscience PLC (c)(e) 1,515,373 1,590,155 
Health Care Equipment & Supplies - 0.4%   
Health Care Equipment - 0.4%   
Novocure Ltd. (c) 900 74,475 
Novocure Ltd. (c)(e) 336,313 27,829,901 
  27,904,376 
Health Care Providers & Services - 0.0%   
Health Care Services - 0.0%   
Precipio, Inc. (a)(c) 525 1,145 
Life Sciences Tools & Services - 0.6%   
Life Sciences Tools & Services - 0.6%   
10X Genomics, Inc. (c) 90,619 10,386,750 
Adaptive Biotechnologies Corp.(c) 36,780 1,530,416 
Berkeley Lights, Inc. (c) 10,200 667,080 
Bruker Corp. 192,400 8,084,648 
Compugen Ltd. (c)(d) 276,160 4,774,806 
Evotec OAI AG (c)(d) 594,300 15,886,257 
  41,329,957 
Personal Products - 0.0%   
Personal Products - 0.0%   
MYOS Corp. (c) 33,334 44,334 
Pharmaceuticals - 7.0%   
Pharmaceuticals - 7.0%   
Adimab LLC (a)(b)(c)(g) 1,954,526 81,581,915 
Aerie Pharmaceuticals, Inc. (c)(d) 213,043 2,343,473 
Afferent Pharmaceuticals, Inc. rights 12/31/24 (b)(c) 8,274,568 14,728,731 
Aradigm Corp. (b) 11,945 549 
Aradigm Corp. (b)(c) 148,009 6,808 
Arvinas Holding Co. LLC (c) 968,821 25,140,905 
Axsome Therapeutics, Inc. (c) 223,309 16,370,783 
Chiasma, Inc. (c) 1,658,899 9,107,356 
Chiasma, Inc. warrants 12/16/24 (c) 382,683 533,521 
Corcept Therapeutics, Inc. (c)(d) 131,759 1,673,339 
Fulcrum Therapeutics, Inc. (c)(d) 171,222 1,244,784 
GW Pharmaceuticals PLC ADR (c) 5,050 524,948 
Harmony Biosciences Holdings, Inc. (c) 30,600 1,083,852 
Horizon Therapeutics PLC (c) 470,319 35,330,363 
IMARA, Inc. 438,691 10,195,179 
Intra-Cellular Therapies, Inc. (c) 892,117 16,254,372 
Kala Pharmaceuticals, Inc. (c) 479,100 4,263,990 
Kaleido Biosciences, Inc. (c)(d) 70,133 441,137 
Marinus Pharmaceuticals, Inc. (c)(d) 1,327,632 2,575,606 
MyoKardia, Inc. (c) 840,640 91,999,642 
Nektar Therapeutics (c) 543,851 10,518,078 
Ocular Therapeutix, Inc. (c)(d) 87,753 763,451 
OptiNose, Inc. (c) 229,115 1,042,473 
Pliant Therapeutics, Inc. 1,006,631 25,316,770 
Reata Pharmaceuticals, Inc. (c)(d) 253,432 26,597,688 
Revance Therapeutics, Inc. (c) 4,000 116,920 
Royalty Pharma PLC (a)(b) 3,976 
Royalty Pharma PLC 509,820 18,986,716 
Stemcentrx, Inc. rights 12/31/21 (b)(c) 876,163 
TherapeuticsMD, Inc. (c)(d) 385,742 563,183 
Theravance Biopharma, Inc. (c) 371,300 6,805,929 
Trevi Therapeutics, Inc. (c)(d) 792,700 3,194,581 
UCB SA 744,327 88,397,906 
Urovant Sciences Ltd. (c)(d) 568,436 5,093,187 
Verrica Pharmaceuticals, Inc. (c)(d) 334,380 3,072,952 
Zogenix, Inc. (c) 555,472 13,148,022 
  519,019,118 
TOTAL COMMON STOCKS   
(Cost $4,727,848,833)  7,274,749,511 
Preferred Stocks - 1.1%   
Convertible Preferred Stocks - 1.1%   
Biotechnology - 0.8%   
Biotechnology - 0.8%   
23andMe, Inc. Series E (a)(b)(c) 1,340,332 14,006,469 
Immunocore Ltd. Series A (a)(b)(c) 76,348 12,157,171 
Kinnate Biopharma, Inc. Series C (a)(b) 786,605 7,538,822 
Nuvation Bio, Inc. Series A (a)(b)(c)(h) 2,086,600 1,961,404 
Prelude Therapeutics, Inc. Series C (a)(b) 637,261 7,999,983 
Taysha Gene Therapies, Inc. Series B (a)(b) 734,388 12,484,596 
  56,148,445 
Health Care Technology - 0.3%   
Health Care Technology - 0.3%   
Codiak Biosciences, Inc.:   
Series A 8.00% (a)(b)(c) 856,366 4,418,849 
Series B 8.00% (a)(b)(c) 2,783,187 14,361,245 
Vor Biopharma, Inc. (a)(b) 5,769,231 3,000,000 
  21,780,094 
Pharmaceuticals - 0.0%   
Pharmaceuticals - 0.0%   
Afferent Pharmaceuticals, Inc. Series C (a)(b)(c) 8,274,568 83 
Foghorn Therapeutics, Inc. (a)(b) 266,667 2,000,003 
  2,000,086 
TOTAL CONVERTIBLE PREFERRED STOCKS  79,928,625 
Nonconvertible Preferred Stocks - 0.0%   
Biotechnology - 0.0%   
Biotechnology - 0.0%   
Yumanity Holdings LLC Class A (a)(b)(c) 588,700 2,507,862 
TOTAL PREFERRED STOCKS   
(Cost $76,126,799)  82,436,487 
Money Market Funds - 7.6%   
Fidelity Cash Central Fund 0.12% (i) 78,485,505 78,501,202 
Fidelity Securities Lending Cash Central Fund 0.11% (i)(j) 488,761,264 488,810,140 
TOTAL MONEY MARKET FUNDS   
(Cost $567,273,985)  567,311,342 
TOTAL INVESTMENT IN SECURITIES - 106.5%   
(Cost $5,379,249,617)  7,932,497,340 
NET OTHER ASSETS (LIABILITIES) - (6.5)%  (482,981,483) 
NET ASSETS - 100%  $7,449,515,857 

Legend

 (a) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $172,666,144 or 2.3% of net assets.

 (b) Level 3 security

 (c) Non-income producing

 (d) Security or a portion of the security is on loan at period end.

 (e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $37,495,723 or 0.5% of net assets.

 (f) Affiliated company

 (g) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (h) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (j) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series E 6/18/15 $14,512,138 
Adimab LLC 9/17/14 - 6/5/15 $31,094,459 
Afferent Pharmaceuticals, Inc. Series C 7/1/15 $0 
Codiak Biosciences, Inc. Series A 8.00% 11/12/15 $856,366 
Codiak Biosciences, Inc. Series B 8.00% 11/12/15 $8,349,561 
Cyclerion Therapeutics, Inc. 4/2/19 $1,404,026 
Foghorn Therapeutics, Inc. 7/17/20 $2,000,003 
Immunocore Ltd. Series A 7/27/15 $13,796,921 
Kinnate Biopharma, Inc. Series C 8/24/20 $7,538,822 
Kronos Bio, Inc. 8/20/20 $8,000,000 
Nuvation Bio, Inc. Series A 6/17/19 $1,609,562 
Precipio, Inc. 2/3/12 $2,828,200 
Prelude Therapeutics, Inc. Series C 8/21/20 $7,999,983 
Royalty Pharma PLC 5/21/15 $468,770 
Taysha Gene Therapies, Inc. Series B 7/2/20 $12,484,596 
Vor Biopharma, Inc. 6/30/20 $3,000,000 
Yumanity Holdings LLC Class A 2/8/16 $3,978,847 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $80,405 
Fidelity Securities Lending Cash Central Fund 2,789,735 
Total $2,870,140 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

The value, beginning of period, for the Fidelity Cash Central Fund was $618,432,642. Net realized gain (loss) and change in net unrealized appreciation (depreciation) was $14,101 and $(420), respectively. Purchases and sales of the Fidelity Cash Central Fund were $1,327,885,171 and $1,457,521,354, respectively, during the period.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Acorda Therapeutics, Inc. $3,751,237 $-- $2,055,586 $-- $(21,408,329) $19,712,678 $-- 
Allena Pharmaceuticals, Inc. 56,027 201,500 84,173 -- (355,925) 348,270 -- 
Allena Pharmaceuticals, Inc. 2,851,463 -- -- -- -- (897,415) -- 
aTyr Pharma, Inc. 1,510,141 -- -- -- -- 20,352 -- 
Geron Corp. 15,417,418 2,729,999 15,974,260 -- 3,047,239 8,245,113 -- 
Krystal Biotech, Inc. 61,375,887 9,955,000 -- -- -- (7,777,723) 63,553,164 
Miragen Therapeutics, Inc. 2,887,327 -- -- -- -- 713,180 3,600,507 
Scholar Rock Holding Corp. 21,573,442 -- -- -- -- 1,513,658 23,087,100 
X4 Pharmaceuticals, Inc. 8,808,864 -- 3,759,021 -- (1,273,479) (698,390) -- 
Total $118,231,806 $12,886,499 $21,873,040 $-- $(19,990,494) $21,179,723 $90,240,771 

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $7,274,749,511 $7,150,614,757 $27,816,742 $96,318,012 
Preferred Stocks 82,436,487 -- -- 82,436,487 
Money Market Funds 567,311,342 567,311,342 -- -- 
Preferred Securities 8,000,000 -- -- 8,000,000 
Total Investments in Securities: $7,932,497,340 $7,717,926,099 $27,816,742 $186,754,499 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:  
Common Stocks  
Beginning Balance $114,638,031 
Total Realized Gain (Loss) 14,178,094 
Total Unrealized Gain (Loss) (11,635,440) 
Cost of Purchases -- 
Proceeds of Sales (20,878,844) 
Amortization/Accretion -- 
Transfers in to Level 3 16,171 
Transfers out of Level 3 -- 
Ending Balance $96,318,012 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2020 $(11,635,440) 
Preferred Stocks  
Beginning Balance $52,087,895 
Total Realized Gain (Loss) 771,584 
Total Unrealized Gain (Loss) (886,958) 
Cost of Purchases 33,023,404 
Proceeds of Sales (2,559,438) 
Amortization/Accretion -- 
Transfers in to Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $82,436,487 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2020 $(886,958) 
Other Investments in Securities  
Beginning Balance $-- 
Total Realized Gain (Loss) -- 
Total Unrealized Gain (Loss)  -- 
Cost of Purchases 8,000,000 
Proceeds of Sales -- 
Amortization/Accretion  -- 
Transfer in to Level 3  -- 
Transfer out of Level 3 -- 
Ending Balance $8,000,000 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2020 $ -- 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.6% 
Belgium 2.1% 
Netherlands 1.9% 
Denmark 1.6% 
Switzerland 1.5% 
Others (Individually Less Than 1%) 3.3% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Biotechnology Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $486,416,571) — See accompanying schedule:
Unaffiliated issuers (cost $4,747,904,879) 
$7,274,945,227  
Fidelity Central Funds (cost $567,273,985) 567,311,342  
Other affiliated issuers (cost $64,070,753) 90,240,771  
Total Investment in Securities (cost $5,379,249,617)  $7,932,497,340 
Receivable for investments sold  22,437,150 
Receivable for fund shares sold  5,192,281 
Dividends receivable  2,884,165 
Distributions receivable from Fidelity Central Funds  961,495 
Prepaid expenses  67,028 
Other receivables  987,446 
Total assets  7,965,026,905 
Liabilities   
Payable for investments purchased   
Regular delivery $3,424,301  
Delayed delivery 804,781  
Payable for fund shares redeemed 17,292,924  
Accrued management fee 3,280,187  
Other affiliated payables 1,055,176  
Other payables and accrued expenses 1,004,607  
Collateral on securities loaned 488,649,072  
Total liabilities  515,511,048 
Net Assets  $7,449,515,857 
Net Assets consist of:   
Paid in capital  $4,131,742,970 
Total accumulated earnings (loss)  3,317,772,887 
Net Assets  $7,449,515,857 
Net Asset Value, offering price and redemption price per share ($7,449,515,857 ÷ 315,160,319 shares)  $23.64 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $22,976,831 
Income from Fidelity Central Funds (including $2,789,735 from security lending)  2,870,140 
Total income  25,846,971 
Expenses   
Management fee $18,669,012  
Transfer agent fees 5,459,550  
Accounting fees 581,909  
Custodian fees and expenses 52,355  
Independent trustees' fees and expenses 21,948  
Registration fees 74,267  
Audit 36,103  
Legal 5,490  
Miscellaneous 109,471  
Total expenses before reductions 25,010,105  
Expense reductions (271,748)  
Total expenses after reductions  24,738,357 
Net investment income (loss)  1,108,614 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 815,285,289  
Fidelity Central Funds 14,879  
Other affiliated issuers (19,990,494)  
Foreign currency transactions 114,421  
Total net realized gain (loss)  795,424,095 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 362,993,682  
Fidelity Central Funds (420)  
Other affiliated issuers 21,179,723  
Assets and liabilities in foreign currencies 4,606  
Total change in net unrealized appreciation (depreciation)  384,177,591 
Net gain (loss)  1,179,601,686 
Net increase (decrease) in net assets resulting from operations  $1,180,710,300 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,108,614 $15,224,099 
Net realized gain (loss) 795,424,095 756,206,173 
Change in net unrealized appreciation (depreciation) 384,177,591 (244,332,914) 
Net increase (decrease) in net assets resulting from operations 1,180,710,300 527,097,358 
Distributions to shareholders (322,998,524) (648,542,988) 
Share transactions   
Proceeds from sales of shares 566,134,243 456,496,894 
Reinvestment of distributions 304,495,106 610,226,532 
Cost of shares redeemed (903,577,338) (1,904,247,877) 
Net increase (decrease) in net assets resulting from share transactions (32,947,989) (837,524,451) 
Total increase (decrease) in net assets 824,763,787 (958,970,081) 
Net Assets   
Beginning of period 6,624,752,070 7,583,722,151 
End of period $7,449,515,857 $6,624,752,070 
Other Information   
Shares   
Sold 25,972,416 21,609,310 
Issued in reinvestment of distributions 16,379,511 27,974,462 
Redeemed (42,310,222) (93,189,218) 
Net increase (decrease) 41,705 (43,605,446) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Biotechnology Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 B 2018 B 2017 B 2016 A,B 
Selected Per–Share Data       
Net asset value, beginning of period $21.02 $21.14 $23.45 $20.32 $16.20 $24.80 
Income from Investment Operations       
Net investment income (loss)C D .05 (.04) (.05) (.08) (.10) 
Net realized and unrealized gain (loss) 3.67 1.79 (.29)E 3.49 4.80 (6.92) 
Total from investment operations 3.67 1.84 (.33) 3.44 4.72 (7.02) 
Distributions from net investment income (.05) (.03) – – – – 
Distributions from net realized gain (1.00) (1.93) (1.98) (.31) (.60) (1.58) 
Total distributions (1.05) (1.96) (1.98) (.31) (.60) (1.58) 
Redemption fees added to paid in capitalC – – – – D D 
Net asset value, end of period $23.64 $21.02 $21.14 $23.45 $20.32 $16.20 
Total ReturnF,G 18.83% 8.57% (.46)%E 17.04% 29.67% (30.35)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .71%J .72% .72% .74% .75% .73% 
Expenses net of fee waivers, if any .71%J .72% .72% .74% .75% .73% 
Expenses net of all reductions .70%J .72% .72% .73% .74% .73% 
Net investment income (loss) .03%J .22% (.20)% (.25)% (.43)% (.39)% 
Supplemental Data       
Net assets, end of period (000 omitted) $7,449,516 $6,624,752 $7,583,722 $8,940,767 $9,573,681 $9,723,599 
Portfolio turnover rateK 81%J 50% 37% 26% 28% 35% 

 A For the year ended February 29.

 B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

 C Calculated based on average shares outstanding during the period.

 D Amount represents less than $.005 per share.

 E Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.53)%.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Health Care Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
UnitedHealth Group, Inc. 8.4 
Roche Holding AG (participation certificate) 6.0 
Humana, Inc. 5.1 
Regeneron Pharmaceuticals, Inc. 4.8 
AstraZeneca PLC (United Kingdom) 4.7 
Cigna Corp. 4.6 
Becton, Dickinson & Co. 4.4 
Danaher Corp. 4.0 
Eli Lilly & Co. 4.0 
Boston Scientific Corp. 3.5 
 49.5 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Health Care Providers & Services 25.4% 
   Health Care Equipment & Supplies 23.0% 
   Biotechnology 22.5% 
   Pharmaceuticals 21.6% 
   Life Sciences Tools & Services 4.8% 
   All Others* 2.7% 


* Includes short-term investments and net other assets (liabilities).

Health Care Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%   
 Shares Value 
Biotechnology - 22.4%   
Biotechnology - 22.4%   
Acceleron Pharma, Inc. (a) 530,000 $51,659,100 
ADC Therapeutics SA (a)(b) 880,158 38,876,579 
Alnylam Pharmaceuticals, Inc. (a) 828,000 109,825,920 
Amgen, Inc. 128,000 32,424,960 
Aprea Therapeutics, Inc. 600,000 16,260,000 
Arcutis Biotherapeutics, Inc. (a) 600,000 15,042,000 
Argenx SE ADR (a) 600,000 138,762,000 
Ascendis Pharma A/S sponsored ADR (a) 898,725 133,173,071 
BeiGene Ltd. ADR (a) 200,000 48,314,000 
BioNTech SE ADR (a)(b) 512,219 31,373,414 
Black Diamond Therapeutics, Inc. (a) 230,000 6,617,100 
Blueprint Medicines Corp. (a) 400,000 30,972,000 
Denali Therapeutics, Inc. (a)(b) 360,000 11,484,000 
Exelixis, Inc. (a) 1,500,000 33,330,000 
Forma Therapeutics Holdings, Inc. 320,000 14,057,600 
Fusion Pharmaceuticals, Inc. (a) 96,133 1,237,232 
G1 Therapeutics, Inc. (a) 900,000 13,815,000 
Generation Bio Co. 142,537 4,451,431 
Generation Bio Co. 154,622 4,345,961 
Innovent Biologics, Inc. (a)(c) 6,600,000 43,850,413 
Insmed, Inc. (a) 1,370,210 38,626,220 
Intercept Pharmaceuticals, Inc. (a) 280,000 13,966,400 
Kura Oncology, Inc. (a) 1,280,000 31,859,200 
Kymera Therapeutics, Inc. (a) 14,800 472,120 
Morphic Holding, Inc. (a) 260,225 6,895,963 
Neurocrine Biosciences, Inc. (a) 1,080,000 125,733,600 
ORIC Pharmaceuticals, Inc. (a)(b) 659,935 16,531,372 
Passage Bio, Inc. 555,000 9,190,800 
Poseida Therapeutics, Inc. (a) 218,778 2,054,325 
Poseida Therapeutics, Inc. 1,415,125 11,959,221 
PTC Therapeutics, Inc. (a) 423,591 20,935,985 
Regeneron Pharmaceuticals, Inc. (a) 720,000 446,349,600 
Repare Therapeutics, Inc. 500,000 12,370,000 
Revolution Medicines, Inc. 1,290,000 36,558,600 
Sage Therapeutics, Inc. (a) 133,679 7,010,127 
Sarepta Therapeutics, Inc. (a) 690,000 101,029,800 
Scholar Rock Holding Corp. (a) 110,918 1,674,862 
Stoke Therapeutics, Inc. (a) 167,872 4,930,401 
TG Therapeutics, Inc. (a) 1,280,000 31,750,400 
Turning Point Therapeutics, Inc. (a) 470,000 36,744,600 
uniQure B.V. (a) 400,000 16,308,000 
Vaxcyte, Inc. 400,000 18,112,000 
Vertex Pharmaceuticals, Inc. (a) 600,000 167,472,000 
Viela Bio, Inc. 1,080,000 36,385,200 
Viking Therapeutics, Inc. (a)(b) 1,000,000 6,690,000 
Xencor, Inc. (a) 1,200,000 42,900,000 
Zentalis Pharmaceuticals, Inc. (b) 600,000 20,640,000 
Zymeworks, Inc. (a) 867,545 28,125,809 
  2,073,148,386 
Health Care Equipment & Supplies - 23.0%   
Health Care Equipment - 22.8%   
Atricure, Inc. (a) 1,000,000 44,730,000 
Becton, Dickinson & Co. 1,700,000 412,709,000 
Boston Scientific Corp. (a) 8,000,000 328,160,000 
Danaher Corp. 1,800,000 371,646,000 
DexCom, Inc. (a) 88,000 37,436,080 
Genmark Diagnostics, Inc. (a) 2,000,000 25,940,000 
Hologic, Inc. (a) 931,817 55,648,111 
Insulet Corp. (a) 1,000,000 218,250,000 
Intuitive Surgical, Inc. (a) 195,000 142,513,800 
Masimo Corp. (a) 560,000 125,440,000 
Penumbra, Inc. (a) 1,090,000 227,973,500 
Shockwave Medical, Inc. (a) 610,000 38,759,400 
Tandem Diabetes Care, Inc. (a) 740,000 83,412,800 
  2,112,618,691 
Health Care Supplies - 0.2%   
Quidel Corp. (a) 130,000 22,874,800 
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES  2,135,493,491 
Health Care Providers & Services - 25.4%   
Health Care Services - 6.7%   
1Life Healthcare, Inc. (a) 1,800,000 52,506,000 
Alignment Healthcare Partners unit (d)(e) 2,145,460 31,602,626 
Cigna Corp. 2,400,000 425,688,000 
Oak Street Health, Inc. 2,758,058 110,782,916 
  620,579,542 
Managed Health Care - 18.7%   
Anthem, Inc. 600,000 168,912,000 
Centene Corp. (a) 5,100,000 312,732,000 
Humana, Inc. 1,130,000 469,142,100 
UnitedHealth Group, Inc. 2,500,000 781,374,995 
  1,732,161,095 
TOTAL HEALTH CARE PROVIDERS & SERVICES  2,352,740,637 
Health Care Technology - 1.3%   
Health Care Technology - 1.3%   
Castlight Health, Inc. (a) 1,845,550 2,546,859 
Castlight Health, Inc. Class B (a) 4,000,000 5,520,000 
Inspire Medical Systems, Inc. (a) 691,100 82,551,895 
Veeva Systems, Inc. Class A (a) 110,000 31,049,700 
  121,668,454 
Life Sciences Tools & Services - 4.8%   
Life Sciences Tools & Services - 4.8%   
10X Genomics, Inc. Class B (c) 1,700,000 194,854,000 
Bio-Rad Laboratories, Inc. Class A (a) 90,000 45,773,100 
Bruker Corp. 2,360,000 99,167,200 
Lonza Group AG 170,000 105,640,266 
  445,434,566 
Pharmaceuticals - 21.6%   
Pharmaceuticals - 21.6%   
Arvinas Holding Co. LLC (a) 500,000 12,975,000 
AstraZeneca PLC (United Kingdom) 3,900,000 432,901,005 
Eli Lilly & Co. 2,500,000 370,975,000 
Harmony Biosciences Holdings, Inc. 2,009,956 64,073,377 
MyoKardia, Inc. (a) 748,965 81,966,730 
Nektar Therapeutics (a)(b) 2,080,000 40,227,200 
Pliant Therapeutics, Inc. 915,200 23,017,280 
Roche Holding AG (participation certificate) 1,600,000 559,710,455 
Royalty Pharma PLC (d)(e) 14,453 
Royalty Pharma PLC 320,000 13,241,600 
Royalty Pharma PLC 1,853,000 69,009,426 
Sanofi SA 2,690,000 272,466,711 
Theravance Biopharma, Inc. (a) 1,304,135 23,904,795 
UCB SA 325,000 38,597,713 
  2,003,066,292 
Professional Services - 0.3%   
Research & Consulting Services - 0.3%   
Clarivate Analytics PLC (a) 1,000,000 29,440,000 
Software - 0.5%   
Application Software - 0.5%   
Nuance Communications, Inc. (a) 1,120,000 33,555,200 
Outset Medical, Inc. (a)(e) 3,279,404 10,100,564 
  43,655,764 
TOTAL COMMON STOCKS   
(Cost $5,858,930,738)  9,204,647,590 
Convertible Preferred Stocks - 0.4%   
Biotechnology - 0.1%   
Biotechnology - 0.1%   
Shattuck Labs, Inc. Series B1 (d)(e) 143,129 9,000,025 
Software - 0.3%   
Application Software - 0.3%   
Outset Medical, Inc.:   
Series B (a)(e) 8,159,125 22,600,776 
Series E (e) 840,909 2,590,000 
  25,190,776 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $22,169,995)  34,190,801 
Money Market Funds - 0.9%   
Fidelity Cash Central Fund 0.12% (f) 32,890,181 32,896,759 
Fidelity Securities Lending Cash Central Fund 0.11% (f)(g) 56,683,518 56,689,186 
TOTAL MONEY MARKET FUNDS   
(Cost $89,583,774)  89,585,945 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $5,970,684,507)  9,328,424,336 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (56,091,975) 
NET ASSETS - 100%  $9,272,332,361 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $238,704,413 or 2.6% of net assets.

 (d) Level 3 security

 (e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $75,893,991 or 0.8% of net assets.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Alignment Healthcare Partners unit 2/28/20 $26,000,002 
Outset Medical, Inc. 5/5/15 $7,180,030 
Outset Medical, Inc. Series B 5/5/15 $11,319,970 
Outset Medical, Inc. Series E 1/27/20 $1,850,000 
Royalty Pharma PLC 5/21/15 $1,704,009 
Shattuck Labs, Inc. Series B1 6/12/20 $9,000,025 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $118,814 
Fidelity Securities Lending Cash Central Fund 632,543 
Total $751,357 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $9,204,647,590 $7,488,204,649 $1,684,840,315 $31,602,626 
Convertible Preferred Stocks 34,190,801 -- 25,190,776 9,000,025 
Money Market Funds 89,585,945 89,585,945 -- -- 
Total Investments in Securities: $9,328,424,336 $7,577,790,594 $1,710,031,091 $40,602,651 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:  
Beginning Balance $147,746,791 
Total Realized Gain (Loss) 48,578,778 
Total Unrealized Gain (Loss) (10,546,719) 
Cost of Purchases 9,000,025 
Proceeds of Sales (102,378,722) 
Amortization/Accretion -- 
Transfers in to Level 3 -- 
Transfers out of Level 3 (51,797,502) 
Ending Balance $40,602,651 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2020 $(10,546,719) 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 78.4% 
Switzerland 7.5% 
United Kingdom 5.5% 
France 2.9% 
Netherlands 1.7% 
Denmark 1.4% 
Cayman Islands 1.3% 
Others (Individually Less Than 1%) 1.3% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Health Care Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $53,580,990) — See accompanying schedule:
Unaffiliated issuers (cost $5,881,100,733) 
$9,238,838,391  
Fidelity Central Funds (cost $89,583,774) 89,585,945  
Total Investment in Securities (cost $5,970,684,507)  $9,328,424,336 
Receivable for investments sold  5,775,354 
Receivable for fund shares sold  11,464,123 
Dividends receivable  12,035,924 
Distributions receivable from Fidelity Central Funds  166,174 
Prepaid expenses  58,913 
Other receivables  730,956 
Total assets  9,358,655,780 
Liabilities   
Payable for investments purchased $3,733,070  
Payable for fund shares redeemed 19,922,605  
Accrued management fee 4,094,593  
Other affiliated payables 1,193,815  
Other payables and accrued expenses 711,975  
Collateral on securities loaned 56,667,361  
Total liabilities  86,323,419 
Net Assets  $9,272,332,361 
Net Assets consist of:   
Paid in capital  $5,331,788,497 
Total accumulated earnings (loss)  3,940,543,864 
Net Assets  $9,272,332,361 
Net Asset Value, offering price and redemption price per share ($9,272,332,361 ÷ 294,226,542 shares)  $31.51 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $37,588,854 
Income from Fidelity Central Funds (including $632,543 from security lending)  751,357 
Total income  38,340,211 
Expenses   
Management fee $22,106,435  
Transfer agent fees 6,046,635  
Accounting fees 608,414  
Custodian fees and expenses 87,304  
Independent trustees' fees and expenses 25,275  
Registration fees 177,075  
Audit 27,101  
Legal 7,390  
Interest 1,170  
Miscellaneous 104,857  
Total expenses before reductions 29,191,656  
Expense reductions (285,079)  
Total expenses after reductions  28,906,577 
Net investment income (loss)  9,433,634 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 634,699,592  
Fidelity Central Funds (2,597)  
Foreign currency transactions (406,698)  
Total net realized gain (loss)  634,290,297 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 1,020,422,729  
Fidelity Central Funds (212)  
Assets and liabilities in foreign currencies 453,493  
Total change in net unrealized appreciation (depreciation)  1,020,876,010 
Net gain (loss)  1,655,166,307 
Net increase (decrease) in net assets resulting from operations  $1,664,599,941 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $9,433,634 $11,611,040 
Net realized gain (loss) 634,290,297 416,068,140 
Change in net unrealized appreciation (depreciation) 1,020,876,010 215,998,550 
Net increase (decrease) in net assets resulting from operations 1,664,599,941 643,677,730 
Distributions to shareholders (214,992,240) (104,508,735) 
Share transactions   
Proceeds from sales of shares 1,462,931,499 845,022,583 
Reinvestment of distributions 199,136,817 96,915,411 
Cost of shares redeemed (1,059,530,489) (1,711,627,255) 
Net increase (decrease) in net assets resulting from share transactions 602,537,827 (769,689,261) 
Total increase (decrease) in net assets 2,052,145,528 (230,520,266) 
Net Assets   
Beginning of period 7,220,186,833 7,450,707,099 
End of period $9,272,332,361 $7,220,186,833 
Other Information   
Shares   
Sold 51,557,327 32,388,556 
Issued in reinvestment of distributions 7,748,511 3,395,775 
Redeemed (37,232,513) (67,969,335) 
Net increase (decrease) 22,073,325 (32,185,004) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Health Care Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 B 2018 B 2017 B 2016 A,B 
Selected Per–Share Data       
Net asset value, beginning of period $26.53 $24.48 $23.56 $20.89 $18.05 $23.64 
Income from Investment Operations       
Net investment income (loss)C .03 .04 .02 .05 .02 (.01) 
Net realized and unrealized gain (loss) 5.74 2.40 2.90 3.17 2.93 (3.16) 
Total from investment operations 5.77 2.44 2.92 3.22 2.95 (3.17) 
Distributions from net investment income (.06) (.03) (.03) (.04) (.02) – 
Distributions from net realized gain (.73) (.36) (1.97) (.51) (.09) (2.42) 
Total distributions (.79) (.39) (2.00) (.55) (.11) (2.42) 
Redemption fees added to paid in capitalC – – – – D D 
Net asset value, end of period $31.51 $26.53 $24.48 $23.56 $20.89 $18.05 
Total ReturnE,F 22.41% 9.84% 13.30% 15.49% 16.43% (14.90)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .70%I .70% .71% .73% .74% .73% 
Expenses net of fee waivers, if any .70%I .70% .71% .73% .73% .73% 
Expenses net of all reductions .70%I .70% .71% .72% .73% .72% 
Net investment income (loss) .23%I .16% .10% .23% .12% (.03)% 
Supplemental Data       
Net assets, end of period (000 omitted) $9,272,332 $7,220,187 $7,450,707 $6,923,404 $6,628,882 $7,439,085 
Portfolio turnover rateJ 59%I 36%K 60%K 75% 49%K 76% 

 A For the year ended February 29.

 B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

 C Calculated based on average shares outstanding during the period.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Health Care Services Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
UnitedHealth Group, Inc. 24.1 
Cigna Corp. 9.4 
Humana, Inc. 8.2 
Centene Corp. 7.2 
Molina Healthcare, Inc. 4.7 
Anthem, Inc. 4.6 
LHC Group, Inc. 4.3 
Amedisys, Inc. 4.2 
Chemed Corp. 4.1 
AmerisourceBergen Corp. 4.1 
 74.9 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Health Care Providers & Services 91.3% 
   Insurance 2.9% 
   Health Care Technology 2.0% 
   Diversified Consumer Services 1.1% 
   All Others* 2.7% 


* Includes short-term investments and net other assets (liabilities).

Health Care Services Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%   
 Shares Value 
Diversified Consumer Services - 1.1%   
Specialized Consumer Services - 1.1%   
Service Corp. International 260,700 $11,900,955 
Health Care Providers & Services - 91.3%   
Health Care Distributors & Services - 5.4%   
AmerisourceBergen Corp. 451,000 43,760,530 
McKesson Corp. 87,053 13,357,412 
  57,117,942 
Health Care Facilities - 6.4%   
Brookdale Senior Living, Inc. (a) 2,707,000 7,444,250 
HCA Holdings, Inc. 158,000 21,443,760 
Surgery Partners, Inc. (a)(b) 854,500 16,312,405 
U.S. Physical Therapy, Inc. (b) 193,100 17,166,590 
Universal Health Services, Inc. Class B 48,300 5,329,905 
  67,696,910 
Health Care Services - 30.5%   
1Life Healthcare, Inc. (a) 607,036 17,707,240 
Alignment Healthcare Partners unit (c)(d) 181,539 2,674,069 
Amedisys, Inc. (a) 181,400 43,880,660 
Andlauer Healthcare Group, Inc. 45,700 1,506,574 
BioScrip, Inc. (a) 165,900 1,927,758 
Chemed Corp. 84,700 43,799,217 
Cigna Corp. 557,872 98,949,757 
CVS Health Corp. 501,400 31,146,968 
LHC Group, Inc. (a) 215,896 45,001,362 
Oak Street Health, Inc. (a) 1,700 75,871 
Oak Street Health, Inc. 209,227 8,404,021 
Quest Diagnostics, Inc. 239,700 26,664,228 
  321,737,725 
Managed Health Care - 49.0%   
Anthem, Inc. 170,702 48,056,027 
Centene Corp. (a) 1,229,550 75,396,006 
HealthEquity, Inc. (a) 40,700 2,339,436 
Humana, Inc. 207,300 86,064,741 
Molina Healthcare, Inc. (a) 270,100 49,960,397 
UnitedHealth Group, Inc. 813,650 254,306,309 
  516,122,916 
TOTAL HEALTH CARE PROVIDERS & SERVICES  962,675,493 
Health Care Technology - 2.0%   
Health Care Technology - 2.0%   
Change Healthcare, Inc. (a) 1,327,534 18,784,606 
Teladoc Health, Inc. (a)(b) 11,729 2,529,828 
  21,314,434 
Insurance - 2.9%   
Insurance Brokers - 2.9%   
eHealth, Inc. (a)(b) 213,900 13,501,368 
GoHealth, Inc. (a) 776,000 10,794,160 
Selectquote, Inc. (b) 321,800 5,872,850 
  30,168,378 
TOTAL COMMON STOCKS   
(Cost $506,458,566)  1,026,059,260 
Money Market Funds - 2.7%   
Fidelity Cash Central Fund 0.12% (e) 15,775,231 15,778,386 
Fidelity Securities Lending Cash Central Fund 0.11% (e)(f) 12,690,643 12,691,912 
TOTAL MONEY MARKET FUNDS   
(Cost $28,470,298)  28,470,298 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $534,928,864)  1,054,529,558 
NET OTHER ASSETS (LIABILITIES) - 0.0%  364,958 
NET ASSETS - 100%  $1,054,894,516 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Level 3 security

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,674,069 or 0.3% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Alignment Healthcare Partners unit 2/28/20 $2,200,001 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $10,854 
Fidelity Securities Lending Cash Central Fund 92,834 
Total $103,688 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $1,026,059,260 $1,014,981,170 $8,404,021 $2,674,069 
Money Market Funds 28,470,298 28,470,298 -- -- 
Total Investments in Securities: $1,054,529,558 $1,043,451,468 $8,404,021 $2,674,069 

See accompanying notes which are an integral part of the financial statements.


Health Care Services Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $12,447,435) — See accompanying schedule:
Unaffiliated issuers (cost $506,458,566) 
$1,026,059,260  
Fidelity Central Funds (cost $28,470,298) 28,470,298  
Total Investment in Securities (cost $534,928,864)  $1,054,529,558 
Receivable for investments sold  20,187,592 
Receivable for fund shares sold  309,067 
Dividends receivable  259,618 
Distributions receivable from Fidelity Central Funds  14,328 
Prepaid expenses  7,018 
Other receivables  75,678 
Total assets  1,075,382,859 
Liabilities   
Payable for investments purchased $4,219,881  
Payable for fund shares redeemed 2,844,771  
Accrued management fee 474,514  
Other affiliated payables 172,585  
Other payables and accrued expenses 88,108  
Collateral on securities loaned 12,688,484  
Total liabilities  20,488,343 
Net Assets  $1,054,894,516 
Net Assets consist of:   
Paid in capital  $589,187,925 
Total accumulated earnings (loss)  465,706,591 
Net Assets  $1,054,894,516 
Net Asset Value, offering price and redemption price per share ($1,054,894,516 ÷ 9,649,626 shares)  $109.32 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $4,323,678 
Income from Fidelity Central Funds (including $92,834 from security lending)  103,688 
Total income  4,427,366 
Expenses   
Management fee $2,738,967  
Transfer agent fees 854,725  
Accounting fees 170,093  
Custodian fees and expenses 3,450  
Independent trustees' fees and expenses 3,334  
Registration fees 23,113  
Audit 18,381  
Legal 771  
Interest 407  
Miscellaneous 18,407  
Total expenses before reductions 3,831,648  
Expense reductions (10,409)  
Total expenses after reductions  3,821,239 
Net investment income (loss)  606,127 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 17,314,436  
Fidelity Central Funds (1,560)  
Foreign currency transactions 22  
Total net realized gain (loss)  17,312,898 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 135,624,091  
Assets and liabilities in foreign currencies 336  
Total change in net unrealized appreciation (depreciation)  135,624,427 
Net gain (loss)  152,937,325 
Net increase (decrease) in net assets resulting from operations  $153,543,452 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $606,127 $2,706,224 
Net realized gain (loss) 17,312,898 (27,521,941) 
Change in net unrealized appreciation (depreciation) 135,624,427 75,937,774 
Net increase (decrease) in net assets resulting from operations 153,543,452 51,122,057 
Distributions to shareholders (8,046,464) (3,201,281) 
Share transactions   
Proceeds from sales of shares 103,244,007 234,226,310 
Reinvestment of distributions 7,493,478 3,008,611 
Cost of shares redeemed (204,545,988) (625,019,620) 
Net increase (decrease) in net assets resulting from share transactions (93,808,503) (387,784,699) 
Total increase (decrease) in net assets 51,688,485 (339,863,923) 
Net Assets   
Beginning of period 1,003,206,031 1,343,069,954 
End of period $1,054,894,516 $1,003,206,031 
Other Information   
Shares   
Sold 1,055,795 2,483,026 
Issued in reinvestment of distributions 79,137 28,799 
Redeemed (2,077,085) (6,963,847) 
Net increase (decrease) (942,153) (4,452,022) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Health Care Services Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $94.72 $89.28 $92.21 $89.93 $78.59 $87.26 
Income from Investment Operations       
Net investment income (loss)B .06 .23 .13 .11 .12 (.03) 
Net realized and unrealized gain (loss) 15.33 5.50 8.27 14.23 15.03 (5.21) 
Total from investment operations 15.39 5.73 8.40 14.34 15.15 (5.24) 
Distributions from net investment income (.79) (.29) (.10) (.10) (.13) (.02) 
Distributions from net realized gain – – (11.23) (11.96) (3.68) (3.41) 
Total distributions (.79) (.29) (11.33) (12.06) (3.81) (3.43) 
Redemption fees added to paid in capitalB – – – C C C 
Net asset value, end of period $109.32 $94.72 $89.28 $92.21 $89.93 $78.59 
Total ReturnD,E 16.38% 6.39% 9.61% 17.03% 19.71% (6.30)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .74%H .75% .76% .77% .78% .77% 
Expenses net of fee waivers, if any .74%H .75% .76% .77% .78% .77% 
Expenses net of all reductions .74%H .75% .76% .76% .78% .77% 
Net investment income (loss) .12%H .25% .14% .12% .15% (.03)% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,054,895 $1,003,206 $1,343,070 $829,692 $760,108 $837,518 
Portfolio turnover rateI 29%H 37% 60% 65% 26% 39% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Medical Technology and Devices Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Thermo Fisher Scientific, Inc. 11.9 
Danaher Corp. 10.2 
Becton, Dickinson & Co. 8.9 
Boston Scientific Corp. 6.2 
Intuitive Surgical, Inc. 5.0 
Insulet Corp. 3.7 
Penumbra, Inc. 3.6 
Hologic, Inc. 3.0 
DexCom, Inc. 2.9 
Masimo Corp. 2.7 
 58.1 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Health Care Equipment & Supplies 62.3% 
   Life Sciences Tools & Services 19.2% 
   Health Care Providers & Services 9.7% 
   Health Care Technology 4.1% 
   Biotechnology 1.9% 
   All Others* 2.8% 


* Includes short-term investments and net other assets (liabilities).

Medical Technology and Devices Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value 
Biotechnology - 1.5%   
Biotechnology - 1.5%   
Abcam PLC 2,000,000 $33,365,280 
Natera, Inc. (a)(b) 450,000 28,669,500 
Twist Bioscience Corp. (a) 750,000 52,447,500 
  114,482,280 
Health Care Equipment & Supplies - 62.3%   
Health Care Equipment - 59.9%   
Abbott Laboratories 1,600,000 175,152,000 
Atricure, Inc. (a) 1,200,000 53,676,000 
Axonics Modulation Technologies, Inc. (a)(b) 1,000,000 42,260,000 
Becton, Dickinson & Co. 2,700,000 655,479,000 
Boston Scientific Corp. (a) 11,000,000 451,220,000 
Danaher Corp. 3,630,000 749,486,100 
DexCom, Inc. (a) 500,000 212,705,000 
Fisher & Paykel Healthcare Corp. 3,080,000 76,452,253 
Genmark Diagnostics, Inc. (a) 2,929,885 38,000,608 
Hologic, Inc. (a) 3,684,400 220,032,368 
IDEXX Laboratories, Inc. (a) 50,000 19,553,000 
Insulet Corp. (a) 1,247,165 272,193,761 
Intuitive Surgical, Inc. (a) 500,000 365,420,000 
Masimo Corp. (a) 880,000 197,120,000 
Nevro Corp. (a) 520,000 71,520,800 
Penumbra, Inc. (a)(b) 1,280,000 267,712,000 
ResMed, Inc. 1,000,000 180,780,000 
Shockwave Medical, Inc. (a)(b) 663,265 42,143,858 
STERIS PLC 128,000 20,433,920 
Stryker Corp. 500,000 99,080,000 
Tandem Diabetes Care, Inc. (a) 1,440,000 162,316,800 
ViewRay, Inc.(a)(b)(c) 8,000,000 21,760,000 
  4,394,497,468 
Health Care Supplies - 2.4%   
Align Technology, Inc. (a) 142,000 42,171,160 
Nanosonics Ltd. (a)(c) 21,703,182 97,003,522 
Quidel Corp. (a) 190,000 33,432,400 
  172,607,082 
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES  4,567,104,550 
Health Care Providers & Services - 9.6%   
Health Care Services - 3.0%   
1Life Healthcare, Inc. (a) 1,080,000 31,503,600 
Cigna Corp. 1,060,000 188,012,200 
  219,515,800 
Managed Health Care - 6.6%   
Centene Corp. (a) 1,900,000 116,508,000 
Humana, Inc. 440,000 182,674,800 
UnitedHealth Group, Inc. 600,000 187,530,000 
  486,712,800 
TOTAL HEALTH CARE PROVIDERS & SERVICES  706,228,600 
Health Care Technology - 4.1%   
Health Care Technology - 4.1%   
Castlight Health, Inc. (a) 983,300 1,356,954 
Castlight Health, Inc. Class B (a) 5,000,000 6,900,000 
Inspire Medical Systems, Inc. (a) 889,407 106,239,666 
Veeva Systems, Inc. Class A (a) 650,000 183,475,500 
  297,972,120 
Insurance - 0.4%   
Insurance Brokers - 0.4%   
eHealth, Inc. (a) 420,000 26,510,400 
Life Sciences Tools & Services - 19.2%   
Life Sciences Tools & Services - 19.2%   
10X Genomics, Inc. (a) 280,000 32,093,600 
10X Genomics, Inc. Class B (d) 392,772 45,019,527 
Bio-Rad Laboratories, Inc. Class A (a) 128,000 65,099,520 
Bruker Corp. 3,720,000 156,314,400 
Lonza Group AG 256,000 159,081,812 
Nanostring Technologies, Inc. (a) 340,000 13,763,200 
Sartorius Stedim Biotech 186,139 66,594,267 
Thermo Fisher Scientific, Inc. 2,028,000 869,971,441 
  1,407,937,767 
Pharmaceuticals - 0.7%   
Pharmaceuticals - 0.7%   
Intersect ENT, Inc. (a)(c) 2,440,044 48,996,084 
Professional Services - 0.5%   
Research & Consulting Services - 0.5%   
Clarivate Analytics PLC (a) 1,280,000 37,683,200 
Software - 0.5%   
Application Software - 0.5%   
Nuance Communications, Inc. (a) 1,200,000 35,952,000 
Outset Medical, Inc. (a)(e) 1,486,367 4,578,010 
  40,530,010 
TOTAL COMMON STOCKS   
(Cost $4,130,024,052)  7,247,445,011 
Convertible Preferred Stocks - 1.0%   
Biotechnology - 0.4%   
Biotechnology - 0.4%   
Element Biosciences, Inc. Series B (e)(f) 2,385,223 12,236,194 
Seer, Inc.:   
Series D1 (e)(f) 3,333,333 12,499,999 
Series D1 (e)(f) 3,333,333 503,333 
  25,239,526 
Health Care Providers & Services - 0.1%   
Health Care Services - 0.1%   
Conformal Medical, Inc. Series C (e)(f) 2,605,625 9,554,996 
Software - 0.3%   
Application Software - 0.3%   
Outset Medical, Inc.:   
Series B (a)(e) 3,307,754 9,162,479 
Series D (a)(e) 1,607,717 6,527,331 
Series E (e) 1,363,636 4,199,999 
  19,889,809 
Textiles, Apparel & Luxury Goods - 0.2%   
Textiles - 0.2%   
Freenome, Inc. Series C (e)(f) 2,268,156 14,999,996 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $62,293,803)  69,684,327 
Money Market Funds - 1.1%   
Fidelity Cash Central Fund 0.12% (g) 27,030,354 27,035,760 
Fidelity Securities Lending Cash Central Fund 0.11% (g)(h) 53,855,479 53,860,865 
TOTAL MONEY MARKET FUNDS   
(Cost $80,896,625)  80,896,625 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $4,273,214,480)  7,398,025,963 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (63,806,925) 
NET ASSETS - 100%  $7,334,219,038 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $45,019,527 or 0.6% of net assets.

 (e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $74,262,337 or 1.0% of net assets.

 (f) Level 3 security

 (g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (h) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Conformal Medical, Inc. Series C 7/24/20 $9,554,996 
Element Biosciences, Inc. Series B 12/13/19 $12,500,000 
Freenome, Inc. Series C 8/14/20 $14,999,996 
Outset Medical, Inc. 5/5/15 - 8/20/18 $3,264,522 
Outset Medical, Inc. Series B 5/5/15 - 6/5/15 $4,589,178 
Outset Medical, Inc. Series D 8/20/18 $4,646,302 
Outset Medical, Inc. Series E 1/27/20 $2,999,999 
Seer, Inc. Series D1 5/12/20 $12,499,999 
Seer, Inc. Series D1 8/20/20 $503,333 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $122,980 
Fidelity Securities Lending Cash Central Fund 95,152 
Total $218,132 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Intersect ENT, Inc. $14,316,000 $27,304,996 $-- $-- $-- $7,375,088 $48,996,084 
Nanosonics Ltd. 92,968,430 1,864,197 -- -- -- 2,170,895 97,003,522 
ViewRay, Inc. 16,646,000 4,443,334 -- -- -- 670,666 21,760,000 
Total $123,930,430 $33,612,527 $-- $-- $-- $10,216,649 $167,759,606 

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $7,247,445,011 $7,083,785,189 $163,659,822 $-- 
Convertible Preferred Stocks 69,684,327 -- 19,889,809 49,794,518 
Money Market Funds 80,896,625 80,896,625 -- -- 
Total Investments in Securities: $7,398,025,963 $7,164,681,814 $183,549,631 $49,794,518 

See accompanying notes which are an integral part of the financial statements.


Medical Technology and Devices Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $53,170,619) — See accompanying schedule:
Unaffiliated issuers (cost $4,073,337,704) 
$7,149,369,732  
Fidelity Central Funds (cost $80,896,625) 80,896,625  
Other affiliated issuers (cost $118,980,151) 167,759,606  
Total Investment in Securities (cost $4,273,214,480)  $7,398,025,963 
Receivable for fund shares sold  9,471,912 
Dividends receivable  696,477 
Distributions receivable from Fidelity Central Funds  14,815 
Prepaid expenses  36,877 
Other receivables  273,773 
Total assets  7,408,519,817 
Liabilities   
Payable for investments purchased $1,069,318  
Payable for fund shares redeemed 14,938,546  
Accrued management fee 3,233,556  
Other affiliated payables 956,949  
Other payables and accrued expenses 250,110  
Collateral on securities loaned 53,852,300  
Total liabilities  74,300,779 
Net Assets  $7,334,219,038 
Net Assets consist of:   
Paid in capital  $3,917,321,493 
Total accumulated earnings (loss)  3,416,897,545 
Net Assets  $7,334,219,038 
Net Asset Value, offering price and redemption price per share ($7,334,219,038 ÷ 106,503,930 shares)  $68.86 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $12,200,631 
Income from Fidelity Central Funds (including $95,152 from security lending)  218,132 
Total income  12,418,763 
Expenses   
Management fee $16,931,604  
Transfer agent fees 4,849,494  
Accounting fees 568,517  
Custodian fees and expenses 40,886  
Independent trustees' fees and expenses 19,966  
Registration fees 33,607  
Audit 19,166  
Legal 5,798  
Interest 472  
Miscellaneous 94,162  
Total expenses before reductions 22,563,672  
Expense reductions (192,260)  
Total expenses after reductions  22,371,412 
Net investment income (loss)  (9,952,649) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 317,422,803  
Fidelity Central Funds (9,438)  
Foreign currency transactions (152,973)  
Total net realized gain (loss)  317,260,392 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 1,165,543,075  
Affiliated issuers 10,216,649  
Assets and liabilities in foreign currencies 7,840  
Total change in net unrealized appreciation (depreciation)  1,175,767,564 
Net gain (loss)  1,493,027,956 
Net increase (decrease) in net assets resulting from operations  $1,483,075,307 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(9,952,649) $(9,728,901) 
Net realized gain (loss) 317,260,392 276,923,920 
Change in net unrealized appreciation (depreciation) 1,175,767,564 196,604,918 
Net increase (decrease) in net assets resulting from operations 1,483,075,307 463,799,937 
Distributions to shareholders (134,034,529) (118,431,567) 
Share transactions   
Proceeds from sales of shares 739,950,698 705,581,911 
Reinvestment of distributions 126,383,084 111,785,832 
Cost of shares redeemed (939,921,099) (1,891,615,421) 
Net increase (decrease) in net assets resulting from share transactions (73,587,317) (1,074,247,678) 
Total increase (decrease) in net assets 1,275,453,461 (728,879,308) 
Net Assets   
Beginning of period 6,058,765,577 6,787,644,885 
End of period $7,334,219,038 $6,058,765,577 
Other Information   
Shares   
Sold 12,284,041 12,747,720 
Issued in reinvestment of distributions 2,380,540 1,859,380 
Redeemed (16,594,624) (34,440,758) 
Net increase (decrease) (1,930,043) (19,833,658) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Medical Technology and Devices Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $55.88 $52.92 $46.09 $41.48 $33.75 $41.90 
Income from Investment Operations       
Net investment income (loss)B (.09) (.08) (.04) .05 .01 (.03) 
Net realized and unrealized gain (loss) 14.37 4.10 10.40 7.31 9.87 (2.25) 
Total from investment operations 14.28 4.02 10.36 7.36 9.88 (2.28) 
Distributions from net investment income – – – (.08) – (.01) 
Distributions from net realized gain (1.30) (1.06) (3.53) (2.67) (2.15) (5.86) 
Total distributions (1.30) (1.06) (3.53) (2.75) (2.15) (5.87) 
Redemption fees added to paid in capitalB – – – – C C 
Net asset value, end of period $68.86 $55.88 $52.92 $46.09 $41.48 $33.75 
Total ReturnD,E 26.24% 7.46% 23.85% 18.01% 30.13% (6.63)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .71%H .71% .73% .76% .76% .76% 
Expenses net of fee waivers, if any .71%H .71% .73% .76% .76% .76% 
Expenses net of all reductions .70%H .71% .73% .75% .76% .75% 
Net investment income (loss) (.31)%H (.15)% (.07)% .11% .01% (.09)% 
Supplemental Data       
Net assets, end of period (000 omitted) $7,334,219 $6,058,766 $6,787,645 $4,063,926 $3,134,376 $1,915,772 
Portfolio turnover rateI 64%H 35% 43% 77% 55% 46% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Pharmaceuticals Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
AstraZeneca PLC sponsored ADR 10.7 
Bristol-Myers Squibb Co. 9.3 
Sanofi SA sponsored ADR 9.3 
Roche Holding AG (participation certificate) 7.7 
Johnson & Johnson 7.1 
Eli Lilly & Co. 5.9 
Merck & Co., Inc. 4.9 
Zoetis, Inc. Class A 4.4 
Novartis AG sponsored ADR 4.2 
Amgen, Inc. 4.0 
 67.5 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Pharmaceuticals 79.7% 
   Biotechnology 16.8% 
   Health Care Equipment & Supplies 2.1% 
   Life Sciences Tools & Services 0.6% 
   All Others* 0.8% 


* Includes short-term investments and net other assets (liabilities).

Pharmaceuticals Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%   
 Shares Value 
Biotechnology - 16.8%   
Biotechnology - 16.8%   
Acceleron Pharma, Inc. (a) 178,600 $17,408,142 
Akeso, Inc. 1,805,000 6,538,007 
Allovir, Inc. (a) 5,100 165,189 
Amgen, Inc. 141,400 35,819,448 
Argenx SE (a) 17,400 4,032,272 
Ascendis Pharma A/S sponsored ADR (a) 51,300 7,601,634 
Athenex, Inc. (a)(b) 166,800 1,916,532 
BioNTech SE ADR (a)(b) 50,148 3,071,565 
Blueprint Medicines Corp. (a) 60,700 4,700,001 
ChemoCentryx, Inc. (a) 6,000 321,000 
Cytokinetics, Inc. (a) 59,700 1,430,412 
Galapagos Genomics NV sponsored ADR (a) 36,900 4,913,604 
Generation Bio Co. 16,738 522,728 
Generation Bio Co. 7,473 210,044 
Global Blood Therapeutics, Inc. (a)(b) 166,300 10,440,314 
Immunomedics, Inc. (a) 123,400 5,498,704 
Innovent Biologics, Inc. (a)(c) 566,000 3,760,505 
Kalvista Pharmaceuticals, Inc. (a) 99,000 1,296,900 
Leap Therapeutics, Inc. warrants 1/31/26 (a) 606,000 436,344 
Magenta Therapeutics, Inc. (a) 97,400 708,098 
Mirati Therapeutics, Inc. (a) 37,800 5,646,186 
Moderna, Inc. (a) 46,200 2,997,918 
Momenta Pharmaceuticals, Inc. (a) 107,772 5,622,465 
Olivo Labs (a)(d)(e) 6,851 
PTC Therapeutics, Inc. (a) 162,500 8,031,563 
Sarepta Therapeutics, Inc. (a) 18,441 2,700,131 
Translate Bio, Inc. (a)(b) 102,900 1,449,861 
uniQure B.V. (a) 65,600 2,674,512 
Vertex Pharmaceuticals, Inc. (a) 33,700 9,406,344 
Xencor, Inc. (a) 49,568 1,772,056 
  151,092,479 
Health Care Equipment & Supplies - 2.1%   
Health Care Equipment - 2.0%   
Becton, Dickinson & Co. 50,500 12,259,885 
Boston Scientific Corp. (a) 149,600 6,136,592 
  18,396,477 
Health Care Supplies - 0.1%   
Kangji Medical Holdings Ltd. 200,500 584,410 
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES  18,980,887 
Life Sciences Tools & Services - 0.6%   
Life Sciences Tools & Services - 0.6%   
Bruker Corp. 117,100 4,920,542 
Personal Products - 0.0%   
Personal Products - 0.0%   
MYOS Corp. (a) 40,000 53,200 
Pharmaceuticals - 79.7%   
Pharmaceuticals - 79.7%   
Astellas Pharma, Inc. 601,900 9,442,702 
AstraZeneca PLC sponsored ADR 1,711,700 95,855,198 
Axsome Therapeutics, Inc. (a) 43,400 3,181,654 
Bausch Health Cos., Inc. (Canada) (a) 560,600 9,305,010 
Bristol-Myers Squibb Co. 1,347,780 83,831,916 
Catalent, Inc. (a) 75,400 6,974,500 
Elanco Animal Health, Inc. (a) 225,100 6,541,406 
Eli Lilly & Co. 357,561 53,058,477 
GlaxoSmithKline PLC sponsored ADR 628,200 24,876,720 
Harmony Biosciences Holdings, Inc. (a) 3,700 131,054 
Harmony Biosciences Holdings, Inc. 137,426 4,380,866 
Horizon Therapeutics PLC (a) 323,000 24,263,760 
Intra-Cellular Therapies, Inc. (a) 107,000 1,949,540 
Johnson & Johnson 416,650 63,918,277 
Merck & Co., Inc. 517,336 44,113,241 
MyoKardia, Inc. (a) 16,465 1,801,930 
Nektar Therapeutics (a)(b) 368,233 7,121,626 
Novartis AG sponsored ADR 441,496 37,995,146 
Perrigo Co. PLC 257,800 13,482,940 
Reata Pharmaceuticals, Inc. (a)(b) 55,300 5,803,735 
Richter Gedeon PLC 157,700 3,847,876 
Roche Holding AG (participation certificate) 198,096 69,297,751 
Royalty Pharma PLC 14,900 616,562 
Sanofi SA sponsored ADR 1,652,122 83,564,331 
UCB SA 181,600 21,567,214 
Zoetis, Inc. Class A 245,300 39,272,530 
Zogenix, Inc. (a) 31,800 752,706 
  716,948,668 
TOTAL COMMON STOCKS   
(Cost $624,292,713)  891,995,776 
Convertible Preferred Stocks - 0.0%   
Pharmaceuticals - 0.0%   
Pharmaceuticals - 0.0%   
Castle Creek Pharmaceutical Holdings, Inc. Series C (d)(e)   
(Cost $82,370) 200 96,458 
Money Market Funds - 2.6%   
Fidelity Cash Central Fund 0.12% (f) 6,258,406 6,259,658 
Fidelity Securities Lending Cash Central Fund 0.11% (f)(g) 17,433,615 17,435,358 
TOTAL MONEY MARKET FUNDS   
(Cost $23,695,016)  23,695,016 
TOTAL INVESTMENT IN SECURITIES - 101.8%   
(Cost $648,070,099)  915,787,250 
NET OTHER ASSETS (LIABILITIES) - (1.8)%  (16,269,385) 
NET ASSETS - 100%  $899,517,865 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,760,505 or 0.4% of net assets.

 (d) Level 3 security

 (e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $96,458 or 0.0% of net assets.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Castle Creek Pharmaceutical Holdings, Inc. Series C 12/9/19 $82,370 
Olivo Labs 2/8/17 $8,290 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $17,673 
Fidelity Securities Lending Cash Central Fund 53,061 
Total $70,734 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $891,995,776 $793,312,875 $98,682,901 $-- 
Convertible Preferred Stocks 96,458 -- -- 96,458 
Money Market Funds 23,695,016 23,695,016 -- -- 
Total Investments in Securities: $915,787,250 $817,007,891 $98,682,901 $96,458 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 52.6% 
United Kingdom 13.5% 
Switzerland 11.9% 
France 9.3% 
Ireland 4.2% 
Belgium 3.0% 
Cayman Islands 1.2% 
Japan 1.0% 
Canada 1.0% 
Others (Individually Less Than 1%) 2.3% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Pharmaceuticals Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $16,916,079) — See accompanying schedule:
Unaffiliated issuers (cost $624,375,083) 
$892,092,234  
Fidelity Central Funds (cost $23,695,016) 23,695,016  
Total Investment in Securities (cost $648,070,099)  $915,787,250 
Receivable for fund shares sold  1,113,005 
Dividends receivable  3,525,971 
Distributions receivable from Fidelity Central Funds  12,467 
Prepaid expenses  6,228 
Other receivables  138,088 
Total assets  920,583,009 
Liabilities   
Payable for fund shares redeemed $2,918,372  
Accrued management fee 399,758  
Other affiliated payables 162,667  
Other payables and accrued expenses 149,697  
Collateral on securities loaned 17,434,650  
Total liabilities  21,065,144 
Net Assets  $899,517,865 
Net Assets consist of:   
Paid in capital  $596,523,068 
Total accumulated earnings (loss)  302,994,797 
Net Assets  $899,517,865 
Net Asset Value, offering price and redemption price per share ($899,517,865 ÷ 36,731,724 shares)  $24.49 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $10,140,396 
Income from Fidelity Central Funds (including $53,061 from security lending)  70,734 
Total income  10,211,130 
Expenses   
Management fee $2,256,193  
Transfer agent fees 789,691  
Accounting fees 145,147  
Custodian fees and expenses 10,878  
Independent trustees' fees and expenses 2,626  
Registration fees 47,610  
Audit 17,538  
Legal 1,831  
Interest 550  
Miscellaneous 15,884  
Total expenses before reductions 3,287,948  
Expense reductions (27,251)  
Total expenses after reductions  3,260,697 
Net investment income (loss)  6,950,433 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 30,100,412  
Fidelity Central Funds (230)  
Foreign currency transactions (4,980)  
Total net realized gain (loss)  30,095,202 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 87,428,500  
Assets and liabilities in foreign currencies 74,918  
Total change in net unrealized appreciation (depreciation)  87,503,418 
Net gain (loss)  117,598,620 
Net increase (decrease) in net assets resulting from operations  $124,549,053 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,950,433 $10,028,605 
Net realized gain (loss) 30,095,202 65,450,148 
Change in net unrealized appreciation (depreciation) 87,503,418 5,301,157 
Net increase (decrease) in net assets resulting from operations 124,549,053 80,779,910 
Distributions to shareholders (22,195,699) (66,086,434) 
Share transactions   
Proceeds from sales of shares 205,191,605 129,274,481 
Reinvestment of distributions 21,095,408 62,770,076 
Cost of shares redeemed (193,407,055) (190,057,404) 
Net increase (decrease) in net assets resulting from share transactions 32,879,958 1,987,153 
Total increase (decrease) in net assets 135,233,312 16,680,629 
Net Assets   
Beginning of period 764,284,553 747,603,924 
End of period $899,517,865 $764,284,553 
Other Information   
Shares   
Sold 9,060,672 5,749,544 
Issued in reinvestment of distributions 998,363 2,784,673 
Redeemed (8,531,525) (8,808,887) 
Net increase (decrease) 1,527,510 (274,670) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Pharmaceuticals Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share DataB       
Net asset value, beginning of period $21.71 $21.07 $18.82 $18.11 $18.20 $23.08 
Income from Investment Operations       
Net investment income (loss)C .19 .29 .29 .27 .22 .24 
Net realized and unrealized gain (loss) 3.23 2.29 2.34 .74 (.13) (2.52) 
Total from investment operations 3.42 2.58 2.63 1.01 .09 (2.28) 
Distributions from net investment income (.07) (.31) (.28) (.25) (.18) (.17) 
Distributions from net realized gain (.56) (1.64) (.10) (.05) – (2.43) 
Total distributions (.64)B (1.94)D (.38) (.30) (.18) (2.60) 
Redemption fees added to paid in capitalC – – – – E E 
Net asset value, end of period $24.49 $21.71 $21.07 $18.82 $18.11 $18.20 
Total ReturnF,G 16.21% 12.06% 14.15% 5.61% .57% (11.33)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .78%J .78% .80% .81% .80% .78% 
Expenses net of fee waivers, if any .77%J .78% .79% .81% .80% .78% 
Expenses net of all reductions .77%J .77% .79% .80% .79% .77% 
Net investment income (loss) 1.64%J 1.36% 1.48% 1.44% 1.16% 1.09% 
Supplemental Data       
Net assets, end of period (000 omitted) $899,518 $764,285 $747,604 $744,563 $1,000,937 $1,693,410 
Portfolio turnover rateK 40%J 52% 55% 89% 77% 77% 

 A For the year ended February 29.

 B Total distributions of $.64 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $.563 per share.

 C Calculated based on average shares outstanding during the period.

 D Total distributions of $1.94 per share is comprised of distributions from net investment income of $.305 and distributions from net realized gain of $1.636 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2020

1. Organization.

Biotechnology Portfolio, Health Care Portfolio, Health Care Services Portfolio, Medical Technology and Devices Portfolio, and Pharmaceuticals Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds.

2. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Biotechology Portfolio:

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $ 178,747,142 Market comparable Transaction price $0.52-$128.58/$29.92 Increase 
   Premium rate 21.8%-36.2%/30.8% Increase 
   Conversion ratio 1.1 Increase 
  Recovery value Recovery value 0.0% Increase 
  Market approach Transaction price $10.45 Increase 
  Discounted Cash Flow Discount Rate 8.0%-12.0%/11.2% Decrease 
   Growth rate 3.5% Increase 
   Probability rate 6.3% Increase 
Corporate Bonds $ 8,000,000 Market approach Transaction price $100.00 Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2020, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in each Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in each accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Biotechnology Portfolio $945,305 
Health Care Portfolio 645,302 
Health Care Services Portfolio 70,553 
Medical Technology and Devices Portfolio 210,172 
Pharmaceuticals Portfolio 127,190 

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, net operating losses, redemption in-kinds, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Biotechnology Portfolio $5,391,353,678 $2,873,068,873 $(331,925,211) $2,541,143,662 
Health Care Portfolio 6,007,829,800 3,485,840,696 (165,246,159) 3,320,594,537 
Health Care Services Portfolio 551,323,841 521,666,401 (18,460,684) 503,205,717 
Medical Technology and Devices Portfolio 4,286,447,682 3,184,060,023 (72,481,742) 3,111,578,281 
Pharmaceuticals Portfolio 650,656,521 282,136,468 (17,005,739) 265,130,729 

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

   Short-term 
Health Care Services Portfolio   (55,677,868) 

Certain of the Funds elected to defer to the next fiscal year and ordinary losses recognized during the period January 1, 2020 to February 29, 2020. Loss deferrals were as follows:

    Ordinary losses 
Medical Technology and Devices Portfolio    $(6,992,400) 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (including Private Placements). The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.

Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

 $ Amount % of Net Assets 
Biotechnology Portfolio 81,581,915 1.10 

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities are noted in the table below.

 Purchases ($) Sales ($) 
Biotechnology Portfolio 2,787,788,955 3,155,010,630 
Health Care Portfolio 2,851,969,393 2,452,110,268 
Health Care Services Portfolio 148,642,830 275,698,580 
Medical Technology and Devices Portfolio 2,048,713,303 2,267,385,824 
Pharmaceuticals Portfolio 187,874,851 166,961,659 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:

 Individual Rate Group Rate Total 
Biotechnology Portfolio .30% .23% .53% 
Health Care Portfolio .30% .23% .53% 
Health Care Services Portfolio .30% .23% .53% 
Medical Technology and Devices Portfolio .30% .23% .53% 
Pharmaceuticals Portfolio .30% .23% .53% 

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:

Biotechnology Portfolio .16% 
Health Care Portfolio .15% 
Health Care Services Portfolio .17% 
Medical Technology and Devices Portfolio .15% 
Pharmaceuticals Portfolio .19% 

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Biotechnology Portfolio .02 
Health Care Portfolio .01 
Health Care Services Portfolio .03 
Medical Technology and Devices Portfolio .02 
Pharmaceuticals Portfolio .03 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Biotechnology Portfolio $145,904 
Health Care Portfolio 58,302 
Health Care Services Portfolio 8,367 
Medical Technology and Devices Portfolio 56,715 
Pharmaceuticals Portfolio 5,091 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, each fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Health Care Portfolio Borrower $61,964,500 .34% $1,170 
Health Care Services Portfolio Borrower $5,452,000 1.34% $407 
Medical Technology and Devices Portfolio Borrower $9,985,400 .34% $472 
Pharmaceuticals Portfolio Borrower $4,882,667 1.35% $550 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 4,971,286 shares of the Health Care Portfolio were redeemed in-kind for investments and cash with a value of $122,939,907. The Fund had a net realized gain of $52,017,323 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. The Health Care Portfolio recognized no gain or loss for federal income tax purposes.

Other. During the period, the investment adviser reimbursed the Funds for certain losses, which are included in Net Realized Gain (Loss) in each Fund's accompanying Statement of Operations, as follows:

 Amount 
Biotechnology Portfolio $16,906 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Biotechnology Portfolio $8,529 
Health Care Portfolio 9,774 
Health Care Services Portfolio 1,319 
Medical Technology and Devices Portfolio 7,816 
Pharmaceuticals Portfolio 1,025 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

Certain Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the Funds. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a Fund's daily lending revenue, for its services as lending agent. The Funds may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Net income from Fidelity Central Funds is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity was as follows:

 Total Security Lending Income Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Biotechnology Portfolio $223,207 $363,386 $40,023,299 
Health Care Portfolio $49,103 $131,567 $16,070,446 
Health Care Services Portfolio $6,747 $1,960 $– 
Medical Technology and Devices Portfolio $8,289 $119 $– 
Pharmaceuticals Portfolio $3,568 $4,797 $3,068,625 

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of certain Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. In addition, through arrangements with each applicable Fund's custodian and transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

 Brokerage service rebates Custodian credits 
Biotechnology Portfolio $255,785 $1,544 
Health Care Portfolio 269,393 406 
Health Care Services Portfolio 8,124 – 
Medical Technology and Devices Portfolio 178,821 – 
Pharmaceuticals Portfolio 25,529 125 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:

 Amount 
Biotechnology Portfolio $14,419 
Health Care Portfolio 15,280 
Health Care Services Portfolio 2,285 
Medical Technology and Devices Portfolio 13,439 
Pharmaceuticals Portfolio 1,597 

9. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2020 to August 31, 2020).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
March 1, 2020 
Ending
Account Value
August 31, 2020 
Expenses Paid
During Period-B
March 1, 2020
to August 31, 2020 
Biotechnology Portfolio .71%    
Actual  $1,000.00 $1,188.30 $3.92 
Hypothetical-C  $1,000.00 $1,021.63 $3.62 
Health Care Portfolio .70%    
Actual  $1,000.00 $1,224.10 $3.92 
Hypothetical-C  $1,000.00 $1,021.68 $3.57 
Health Care Services Portfolio .74%    
Actual  $1,000.00 $1,163.80 $4.04 
Hypothetical-C  $1,000.00 $1,021.48 $3.77 
Medical Technology and Devices Portfolio .71%    
Actual  $1,000.00 $1,262.40 $4.05 
Hypothetical-C  $1,000.00 $1,021.63 $3.62 
Pharmaceuticals Portfolio .77%    
Actual  $1,000.00 $1,162.10 $4.20 
Hypothetical-C  $1,000.00 $1,021.32 $3.92 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 
% of
Votes 
Dennis J. Dirks 
Affirmative 32,463,705,305.665 92.437 
Withheld 2,655,951,104.308 7.563 
TOTAL 35,119,656,409.973 100.000 
Donald F. Donahue 
Affirmative 32,446,843,861.354 92.389 
Withheld 2,672,812,548.619 7.611 
TOTAL 35,119,656,409.973 100.000 
Bettina Doulton 
Affirmative 32,610,463,757.584 92.855 
Withheld 2,509,192,652.389 7.145 
TOTAL 35,119,656,409.973 100.000 
Vicki L. Fuller 
Affirmative 32,688,213,522.720 93.077 
Withheld 2,431,442,887.253 6.923 
TOTAL 35,119,656,409.973 100.000 
Patricia L. Kampling 
Affirmative 32,313,755,598.535 92.010 
Withheld 2,805,900,811.438 7.990 
TOTAL 35,119,656,409.973 100.000 
Alan J. Lacy 
Affirmative 31,990,158,754.948 91.089 
Withheld 3,129,497,655.026 8.911 
TOTAL 35,119,656,409.973 100.000 
Ned C. Lautenbach 
Affirmative 32,043,019,991.143 91.240 
Withheld 3,076,636,418.830 8.760 
TOTAL 35,119,656,409.973 100.000 
Robert A. Lawrence 
Affirmative 32,150,842,398.009 91.547 
Withheld 2,968,814,011.965 8.453 
TOTAL 35,119,656,409.973 100.000 
Joseph Mauriello 
Affirmative 32,082,201,213.166 91.351 
Withheld 3,037,455,196.807 8.649 
TOTAL 35,119,656,409.973 100.000 
Cornelia M. Small 
Affirmative 32,207,976,835.934 91.709 
Withheld 2,911,679,574.039 8.291 
TOTAL 35,119,656,409.973 100.000 
Garnett A. Smith 
Affirmative 32,102,654,343.096 91.409 
Withheld 3,017,002,066.877 8.591 
TOTAL 35,119,656,409.973 100.000 
David M. Thomas 
Affirmative 32,150,749,424.556 91.546 
Withheld 2,968,906,985.418 8.454 
TOTAL 35,119,656,409.973 100.000 
Susan Tomasky 
Affirmative 32,381,933,484.515 92.205 
Withheld 2,737,722,925.459 7.795 
TOTAL 35,119,656,409.973 100.000 
Michael E. Wiley 
Affirmative 32,135,064,741.973 91.502 
Withheld 2,984,591,668.000 8.498 
TOTAL 35,119,656,409.973 100.000 
Proposal 1 reflects trust wide proposal and voting results. 





Fidelity Investments

SELHC-SANN-1020
1.813645.115




Fidelity® Select Portfolios®
Financials Sector

Banking Portfolio

Brokerage and Investment Management Portfolio

Consumer Finance Portfolio

Financial Services Portfolio

Insurance Portfolio



Semi-Annual Report

August 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Note to Shareholders

Banking Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Brokerage and Investment Management Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Consumer Finance Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Financial Services Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Insurance Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Proxy Voting Results


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Banking Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Bank of America Corp. 8.6 
Citigroup, Inc. 6.3 
Wells Fargo & Co. 6.3 
Truist Financial Corp. 6.2 
U.S. Bancorp 6.0 
Huntington Bancshares, Inc. 2.9 
Wintrust Financial Corp. 2.8 
Capital One Financial Corp. 2.7 
Essent Group Ltd. 2.6 
East West Bancorp, Inc. 2.5 
 46.9 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Banks 82.8% 
   Thrifts & Mortgage Finance 6.4% 
   Consumer Finance 5.7% 
   Capital Markets 3.8% 
   IT Services 0.6% 
   All Others* 0.7% 


* Includes short-term investments and net other assets (liabilities).

Banking Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%   
 Shares Value 
Banks - 82.8%   
Diversified Banks - 27.2%   
Bank of America Corp. 1,002,676 $25,808,880 
Citigroup, Inc. 372,900 19,062,648 
U.S. Bancorp 498,300 18,138,120 
Wells Fargo & Co. 788,692 19,046,912 
  82,056,560 
Regional Banks - 55.6%   
1st Source Corp. 69,660 2,399,787 
Amalgamated Bank 56,500 665,005 
American National Bankshares, Inc. 120,886 2,724,770 
Ameris Bancorp 116,560 2,858,051 
Associated Banc-Corp. 349,300 4,694,592 
Bank OZK 254,000 5,852,160 
BayCom Corp. (a) 62,182 720,378 
BOK Financial Corp. 91,400 5,131,196 
Cadence Bancorp Class A 596,528 5,667,016 
Camden National Corp. 20,232 660,676 
Comerica, Inc. 135,400 5,352,362 
Community Trust Bancorp, Inc. 101,076 3,261,723 
ConnectOne Bancorp, Inc. 92,300 1,395,576 
Cullen/Frost Bankers, Inc. 16,900 1,173,874 
East West Bancorp, Inc. 203,200 7,473,696 
First Citizens Bancshares, Inc. 1,600 629,040 
First Hawaiian, Inc. 10,100 166,953 
First Horizon National Corp. 710,600 6,786,230 
First Interstate Bancsystem, Inc. 193,300 6,340,240 
Great Western Bancorp, Inc. 250,200 3,485,286 
Heartland Financial U.S.A., Inc. 104,300 3,591,049 
Hilltop Holdings, Inc. 124,300 2,560,580 
Huntington Bancshares, Inc. 917,400 8,632,734 
KeyCorp 511,300 6,299,216 
Lakeland Financial Corp. 80,900 3,696,321 
M&T Bank Corp. 71,100 7,341,786 
PacWest Bancorp 166,236 3,171,783 
Preferred Bank, Los Angeles 73,295 2,741,233 
Regions Financial Corp. 496,900 5,744,164 
Sierra Bancorp 70,600 1,261,622 
Signature Bank 71,290 6,917,269 
Trico Bancshares 100,087 2,771,409 
Truist Financial Corp. 484,150 18,789,862 
UMB Financial Corp. 105,566 5,671,006 
Univest Corp. of Pennsylvania 140,600 2,262,254 
WesBanco, Inc. 262,700 5,837,194 
Wintrust Financial Corp. 192,700 8,386,304 
Zions Bancorp NA 146,950 4,725,912 
  167,840,309 
TOTAL BANKS  249,896,869 
Capital Markets - 3.8%   
Asset Management & Custody Banks - 3.8%   
Bank of New York Mellon Corp. 102,400 3,786,752 
Northern Trust Corp. 26,000 2,129,140 
State Street Corp. 82,300 5,603,807 
  11,519,699 
Consumer Finance - 5.7%   
Consumer Finance - 5.7%   
Capital One Financial Corp. 116,200 8,021,286 
Discover Financial Services 58,500 3,105,180 
OneMain Holdings, Inc. 106,600 3,099,928 
SLM Corp. 402,400 3,074,336 
  17,300,730 
Insurance - 0.2%   
Property & Casualty Insurance - 0.2%   
First American Financial Corp. 9,000 473,130 
IT Services - 0.6%   
Data Processing & Outsourced Services - 0.6%   
Computer Services, Inc. 30,000 1,815,000 
Thrifts & Mortgage Finance - 6.4%   
Thrifts & Mortgage Finance - 6.4%   
Essent Group Ltd. 220,029 7,855,035 
MGIC Investment Corp. 397,200 3,642,324 
NMI Holdings, Inc. (a) 304,802 5,227,354 
Radian Group, Inc. 161,736 2,497,204 
  19,221,917 
TOTAL COMMON STOCKS   
(Cost $347,231,185)  300,227,345 
Money Market Funds - 0.5%   
Fidelity Cash Central Fund 0.12% (b)   
(Cost $1,316,612) 1,316,349 1,316,612 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $348,547,797)  301,543,957 
NET OTHER ASSETS (LIABILITIES) - 0.0%  129,748 
NET ASSETS - 100%  $301,673,705 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $2,110 
Fidelity Securities Lending Cash Central Fund 3,395 
Total $5,505 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $300,227,345 $300,227,345 $-- $-- 
Money Market Funds 1,316,612 1,316,612 -- -- 
Total Investments in Securities: $301,543,957 $301,543,957 $-- $-- 

See accompanying notes which are an integral part of the financial statements.


Banking Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $347,231,185) 
$300,227,345  
Fidelity Central Funds (cost $1,316,612) 1,316,612  
Total Investment in Securities (cost $348,547,797)  $301,543,957 
Receivable for fund shares sold  1,190,700 
Dividends receivable  691,299 
Distributions receivable from Fidelity Central Funds  201 
Prepaid expenses  5,286 
Other receivables  9,366 
Total assets  303,440,809 
Liabilities   
Payable for investments purchased $609,293  
Payable for fund shares redeemed 947,417  
Accrued management fee 134,050  
Other affiliated payables 59,346  
Other payables and accrued expenses 16,998  
Total liabilities  1,767,104 
Net Assets  $301,673,705 
Net Assets consist of:   
Paid in capital  $357,712,795 
Total accumulated earnings (loss)  (56,039,090) 
Net Assets  $301,673,705 
Net Asset Value, offering price and redemption price per share ($301,673,705 ÷ 17,548,172 shares)  $17.19 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $5,875,084 
Income from Fidelity Central Funds (including $3,395 from security lending)  5,505 
Total income  5,880,589 
Expenses   
Management fee $753,734  
Transfer agent fees 293,646  
Accounting fees 55,119  
Custodian fees and expenses 4,192  
Independent trustees' fees and expenses 1,029  
Registration fees 25,906  
Audit 17,896  
Legal 879  
Miscellaneous 8,203  
Total expenses before reductions 1,160,604  
Expense reductions (17,907)  
Total expenses after reductions  1,142,697 
Net investment income (loss)  4,737,892 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (12,522,935)  
Fidelity Central Funds (471)  
Total net realized gain (loss)  (12,523,406) 
Change in net unrealized appreciation (depreciation) on investment securities  (62,360,971) 
Net gain (loss)  (74,884,377) 
Net increase (decrease) in net assets resulting from operations  $(70,146,485) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,737,892 $10,191,695 
Net realized gain (loss) (12,523,406) 39,645,121 
Change in net unrealized appreciation (depreciation) (62,360,971) (72,578,685) 
Net increase (decrease) in net assets resulting from operations (70,146,485) (22,741,869) 
Distributions to shareholders (22,808,779) (30,093,044) 
Share transactions   
Proceeds from sales of shares 111,387,171 121,977,862 
Reinvestment of distributions 21,711,565 28,635,030 
Cost of shares redeemed (100,165,937) (250,731,343) 
Net increase (decrease) in net assets resulting from share transactions 32,932,799 (100,118,451) 
Total increase (decrease) in net assets (60,022,465) (152,953,364) 
Net Assets   
Beginning of period 361,696,170 514,649,534 
End of period $301,673,705 $361,696,170 
Other Information   
Shares   
Sold 6,597,256 4,485,997 
Issued in reinvestment of distributions 1,405,279 1,050,495 
Redeemed (5,929,165) (9,539,655) 
Net increase (decrease) 2,073,370 (4,003,163) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Banking Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $23.37 $26.42 $36.82 $33.63 $21.70 $26.24 
Income from Investment Operations       
Net investment income (loss)B .28 .58 .49 .42 .33 .33 
Net realized and unrealized gain (loss) (4.97) (1.96) (3.62) 3.68 11.85 (3.43) 
Total from investment operations (4.69) (1.38) (3.13) 4.10 12.18 (3.10) 
Distributions from net investment income (.12) (.53) (.54) (.33) (.25) (.28) 
Distributions from net realized gain (1.37) (1.14) (6.73) (.58) – (1.16) 
Total distributions (1.49) (1.67) (7.27) (.91) (.25) (1.44) 
Redemption fees added to paid in capitalB – – – C C C 
Net asset value, end of period $17.19 $23.37 $26.42 $36.82 $33.63 $21.70 
Total ReturnD,E (19.35)% (6.05)% (6.57)% 12.31% 56.16% (12.57)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .82%H .77% .77% .77% .79% .79% 
Expenses net of fee waivers, if any .82%H .77% .77% .77% .79% .79% 
Expenses net of all reductions .80%H .77% .76% .77% .79% .79% 
Net investment income (loss) 3.33%H 2.21% 1.54% 1.26% 1.20% 1.27% 
Supplemental Data       
Net assets, end of period (000 omitted) $301,674 $361,696 $514,650 $830,245 $1,261,859 $565,479 
Portfolio turnover rateI 35%H 31% 44% 35% 34% 63% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Brokerage and Investment Management Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
BlackRock, Inc. Class A 8.8 
S&P Global, Inc. 8.2 
Intercontinental Exchange, Inc. 6.9 
Morgan Stanley 6.4 
MSCI, Inc. 5.6 
The NASDAQ OMX Group, Inc. 5.1 
LPL Financial 4.7 
T. Rowe Price Group, Inc. 4.6 
Charles Schwab Corp. 4.5 
CME Group, Inc. 4.5 
 59.3 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Capital Markets 99.6% 
   All Others* 0.4% 


* Includes short-term investments and net other assets (liabilities).

Brokerage and Investment Management Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%   
 Shares Value 
Capital Markets - 99.6%   
Asset Management & Custody Banks - 32.5%   
Affiliated Managers Group, Inc. 12,300 $844,395 
AllianceBernstein Holding LP 27,000 769,230 
Ameriprise Financial, Inc. 96,200 15,084,160 
Apollo Global Management LLC Class A 284,500 13,334,515 
Bank of New York Mellon Corp. 258,000 9,540,840 
BlackRock, Inc. Class A 49,800 29,590,663 
Eaton Vance Corp. (non-vtg.) 25,400 1,041,908 
Invesco Ltd. 64,500 657,900 
KKR & Co. LP 117,000 4,190,940 
Northern Trust Corp. 70,000 5,732,300 
State Street Corp. 125,400 8,538,486 
T. Rowe Price Group, Inc. 111,900 15,577,599 
The Blackstone Group LP 89,800 4,754,910 
  109,657,846 
Financial Exchanges & Data - 37.9%   
Cboe Global Markets, Inc. 66,638 6,116,702 
CME Group, Inc. 86,100 15,142,407 
Intercontinental Exchange, Inc. 218,300 23,190,009 
MarketAxess Holdings, Inc. 16,300 7,920,822 
Moody's Corp. 40,800 12,021,312 
MSCI, Inc. 50,400 18,812,808 
S&P Global, Inc. 75,200 27,554,784 
The NASDAQ OMX Group, Inc. 127,900 17,192,318 
  127,951,162 
Investment Banking & Brokerage - 29.2%   
BGC Partners, Inc. Class A 400,800 1,010,016 
Charles Schwab Corp. 431,580 15,334,037 
E*TRADE Financial Corp. 180,600 9,770,460 
Goldman Sachs Group, Inc. 39,100 8,010,417 
LPL Financial 192,600 15,824,016 
Moelis & Co. Class A 63,300 2,019,903 
Morgan Stanley 413,400 21,604,284 
PJT Partners, Inc. 96,612 5,717,498 
Raymond James Financial, Inc. 74,100 5,610,852 
TD Ameritrade Holding Corp. 245,900 9,437,642 
Virtu Financial, Inc. Class A 163,600 4,225,788 
  98,564,913 
TOTAL COMMON STOCKS   
(Cost $229,692,620)  336,173,921 
Money Market Funds - 0.3%   
Fidelity Cash Central Fund 0.12% (a)   
(Cost $1,002,642) 1,002,441 1,002,642 
TOTAL INVESTMENT IN SECURITIES - 99.9%   
(Cost $230,695,262)  337,176,563 
NET OTHER ASSETS (LIABILITIES) - 0.1%  277,165 
NET ASSETS - 100%  $337,453,728 

Legend

 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $679 
Fidelity Securities Lending Cash Central Fund 1,678 
Total $2,357 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $336,173,921 $336,173,921 $-- $-- 
Money Market Funds 1,002,642 1,002,642 -- -- 
Total Investments in Securities: $337,176,563 $337,176,563 $-- $-- 

See accompanying notes which are an integral part of the financial statements.


Brokerage and Investment Management Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $229,692,620) 
$336,173,921  
Fidelity Central Funds (cost $1,002,642) 1,002,642  
Total Investment in Securities (cost $230,695,262)  $337,176,563 
Receivable for fund shares sold  462,399 
Dividends receivable  264,106 
Distributions receivable from Fidelity Central Funds  186 
Prepaid expenses  3,298 
Other receivables  44,865 
Total assets  337,951,417 
Liabilities   
Payable for fund shares redeemed $233,533  
Accrued management fee 147,090  
Transfer agent fee payable 45,270  
Other affiliated payables 10,788  
Other payables and accrued expenses 61,008  
Total liabilities  497,689 
Net Assets  $337,453,728 
Net Assets consist of:   
Paid in capital  $227,530,488 
Total accumulated earnings (loss)  109,923,240 
Net Assets  $337,453,728 
Net Asset Value, offering price and redemption price per share ($337,453,728 ÷ 4,058,574 shares)  $83.15 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $3,279,853 
Income from Fidelity Central Funds (including $1,678 from security lending)  2,357 
Total income  3,282,210 
Expenses   
Management fee $801,158  
Transfer agent fees 260,041  
Accounting fees 58,593  
Custodian fees and expenses 2,110  
Independent trustees' fees and expenses 974  
Registration fees 14,713  
Audit 17,796  
Legal 227  
Miscellaneous 5,545  
Total expenses before reductions 1,161,157  
Expense reductions (1,423)  
Total expenses after reductions  1,159,734 
Net investment income (loss)  2,122,476 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,936,624  
Fidelity Central Funds (352)  
Total net realized gain (loss)  1,936,272 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 32,944,293  
Assets and liabilities in foreign currencies 2,158  
Total change in net unrealized appreciation (depreciation)  32,946,451 
Net gain (loss)  34,882,723 
Net increase (decrease) in net assets resulting from operations  $37,005,199 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,122,476 $4,319,475 
Net realized gain (loss) 1,936,272 11,001,402 
Change in net unrealized appreciation (depreciation) 32,946,451 13,075,301 
Net increase (decrease) in net assets resulting from operations 37,005,199 28,396,178 
Distributions to shareholders (5,200,153) (14,519,767) 
Share transactions   
Proceeds from sales of shares 30,973,658 27,899,331 
Reinvestment of distributions 4,878,028 13,537,015 
Cost of shares redeemed (39,291,109) (73,352,343) 
Net increase (decrease) in net assets resulting from share transactions (3,439,423) (31,915,997) 
Total increase (decrease) in net assets 28,365,623 (18,039,586) 
Net Assets   
Beginning of period 309,088,105 327,127,691 
End of period $337,453,728 $309,088,105 
Other Information   
Shares   
Sold 408,897 356,153 
Issued in reinvestment of distributions 72,353 175,977 
Redeemed (544,671) (972,124) 
Net increase (decrease) (63,421) (439,994) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Brokerage and Investment Management Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $74.99 $71.71 $84.47 $71.13 $54.65 $74.78 
Income from Investment Operations       
Net investment income (loss)B .52 1.01 .77 1.15 .89 .72 
Net realized and unrealized gain (loss) 8.94 5.70 (7.60) 17.88 16.44 (16.77) 
Total from investment operations 9.46 6.71 (6.83) 19.03 17.33 (16.05) 
Distributions from net investment income (.07) (.98) (.96) (.82) (.83) (.74) 
Distributions from net realized gain (1.23) (2.45) (4.96) (4.87) (.01) (3.34) 
Total distributions (1.30) (3.43) (5.93)C (5.69) (.85)D (4.08) 
Redemption fees added to paid in capitalB – – – E E E 
Net asset value, end of period $83.15 $74.99 $71.71 $84.47 $71.13 $54.65 
Total ReturnF,G 13.02% 9.28% (8.04)% 27.51% 31.76% (22.23)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .77%J .77% .78% .79% .82% .79% 
Expenses net of fee waivers, if any .77%J .77% .77% .79% .82% .79% 
Expenses net of all reductions .77%J .77% .77% .78% .80% .78% 
Net investment income (loss) 1.41%J 1.33% 1.01% 1.49% 1.43% 1.02% 
Supplemental Data       
Net assets, end of period (000 omitted) $337,454 $309,088 $327,128 $461,981 $405,283 $310,570 
Portfolio turnover rateK 7%J 9% 30% 75% 146% 67% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $5.93 per share is comprised of distributions from net investment income of $.963 and distributions from net realized gain of $4.962 per share.

 D Total distributions of $.85 per share is comprised of distributions from net investment income of $.831 and distributions from net realized gain of $.014 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity central Funds.

See accompanying notes which are an integral part of the financial statements.


Consumer Finance Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
MasterCard, Inc. Class A 9.6 
Visa, Inc. Class A 8.9 
AGNC Investment Corp. 8.4 
American Express Co. 6.7 
Capital One Financial Corp. 5.9 
Ally Financial, Inc. 5.4 
Synchrony Financial 5.2 
Discover Financial Services 4.2 
OneMain Holdings, Inc. 3.9 
MGIC Investment Corp. 3.5 
 61.7 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Consumer Finance 43.6% 
   IT Services 24.0% 
   Mortgage Real Estate Investment Trusts 15.0% 
   Thrifts & Mortgage Finance 13.1% 
   Banks 3.3% 
   All Others* 1.0% 


* Includes short-term investments and net other assets (liabilities).

Consumer Finance Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%   
 Shares Value 
Banks - 3.3%   
Diversified Banks - 0.5%   
Wells Fargo & Co. 23,100 $557,865 
Regional Banks - 2.8%   
Huntington Bancshares, Inc. 53,400 502,494 
PNC Financial Services Group, Inc. 3,900 433,680 
Signature Bank 21,400 2,076,442 
  3,012,616 
TOTAL BANKS  3,570,481 
Consumer Finance - 43.6%   
Consumer Finance - 43.6%   
Ally Financial, Inc. 253,300 5,795,504 
American Express Co. 71,000 7,212,890 
Capital One Financial Corp. 91,800 6,336,954 
Credit Acceptance Corp. (a)(b) 9,375 3,626,250 
Discover Financial Services 85,100 4,517,108 
First Cash Financial Services, Inc. 41,211 2,462,357 
Navient Corp. 232,000 2,108,880 
OneMain Holdings, Inc. 141,219 4,106,649 
Santander Consumer U.S.A. Holdings, Inc. 154,800 2,664,108 
SLM Corp. 298,600 2,281,304 
Synchrony Financial 225,500 5,594,655 
  46,706,659 
IT Services - 24.0%   
Data Processing & Outsourced Services - 24.0%   
Black Knight, Inc. (a) 12,700 1,068,070 
Fidelity National Information Services, Inc. 12,010 1,811,709 
FleetCor Technologies, Inc. (a) 400 100,580 
Global Payments, Inc. 9,969 1,760,725 
MasterCard, Inc. Class A 28,750 10,297,961 
Network International Holdings PLC (c) 32,400 162,155 
PayPal Holdings, Inc. (a) 4,900 1,000,286 
Repay Holdings Corp. (a) 1,200 30,360 
Visa, Inc. Class A 45,036 9,547,182 
  25,779,028 
Mortgage Real Estate Investment Trusts - 15.0%   
Mortgage REITs - 15.0%   
AGNC Investment Corp. 637,000 8,988,070 
Annaly Capital Management, Inc. 294,215 2,162,480 
MFA Financial, Inc. 429,500 1,151,060 
New Residential Investment Corp. 353,350 2,734,929 
Redwood Trust, Inc. 148,600 1,029,798 
  16,066,337 
Professional Services - 0.5%   
Research & Consulting Services - 0.5%   
Dun & Bradstreet Holdings, Inc. (a) 3,900 98,904 
Equifax, Inc. 2,900 487,983 
  586,887 
Software - 0.0%   
Application Software - 0.0%   
nCino, Inc. (a) 200 18,590 
Thrifts & Mortgage Finance - 13.1%   
Thrifts & Mortgage Finance - 13.1%   
Essent Group Ltd. 21,500 767,550 
MGIC Investment Corp. 411,728 3,775,546 
NMI Holdings, Inc. (a) 19,800 339,570 
Pennymac Financial Services, Inc. 64,100 3,379,352 
Radian Group, Inc. 5,065 78,204 
TFS Financial Corp. 143,000 2,209,350 
Washington Federal, Inc. 80,700 1,892,415 
WSFS Financial Corp. 53,300 1,561,690 
  14,003,677 
TOTAL COMMON STOCKS   
(Cost $93,353,954)  106,731,659 
Money Market Funds - 3.2%   
Fidelity Cash Central Fund 0.12% (d) 158,709 158,740 
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) 3,234,894 3,235,218 
TOTAL MONEY MARKET FUNDS   
(Cost $3,393,958)  3,393,958 
TOTAL INVESTMENT IN SECURITIES - 102.7%   
(Cost $96,747,912)  110,125,617 
NET OTHER ASSETS (LIABILITIES) - (2.7)%  (2,894,977) 
NET ASSETS - 100%  $107,230,640 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $162,155 or 0.2% of net assets.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,401 
Fidelity Securities Lending Cash Central Fund 8,270 
Total $9,671 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $106,731,659 $106,731,659 $-- $-- 
Money Market Funds 3,393,958 3,393,958 -- -- 
Total Investments in Securities: $110,125,617 $110,125,617 $-- $-- 

See accompanying notes which are an integral part of the financial statements.


Consumer Finance Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $2,668,920) — See accompanying schedule:
Unaffiliated issuers (cost $93,353,954) 
$106,731,659  
Fidelity Central Funds (cost $3,393,958) 3,393,958  
Total Investment in Securities (cost $96,747,912)  $110,125,617 
Receivable for investments sold  749,145 
Receivable for fund shares sold  101,078 
Dividends receivable  137,747 
Distributions receivable from Fidelity Central Funds  2,884 
Prepaid expenses  818 
Other receivables  2,019 
Total assets  111,119,308 
Liabilities   
Payable for investments purchased $269,037  
Payable for fund shares redeemed 293,533  
Accrued management fee 47,697  
Other affiliated payables 27,229  
Other payables and accrued expenses 16,797  
Collateral on securities loaned 3,234,375  
Total liabilities  3,888,668 
Net Assets  $107,230,640 
Net Assets consist of:   
Paid in capital  $101,367,933 
Total accumulated earnings (loss)  5,862,707 
Net Assets  $107,230,640 
Net Asset Value, offering price and redemption price per share ($107,230,640 ÷ 7,584,924 shares)  $14.14 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $1,835,076 
Income from Fidelity Central Funds (including $8,270 from security lending)  9,671 
Total income  1,844,747 
Expenses   
Management fee $282,756  
Transfer agent fees 145,433  
Accounting fees 20,675  
Custodian fees and expenses 2,635  
Independent trustees' fees and expenses 390  
Registration fees 22,528  
Audit 17,791  
Legal 1,360  
Miscellaneous 4,313  
Total expenses before reductions 497,881  
Expense reductions (5,451)  
Total expenses after reductions  492,430 
Net investment income (loss)  1,352,317 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (8,269,739)  
Fidelity Central Funds 755  
Foreign currency transactions 82  
Total net realized gain (loss)  (8,268,902) 
Change in net unrealized appreciation (depreciation) on investment securities  (13,118,076) 
Net gain (loss)  (21,386,978) 
Net increase (decrease) in net assets resulting from operations  $(20,034,661) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,352,317 $3,451,870 
Net realized gain (loss) (8,268,902) (62,773) 
Change in net unrealized appreciation (depreciation) (13,118,076) 782,674 
Net increase (decrease) in net assets resulting from operations (20,034,661) 4,171,771 
Distributions to shareholders (455,155) (2,870,396) 
Share transactions   
Proceeds from sales of shares 29,196,351 141,915,304 
Reinvestment of distributions 436,752 2,749,682 
Cost of shares redeemed (50,159,980) (100,053,055) 
Net increase (decrease) in net assets resulting from share transactions (20,526,877) 44,611,931 
Total increase (decrease) in net assets (41,016,693) 45,913,306 
Net Assets   
Beginning of period 148,247,333 102,334,027 
End of period $107,230,640 $148,247,333 
Other Information   
Shares   
Sold 2,425,832 8,358,702 
Issued in reinvestment of distributions 39,597 154,483 
Redeemed (4,013,270) (5,856,956) 
Net increase (decrease) (1,547,841) 2,656,229 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Consumer Finance Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $16.23 $15.80 $16.29 $14.02 $10.94 $14.01 
Income from Investment Operations       
Net investment income (loss)B .16 .39 .24 .20 .21 .20 
Net realized and unrealized gain (loss) (2.20) .35 .43 2.33C 3.38 (1.99) 
Total from investment operations (2.04) .74 .67 2.53 3.59 (1.79) 
Distributions from net investment income (.05) (.31) (.20) (.26) (.23) (.20) 
Distributions from net realized gain – (.01) (.95) – (.28) (1.08) 
Total distributions (.05) (.31)D (1.16)E (.26) (.51) (1.28) 
Redemption fees added to paid in capitalB – – – F F F 
Net asset value, end of period $14.14 $16.23 $15.80 $16.29 $14.02 $10.94 
Total ReturnG,H (12.47)% 4.54% 4.83% 18.07%C 33.57% (14.01)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .93%K .86% .87% .90% .94% .90% 
Expenses net of fee waivers, if any .93%K .86% .87% .89% .94% .89% 
Expenses net of all reductions .92%K .85% .86% .89% .93% .89% 
Net investment income (loss) 2.54%K 2.29% 1.57% 1.38% 1.72% 1.53% 
Supplemental Data       
Net assets, end of period (000 omitted) $107,231 $148,247 $102,334 $104,105 $101,823 $86,643 
Portfolio turnover rateL 15%K 20% 32% 81% 44% 48% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.28 per share. Excluding these litigation proceeds, the total return would have been 16.18%.

 D Total distributions of $.31 per share is comprised of distributions from net investment income of $.306 and distributions from net realized gain of $.008 per share.

 E Total distributions of $1.16 per share is comprised of distributions from net investment income of $.201 and distributions from net realized gain of $.954 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Financial Services Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Citigroup, Inc. 6.3 
Bank of America Corp. 6.0 
Morgan Stanley 5.8 
The Travelers Companies, Inc. 5.4 
Wells Fargo & Co. 4.9 
Capital One Financial Corp. 3.4 
U.S. Bancorp 2.7 
Arthur J. Gallagher & Co. 2.6 
Truist Financial Corp. 2.6 
American International Group, Inc. 2.3 
 42.0 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Banks 33.6% 
   Insurance 23.0% 
   Capital Markets 21.3% 
   Consumer Finance 6.9% 
   Thrifts & Mortgage Finance 4.4% 
   All Others* 10.8% 


* Includes short-term investments and net other assets (liabilities).

Financial Services Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%   
 Shares Value 
Banks - 33.6%   
Diversified Banks - 19.9%   
Bank of America Corp. 958,300 $24,666,642 
Citigroup, Inc. 512,000 26,173,438 
U.S. Bancorp 309,300 11,258,520 
Wells Fargo & Co. 847,890 20,476,544 
  82,575,144 
Regional Banks - 13.7%   
Ameris Bancorp 72,800 1,785,056 
Bank OZK 147,000 3,386,880 
BOK Financial Corp. 28,500 1,599,990 
Cadence Bancorp Class A 250,700 2,381,650 
East West Bancorp, Inc. 61,000 2,243,580 
First Horizon National Corp. 477,100 4,556,305 
First Interstate Bancsystem, Inc. 94,100 3,086,480 
Great Western Bancorp, Inc. 79,100 1,101,863 
Huntington Bancshares, Inc. 644,600 6,065,686 
KeyCorp 258,300 3,182,256 
M&T Bank Corp. 43,800 4,522,788 
Regions Financial Corp. 89,900 1,039,244 
Signature Bank 30,700 2,978,821 
Truist Financial Corp. 273,318 10,607,472 
WesBanco, Inc. 109,300 2,428,646 
Wintrust Financial Corp. 90,700 3,947,264 
Zions Bancorp NA 49,100 1,579,056 
  56,493,037 
TOTAL BANKS  139,068,181 
Capital Markets - 21.3%   
Asset Management & Custody Banks - 9.0%   
Affiliated Managers Group, Inc. 58,500 4,016,025 
AllianceBernstein Holding LP 211,273 6,019,168 
Bank of New York Mellon Corp. 210,200 7,773,196 
Brookfield Asset Management, Inc. Class A 204,500 6,899,830 
Northern Trust Corp. 58,300 4,774,187 
State Street Corp. 112,700 7,673,743 
  37,156,149 
Financial Exchanges & Data - 2.3%   
Cboe Global Markets, Inc. 105,200 9,656,308 
Investment Banking & Brokerage - 10.0%   
Goldman Sachs Group, Inc. 34,500 7,068,015 
Morgan Stanley 460,700 24,076,182 
Raymond James Financial, Inc. 63,600 4,815,792 
Virtu Financial, Inc. Class A 220,400 5,692,932 
  41,652,921 
TOTAL CAPITAL MARKETS  88,465,378 
Consumer Finance - 6.9%   
Consumer Finance - 6.9%   
Capital One Financial Corp. 203,700 14,061,411 
Discover Financial Services 105,800 5,615,864 
OneMain Holdings, Inc. 151,400 4,402,712 
SLM Corp. 579,500 4,427,380 
  28,507,367 
Diversified Financial Services - 3.1%   
Multi-Sector Holdings - 3.1%   
Berkshire Hathaway, Inc. Class B (a) 31,600 6,890,064 
Cannae Holdings, Inc. (a) 155,290 5,859,092 
  12,749,156 
Insurance - 23.0%   
Insurance Brokers - 4.9%   
Arthur J. Gallagher & Co. 101,100 10,645,830 
Willis Towers Watson PLC 47,269 9,715,198 
  20,361,028 
Life & Health Insurance - 3.5%   
CNO Financial Group, Inc. (b) 278,400 4,537,920 
MetLife, Inc. 169,900 6,534,354 
Primerica, Inc. 26,800 3,345,980 
  14,418,254 
Multi-Line Insurance - 5.1%   
American International Group, Inc. 337,800 9,843,492 
Assurant, Inc. 53,900 6,552,084 
Hartford Financial Services Group, Inc. 125,000 5,056,250 
  21,451,826 
Property & Casualty Insurance - 9.5%   
Allstate Corp. 74,200 6,900,600 
First American Financial Corp. 109,700 5,766,929 
Old Republic International Corp. 260,800 4,201,488 
The Travelers Companies, Inc. 193,600 22,465,344 
  39,334,361 
TOTAL INSURANCE  95,565,469 
IT Services - 3.5%   
Data Processing & Outsourced Services - 3.5%   
Black Knight, Inc. (a) 32,800 2,758,480 
Computer Services, Inc. 38,681 2,340,201 
Fidelity National Information Services, Inc. 31,000 4,676,350 
Visa, Inc. Class A 23,300 4,939,367 
  14,714,398 
Mortgage Real Estate Investment Trusts - 2.3%   
Mortgage REITs - 2.3%   
AGNC Investment Corp. 668,600 9,433,946 
Professional Services - 1.6%   
Research & Consulting Services - 1.6%   
Dun & Bradstreet Holdings, Inc. (a) 14,800 375,328 
Equifax, Inc. 36,700 6,175,509 
  6,550,837 
Thrifts & Mortgage Finance - 4.4%   
Thrifts & Mortgage Finance - 4.4%   
Essent Group Ltd. 230,000 8,211,000 
MGIC Investment Corp. 622,500 5,708,325 
NMI Holdings, Inc. (a) 248,700 4,265,205 
  18,184,530 
TOTAL COMMON STOCKS   
(Cost $418,630,748)  413,239,262 
Money Market Funds - 0.3%   
Fidelity Cash Central Fund 0.12% (c) 630,066 630,192 
Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) 476,241 476,289 
TOTAL MONEY MARKET FUNDS   
(Cost $1,106,481)  1,106,481 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $419,737,229)  414,345,743 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (57,922) 
NET ASSETS - 100%  $414,287,821 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,924 
Fidelity Securities Lending Cash Central Fund 1,806 
Total $3,730 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $413,239,262 $413,239,262 $-- $-- 
Money Market Funds 1,106,481 1,106,481 -- -- 
Total Investments in Securities: $414,345,743 $414,345,743 $-- $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Services Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $450,271) — See accompanying schedule:
Unaffiliated issuers (cost $418,630,748) 
$413,239,262  
Fidelity Central Funds (cost $1,106,481) 1,106,481  
Total Investment in Securities (cost $419,737,229)  $414,345,743 
Receivable for investments sold  838,470 
Receivable for fund shares sold  636,400 
Dividends receivable  868,553 
Distributions receivable from Fidelity Central Funds  286 
Prepaid expenses  8,194 
Other receivables  12,000 
Total assets  416,709,646 
Liabilities   
Payable for fund shares redeemed $1,665,050  
Accrued management fee 184,284  
Other affiliated payables 77,431  
Other payables and accrued expenses 18,546  
Collateral on securities loaned 476,514  
Total liabilities  2,421,825 
Net Assets  $414,287,821 
Net Assets consist of:   
Paid in capital  $428,130,891 
Total accumulated earnings (loss)  (13,843,070) 
Net Assets  $414,287,821 
Net Asset Value, offering price and redemption price per share ($414,287,821 ÷ 50,261,076 shares)  $8.24 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $6,720,794 
Income from Fidelity Central Funds (including $1,806 from security lending)  3,730 
Total income  6,724,524 
Expenses   
Management fee $1,043,609  
Transfer agent fees 380,375  
Accounting fees 76,352  
Custodian fees and expenses 5,315  
Independent trustees' fees and expenses 1,373  
Registration fees 25,005  
Audit 20,586  
Legal 966  
Miscellaneous 9,648  
Total expenses before reductions 1,563,229  
Expense reductions (25,559)  
Total expenses after reductions  1,537,670 
Net investment income (loss)  5,186,854 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (13,182,767)  
Fidelity Central Funds (467)  
Foreign currency transactions (18,992)  
Total net realized gain (loss)  (13,202,226) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (34,673,813)  
Assets and liabilities in foreign currencies (15)  
Total change in net unrealized appreciation (depreciation)  (34,673,828) 
Net gain (loss)  (47,876,054) 
Net increase (decrease) in net assets resulting from operations  $(42,689,200) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $5,186,854 $9,837,410 
Net realized gain (loss) (13,202,226) 50,080,923 
Change in net unrealized appreciation (depreciation) (34,673,828) (38,602,945) 
Net increase (decrease) in net assets resulting from operations (42,689,200) 21,315,388 
Distributions to shareholders (20,868,602) (30,387,187) 
Share transactions   
Proceeds from sales of shares 90,824,161 94,490,608 
Reinvestment of distributions 19,783,647 28,305,777 
Cost of shares redeemed (116,098,846) (188,816,638) 
Net increase (decrease) in net assets resulting from share transactions (5,491,038) (66,020,253) 
Total increase (decrease) in net assets (69,048,840) (75,092,052) 
Net Assets   
Beginning of period 483,336,661 558,428,713 
End of period $414,287,821 $483,336,661 
Other Information   
Shares   
Sold 11,762,224 8,971,280 
Issued in reinvestment of distributions 2,770,819 2,601,634 
Redeemed (15,200,873) (18,497,880) 
Net increase (decrease) (667,830) (6,924,966) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Financial Services Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 B 2018 B 2017 B 2016 A,B 
Selected Per–Share Data       
Net asset value, beginning of period $9.49 $9.65 $11.67 $10.31 $7.50 $8.88 
Income from Investment Operations       
Net investment income (loss)C .10 .19 .14 .09 .10 .09 
Net realized and unrealized gain (loss) (.92) .26 (1.04) 1.76 2.81 (1.33) 
Total from investment operations (.82) .45 (.90) 1.85 2.91 (1.24) 
Distributions from net investment income (.04) (.16) (.14) (.07) (.10) (.08) 
Distributions from net realized gain (.39) (.45) (.98) (.42) – (.06) 
Total distributions (.43) (.61) (1.12) (.49) (.10) (.14) 
Redemption fees added to paid in capitalC – – – – D D 
Net asset value, end of period $8.24 $9.49 $9.65 $11.67 $10.31 $7.50 
Total ReturnE,F (7.99)% 3.81% (6.91)% 18.33% 38.78% (14.18)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .79%I .77% .76% .77% .77% .76% 
Expenses net of fee waivers, if any .79%I .77% .76% .77% .77% .76% 
Expenses net of all reductions .78%I .76% .75% .76% .76% .75% 
Net investment income (loss) 2.64%I 1.81% 1.28% .87% 1.10% 1.01% 
Supplemental Data       
Net assets, end of period (000 omitted) $414,288 $483,337 $558,429 $1,308,254 $1,019,656 $1,043,574 
Portfolio turnover rateJ 68%I 61%K 49%K 54% 84%K 55% 

 A For the year ended February 29.

 B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

 C Calculated based on average shares outstanding during the period.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Insurance Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
The Travelers Companies, Inc. 10.1 
Chubb Ltd. 9.2 
Marsh & McLennan Companies, Inc. 8.2 
Berkshire Hathaway, Inc. Class B 6.2 
American International Group, Inc. 5.6 
Allstate Corp. 4.9 
Progressive Corp. 4.7 
Aon PLC 4.6 
MetLife, Inc. 4.5 
Willis Towers Watson PLC 4.4 
 62.4 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Insurance 86.0% 
   Diversified Financial Services 8.5% 
   Capital Markets 4.2% 
   IT Services 0.8% 
   Consumer Finance 0.4% 
   All Others* 0.1% 


* Includes short-term investments and net other assets (liabilities).

Insurance Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%   
 Shares Value 
Capital Markets - 4.2%   
Asset Management & Custody Banks - 4.2%   
Apollo Global Management LLC Class A 51,344 $2,406,493 
Ares Management Corp. 101,314 4,098,151 
BlackRock, Inc. Class A 1,300 772,447 
  7,277,091 
Consumer Finance - 0.4%   
Consumer Finance - 0.4%   
OneMain Holdings, Inc. 21,800 633,944 
Diversified Financial Services - 8.5%   
Multi-Sector Holdings - 6.5%   
Berkshire Hathaway, Inc. Class B (a) 49,000 10,683,960 
Cannae Holdings, Inc. (a) 15,399 581,004 
  11,264,964 
Other Diversified Financial Services - 2.0%   
Voya Financial, Inc. 64,600 3,353,386 
TOTAL DIVERSIFIED FINANCIAL SERVICES  14,618,350 
Insurance - 85.9%   
Insurance Brokers - 24.3%   
Aon PLC 39,700 7,939,603 
Arthur J. Gallagher & Co. 70,300 7,402,590 
Brown & Brown, Inc. 105,300 4,885,920 
Marsh & McLennan Companies, Inc. 122,200 14,042,002 
Willis Towers Watson PLC 36,928 7,589,812 
  41,859,927 
Life & Health Insurance - 15.4%   
AFLAC, Inc. 56,400 2,048,448 
Athene Holding Ltd. (a) 17,400 636,144 
CNO Financial Group, Inc. 167,700 2,733,510 
Globe Life, Inc. 11,200 923,776 
MetLife, Inc. 200,575 7,714,115 
Primerica, Inc. 25,100 3,133,735 
Principal Financial Group, Inc. 72,300 3,044,553 
Prudential Financial, Inc. 56,089 3,801,152 
Prudential PLC 35,800 577,145 
Unum Group 105,161 1,943,375 
  26,555,953 
Multi-Line Insurance - 9.2%   
American International Group, Inc. 331,850 9,670,109 
Assurant, Inc. 17,600 2,139,456 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 169,600 470,483 
Hartford Financial Services Group, Inc. 68,600 2,774,870 
Zurich Insurance Group Ltd. 2,206 815,663 
  15,870,581 
Property & Casualty Insurance - 36.6%   
Allstate Corp. 91,400 8,500,200 
Arch Capital Group Ltd. (a) 116,700 3,680,718 
Assured Guaranty Ltd. 66,600 1,428,570 
Chubb Ltd. 127,205 15,900,625 
First American Financial Corp. 38,700 2,034,459 
FNF Group 63,400 2,081,422 
Loews Corp. 58,500 2,097,810 
Markel Corp. (a) 1,820 1,978,031 
Mercury General Corp. 200 8,946 
Progressive Corp. 84,600 8,040,384 
The Travelers Companies, Inc. 149,600 17,359,585 
  63,110,750 
Reinsurance - 0.4%   
Everest Re Group Ltd. 3,300 726,264 
Maiden Holdings Ltd. (a) 400 508 
  726,772 
TOTAL INSURANCE  148,123,983 
IT Services - 0.8%   
Data Processing & Outsourced Services - 0.8%   
Black Knight, Inc. (a) 17,757 1,493,364 
TOTAL COMMON STOCKS   
(Cost $105,185,642)  172,146,732 
Nonconvertible Preferred Stocks - 0.1%   
Insurance - 0.1%   
Life & Health Insurance - 0.1%   
Globe Life, Inc. 6.125%   
(Cost $73,591) 2,959 82,171 
Money Market Funds - 0.4%   
Fidelity Cash Central Fund 0.12% (b)   
(Cost $675,207) 675,072 675,207 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $105,934,440)  172,904,110 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (461,571) 
NET ASSETS - 100%  $172,442,539 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $705 
Fidelity Securities Lending Cash Central Fund 448 
Total $1,153 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $172,146,732 $170,283,441 $1,863,291 $-- 
Nonconvertible Preferred Stocks 82,171 82,171 -- -- 
Money Market Funds 675,207 675,207 -- -- 
Total Investments in Securities: $172,904,110 $171,040,819 $1,863,291 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 81.4% 
Switzerland 9.7% 
Ireland 4.6% 
Bermuda 3.7% 
Others (Individually Less Than 1%) 0.6% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Insurance Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $105,259,233) 
$172,228,903  
Fidelity Central Funds (cost $675,207) 675,207  
Total Investment in Securities (cost $105,934,440)  $172,904,110 
Receivable for fund shares sold  122,605 
Dividends receivable  392,194 
Distributions receivable from Fidelity Central Funds  100 
Prepaid expenses  2,281 
Other receivables  1,946 
Total assets  173,423,236 
Liabilities   
Payable for fund shares redeemed $847,989  
Accrued management fee 77,795  
Other affiliated payables 38,214  
Other payables and accrued expenses 16,699  
Total liabilities  980,697 
Net Assets  $172,442,539 
Net Assets consist of:   
Paid in capital  $100,900,496 
Total accumulated earnings (loss)  71,542,043 
Net Assets  $172,442,539 
Net Asset Value, offering price and redemption price per share ($172,442,539 ÷ 3,271,608 shares)  $52.71 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $2,247,221 
Income from Fidelity Central Funds (including $448 from security lending)  1,153 
Total income  2,248,374 
Expenses   
Management fee $461,036  
Transfer agent fees 198,938  
Accounting fees 33,710  
Custodian fees and expenses 2,129  
Independent trustees' fees and expenses 618  
Registration fees 15,605  
Audit 17,793  
Legal 155  
Miscellaneous 5,348  
Total expenses before reductions 735,332  
Expense reductions (3,332)  
Total expenses after reductions  732,000 
Net investment income (loss)  1,516,374 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 3,578,859  
Fidelity Central Funds (235)  
Foreign currency transactions 140  
Total net realized gain (loss)  3,578,764 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (18,020,653)  
Assets and liabilities in foreign currencies 3,778  
Total change in net unrealized appreciation (depreciation)  (18,016,875) 
Net gain (loss)  (14,438,111) 
Net increase (decrease) in net assets resulting from operations  $(12,921,737) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,516,374 $3,416,133 
Net realized gain (loss) 3,578,764 16,442,918 
Change in net unrealized appreciation (depreciation) (18,016,875) (7,312,578) 
Net increase (decrease) in net assets resulting from operations (12,921,737) 12,546,473 
Distributions to shareholders (9,329,993) (16,441,347) 
Share transactions   
Proceeds from sales of shares 19,937,519 122,036,657 
Reinvestment of distributions 8,855,522 15,592,643 
Cost of shares redeemed (53,637,893) (137,276,331) 
Net increase (decrease) in net assets resulting from share transactions (24,844,852) 352,969 
Total increase (decrease) in net assets (47,096,582) (3,541,905) 
Net Assets   
Beginning of period 219,539,121 223,081,026 
End of period $172,442,539 $219,539,121 
Other Information   
Shares   
Sold 410,261 1,926,289 
Issued in reinvestment of distributions 193,479 255,136 
Redeemed (1,088,881) (2,188,784) 
Net increase (decrease) (485,141) (7,359) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Insurance Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $58.44 $59.27 $78.49 $80.60 $63.15 $66.87 
Income from Investment Operations       
Net investment income (loss)B .43 .87 .98 1.08 .99 .89 
Net realized and unrealized gain (loss) (3.49) 2.77 (2.40) 6.76 18.64 (2.50) 
Total from investment operations (3.06) 3.64 (1.42) 7.84 19.63 (1.61) 
Distributions from net investment income (.13) (.91) (1.16) (.96) (.89) (.74) 
Distributions from net realized gain (2.54) (3.56) (16.63) (8.99) (1.29) (1.37) 
Total distributions (2.67) (4.47) (17.80)C (9.95) (2.18) (2.11) 
Redemption fees added to paid in capitalB – – – D D D 
Net asset value, end of period $52.71 $58.44 $59.27 $78.49 $80.60 $63.15 
Total ReturnE,F (4.54)% 5.95% (.29)% 9.62% 31.60% (2.54)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .85%I .81% .82% .79% .80% .80% 
Expenses net of fee waivers, if any .85%I .81% .81% .79% .79% .80% 
Expenses net of all reductions .84%I .80% .81% .79% .79% .80% 
Net investment income (loss) 1.75%I 1.37% 1.48% 1.30% 1.37% 1.32% 
Supplemental Data       
Net assets, end of period (000 omitted) $172,443 $219,539 $223,081 $341,743 $647,787 $459,854 
Portfolio turnover rateJ 17%I 28% 9% 21% 16% 25% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $17.80 per share is comprised of distributions from net investment income of $1.162 and distributions from net realized gain of $16.633 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2020

1. Organization.

Banking Portfolio, Brokerage and Investment Management Portfolio, Consumer Finance Portfolio, Financial Services Portfolio, and Insurance Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds.

2. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2020 is included at the end of each Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Brokerage and Investment Management Portfolio, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in each Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in each accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Brokerage and Investment Management Portfolio $44,448 

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, equity-debt classifications, redemptions in kind, partnerships, deferred trustees compensation, and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Banking Portfolio $350,390,372 $27,778,288 $(76,624,703) $(48,846,415) 
Brokerage and Investment Management Portfolio 231,163,552 118,063,509 (12,050,498) 106,013,011 
Consumer Finance Portfolio 97,218,000 29,841,454 (16,933,837) 12,907,617 
Financial Services Portfolio 422,285,476 47,257,513 (55,197,246) (7,939,733) 
Insurance Portfolio 106,409,213 69,143,900 (2,649,003) 66,494,897 

Restricted Securities (including Private Placements). The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Banking Portfolio 65,826,469 51,409,688 
Brokerage and Investment Management Portfolio 10,682,674 18,318,357 
Consumer Finance Portfolio 8,148,161 27,171,350 
Financial Services Portfolio 137,365,357 158,495,606 
Insurance Portfolio 15,297,976 44,859,876 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:

 Individual Rate Group Rate Total 
Banking Portfolio .30% .23% .53% 
Brokerage and Investment Management Portfolio .30% .23% .53% 
Consumer Finance Portfolio .30% .23% .53% 
Financial Services Portfolio .30% .23% .53% 
Insurance Portfolio .30% .23% .53% 

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:

Banking Portfolio .21% 
Brokerage and Investment Management Portfolio .17% 
Consumer Finance Portfolio .27% 
Financial Services Portfolio .19% 
Insurance Portfolio .23% 

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Banking Portfolio .04 
Brokerage and Investment Management Portfolio .04 
Consumer Finance Portfolio .04 
Financial Services Portfolio .04 
Insurance Portfolio .04 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Banking Portfolio $2,487 
Brokerage and Investment Management Portfolio 168 
Consumer Finance Portfolio 1,015 
Financial Services Portfolio 4,605 
Insurance Portfolio 370 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 2,278,421 shares of the Financial Services Portfolio were redeemed in-kind for investments and cash with a value of $22,465,229. The Fund had a net realized gain of $4,465,779 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. Financial Services Portfolio recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Banking Portfolio $428 
Brokerage and Investment Management Portfolio 386 
Consumer Finance Portfolio 162 
Financial Services Portfolio 559 
Insurance Portfolio 252 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

Certain Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the Funds. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a Fund's daily lending revenue, for its services as lending agent. The Funds may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, an affiliated borrower. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Net income from Fidelity Central Funds is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity was as follows:

 Total Security Lending Income Fees Paid to NFS Security Lending Income From Securities Loaned to NFS 
Banking Portfolio $343 $– 
Brokerage and Investment Management Portfolio $173 $– 
Consumer Finance Portfolio $720 $– 
Financial Services Portfolio $166 $1 
Insurance Portfolio $46 $– 

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of certain Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. In addition, through arrangements with each applicable Fund's custodian and transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

 Brokerage service rebates 
Banking Portfolio $16,884 
Brokerage and Investment Management Portfolio 736 
Consumer Finance Portfolio 5,122 
Financial Services Portfolio 24,429 
Insurance Portfolio 2,830 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:

 Amount 
Banking Portfolio $1,023 
Brokerage and Investment Management Portfolio 687 
Consumer Finance Portfolio 329 
Financial Services Portfolio 1,130 
Insurance Portfolio 502 

9. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2020 to August 31, 2020).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
March 1, 2020 
Ending
Account Value
August 31, 2020 
Expenses Paid
During Period-B
March 1, 2020
to August 31, 2020 
Banking Portfolio .82%    
Actual  $1,000.00 $806.50 $3.73 
Hypothetical-C  $1,000.00 $1,021.07 $4.18 
Brokerage and Investment Management Portfolio .77%    
Actual  $1,000.00 $1,130.20 $4.13 
Hypothetical-C  $1,000.00 $1,021.32 $3.92 
Consumer Finance Portfolio .93%    
Actual  $1,000.00 $875.30 $4.40 
Hypothetical-C  $1,000.00 $1,020.52 $4.74 
Financial Services Portfolio .79%    
Actual  $1,000.00 $920.10 $3.82 
Hypothetical-C  $1,000.00 $1,021.22 $4.02 
Insurance Portfolio .85%    
Actual  $1,000.00 $954.60 $4.19 
Hypothetical-C  $1,000.00 $1,020.92 $4.33 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 
% of
Votes 
Dennis J. Dirks 
Affirmative 32,463,705,305.665 92.437 
Withheld 2,655,951,104.308 7.563 
TOTAL 35,119,656,409.973 100.000 
Donald F. Donahue 
Affirmative 32,446,843,861.354 92.389 
Withheld 2,672,812,548.619 7.611 
TOTAL 35,119,656,409.973 100.000 
Bettina Doulton 
Affirmative 32,610,463,757.584 92.855 
Withheld 2,509,192,652.389 7.145 
TOTAL 35,119,656,409.973 100.000 
Vicki L. Fuller 
Affirmative 32,688,213,522.720 93.077 
Withheld 2,431,442,887.253 6.923 
TOTAL 35,119,656,409.973 100.000 
Patricia L. Kampling 
Affirmative 32,313,755,598.535 92.010 
Withheld 2,805,900,811.438 7.990 
TOTAL 35,119,656,409.973 100.000 
Alan J. Lacy 
Affirmative 31,990,158,754.948 91.089 
Withheld 3,129,497,655.026 8.911 
TOTAL 35,119,656,409.973 100.000 
Ned C. Lautenbach 
Affirmative 32,043,019,991.143 91.240 
Withheld 3,076,636,418.830 8.760 
TOTAL 35,119,656,409.973 100.000 
Robert A. Lawrence 
Affirmative 32,150,842,398.009 91.547 
Withheld 2,968,814,011.965 8.453 
TOTAL 35,119,656,409.973 100.000 
Joseph Mauriello 
Affirmative 32,082,201,213.166 91.351 
Withheld 3,037,455,196.807 8.649 
TOTAL 35,119,656,409.973 100.000 
Cornelia M. Small 
Affirmative 32,207,976,835.934 91.709 
Withheld 2,911,679,574.039 8.291 
TOTAL 35,119,656,409.973 100.000 
Garnett A. Smith 
Affirmative 32,102,654,343.096 91.409 
Withheld 3,017,002,066.877 8.591 
TOTAL 35,119,656,409.973 100.000 
David M. Thomas 
Affirmative 32,150,749,424.556 91.546 
Withheld 2,968,906,985.418 8.454 
TOTAL 35,119,656,409.973 100.000 
Susan Tomasky 
Affirmative 32,381,933,484.515 92.205 
Withheld 2,737,722,925.459 7.795 
TOTAL 35,119,656,409.973 100.000 
Michael E. Wiley 
Affirmative 32,135,064,741.973 91.502 
Withheld 2,984,591,668.000 8.498 
TOTAL 35,119,656,409.973 100.000 
Proposal 1 reflects trust wide proposal and voting results. 





Fidelity Investments

SELFIN-SANN-1020
1.813666.115




Fidelity® Select Portfolios®
Industrials Sector

Air Transportation Portfolio

Defense and Aerospace Portfolio

Environment and Alternative Energy Portfolio

Industrials Portfolio

Transportation Portfolio



Semi-Annual Report

August 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Note to Shareholders

Air Transportation Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Defense and Aerospace Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Environment and Alternative Energy Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Industrials Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Transportation Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Proxy Voting Results


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Air Transportation Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
United Parcel Service, Inc. Class B 9.6 
Southwest Airlines Co. 9.3 
FedEx Corp. 6.8 
Delta Air Lines, Inc. 6.2 
Expeditors International of Washington, Inc. 5.5 
Raytheon Technologies Corp. 5.4 
United Airlines Holdings, Inc. 3.9 
The Boeing Co. 3.8 
Alaska Air Group, Inc. 3.7 
TransDigm Group, Inc. 3.6 
 57.8 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Airlines 33.9% 
   Aerospace & Defense 28.2% 
   Air Freight & Logistics 27.3% 
   Machinery 3.4% 
   Road & Rail 2.7% 
   All Others* 4.5% 


* Includes short-term investments and net other assets (liabilities).

Air Transportation Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%   
 Shares Value 
Aerospace & Defense - 28.2%   
Aerospace & Defense - 28.2%   
CAE, Inc. 331,800 $5,260,570 
Elbit Systems Ltd. (Israel) 9,600 1,296,427 
HEICO Corp. Class A 45,200 4,039,976 
Heroux-Devtek, Inc. (a) 169,000 1,328,056 
Howmet Aerospace, Inc. 121,800 2,133,936 
Huntington Ingalls Industries, Inc. 5,800 878,816 
Moog, Inc. Class A 78,700 4,744,823 
Northrop Grumman Corp. 11,800 4,042,798 
Raytheon Technologies Corp. 246,000 15,006,000 
Spirit AeroSystems Holdings, Inc. Class A 8,604 176,898 
Teledyne Technologies, Inc. (a) 27,600 8,655,636 
Textron, Inc. 199,500 7,866,285 
The Boeing Co. 62,210 10,688,922 
TransDigm Group, Inc. 19,900 9,943,433 
Virgin Galactic Holdings, Inc. (a)(b) 123,100 2,203,490 
  78,266,066 
Air Freight & Logistics - 27.3%   
Air Freight & Logistics - 27.3%   
Air Transport Services Group, Inc. (a) 363,600 9,242,712 
Atlas Air Worldwide Holdings, Inc. (a) 24,300 1,370,277 
C.H. Robinson Worldwide, Inc. 6,200 609,460 
Cargojet, Inc. 3,500 477,633 
Echo Global Logistics, Inc. (a) 71,900 1,964,308 
Expeditors International of Washington, Inc. 170,600 15,079,334 
FedEx Corp. 86,200 18,950,208 
Hub Group, Inc. Class A (a) 26,700 1,437,528 
United Parcel Service, Inc. Class B 161,950 26,498,257 
  75,629,717 
Airlines - 33.9%   
Airlines - 33.9%   
Air Canada (a) 487,700 6,580,688 
Alaska Air Group, Inc. 260,100 10,130,895 
Allegiant Travel Co. (b) 28,300 3,639,380 
American Airlines Group, Inc. (b) 237,100 3,094,155 
Copa Holdings SA Class A 40,900 2,177,925 
Dart Group PLC 39,900 380,821 
Delta Air Lines, Inc. 560,602 17,294,572 
Hawaiian Holdings, Inc. (b) 300 4,032 
JetBlue Airways Corp. (a) 468,900 5,401,728 
Mesa Air Group, Inc. (a) 104,400 382,104 
SkyWest, Inc. 240,600 8,096,190 
Southwest Airlines Co. 682,100 25,633,318 
Spirit Airlines, Inc. (a)(b) 11,500 205,620 
United Airlines Holdings, Inc. (a) 300,400 10,814,400 
  93,835,828 
Building Products - 0.1%   
Building Products - 0.1%   
Carrier Global Corp. 7,370 219,995 
Internet & Direct Marketing Retail - 0.6%   
Internet & Direct Marketing Retail - 0.6%   
Points International Ltd. (a) 156,200 1,669,778 
IT Services - 0.8%   
IT Consulting & Other Services - 0.8%   
CACI International, Inc. Class A (a) 9,800 2,295,062 
Machinery - 3.4%   
Industrial Machinery - 3.4%   
Otis Worldwide Corp. 3,685 231,787 
Park-Ohio Holdings Corp. 47,990 759,202 
RBC Bearings, Inc. (a) 32,200 4,251,688 
Woodward, Inc. 49,700 4,258,793 
  9,501,470 
Professional Services - 0.6%   
Research & Consulting Services - 0.6%   
FTI Consulting, Inc. (a) 15,400 1,767,304 
Road & Rail - 2.7%   
Railroads - 0.8%   
Canadian Pacific Railway Ltd. 1,600 473,358 
CSX Corp. 9,600 734,016 
Union Pacific Corp. 6,000 1,154,640 
  2,362,014 
Trucking - 1.9%   
Landstar System, Inc. 12,400 1,650,316 
Ryder System, Inc. 3,400 139,060 
TFI International, Inc. 66,500 2,941,960 
U.S.A. Truck, Inc. (a) 15,400 171,710 
Universal Logistics Holdings, Inc. 13,800 296,700 
  5,199,746 
TOTAL ROAD & RAIL  7,561,760 
Trading Companies & Distributors - 0.1%   
Trading Companies & Distributors - 0.1%   
Willis Lease Finance Corp. (a) 6,000 128,280 
TOTAL COMMON STOCKS   
(Cost $231,693,154)  270,875,260 
Money Market Funds - 4.2%   
Fidelity Cash Central Fund 0.12% (c) 5,910,787 5,911,969 
Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) 5,666,513 5,667,080 
TOTAL MONEY MARKET FUNDS   
(Cost $11,578,965)  11,579,049 
TOTAL INVESTMENT IN SECURITIES - 101.9%   
(Cost $243,272,119)  282,454,309 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (5,221,507) 
NET ASSETS - 100%  $277,232,802 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $8,839 
Fidelity Securities Lending Cash Central Fund 143,803 
Total $152,642 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $270,875,260 $270,875,260 $-- $-- 
Money Market Funds 11,579,049 11,579,049 -- -- 
Total Investments in Securities: $282,454,309 $282,454,309 $-- $-- 

See accompanying notes which are an integral part of the financial statements.


Air Transportation Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $5,417,998) — See accompanying schedule:
Unaffiliated issuers (cost $231,693,154) 
$270,875,260  
Fidelity Central Funds (cost $11,578,965) 11,579,049  
Total Investment in Securities (cost $243,272,119)  $282,454,309 
Receivable for investments sold  2,035,636 
Receivable for fund shares sold  1,695,292 
Dividends receivable  342,101 
Distributions receivable from Fidelity Central Funds  21,158 
Prepaid expenses  2,699 
Other receivables  662 
Total assets  286,551,857 
Liabilities   
Payable to custodian bank $114  
Payable for investments purchased 2,386,481  
Payable for fund shares redeemed 1,068,320  
Accrued management fee 116,873  
Other affiliated payables 59,392  
Other payables and accrued expenses 21,500  
Collateral on securities loaned 5,666,375  
Total liabilities  9,319,055 
Net Assets  $277,232,802 
Net Assets consist of:   
Paid in capital  $266,808,546 
Total accumulated earnings (loss)  10,424,256 
Net Assets  $277,232,802 
Net Asset Value, offering price and redemption price per share ($277,232,802 ÷ 5,357,427 shares)  $51.75 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $868,399 
Income from Fidelity Central Funds (including $143,803 from security lending)  152,642 
Total income  1,021,041 
Expenses   
Management fee $579,330  
Transfer agent fees 278,904  
Accounting fees 42,380  
Custodian fees and expenses 8,535  
Independent trustees' fees and expenses 707  
Registration fees 40,024  
Audit 17,794  
Legal 719  
Miscellaneous 7,356  
Total expenses before reductions 975,749  
Expense reductions (18,878)  
Total expenses after reductions  956,871 
Net investment income (loss)  64,170 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (26,199,804)  
Fidelity Central Funds 597  
Foreign currency transactions 1,246  
Total net realized gain (loss)  (26,197,961) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 12,076,610  
Assets and liabilities in foreign currencies 185  
Total change in net unrealized appreciation (depreciation)  12,076,795 
Net gain (loss)  (14,121,166) 
Net increase (decrease) in net assets resulting from operations  $(14,056,996) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $64,170 $3,469,072 
Net realized gain (loss) (26,197,961) 25,989,344 
Change in net unrealized appreciation (depreciation) 12,076,795 (62,958,416) 
Net increase (decrease) in net assets resulting from operations (14,056,996) (33,500,000) 
Distributions to shareholders (5,293,284) (26,369,146) 
Share transactions   
Proceeds from sales of shares 190,730,704 68,675,973 
Reinvestment of distributions 5,072,639 25,095,120 
Cost of shares redeemed (115,315,400) (124,669,961) 
Net increase (decrease) in net assets resulting from share transactions 80,487,943 (30,898,868) 
Total increase (decrease) in net assets 61,137,663 (90,768,014) 
Net Assets   
Beginning of period 216,095,139 306,863,153 
End of period $277,232,802 $216,095,139 
Other Information   
Shares   
Sold 4,212,050 889,941 
Issued in reinvestment of distributions 121,734 339,914 
Redeemed (2,535,219) (1,681,395) 
Net increase (decrease) 1,798,565 (451,540) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Air Transportation Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $60.72 $76.52 $82.64 $76.04 $60.60 $73.09 
Income from Investment Operations       
Net investment income (loss)B .01 .90C .54 .48D .32 .18 
Net realized and unrealized gain (loss) (7.67) (10.09) 1.73 13.85 15.61 (6.82) 
Total from investment operations (7.66) (9.19) 2.27 14.33 15.93 (6.64) 
Distributions from net investment income (.32) (.70) (.48) (.38) (.25) (.17) 
Distributions from net realized gain (1.00) (5.92) (7.91) (7.36) (.24) (5.68) 
Total distributions (1.31)E (6.61)F (8.39) (7.73)G (.49) (5.85) 
Redemption fees added to paid in capitalB – – – H H H 
Net asset value, end of period $51.75 $60.72 $76.52 $82.64 $76.04 $60.60 
Total ReturnI,J (12.09)% (13.48)% 3.79% 19.07% 26.30% (9.24)% 
Ratios to Average Net AssetsK,L       
Expenses before reductions .89%M .81% .81% .82% .85% .83% 
Expenses net of fee waivers, if any .89%M .81% .81% .82% .85% .83% 
Expenses net of all reductions .87%M .81% .81% .82% .84% .82% 
Net investment income (loss) .06%M 1.19%C .70% .59%D .48% .27% 
Supplemental Data       
Net assets, end of period (000 omitted) $277,233 $216,095 $306,863 $382,530 $394,143 $325,630 
Portfolio turnover rateN 124%M 95% 32% 86% 106% 97% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.54 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .48%.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .31%.

 E Total distributions of $1.31 per share is comprised of distributions from net investment income of $.316 and distributions from net realized gain of $.995 per share.

 F Total distributions of $6.61 per share is comprised of distributions from net investment income of $.699 and distributions from net realized gain of $5.915 per share.

 G Total distributions of $7.73 per share is comprised of distributions from net investment income of $.377 and distributions from net realized gain of $7.357 per share.

 H Amount represents less than $.005 per share.

 I Total returns for periods of less than one year are not annualized.

 J Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 K Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 L Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 M Annualized

 N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Defense and Aerospace Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Northrop Grumman Corp. 15.6 
TransDigm Group, Inc. 10.6 
HEICO Corp. Class A 7.9 
The Boeing Co. 6.9 
Teledyne Technologies, Inc. 6.4 
BWX Technologies, Inc. 5.1 
General Dynamics Corp. 4.9 
Moog, Inc. Class A 4.9 
Lockheed Martin Corp. 4.9 
Huntington Ingalls Industries, Inc. 4.0 
 71.2 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Aerospace & Defense 90.5% 
   Machinery 4.4% 
   IT Services 3.2% 
   Trading Companies & Distributors 1.7% 
   All Others* 0.2% 


* Includes short-term investments and net other assets (liabilities).

Defense and Aerospace Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%   
 Shares Value 
Aerospace & Defense - 90.5%   
Aerospace & Defense - 90.5%   
Airbus Group NV 500,000 $41,118,795 
Axon Enterprise, Inc. (a) 150,000 12,852,000 
BWX Technologies, Inc. 1,645,000 91,478,450 
CAE, Inc. 1,600,000 25,367,424 
Curtiss-Wright Corp. 30,000 3,069,600 
Elbit Systems Ltd. (b) 326,894 43,911,671 
General Dynamics Corp. 600,000 89,610,000 
HEICO Corp. Class A 1,600,000 143,008,000 
Huntington Ingalls Industries, Inc. 475,400 72,032,608 
Kaman Corp. 250,000 11,562,500 
Kratos Defense & Security Solutions, Inc. (a) 3,500,000 68,425,000 
Lockheed Martin Corp. 225,000 87,808,500 
Moog, Inc. Class A 1,475,000 88,927,750 
Northrop Grumman Corp. 825,000 282,653,250 
Parsons Corp. (a) 1,250,000 41,575,000 
Raytheon Technologies Corp. 1,000,000 61,000,000 
Spirit AeroSystems Holdings, Inc. Class A 50,000 1,028,000 
Teledyne Technologies, Inc. (a) 370,000 116,035,700 
Textron, Inc. 100,000 3,943,000 
The Boeing Co. 725,000 124,569,500 
TransDigm Group, Inc. 385,000 192,372,950 
Vectrus, Inc. (a) 479,844 20,830,028 
Virgin Galactic Holdings, Inc. (a)(b) 800,000 14,320,000 
  1,637,499,726 
IT Services - 3.2%   
IT Consulting & Other Services - 3.2%   
CACI International, Inc. Class A (a) 250,000 58,547,500 
Machinery - 4.4%   
Industrial Machinery - 4.4%   
ESCO Technologies, Inc. 100,000 8,992,000 
RBC Bearings, Inc. (a) 90,000 11,883,600 
Woodward, Inc. 675,000 57,840,750 
  78,716,350 
Trading Companies & Distributors - 1.7%   
Trading Companies & Distributors - 1.7%   
AerCap Holdings NV (a) 650,000 19,220,500 
Air Lease Corp. Class A 400,000 12,432,000 
  31,652,500 
TOTAL COMMON STOCKS   
(Cost $1,272,261,129)  1,806,416,076 
Money Market Funds - 1.5%   
Fidelity Cash Central Fund 0.12% (c) 10,209,402 10,211,444 
Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) 16,093,187 16,094,796 
TOTAL MONEY MARKET FUNDS   
(Cost $26,306,240)  26,306,240 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $1,298,567,369)  1,832,722,316 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (23,375,836) 
NET ASSETS - 100%  $1,809,346,480 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $2,606 
Fidelity Securities Lending Cash Central Fund 257,218 
Total $259,824 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $1,806,416,076 $1,765,297,281 $41,118,795 $-- 
Money Market Funds 26,306,240 26,306,240 -- -- 
Total Investments in Securities: $1,832,722,316 $1,791,603,521 $41,118,795 $-- 

See accompanying notes which are an integral part of the financial statements.


Defense and Aerospace Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $15,925,338) — See accompanying schedule:
Unaffiliated issuers (cost $1,272,261,129) 
$1,806,416,076  
Fidelity Central Funds (cost $26,306,240) 26,306,240  
Total Investment in Securities (cost $1,298,567,369)  $1,832,722,316 
Receivable for investments sold  8,560,963 
Receivable for fund shares sold  1,065,731 
Dividends receivable  3,608,350 
Distributions receivable from Fidelity Central Funds  91,981 
Prepaid expenses  21,377 
Other receivables  109,404 
Total assets  1,846,180,122 
Liabilities   
Payable for investments purchased $8,701,419  
Payable for fund shares redeemed 10,736,308  
Accrued management fee 819,611  
Other affiliated payables 357,437  
Other payables and accrued expenses 123,929  
Collateral on securities loaned 16,094,938  
Total liabilities  36,833,642 
Net Assets  $1,809,346,480 
Net Assets consist of:   
Paid in capital  $1,537,410,743 
Total accumulated earnings (loss)  271,935,737 
Net Assets  $1,809,346,480 
Net Asset Value, offering price and redemption price per share ($1,809,346,480 ÷ 128,395,005 shares)  $14.09 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $7,292,550 
Income from Fidelity Central Funds (including $257,218 from security lending)  259,824 
Total income  7,552,374 
Expenses   
Management fee $5,182,060  
Transfer agent fees 1,995,510  
Accounting fees 296,323  
Custodian fees and expenses 8,936  
Independent trustees' fees and expenses 7,339  
Registration fees 48,303  
Audit 17,869  
Legal 1,920  
Interest 9,100  
Miscellaneous 59,228  
Total expenses before reductions 7,626,588  
Expense reductions (44,477)  
Total expenses after reductions  7,582,111 
Net investment income (loss)  (29,737) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (246,681,041)  
Fidelity Central Funds (610)  
Foreign currency transactions 18,613  
Total net realized gain (loss)  (246,663,038) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (150,143,060)  
Assets and liabilities in foreign currencies (15,004)  
Total change in net unrealized appreciation (depreciation)  (150,158,064) 
Net gain (loss)  (396,821,102) 
Net increase (decrease) in net assets resulting from operations  $(396,850,839) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(29,737) $43,682,052 
Net realized gain (loss) (246,663,038) 96,143,855 
Change in net unrealized appreciation (depreciation) (150,158,064) (188,436,207) 
Net increase (decrease) in net assets resulting from operations (396,850,839) (48,610,300) 
Distributions to shareholders (52,505,082) (79,290,455) 
Share transactions   
Proceeds from sales of shares 219,856,492 1,019,400,280 
Reinvestment of distributions 49,624,011 75,052,031 
Cost of shares redeemed (739,737,124) (1,032,851,200) 
Net increase (decrease) in net assets resulting from share transactions (470,256,621) 61,601,111 
Total increase (decrease) in net assets (919,612,542) (66,299,644) 
Net Assets   
Beginning of period 2,728,959,022 2,795,258,666 
End of period $1,809,346,480 $2,728,959,022 
Other Information   
Shares   
Sold 16,358,180 56,160,058 
Issued in reinvestment of distributions 3,901,259 4,058,280 
Redeemed (56,179,884) (57,771,315) 
Net increase (decrease) (35,920,445) 2,447,023 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Defense and Aerospace Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 B 2018 B 2017 B 2016 A,B 
Selected Per–Share Data       
Net asset value, beginning of period $16.61 $17.27 $18.45 $13.83 $10.81 $12.90 
Income from Investment Operations       
Net investment income (loss)C D .27E .11 .09F .13G .11 
Net realized and unrealized gain (loss) (2.17) (.45) .33 5.14 3.52 (1.47) 
Total from investment operations (2.17) (.18) .44 5.23 3.65 (1.36) 
Distributions from net investment income (.05) (.22) (.10) (.07) (.12) (.10) 
Distributions from net realized gain (.30) (.26) (1.52) (.54) (.51) (.63) 
Total distributions (.35) (.48) (1.62) (.61) (.63) (.73) 
Redemption fees added to paid in capitalC – – – – D D 
Net asset value, end of period $14.09 $16.61 $17.27 $18.45 $13.83 $10.81 
Total ReturnH,I (12.86)% (1.32)% 3.57% 38.46% 34.36% (11.08)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions .78%L .75% .75% .76% .79% .80% 
Expenses net of fee waivers, if any .78%L .74% .75% .76% .79% .79% 
Expenses net of all reductions .78%L .74% .75% .76% .79% .79% 
Net investment income (loss) - %L,M 1.49%E .66% .58%F 1.03%G .92% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,809,346 $2,728,959 $2,795,259 $3,073,789 $1,601,468 $885,398 
Portfolio turnover rateN 33%L 40% 44% 32% 24% 52% 

 A For the year ended February 29.

 B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

 C Calculated based on average shares outstanding during the period.

 D Amount represents less than $.005 per share.

 E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.18 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .48%.

 F Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .14%.

 G Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .64%.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 L Annualized

 M Amount represents less than .005%.

 N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Environment and Alternative Energy Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Tesla, Inc. 12.2 
Honeywell International, Inc. 7.2 
3M Co. 4.5 
Danaher Corp. 4.5 
Eaton Corp. PLC 4.0 
Cummins, Inc. 3.6 
TE Connectivity Ltd. 3.5 
Trane Technologies PLC 3.3 
Linde PLC 3.1 
Dover Corp. 2.8 
 48.7 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Energy Efficiency 52.3% 
   Miscellaneous Environmental 12.2% 
   Renewable & Alternative Energy 9.3% 
   Water Infrastructure & Technologies 9.0% 
   Environmental Support Services 7.7% 
   All Others* 9.5% 


* Includes short-term investments and net other assets (liabilities).

Environment and Alternative Energy Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value 
Energy Efficiency - 52.3%   
Buildings Energy Efficiency - 12.6%   
A.O. Smith Corp. 74,840 $3,664,915 
Acuity Brands, Inc. 24,680 2,697,277 
Carlisle Companies, Inc. 29,080 3,808,026 
Comfort Systems U.S.A., Inc. 86,610 4,388,529 
Owens Corning 48,630 3,289,333 
Trane Technologies PLC 54,780 6,485,404 
  24,333,484 
Diversified Energy Efficiency - 7.2%   
Honeywell International, Inc. 84,337 13,961,990 
Industrial Energy Efficiency - 9.0%   
EMCOR Group, Inc. 67,978 5,099,030 
Linde PLC 24,070 6,011,242 
Minerals Technologies, Inc. 38,970 1,977,728 
Regal Beloit Corp. 44,034 4,353,201 
  17,441,201 
Power Network Efficiency - 6.7%   
Eaton Corp. PLC 76,810 7,842,301 
Hubbell, Inc. Class B 35,500 5,144,660 
  12,986,961 
Transport Energy Efficiency - 16.8%   
BorgWarner, Inc. 120,810 4,903,678 
Innospec, Inc. 52,817 3,944,902 
Tesla, Inc. (a) 47,400 23,620,367 
  32,468,947 
TOTAL ENERGY EFFICIENCY  101,192,583 
Environmental Support Services - 7.7%   
Diversified Environmental - 7.7%   
3M Co. 54,012 8,805,036 
Air Products & Chemicals, Inc. 2,690 786,179 
Dover Corp. 48,830 5,363,487 
  14,954,702 
Food Agriculture & Forestry - 1.0%   
Logistics, Food Safety and Pac - 1.0%   
Zoetis, Inc. Class A 11,750 1,881,175 
Miscellaneous Environmental - 12.2%   
Other Environmental - 1.8%   
Accenture PLC Class A 10,170 2,440,088 
Oracle Corp 18,530 1,060,287 
  3,500,375 
Other - 10.4%   
American Express Co. 9,930 1,008,789 
Amgen, Inc. 5,920 1,499,654 
Bank of New York Mellon Corp. 29,210 1,080,186 
BlackRock, Inc. Class A 4,320 2,566,901 
HCA Holdings, Inc. 16,310 2,213,593 
Microsoft Corp. 7,350 1,657,646 
Procter & Gamble Co. 10,920 1,510,564 
Reliance Steel & Aluminum Co. 26,720 2,802,126 
Robert Half International, Inc. 44,840 2,385,488 
Steelcase, Inc. Class A 176,230 1,841,604 
Visa, Inc. Class A 6,650 1,409,734 
  19,976,285 
TOTAL MISCELLANEOUS ENVIRONMENTAL  23,476,660 
Pollution Control - 3.6%   
Pollution Control Solutions - 3.6%   
Cummins, Inc. 33,862 7,017,900 
Renewable & Alternative Energy - 9.3%   
Biofuels - 2.0%   
Cosan SA Industria e Comercio 260,370 3,956,521 
Renewable Energy Developers an - 7.3%   
Colbun SA 12,213,060 1,884,998 
Empresa Nacional de Electricidad SA sponsored ADR 125,010 1,300,104 
Enel SpA 147,330 1,334,102 
Hollysys Automation Technologies Ltd. 89,061 964,531 
Iberdrola SA 145,610 1,833,207 
TE Connectivity Ltd. 69,700 6,733,020 
  14,049,962 
TOTAL RENEWABLE & ALTERNATIVE ENERGY  18,006,483 
Waste Management & Technologies - 2.9%   
Recycling and Value Added Wast - 2.9%   
Schnitzer Steel Industries, Inc. Class A 143,050 2,823,807 
Steel Dynamics, Inc. 95,550 2,820,636 
  5,644,443 
Water Infrastructure & Technologies - 9.0%   
Diversified Water Infrastructu - 4.5%   
Danaher Corp. 41,890 8,649,028 
Water Infrastructure - 4.5%   
Crane Co. 30,417 1,719,777 
HD Supply Holdings, Inc. (a) 45,110 1,789,063 
IDEX Corp. 29,480 5,313,180 
  8,822,020 
TOTAL WATER INFRASTRUCTURE & TECHNOLOGIES  17,471,048 
TOTAL COMMON STOCKS   
(Cost $161,851,047)  189,644,994 
Money Market Funds - 1.9%   
Fidelity Cash Central Fund 0.12% (b)   
(Cost $3,718,989) 3,718,246 3,718,989 
TOTAL INVESTMENT IN SECURITIES - 99.9%   
(Cost $165,570,036)  193,363,983 
NET OTHER ASSETS (LIABILITIES) - 0.1%  200,300 
NET ASSETS - 100%  $193,564,283 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $3,584 
Fidelity Securities Lending Cash Central Fund 472 
Total $4,056 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $189,644,994 $188,310,892 $1,334,102 $-- 
Money Market Funds 3,718,989 3,718,989 -- -- 
Total Investments in Securities: $193,363,983 $192,029,881 $1,334,102 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 79.7% 
Ireland 11.7% 
Switzerland 3.5% 
Brazil 2.0% 
Chile 1.0% 
Others (Individually Less Than 1%) 2.1% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Environment and Alternative Energy Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $161,851,047) 
$189,644,994  
Fidelity Central Funds (cost $3,718,989) 3,718,989  
Total Investment in Securities (cost $165,570,036)  $193,363,983 
Receivable for fund shares sold  323,305 
Dividends receivable  455,691 
Distributions receivable from Fidelity Central Funds  561 
Prepaid expenses  1,413 
Other receivables  6,846 
Total assets  194,151,799 
Liabilities   
Payable for fund shares redeemed $448,772  
Accrued management fee 81,595  
Transfer agent fee payable 34,381  
Other affiliated payables 5,984  
Other payables and accrued expenses 16,784  
Total liabilities  587,516 
Net Assets  $193,564,283 
Net Assets consist of:   
Paid in capital  $167,515,048 
Total accumulated earnings (loss)  26,049,235 
Net Assets  $193,564,283 
Net Asset Value, offering price and redemption price per share ($193,564,283 ÷ 7,704,092 shares)  $25.12 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $1,912,967 
Income from Fidelity Central Funds (including $472 from security lending)  4,056 
Total income  1,917,023 
Expenses   
Management fee $424,593  
Transfer agent fees 202,204  
Accounting fees 31,051  
Custodian fees and expenses 2,841  
Independent trustees' fees and expenses 524  
Registration fees 18,417  
Audit 25,313  
Legal 125  
Miscellaneous 5,445  
Total expenses before reductions 710,513  
Expense reductions (9,689)  
Total expenses after reductions  700,824 
Net investment income (loss)  1,216,199 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (2,794,138)  
Fidelity Central Funds 280  
Foreign currency transactions 863  
Total net realized gain (loss)  (2,792,995) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 24,589,170  
Assets and liabilities in foreign currencies 5,930  
Total change in net unrealized appreciation (depreciation)  24,595,100 
Net gain (loss)  21,802,105 
Net increase (decrease) in net assets resulting from operations  $23,018,304 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,216,199 $1,937,125 
Net realized gain (loss) (2,792,995) 11,966,522 
Change in net unrealized appreciation (depreciation) 24,595,100 (20,698,037) 
Net increase (decrease) in net assets resulting from operations 23,018,304 (6,794,390) 
Distributions to shareholders (12,152,720) (4,290,450) 
Share transactions   
Proceeds from sales of shares 29,146,594 109,059,408 
Reinvestment of distributions 11,518,139 4,066,285 
Cost of shares redeemed (39,422,466) (81,544,645) 
Net increase (decrease) in net assets resulting from share transactions 1,242,267 31,581,048 
Total increase (decrease) in net assets 12,107,851 20,496,208 
Net Assets   
Beginning of period 181,456,432 160,960,224 
End of period $193,564,283 $181,456,432 
Other Information   
Shares   
Sold 1,350,849 4,278,847 
Issued in reinvestment of distributions 602,098 156,342 
Redeemed (1,871,774) (3,270,425) 
Net increase (decrease) 81,173 1,164,764 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Environment and Alternative Energy Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $23.80 $24.92 $26.31 $23.89 $18.20 $20.94 
Income from Investment Operations       
Net investment income (loss)B .16 .27 .24 .27 .20 .17 
Net realized and unrealized gain (loss) 2.89 (.81) (.25) 3.83 5.78 (2.34) 
Total from investment operations 3.05 (.54) (.01) 4.10 5.98 (2.17) 
Distributions from net investment income (.09) (.23) (.22) (.22) (.16) (.13) 
Distributions from net realized gain (1.64) (.35) (1.16) (1.46) (.13) (.44) 
Total distributions (1.73) (.58) (1.38) (1.68) (.29) (.57) 
Redemption fees added to paid in capitalB – – – C C C 
Net asset value, end of period $25.12 $23.80 $24.92 $26.31 $23.89 $18.20 
Total ReturnD,E 15.10% (2.35)% .39% 17.73% 33.02% (10.63)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .89%H .85% .87% .87% .94% .95% 
Expenses net of fee waivers, if any .89%H .85% .87% .87% .94% .95% 
Expenses net of all reductions .88%H .85% .87% .86% .94% .95% 
Net investment income (loss) 1.52%H 1.08% .96% 1.07% .94% .86% 
Supplemental Data       
Net assets, end of period (000 omitted) $193,564 $181,456 $160,960 $188,383 $137,674 $73,432 
Portfolio turnover rateI 58%H 49% 62% 47% 82% 20% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Industrials Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Roper Technologies, Inc. 8.9 
Fortive Corp. 6.2 
Colfax Corp. 5.8 
XPO Logistics, Inc. 5.6 
Regal Beloit Corp. 4.6 
AMETEK, Inc. 4.5 
Union Pacific Corp. 4.2 
Vertiv Holdings Co. 3.7 
Illinois Tool Works, Inc. 3.6 
TransDigm Group, Inc. 3.4 
 50.5 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Machinery 29.7% 
   Road & Rail 16.8% 
   Electrical Equipment 15.1% 
   Industrial Conglomerates 11.3% 
   Air Freight & Logistics 6.0% 
   All Others* 21.1% 


* Includes short-term investments and net other assets (liabilities).

Industrials Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%   
 Shares Value 
Aerospace & Defense - 5.8%   
Aerospace & Defense - 5.8%   
HEICO Corp. Class A 64,598 $5,773,769 
Teledyne Technologies, Inc. (a) 19,800 6,209,478 
TransDigm Group, Inc. 34,537 17,257,103 
  29,240,350 
Air Freight & Logistics - 6.0%   
Air Freight & Logistics - 6.0%   
Air Transport Services Group, Inc. (a) 89,600 2,277,632 
XPO Logistics, Inc. (a) 316,725 27,957,316 
  30,234,948 
Building Products - 5.1%   
Building Products - 5.1%   
Fortune Brands Home & Security, Inc. 79,000 6,642,320 
Trane Technologies PLC 132,265 15,658,853 
Trex Co., Inc. (a) 21,200 3,169,188 
  25,470,361 
Commercial Services & Supplies - 1.9%   
Diversified Support Services - 1.9%   
Cintas Corp. 28,600 9,530,664 
Construction & Engineering - 0.2%   
Construction & Engineering - 0.2%   
AECOM (a) 23,700 936,387 
Electrical Equipment - 15.1%   
Electrical Components & Equipment - 15.1%   
AMETEK, Inc. 224,320 22,589,024 
Regal Beloit Corp. 229,551 22,693,412 
Rockwell Automation, Inc. 45,500 10,489,115 
Vertiv Holdings Co. (a)(b) 1,150,800 18,677,484 
Vertiv Holdings LLC (c) 61,271 994,428 
  75,443,463 
Industrial Conglomerates - 11.3%   
Industrial Conglomerates - 11.3%   
Honeywell International, Inc. 72,898 12,068,264 
Roper Technologies, Inc. 104,668 44,713,124 
  56,781,388 
Machinery - 29.7%   
Construction Machinery & Heavy Trucks - 2.5%   
Oshkosh Corp. 164,200 12,645,042 
Industrial Machinery - 27.2%   
Colfax Corp. (a) 874,323 29,097,469 
Fortive Corp. 427,600 30,834,236 
IDEX Corp. 29,507 5,318,047 
Illinois Tool Works, Inc. 90,700 17,917,785 
Ingersoll Rand, Inc. (a) 169,600 5,946,176 
ITT, Inc. 7,145 448,777 
Nordson Corp. 84,200 15,702,458 
Otis Worldwide Corp. 74,200 4,667,180 
Parker Hannifin Corp. 71,000 14,626,710 
Stanley Black & Decker, Inc. 60,500 9,758,650 
Xylem, Inc. 20,600 1,651,708 
  135,969,196 
TOTAL MACHINERY  148,614,238 
Professional Services - 3.8%   
Human Resource & Employment Services - 2.7%   
Manpower, Inc. 13,400 982,354 
TriNet Group, Inc. (a) 182,081 12,352,375 
  13,334,729 
Research & Consulting Services - 1.1%   
CoStar Group, Inc. (a) 6,500 5,515,900 
TOTAL PROFESSIONAL SERVICES  18,850,629 
Road & Rail - 16.8%   
Railroads - 9.8%   
CSX Corp. 175,205 13,396,174 
Kansas City Southern 43,166 7,857,939 
Norfolk Southern Corp. 31,709 6,739,114 
Union Pacific Corp. 109,521 21,076,221 
  49,069,448 
Trucking - 7.0%   
Knight-Swift Transportation Holdings, Inc. Class A 167,007 7,592,138 
Marten Transport Ltd. 8,752 158,936 
Old Dominion Freight Lines, Inc. 56,411 11,405,176 
Saia, Inc. (a) 80,600 10,816,520 
Uber Technologies, Inc. (a) 130,000 4,371,900 
Werner Enterprises, Inc. 19,300 887,993 
  35,232,663 
TOTAL ROAD & RAIL  84,302,111 
Trading Companies & Distributors - 2.1%   
Trading Companies & Distributors - 2.1%   
Fastenal Co. 116,600 5,697,076 
HD Supply Holdings, Inc. (a) 30,366 1,204,316 
United Rentals, Inc. (a) 19,200 3,399,360 
  10,300,752 
TOTAL COMMON STOCKS   
(Cost $364,914,169)  489,705,291 
Money Market Funds - 2.7%   
Fidelity Cash Central Fund 0.12% (d) 45 45 
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) 13,600,503 13,601,863 
TOTAL MONEY MARKET FUNDS   
(Cost $13,601,908)  13,601,908 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $378,516,077)  503,307,199 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (2,513,139) 
NET ASSETS - 100%  $500,794,060 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $994,428 or 0.2% of net assets.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Vertiv Holdings LLC 2/6/20 $612,710 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,108 
Fidelity Securities Lending Cash Central Fund 10,602 
Total $11,710 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $489,705,291 $489,705,291 $-- $-- 
Money Market Funds 13,601,908 13,601,908 -- -- 
Total Investments in Securities: $503,307,199 $503,307,199 $-- $-- 

See accompanying notes which are an integral part of the financial statements.


Industrials Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $12,987,246) — See accompanying schedule:
Unaffiliated issuers (cost $364,914,169) 
$489,705,291  
Fidelity Central Funds (cost $13,601,908) 13,601,908  
Total Investment in Securities (cost $378,516,077)  $503,307,199 
Receivable for fund shares sold  13,236,850 
Dividends receivable  506,474 
Distributions receivable from Fidelity Central Funds  1,467 
Prepaid expenses  6,977 
Other receivables  110,909 
Total assets  517,169,876 
Liabilities   
Payable for fund shares redeemed $1,633,054  
Accrued management fee 218,155  
Notes payable to affiliates 723,000  
Other affiliated payables 82,417  
Other payables and accrued expenses 115,790  
Collateral on securities loaned 13,603,400  
Total liabilities  16,375,816 
Net Assets  $500,794,060 
Net Assets consist of:   
Paid in capital  $415,937,887 
Total accumulated earnings (loss)  84,856,173 
Net Assets  $500,794,060 
Net Asset Value, offering price and redemption price per share ($500,794,060 ÷ 15,265,622 shares)  $32.81 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $2,153,745 
Income from Fidelity Central Funds (including $10,602 from security lending)  11,710 
Total income  2,165,455 
Expenses   
Management fee $1,196,495  
Transfer agent fees 397,974  
Accounting fees 87,532  
Custodian fees and expenses 12,079  
Independent trustees' fees and expenses 1,540  
Registration fees 13,579  
Audit 20,031  
Legal 2,756  
Interest 188  
Miscellaneous 10,161  
Total expenses before reductions 1,742,335  
Expense reductions (75,245)  
Total expenses after reductions  1,667,090 
Net investment income (loss)  498,365 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (34,587,516)  
Fidelity Central Funds (1,286)  
Foreign currency transactions 7,814  
Total net realized gain (loss)  (34,580,988) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 58,696,832  
Assets and liabilities in foreign currencies (2)  
Total change in net unrealized appreciation (depreciation)  58,696,830 
Net gain (loss)  24,115,842 
Net increase (decrease) in net assets resulting from operations  $24,614,207 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $498,365 $4,960,230 
Net realized gain (loss) (34,580,988) 43,925,894 
Change in net unrealized appreciation (depreciation) 58,696,830 (55,478,292) 
Net increase (decrease) in net assets resulting from operations 24,614,207 (6,592,168) 
Distributions to shareholders (16,770,242) (24,419,475) 
Share transactions   
Proceeds from sales of shares 47,079,176 75,905,271 
Reinvestment of distributions 15,821,491 22,923,326 
Cost of shares redeemed (98,973,579) (171,263,736) 
Net increase (decrease) in net assets resulting from share transactions (36,072,912) (72,435,139) 
Total increase (decrease) in net assets (28,228,947) (103,446,782) 
Net Assets   
Beginning of period 529,023,007 632,469,789 
End of period $500,794,060 $529,023,007 
Other Information   
Shares   
Sold 1,576,584 2,169,004 
Issued in reinvestment of distributions 612,524 650,311 
Redeemed (3,504,930) (4,925,986) 
Net increase (decrease) (1,315,822) (2,106,671) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Industrials Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $31.90 $33.84 $36.96 $33.72 $28.10 $32.69 
Income from Investment Operations       
Net investment income (loss)B .03 .28C .32 .21 .26 .24 
Net realized and unrealized gain (loss) 1.95 (.76) (.70) 4.95 6.76 (2.90) 
Total from investment operations 1.98 (.48) (.38) 5.16 7.02 (2.66) 
Distributions from net investment income (.07) (.24) (.25) (.22) (.19) (.20) 
Distributions from net realized gain (1.00) (1.23) (2.49) (1.71) (1.21) (1.73) 
Total distributions (1.07) (1.46)D (2.74) (1.92)E (1.40) (1.93) 
Redemption fees added to paid in capitalB – – – – F F 
Net asset value, end of period $32.81 $31.90 $33.84 $36.96 $33.72 $28.10 
Total ReturnG,H 7.11% (1.82)% (.45)% 15.73% 25.18% (8.29)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .77%K .76% .76% .77% .77% .77% 
Expenses net of fee waivers, if any .77%K .76% .76% .77% .77% .76% 
Expenses net of all reductions .74%K .75% .75% .77% .77% .76% 
Net investment income (loss) .22%K .81%C .92% .60% .83% .79% 
Supplemental Data       
Net assets, end of period (000 omitted) $500,794 $529,023 $632,470 $1,076,950 $1,006,420 $978,550 
Portfolio turnover rateL 272%K 143%M 88%M 64%N 62%M 75%M 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .64%.

 D Total distributions of $1.46 per share is comprised of distributions from net investment income of $.235 and distributions from net realized gain of $1.229 per share.

 E Total distributions of $1.92 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $1.705 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.

 N The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.


Transportation Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Union Pacific Corp. 20.4 
United Parcel Service, Inc. Class B 15.1 
CSX Corp. 8.2 
FedEx Corp. 6.8 
Southwest Airlines Co. 4.2 
Expeditors International of Washington, Inc. 3.9 
C.H. Robinson Worldwide, Inc. 3.1 
Norfolk Southern Corp. 2.8 
Landstar System, Inc. 2.8 
J.B. Hunt Transport Services, Inc. 2.7 
 70.0 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Road & Rail 49.0% 
   Air Freight & Logistics 36.5% 
   Airlines 8.7% 
   Marine 0.9% 
   Aerospace & Defense 0.8% 
   All Others* 4.1% 


* Includes short-term investments and net other assets (liabilities).

Transportation Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%   
 Shares Value 
Aerospace & Defense - 0.8%   
Aerospace & Defense - 0.8%   
Elbit Systems Ltd. (Israel) 2,300 $310,602 
Huntington Ingalls Industries, Inc. 3,700 560,624 
Northrop Grumman Corp. 4,600 1,576,006 
  2,447,232 
Air Freight & Logistics - 36.5%   
Air Freight & Logistics - 36.5%   
Air Transport Services Group, Inc. (a) 317,000 8,058,140 
Atlas Air Worldwide Holdings, Inc. (a) 18,300 1,031,937 
C.H. Robinson Worldwide, Inc. 99,196 9,750,967 
Echo Global Logistics, Inc. (a) 202,100 5,521,372 
Expeditors International of Washington, Inc. 141,500 12,507,185 
FedEx Corp. 97,750 21,489,360 
Forward Air Corp. 39,700 2,341,903 
Hub Group, Inc. Class A (a) 82,200 4,425,648 
United Parcel Service, Inc. Class B 292,274 47,821,872 
XPO Logistics, Inc. (a) 33,600 2,965,872 
  115,914,256 
Airlines - 8.7%   
Airlines - 8.7%   
Alaska Air Group, Inc. 68,800 2,679,760 
Copa Holdings SA Class A 26,200 1,395,150 
Delta Air Lines, Inc. 73,302 2,261,367 
JetBlue Airways Corp. (a) 1,900 21,888 
SkyWest, Inc. 176,900 5,952,685 
Southwest Airlines Co. 352,000 13,228,160 
United Airlines Holdings, Inc. (a) 55,000 1,980,000 
  27,519,010 
Internet & Direct Marketing Retail - 0.5%   
Internet & Direct Marketing Retail - 0.5%   
Points International Ltd. (a) 163,603 1,748,916 
IT Services - 0.4%   
IT Consulting & Other Services - 0.4%   
CACI International, Inc. Class A (a) 5,500 1,288,045 
Marine - 0.9%   
Marine - 0.9%   
A.P. Moller - Maersk A/S Series A 1,200 1,708,336 
Matson, Inc. 28,295 1,133,781 
  2,842,117 
Professional Services - 0.5%   
Research & Consulting Services - 0.5%   
FTI Consulting, Inc. (a) 13,000 1,491,880 
Road & Rail - 49.0%   
Railroads - 33.4%   
Canadian Pacific Railway Ltd. 1,700 502,942 
CSX Corp. 340,346 26,022,855 
Kansas City Southern 31,500 5,734,260 
Norfolk Southern Corp. 42,350 9,000,646 
Union Pacific Corp. 337,495 64,947,536 
  106,208,239 
Trucking - 15.6%   
Covenant Transport Group, Inc. Class A (a) 77,900 1,427,907 
J.B. Hunt Transport Services, Inc. 60,400 8,488,616 
Knight-Swift Transportation Holdings, Inc. Class A 100,400 4,564,184 
Landstar System, Inc. 66,500 8,850,485 
Marten Transport Ltd. 30,876 560,708 
Old Dominion Freight Lines, Inc. 9,300 1,880,274 
Ryder System, Inc. 105,025 4,295,523 
Schneider National, Inc. Class B 117,100 3,168,726 
TFI International, Inc. 110,700 4,897,368 
TFI International, Inc. (Canada) 67,500 2,983,900 
U.S. Xpress Enterprises, Inc. (a) 72,800 696,696 
U.S.A. Truck, Inc. (a) 39,000 434,850 
Uber Technologies, Inc. (a) 58,300 1,960,629 
Universal Logistics Holdings, Inc. 72,900 1,567,350 
Werner Enterprises, Inc. 81,883 3,767,437 
  49,544,653 
TOTAL ROAD & RAIL  155,752,892 
Trading Companies & Distributors - 0.1%   
Trading Companies & Distributors - 0.1%   
Willis Lease Finance Corp. (a) 12,500 267,250 
Transportation Infrastructure - 0.8%   
Airport Services - 0.8%   
Macquarie Infrastructure Co. LLC 94,100 2,636,682 
TOTAL COMMON STOCKS   
(Cost $170,136,827)  311,908,280 
Money Market Funds - 1.6%   
Fidelity Cash Central Fund 0.12% (b)   
(Cost $5,220,679) 5,219,635 5,220,679 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $175,357,506)  317,128,959 
NET OTHER ASSETS (LIABILITIES) - 0.2%  674,744 
NET ASSETS - 100%  $317,803,703 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $8,654 
Fidelity Securities Lending Cash Central Fund 7,251 
Total $15,905 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $311,908,280 $311,908,280 $-- $-- 
Money Market Funds 5,220,679 5,220,679 -- -- 
Total Investments in Securities: $317,128,959 $317,128,959 $-- $-- 

See accompanying notes which are an integral part of the financial statements.


Transportation Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $170,136,827) 
$311,908,280  
Fidelity Central Funds (cost $5,220,679) 5,220,679  
Total Investment in Securities (cost $175,357,506)  $317,128,959 
Foreign currency held at value (cost $313,034)  313,034 
Receivable for investments sold  5,893,118 
Receivable for fund shares sold  291,730 
Dividends receivable  860,505 
Distributions receivable from Fidelity Central Funds  1,235 
Prepaid expenses  3,418 
Other receivables  4,589 
Total assets  324,496,588 
Liabilities   
Payable for investments purchased $5,185,692  
Payable for fund shares redeemed 1,293,075  
Accrued management fee 136,729  
Other affiliated payables 59,025  
Other payables and accrued expenses 18,364  
Total liabilities  6,692,885 
Net Assets  $317,803,703 
Net Assets consist of:   
Paid in capital  $190,055,069 
Total accumulated earnings (loss)  127,748,634 
Net Assets  $317,803,703 
Net Asset Value, offering price and redemption price per share ($317,803,703 ÷ 3,669,091 shares)  $86.62 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $2,470,589 
Income from Fidelity Central Funds (including $7,251 from security lending)  15,905 
Total income  2,486,494 
Expenses   
Management fee $718,479  
Transfer agent fees 291,040  
Accounting fees 52,542  
Custodian fees and expenses 4,419  
Independent trustees' fees and expenses 926  
Registration fees 18,292  
Audit 25,895  
Legal 3,732  
Miscellaneous 7,763  
Total expenses before reductions 1,123,088  
Expense reductions (15,795)  
Total expenses after reductions  1,107,293 
Net investment income (loss)  1,379,201 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (13,523,647)  
Fidelity Central Funds (1,282)  
Foreign currency transactions 85  
Total net realized gain (loss)  (13,524,844) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 53,989,289  
Assets and liabilities in foreign currencies 220  
Total change in net unrealized appreciation (depreciation)  53,989,509 
Net gain (loss)  40,464,665 
Net increase (decrease) in net assets resulting from operations  $41,843,866 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,379,201 $4,099,350 
Net realized gain (loss) (13,524,844) 27,932,322 
Change in net unrealized appreciation (depreciation) 53,989,509 (68,395,892) 
Net increase (decrease) in net assets resulting from operations 41,843,866 (36,364,220) 
Distributions to shareholders (24,993,715) (16,996,996) 
Share transactions   
Proceeds from sales of shares 34,694,180 36,956,264 
Reinvestment of distributions 23,616,044 16,103,156 
Cost of shares redeemed (67,797,613) (140,448,927) 
Net increase (decrease) in net assets resulting from share transactions (9,487,389) (87,389,507) 
Total increase (decrease) in net assets 7,362,762 (140,750,723) 
Net Assets   
Beginning of period 310,440,941 451,191,664 
End of period $317,803,703 $310,440,941 
Other Information   
Shares   
Sold 477,146 396,518 
Issued in reinvestment of distributions 369,520 168,242 
Redeemed (958,009) (1,513,069) 
Net increase (decrease) (111,343) (948,309) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Transportation Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $82.12 $95.41 $99.07 $92.98 $73.25 $94.04 
Income from Investment Operations       
Net investment income (loss)B .37 .93 .85 .78 .63 .50 
Net realized and unrealized gain (loss) 11.17 (10.43) 5.05 10.83 20.86 (15.81) 
Total from investment operations 11.54 (9.50) 5.90 11.61 21.49 (15.31) 
Distributions from net investment income (.17) (1.10) (.78) (.67) (.38) (.52) 
Distributions from net realized gain (6.88) (2.70) (8.78) (4.85) (1.39) (4.95) 
Total distributions (7.04)C (3.79)D (9.56) (5.52) (1.77) (5.48)E 
Redemption fees added to paid in capitalB – – – F .01 F 
Net asset value, end of period $86.62 $82.12 $95.41 $99.07 $92.98 $73.25 
Total ReturnG,H 17.10% (10.49)% 6.85% 12.48% 29.40% (16.28)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .83%K .79% .79% .80% .83% .81% 
Expenses net of fee waivers, if any .83%K .79% .79% .80% .83% .81% 
Expenses net of all reductions .82%K .79% .78% .80% .82% .80% 
Net investment income (loss) 1.02%K 1.00% .87% .80% .76% .60% 
Supplemental Data       
Net assets, end of period (000 omitted) $317,804 $310,441 $451,192 $512,155 $643,067 $408,171 
Portfolio turnover rateL 70%K 78% 58% 47% 104% 80% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $7.04 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $6.875 per share.

 D Total distributions of $3.79 per share is comprised of distributions from net investment income of $1.097 and distributions from net realized gain of $2.695 per share.

 E Total distributions of $5.48 per share is comprised of distributions from net investment income of $.521 and distributions from net realized gain of $4.954 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2020

1. Organization.

Air Transportation Portfolio, Defense and Aerospace Portfolio, Environment and Alternative Energy Portfolio, Industrials Portfolio, and Transportation Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds.

2. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2020 is included at the end of each Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. During the period, Defense and Aerospace Portfolio, dividend income has been decreased $3,551,100 with a corresponding increase to net unrealized appreciation (depreciation) as a result of a change in the prior period estimate, which had no impact on the total net assets or total return of the Fund. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in each Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in each accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Defense and Aerospace Portfolio $102,846 
Industrials Portfolio 94,096 

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, redemptions in kind, deferred trustees compensation and certain losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Air Transportation Portfolio $254,437,445 $56,709,012 $(28,692,148) $28,016,864 
Defense and Aerospace Portfolio 1,298,704,576 607,810,496 (73,792,756) 534,017,740 
Environment and Alternative Energy Portfolio 165,726,636 36,230,043 (8,592,696) 27,637,347 
Industrials Portfolio 387,151,571 119,473,172 (3,317,544) 116,155,628 
Transportation Portfolio 177,083,892 146,458,022 (6,412,955) 140,045,067 

Restricted Securities (including Private Placements). The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Air Transportation Portfolio 210,602,451 135,931,581 
Defense and Aerospace Portfolio 334,481,610 855,525,474 
Environment and Alternative Energy Portfolio 47,060,562 54,643,203 
Industrials Portfolio 625,442,359 687,113,583 
Transportation Portfolio 96,176,929 131,052,773 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:

 Individual Rate Group Rate Total 
Air Transportation Portfolio .30% .23% .53% 
Defense and Aerospace Portfolio .30% .23% .53% 
Environment and Alternative Energy Portfolio .30% .23% .53% 
Industrials Portfolio .30% .23% .53% 
Transportation Portfolio .30% .23% .53% 

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:

Air Transportation Portfolio .25% 
Defense and Aerospace Portfolio .20% 
Environment and Alternative Energy Portfolio .25% 
Industrials Portfolio .18% 
Transportation Portfolio .21% 

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Air Transportation Portfolio .04 
Defense and Aerospace Portfolio .03 
Environment and Alternative Energy Portfolio .04 
Industrials Portfolio .04 
Transportation Portfolio .04 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Air Transportation Portfolio $4,428 
Defense and Aerospace Portfolio 11,182 
Environment and Alternative Energy Portfolio 582 
Industrials Portfolio 18,326 
Transportation Portfolio 3,369 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, each fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each fund to borrow from, or lend money to, other participating affiliated funds. At period end, Industrials Portfolio had interfund loans outstanding. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable to affiliates" in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Defense and Aerospace Portfolio Borrower $8,865,800 .95% $8,765 
Industrials Portfolio Borrower $5,285,250 .32% $188 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 386,628 shares of the Industrials Portfolio were redeemed in-kind for investments and cash with a value of $13,207,212. The Fund had a net realized gain of $4,051,467 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. Industrials Portfolio recognized no gain or loss for federal income tax purposes.

Committed Line of Credit. Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Air Transportation Portfolio $282 
Defense and Aerospace Portfolio 3,074 
Environment and Alternative Energy Portfolio 210 
Industrials Portfolio 623 
Transportation Portfolio 374 

During the period, there were no borrowings on this line of credit.

6. Security Lending.

Certain Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the Funds. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a Fund's daily lending revenue, for its services as lending agent. The Funds may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, an affiliated borrower. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Net income from Fidelity Central Funds is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity was as follows:

 Total Security Lending Income Fees Paid to NFS Security Lending Income From Securities Loaned to NFS 
Air Transportation Portfolio $13,760 $111 
Defense and Aerospace Portfolio $21,526 $– 
Environment and Alternative Energy Portfolio $51 $– 
Industrials Portfolio $1,009 $– 
Transportation Portfolio $707 $– 

7. Bank Borrowings.

Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Defense and Aerospace Portfolio $3,175,000 .63% $335 

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of certain Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. In addition, through arrangements with each applicable Fund's custodian credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

 Brokerage service rebates Custodian credits 
Air Transportation Portfolio $18,159 $91 
Defense and Aerospace Portfolio 38,029 216 
Environment and Alternative Energy Portfolio 9,315 – 
Industrials Portfolio 74,032 – 
Transportation Portfolio 14,439 572 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:

 Amount 
Air Transportation Portfolio $628 
Defense and Aerospace Portfolio 6,232 
Environment and Alternative Energy Portfolio 374 
Industrials Portfolio 1,213 
Transportation Portfolio 784 

9. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2020 to August 31, 2020).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
March 1, 2020 
Ending
Account Value
August 31, 2020 
Expenses Paid
During Period-B
March 1, 2020
to August 31, 2020 
Air Transportation Portfolio .89%    
Actual  $1,000.00 $879.10 $4.22 
Hypothetical-C  $1,000.00 $1,020.72 $4.53 
Defense and Aerospace Portfolio .78%    
Actual  $1,000.00 $871.40 $3.68 
Hypothetical-C  $1,000.00 $1,021.27 $3.97 
Environment and Alternative Energy Portfolio .89%    
Actual  $1,000.00 $1,151.00 $4.83 
Hypothetical-C  $1,000.00 $1,020.72 $4.53 
Industrials Portfolio .77%    
Actual  $1,000.00 $1,071.10 $4.02 
Hypothetical-C  $1,000.00 $1,021.32 $3.92 
Transportation Portfolio .83%    
Actual  $1,000.00 $1,171.00 $4.54 
Hypothetical-C  $1,000.00 $1,021.02 $4.23 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 
% of
Votes 
Dennis J. Dirks 
Affirmative 32,463,705,305.665 92.437 
Withheld 2,655,951,104.308 7.563 
TOTAL 35,119,656,409.973 100.000 
Donald F. Donahue 
Affirmative 32,446,843,861.354 92.389 
Withheld 2,672,812,548.619 7.611 
TOTAL 35,119,656,409.973 100.000 
Bettina Doulton 
Affirmative 32,610,463,757.584 92.855 
Withheld 2,509,192,652.389 7.145 
TOTAL 35,119,656,409.973 100.000 
Vicki L. Fuller 
Affirmative 32,688,213,522.720 93.077 
Withheld 2,431,442,887.253 6.923 
TOTAL 35,119,656,409.973 100.000 
Patricia L. Kampling 
Affirmative 32,313,755,598.535 92.010 
Withheld 2,805,900,811.438 7.990 
TOTAL 35,119,656,409.973 100.000 
Alan J. Lacy 
Affirmative 31,990,158,754.948 91.089 
Withheld 3,129,497,655.026 8.911 
TOTAL 35,119,656,409.973 100.000 
Ned C. Lautenbach 
Affirmative 32,043,019,991.143 91.240 
Withheld 3,076,636,418.830 8.760 
TOTAL 35,119,656,409.973 100.000 
Robert A. Lawrence 
Affirmative 32,150,842,398.009 91.547 
Withheld 2,968,814,011.965 8.453 
TOTAL 35,119,656,409.973 100.000 
Joseph Mauriello 
Affirmative 32,082,201,213.166 91.351 
Withheld 3,037,455,196.807 8.649 
TOTAL 35,119,656,409.973 100.000 
Cornelia M. Small 
Affirmative 32,207,976,835.934 91.709 
Withheld 2,911,679,574.039 8.291 
TOTAL 35,119,656,409.973 100.000 
Garnett A. Smith 
Affirmative 32,102,654,343.096 91.409 
Withheld 3,017,002,066.877 8.591 
TOTAL 35,119,656,409.973 100.000 
David M. Thomas 
Affirmative 32,150,749,424.556 91.546 
Withheld 2,968,906,985.418 8.454 
TOTAL 35,119,656,409.973 100.000 
Susan Tomasky 
Affirmative 32,381,933,484.515 92.205 
Withheld 2,737,722,925.459 7.795 
TOTAL 35,119,656,409.973 100.000 
Michael E. Wiley 
Affirmative 32,135,064,741.973 91.502 
Withheld 2,984,591,668.000 8.498 
TOTAL 35,119,656,409.973 100.000 
Proposal 1 reflects trust wide proposal and voting results. 





Fidelity Investments

SELCI-SANN-1020
1.813660.115




Fidelity® Select Portfolios®
Utilities Sector

Utilities Portfolio



Semi-Annual Report

August 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Proxy Voting Results


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks

 % of fund's net assets 
NextEra Energy, Inc. 11.8 
Dominion Energy, Inc. 10.5 
Edison International 7.1 
Exelon Corp. 7.0 
CenterPoint Energy, Inc. 5.2 
Evergy, Inc. 5.0 
The AES Corp. 5.0 
Southern Co. 4.9 
American Electric Power Co., Inc. 4.8 
Entergy Corp. 4.8 
 66.1 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Electric Utilities 61.7% 
   Multi-Utilities 25.1% 
   Independent Power and Renewable Electricity Producers 12.6% 
   All Others* 0.6% 


* Includes short-term investments and net other assets (liabilities).

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%   
 Shares Value 
Electric Utilities - 61.7%   
Electric Utilities - 61.7%   
American Electric Power Co., Inc. 576,150 $45,417,905 
Duke Energy Corp. 414,779 33,323,345 
Edison International 1,272,926 66,803,156 
Entergy Corp. 457,562 45,362,697 
Evergy, Inc. 880,325 46,850,897 
Exelon Corp. 1,775,689 65,540,681 
FirstEnergy Corp. 1,478,692 42,275,804 
NextEra Energy, Inc. 396,572 110,711,004 
NRG Energy, Inc. 560,706 19,293,893 
PG&E Corp. (a) 719,778 6,665,144 
PG&E Corp. (b) 2,719,168 23,920,521 
Pinnacle West Capital Corp. 119,011 8,729,457 
PNM Resources, Inc. (c) 163,926 7,160,288 
PPL Corp. 413,701 11,430,559 
Southern Co. 878,677 45,849,366 
  579,334,717 
Independent Power and Renewable Electricity Producers - 12.6%   
Independent Power Producers & Energy Traders - 10.2%   
Clearway Energy, Inc.:   
Class A 119,624 2,888,920 
Class C 1,128,823 28,796,275 
The AES Corp. 2,631,215 46,704,066 
Vistra Corp. 918,110 17,655,255 
  96,044,516 
Renewable Electricity - 2.4%   
NextEra Energy Partners LP 363,244 21,910,878 
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS  117,955,394 
Multi-Utilities - 25.1%   
Multi-Utilities - 25.1%   
Ameren Corp. 161,290 12,759,652 
CenterPoint Energy, Inc. 2,443,908 49,049,234 
Dominion Energy, Inc. 1,257,188 98,613,827 
Public Service Enterprise Group, Inc. 698,505 36,489,901 
Sempra Energy 317,708 39,284,594 
  236,197,208 
TOTAL COMMON STOCKS   
(Cost $823,093,504)  933,487,319 
Money Market Funds - 0.3%   
Fidelity Cash Central Fund 0.12% (d) 752,545 752,695 
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) 2,335,791 2,336,024 
TOTAL MONEY MARKET FUNDS   
(Cost $3,088,719)  3,088,719 
TOTAL INVESTMENT IN SECURITIES - 99.7%   
(Cost $826,182,223)  936,576,038 
NET OTHER ASSETS (LIABILITIES) - 0.3%  2,348,474 
NET ASSETS - 100%  $938,924,512 

Legend

 (a) Non-income producing

 (b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $23,920,521 or 2.5% of net assets.

 (c) Security or a portion of the security is on loan at period end.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
PG&E Corp. 6/30/20 $25,832,096 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $11,603 
Fidelity Securities Lending Cash Central Fund 23,193 
Total $34,796 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $933,487,319 $909,566,798 $23,920,521 $-- 
Money Market Funds 3,088,719 3,088,719 -- -- 
Total Investments in Securities: $936,576,038 $912,655,517 $23,920,521 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $2,280,096) — See accompanying schedule:
Unaffiliated issuers (cost $823,093,504) 
$933,487,319  
Fidelity Central Funds (cost $3,088,719) 3,088,719  
Total Investment in Securities (cost $826,182,223)  $936,576,038 
Receivable for investments sold  3,738,054 
Receivable for fund shares sold  1,102,995 
Dividends receivable  4,985,293 
Distributions receivable from Fidelity Central Funds  19,465 
Prepaid expenses  6,204 
Other receivables  16,064 
Total assets  946,444,113 
Liabilities   
Payable for fund shares redeemed $4,561,738  
Accrued management fee 428,211  
Other affiliated payables 175,825  
Other payables and accrued expenses 17,877  
Collateral on securities loaned 2,335,950  
Total liabilities  7,519,601 
Net Assets  $938,924,512 
Net Assets consist of:   
Paid in capital  $863,829,587 
Total accumulated earnings (loss)  75,094,925 
Net Assets  $938,924,512 
Net Asset Value, offering price and redemption price per share ($938,924,512 ÷ 11,316,918 shares)  $82.97 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $16,187,035 
Income from Fidelity Central Funds (including $23,193 from security lending)  34,796 
Total income  16,221,831 
Expenses   
Management fee $2,709,863  
Transfer agent fees 944,149  
Accounting fees 168,552  
Custodian fees and expenses 4,629  
Independent trustees' fees and expenses 3,598  
Registration fees 48,597  
Audit 20,337  
Legal 39,195  
Interest 961  
Miscellaneous 23,359  
Total expenses before reductions 3,963,240  
Expense reductions (61,640)  
Total expenses after reductions  3,901,600 
Net investment income (loss)  12,320,231 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (44,149,349)  
Fidelity Central Funds 801  
Foreign currency transactions (1,315)  
Total net realized gain (loss)  (44,149,863) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (57,355,223)  
Assets and liabilities in foreign currencies 1,414  
Total change in net unrealized appreciation (depreciation)  (57,353,809) 
Net gain (loss)  (101,503,672) 
Net increase (decrease) in net assets resulting from operations  $(89,183,441) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $12,320,231 $27,938,096 
Net realized gain (loss) (44,149,863) 71,638,581 
Change in net unrealized appreciation (depreciation) (57,353,809) (2,937,838) 
Net increase (decrease) in net assets resulting from operations (89,183,441) 96,638,839 
Distributions to shareholders (31,922,027) (29,428,267) 
Share transactions   
Proceeds from sales of shares 155,827,765 668,747,776 
Reinvestment of distributions 30,029,865 27,518,824 
Cost of shares redeemed (372,836,722) (557,231,194) 
Net increase (decrease) in net assets resulting from share transactions (186,979,092) 139,035,406 
Total increase (decrease) in net assets (308,084,560) 206,245,978 
Net Assets   
Beginning of period 1,247,009,072 1,040,763,094 
End of period $938,924,512 $1,247,009,072 
Other Information   
Shares   
Sold 1,892,008 7,178,573 
Issued in reinvestment of distributions 370,693 286,923 
Redeemed (4,619,072) (5,990,923) 
Net increase (decrease) (2,356,371) 1,474,573 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Utilities Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $91.20 $85.32 $76.75 $77.05 $66.88 $72.85 
Income from Investment Operations       
Net investment income (loss)B .99 2.09 2.06 1.62 1.52 1.39 
Net realized and unrealized gain (loss) (6.72) 5.99 13.35 2.56 10.44 (4.49) 
Total from investment operations (5.73) 8.08 15.41 4.18 11.96 (3.10) 
Distributions from net investment income (.16) (1.94) (1.37) (1.29) (1.77) (1.60) 
Distributions from net realized gain (2.34) (.26) (5.46) (3.19) (.02) (1.27) 
Total distributions (2.50) (2.20) (6.84)C (4.48) (1.79) (2.87) 
Redemption fees added to paid in capitalB – – – D D D 
Net asset value, end of period $82.97 $91.20 $85.32 $76.75 $77.05 $66.88 
Total ReturnE,F (6.22)% 9.34% 20.17% 4.99% 18.21% (4.19)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .78%I .75% .78% .78% .79% .80% 
Expenses net of fee waivers, if any .78%I .75% .78% .78% .79% .79% 
Expenses net of all reductions .76%I .74% .76% .77% .78% .78% 
Net investment income (loss) 2.42%I 2.25% 2.45% 2.00% 2.09% 2.05% 
Supplemental Data       
Net assets, end of period (000 omitted) $938,925 $1,247,009 $1,040,763 $716,979 $696,138 $808,235 
Portfolio turnover rateJ 78%I 65%K 97%K 66%K 70%K 74% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $6.84 per share is comprised of distributions from net investment income of $1.373 and distributions from net realized gain of $5.463 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2020

1. Organization.

Utilities Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2020 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, redemptions in kind, partnerships, losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $141,063,780 
Gross unrealized depreciation (38,499,341) 
Net unrealized appreciation (depreciation) $102,564,439 
Tax cost $834,011,599 

Restricted Securities (including Private Placements). The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Utilities Portfolio 400,486,390 605,846,436 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .19% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Utilities Portfolio .03 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Utilities Portfolio 26,754 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Utilities Portfolio Borrower $11,327,250 .76% $961 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 272,865 shares of the Fund were redeemed in-kind for investments and cash with a value of $24,994,414. The Fund had a net realized gain of $7,538,422 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Utilities Portfolio $1,441 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to $1,446. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Net income from the Fidelity Securities Lending Cash Central Fund during the period is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $59,046 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $2,594.

9. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2020 to August 31, 2020).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
March 1, 2020 
Ending
Account Value
August 31, 2020 
Expenses Paid
During Period-B
March 1, 2020
to August 31, 2020 
Utilities Portfolio .78%    
Actual  $1,000.00 $937.80 $3.81 
Hypothetical-C  $1,000.00 $1,021.27 $3.97 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 
% of
Votes 
Dennis J. Dirks 
Affirmative 32,463,705,305.665 92.437 
Withheld 2,655,951,104.308 7.563 
TOTAL 35,119,656,409.973 100.000 
Donald F. Donahue 
Affirmative 32,446,843,861.354 92.389 
Withheld 2,672,812,548.619 7.611 
TOTAL 35,119,656,409.973 100.000 
Bettina Doulton 
Affirmative 32,610,463,757.584 92.855 
Withheld 2,509,192,652.389 7.145 
TOTAL 35,119,656,409.973 100.000 
Vicki L. Fuller 
Affirmative 32,688,213,522.720 93.077 
Withheld 2,431,442,887.253 6.923 
TOTAL 35,119,656,409.973 100.000 
Patricia L. Kampling 
Affirmative 32,313,755,598.535 92.010 
Withheld 2,805,900,811.438 7.990 
TOTAL 35,119,656,409.973 100.000 
Alan J. Lacy 
Affirmative 31,990,158,754.948 91.089 
Withheld 3,129,497,655.026 8.911 
TOTAL 35,119,656,409.973 100.000 
Ned C. Lautenbach 
Affirmative 32,043,019,991.143 91.240 
Withheld 3,076,636,418.830 8.760 
TOTAL 35,119,656,409.973 100.000 
Robert A. Lawrence 
Affirmative 32,150,842,398.009 91.547 
Withheld 2,968,814,011.965 8.453 
TOTAL 35,119,656,409.973 100.000 
Joseph Mauriello 
Affirmative 32,082,201,213.166 91.351 
Withheld 3,037,455,196.807 8.649 
TOTAL 35,119,656,409.973 100.000 
Cornelia M. Small 
Affirmative 32,207,976,835.934 91.709 
Withheld 2,911,679,574.039 8.291 
TOTAL 35,119,656,409.973 100.000 
Garnett A. Smith 
Affirmative 32,102,654,343.096 91.409 
Withheld 3,017,002,066.877 8.591 
TOTAL 35,119,656,409.973 100.000 
David M. Thomas 
Affirmative 32,150,749,424.556 91.546 
Withheld 2,968,906,985.418 8.454 
TOTAL 35,119,656,409.973 100.000 
Susan Tomasky 
Affirmative 32,381,933,484.515 92.205 
Withheld 2,737,722,925.459 7.795 
TOTAL 35,119,656,409.973 100.000 
Michael E. Wiley 
Affirmative 32,135,064,741.973 91.502 
Withheld 2,984,591,668.000 8.498 
TOTAL 35,119,656,409.973 100.000 
Proposal 1 reflects trust wide proposal and voting results. 





Fidelity Investments

SELUTL-SANN-1020
1.813630.115




Fidelity® Select Portfolios®
Materials Sector

Chemicals Portfolio

Gold Portfolio

Materials Portfolio



Semi-Annual Report

August 31, 2020

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Note to Shareholders

Chemicals Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Gold Portfolio

Consolidated Investment Summary

Consolidated Schedule of Investments

Consolidated Financial Statements

Notes to Consolidated Financial Statements

Materials Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Proxy Voting Results


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Chemicals Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Linde PLC 19.7 
Sherwin-Williams Co. 8.9 
Air Products & Chemicals, Inc. 8.1 
DuPont de Nemours, Inc. 7.2 
Ecolab, Inc. 5.6 
PPG Industries, Inc. 5.0 
FMC Corp. 3.4 
RPM International, Inc. 3.1 
Huntsman Corp. 3.1 
Celanese Corp. Class A 3.0 
 67.1 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Chemicals 98.5% 
   Trading Companies & Distributors 1.0% 
   Containers & Packaging 0.3% 
   All Others* 0.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Chemicals Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%   
 Shares Value 
Chemicals - 98.5%   
Commodity Chemicals - 10.5%   
Cabot Corp. 258,600 $9,570,786 
Dow, Inc. 410,500 18,521,760 
LyondellBasell Industries NV Class A 226,300 14,818,124 
Olin Corp. 148,300 1,668,375 
Orion Engineered Carbons SA 714,426 8,680,276 
Tronox Holdings PLC 1,059,069 9,489,258 
Westlake Chemical Corp. (a) 110,956 6,581,910 
  69,330,489 
Diversified Chemicals - 8.5%   
Eastman Chemical Co. 220,800 16,142,688 
Huntsman Corp. 944,900 20,428,738 
The Chemours Co. LLC (a) 937,359 19,365,837 
  55,937,263 
Fertilizers & Agricultural Chemicals - 8.0%   
CF Industries Holdings, Inc. 191,417 6,245,937 
Corteva, Inc. 465,693 13,295,535 
FMC Corp. 209,116 22,346,136 
The Mosaic Co. 343,900 6,269,297 
The Scotts Miracle-Gro Co. Class A 29,000 4,887,370 
  53,044,275 
Industrial Gases - 27.8%   
Air Products & Chemicals, Inc. 181,811 53,136,083 
Linde PLC 519,816 129,818,847 
  182,954,930 
Specialty Chemicals - 43.7%   
Albemarle Corp. U.S. (a) 19,800 1,801,998 
Ashland Global Holdings, Inc. 156,200 11,510,378 
Celanese Corp. Class A 197,700 19,997,355 
DuPont de Nemours, Inc. 852,493 47,535,010 
Ecolab, Inc. 185,800 36,617,464 
Element Solutions, Inc. (b) 1,371,743 14,746,237 
H.B. Fuller Co. 200,200 9,643,634 
Innospec, Inc. 115,600 8,634,164 
Livent Corp. (b) 200 1,696 
PolyOne Corp. 284,200 7,252,784 
PPG Industries, Inc. 274,900 33,097,960 
Quaker Chemical Corp. (a) 48,900 9,291,000 
RPM International, Inc. 243,100 20,607,587 
Sherwin-Williams Co. 87,333 58,604,810 
W.R. Grace & Co. 208,400 8,483,964 
  287,826,041 
TOTAL CHEMICALS  649,092,998 
Containers & Packaging - 0.3%   
Metal & Glass Containers - 0.3%   
O-I Glass, Inc. 177,900 1,935,552 
Trading Companies & Distributors - 1.0%   
Trading Companies & Distributors - 1.0%   
Univar, Inc. (b) 351,500 6,393,785 
TOTAL COMMON STOCKS   
(Cost $501,828,636)  657,422,335 
Money Market Funds - 1.5%   
Fidelity Securities Lending Cash Central Fund 0.11% (c)(d)   
(Cost $10,103,677) 10,102,667 10,103,677 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $511,932,313)  667,526,012 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (8,703,875) 
NET ASSETS - 100%  $658,822,137 

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $5,867 
Fidelity Securities Lending Cash Central Fund 61,597 
Total $67,464 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $657,422,335 $657,422,335 $-- $-- 
Money Market Funds 10,103,677 10,103,677 -- -- 
Total Investments in Securities: $667,526,012 $667,526,012 $-- $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 75.4% 
Ireland 19.7% 
Netherlands 2.2% 
United Kingdom 1.4% 
Luxembourg 1.3% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Chemicals Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $9,589,695) — See accompanying schedule:
Unaffiliated issuers (cost $501,828,636) 
$657,422,335  
Fidelity Central Funds (cost $10,103,677) 10,103,677  
Total Investment in Securities (cost $511,932,313)  $667,526,012 
Receivable for investments sold  1,665,935 
Receivable for fund shares sold  138,348 
Dividends receivable  2,199,266 
Distributions receivable from Fidelity Central Funds  3,929 
Prepaid expenses  11,290 
Other receivables  143,327 
Total assets  671,688,107 
Liabilities   
Payable to custodian bank $1,125  
Payable for fund shares redeemed 2,198,193  
Accrued management fee 295,001  
Other affiliated payables 135,419  
Other payables and accrued expenses 144,707  
Collateral on securities loaned 10,091,525  
Total liabilities  12,865,970 
Net Assets  $658,822,137 
Net Assets consist of:   
Paid in capital  $555,559,305 
Total accumulated earnings (loss)  103,262,832 
Net Assets  $658,822,137 
Net Asset Value, offering price and redemption price per share ($658,822,137 ÷ 53,662,370 shares)  $12.28 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $7,260,614 
Income from Fidelity Central Funds (including $61,597 from security lending)  67,464 
Total income  7,328,078 
Expenses   
Management fee $1,631,246  
Transfer agent fees 685,929  
Accounting fees 112,833  
Custodian fees and expenses 5,323  
Independent trustees' fees and expenses 2,064  
Registration fees 14,572  
Audit 25,685  
Legal 2,892  
Miscellaneous 19,175  
Total expenses before reductions 2,499,719  
Expense reductions (67,477)  
Total expenses after reductions  2,432,242 
Net investment income (loss)  4,895,836 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (15,914,766)  
Fidelity Central Funds 5,912  
Total net realized gain (loss)  (15,908,854) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 107,970,090  
Assets and liabilities in foreign currencies 26,011  
Total change in net unrealized appreciation (depreciation)  107,996,101 
Net gain (loss)  92,087,247 
Net increase (decrease) in net assets resulting from operations  $96,983,083 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,895,836 $11,421,771 
Net realized gain (loss) (15,908,854) (16,186,423) 
Change in net unrealized appreciation (depreciation) 107,996,101 (153,952,494) 
Net increase (decrease) in net assets resulting from operations 96,983,083 (158,717,146) 
Distributions to shareholders – (64,898,786) 
Share transactions   
Proceeds from sales of shares 24,521,117 51,439,480 
Reinvestment of distributions – 61,546,519 
Cost of shares redeemed (119,123,265) (386,307,907) 
Net increase (decrease) in net assets resulting from share transactions (94,602,148) (273,321,908) 
Total increase (decrease) in net assets 2,380,935 (496,937,840) 
Net Assets   
Beginning of period 656,441,202 1,153,379,042 
End of period $658,822,137 $656,441,202 
Other Information   
Shares   
Sold 2,412,540 4,140,804 
Issued in reinvestment of distributions – 4,713,661 
Redeemed (11,422,978) (31,186,535) 
Net increase (decrease) (9,010,438) (22,332,070) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Chemicals Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 B 2018 B 2017 B 2016 A,B 
Selected Per–Share Data       
Net asset value, beginning of period $10.47 $13.57 $17.34 $16.24 $12.32 $15.33 
Income from Investment Operations       
Net investment income (loss)C .08 .15 .23 .19 .18 .19 
Net realized and unrealized gain (loss) 1.73 (2.39) (2.17) 2.36 4.44 (2.34) 
Total from investment operations 1.81 (2.24) (1.94) 2.55 4.62 (2.15) 
Distributions from net investment income – (.20) (.21) (.16) (.17) (.18) 
Distributions from net realized gain – (.66) (1.62) (1.29) (.53) (.68) 
Total distributions – (.86) (1.83) (1.45) (.70) (.86) 
Redemption fees added to paid in capitalC – – – – D D 
Net asset value, end of period $12.28 $10.47 $13.57 $17.34 $16.24 $12.32 
Total ReturnE,F 17.29% (17.63)% (11.10)% 16.31% 38.02% (14.46)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .81%I .78% .77% .77% .80% .80% 
Expenses net of fee waivers, if any .81%I .78% .77% .77% .80% .80% 
Expenses net of all reductions .79%I .77% .76% .77% .79% .79% 
Net investment income (loss) 1.59%I 1.21% 1.50% 1.12% 1.26% 1.36% 
Supplemental Data       
Net assets, end of period (000 omitted) $658,822 $656,441 $1,153,379 $1,790,221 $1,626,642 $1,046,827 
Portfolio turnover rateJ 66%I 77% 62% 62% 85% 79% 

 A For the year ended February 29.

 B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

 C Calculated based on average shares outstanding during the period.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2020

1. Organization.

Chemicals Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2020 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $127,438 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $171,486,424 
Gross unrealized depreciation (18,569,927) 
Net unrealized appreciation (depreciation) $152,916,497 
Tax cost $514,609,515 

The Fund elected to defer to its next fiscal year approximately $38,220,028 of capital losses recognized during the period November 1, 2019 to February 29, 2020.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Chemicals Portfolio 202,377,740 279,429,935 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .22% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Chemicals Portfolio .04 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Chemicals Portfolio $10,285 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Chemicals Portfolio $818 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $6,125. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Net income from the Fidelity Securities Lending Cash Central Fund during the period is presented in the Statement of Operations as a component of income from Fidelity Central Funds and includes $47 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $65,774 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $1,703.

9. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Gold Portfolio

Investment Summary (Unaudited)

The information in the following tables is based on the consolidated investments of the Fund.

Top Ten Holdings as of August 31, 2020

(excluding repurchase agreements) % of fund's net assets 
Barrick Gold Corp. (Canada) 13.1 
Newmont Corp. 12.8 
Franco-Nevada Corp. 7.7 
Wheaton Precious Metals Corp. 6.9 
Agnico Eagle Mines Ltd. (Canada) 5.5 
Yamana Gold, Inc. 3.2 
Northern Star Resources Ltd. 3.1 
Gold Fields Ltd. 3.1 
Royal Gold, Inc. 3.0 
AngloGold Ashanti Ltd. 3.0 
 61.4 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Gold 91.1% 
   Silver 3.5% 
   Diversified Metals & Mining 2.9% 
   Precious Metals & Minerals 0.9% 
   Commodities & Related Investments* 0.5% 
   All Others** 1.1% 


 * Includes gold bullion and/or silver bullion.

 ** Includes Short-Term investments and Net Other Assets (Liabilities).

Geographic Diversification (% of fund's net assets)

As of August 31, 2020 
   Canada 68.0% 
   United States of America* 18.3% 
   South Africa 7.7% 
   Australia 6.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Gold Portfolio

Consolidated Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value 
Australia - 6.0%   
Metals & Mining - 6.0%   
Gold - 6.0%   
Evolution Mining Ltd. 13,000,000 $53,214,233 
Newcrest Mining Ltd. 1,000,000 23,572,098 
Northern Star Resources Ltd. 8,500,000 85,574,239 
  162,360,570 
Canada - 68.0%   
Metals & Mining - 68.0%   
Diversified Metals & Mining - 2.9%   
New Pacific Holdings Corp. (a)(b) 5,000,000 24,188,293 
Orla Mining Ltd. (b)(c) 12,000,000 53,727,910 
  77,916,203 
Gold - 61.6%   
Agnico Eagle Mines Ltd. (Canada) 1,800,000 148,404,953 
Alamos Gold, Inc. 6,000,000 62,789,895 
B2Gold Corp. 9,000,000 60,443,899 
Barrick Gold Corp. (Canada) 12,000,000 355,487,409 
Centerra Gold, Inc. 2,000,000 26,051,290 
Franco-Nevada Corp. 1,400,000 210,555,449 
Gold Standard Ventures Corp. (b)(c) 22,500,000 20,354,966 
Kirkland Lake Gold Ltd. (b) 1,200,000 63,939,893 
Lundin Gold, Inc. (b) 3,000,000 25,552,957 
Novagold Resources, Inc. (b) 5,000,000 53,091,578 
OceanaGold Corp. (b) 20,000,000 46,153,256 
Osisko Gold Royalties Ltd. 3,500,000 42,933,262 
Premier Gold Mines Ltd. (a)(b) 10,000,000 21,006,632 
Pretium Resources, Inc. (b) 3,775,000 48,477,211 
Pretium Resources, Inc. (b)(d) 225,000 2,889,370 
Pure Gold Mining, Inc. (b) 10,000,000 16,099,973 
Rubicon Minerals Corp. (b) 5,000,000 7,129,988 
Seabridge Gold, Inc. (a)(b) 2,000,000 38,103,270 
SSR Mining, Inc. (b) 3,000,000 64,353,893 
Teranga Gold Corp. (b) 1,000,000 11,637,981 
Torex Gold Resources, Inc. (b) 1,500,000 23,160,961 
Victoria Gold Corp. (a)(b) 2,000,000 31,739,947 
Wesdome Gold Mines, Inc. (b) 2,000,000 22,110,630 
Wheaton Precious Metals Corp. 3,500,000 186,920,688 
Yamana Gold, Inc. 14,000,000 86,725,189 
  1,676,114,540 
Precious Metals & Minerals - 0.9%   
SilverCrest Metals, Inc. (b) 2,500,000 24,820,792 
Silver - 2.6%   
MAG Silver Corp. (b) 2,000,000 33,901,944 
Pan American Silver Corp. (a) 1,000,000 36,160,000 
  70,061,944 
TOTAL METALS & MINING  1,848,913,479 
South Africa - 7.7%   
Metals & Mining - 7.7%   
Gold - 7.7%   
AngloGold Ashanti Ltd. 2,750,000 81,535,786 
Gold Fields Ltd. 6,500,000 85,065,511 
Sibanye Stillwater Ltd. 14,000,000 42,855,638 
  209,456,935 
United States of America - 16.7%   
Metals & Mining - 16.7%   
Gold - 15.8%   
Newmont Corp. 5,200,000 349,856,000 
Royal Gold, Inc. 600,000 81,792,000 
  431,648,000 
Silver - 0.9%   
Hecla Mining Co. 4,000,000 24,080,000 
TOTAL METALS & MINING  455,728,000 
TOTAL COMMON STOCKS   
(Cost $1,392,553,839)  2,676,458,984 
Commodities - 0.5%   
Gold Bullion   
(Cost $6,051,546) 6,980 13,743,829 
Money Market Funds - 2.5%   
Fidelity Cash Central Fund 0.12% (e) 36,952,573 36,959,964 
Fidelity Securities Lending Cash Central Fund 0.11% (e)(f) 30,176,763 30,179,780 
TOTAL MONEY MARKET FUNDS   
(Cost $67,139,744)  67,139,744 
TOTAL INVESTMENT IN SECURITIES - 101.4%   
(Cost $1,465,745,129)  2,757,342,557 
NET OTHER ASSETS (LIABILITIES) - (1.4)%  (36,837,066) 
NET ASSETS - 100%  $2,720,505,491 

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

 (c) Affiliated company

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,889,370 or 0.1% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $15,700 
Fidelity Securities Lending Cash Central Fund 154,504 
Total $170,204 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Consolidated Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Consolidated Subsidiary

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period 
Fidelity Select Cayman Gold Ltd. $11,033,003 $537 $-- $-- $-- $2,733,093 $13,766,633 

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Gold Standard Ventures Corp. $12,871,008 $1,556,763 $-- $-- $-- $5,927,195 $20,354,966 
Orla Mining Ltd. 17,284,411 2,899,165 -- -- -- 33,544,334 53,727,910 
Total $30,155,419 $4,455,928 $-- $-- $-- $39,471,529 $74,082,876 

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $2,676,458,984 $2,467,002,049 $209,456,935 $-- 
Commodities 13,743,829 13,743,829 -- -- 
Money Market Funds 67,139,744 67,139,744 -- -- 
Total Investments in Securities: $2,757,342,557 $2,547,885,622 $209,456,935 $-- 

See accompanying notes which are an integral part of the consolidated financial statements.


Gold Portfolio

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $29,093,548) — See accompanying schedule:
Unaffiliated issuers (cost $1,352,894,813) 
$2,602,376,108  
Fidelity Central Funds (cost $67,139,744) 67,139,744  
Commodities (cost $6,051,546) 13,743,829  
Other affiliated issuers (cost $39,659,026) 74,082,876  
Total Investment in Securities (cost $1,465,745,129)  $2,757,342,557 
Cash  23,373 
Receivable for investments sold  20,553,205 
Receivable for fund shares sold  19,672,920 
Dividends receivable  2,004,015 
Distributions receivable from Fidelity Central Funds  37,323 
Prepaid expenses  11,936 
Other receivables  178,034 
Total assets  2,799,823,363 
Liabilities   
Payable to custodian bank $16,847,340  
Payable for investments purchased 21,861,300  
Payable for fund shares redeemed 8,522,992  
Accrued management fee 1,184,040  
Distribution and service plan fees payable 100,280  
Other affiliated payables 440,790  
Other payables and accrued expenses 180,833  
Collateral on securities loaned 30,180,297  
Total liabilities  79,317,872 
Net Assets  $2,720,505,491 
Net Assets consist of:   
Paid in capital  $3,010,070,175 
Total accumulated earnings (loss)  (289,564,684) 
Net Assets  $2,720,505,491 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($110,838,379 ÷ 3,284,637 shares)(a)  $33.74 
Maximum offering price per share (100/94.25 of $33.74)  $35.80 
Class M:   
Net Asset Value and redemption price per share ($34,350,771 ÷ 1,043,213 shares)(a)  $32.93 
Maximum offering price per share (100/96.50 of $32.93)  $34.12 
Class C:   
Net Asset Value and offering price per share ($78,160,966 ÷ 2,507,358 shares)(a)  $31.17 
Gold:   
Net Asset Value, offering price and redemption price per share ($2,137,370,476 ÷ 61,387,895 shares)  $34.82 
Class I:   
Net Asset Value, offering price and redemption price per share ($205,476,278 ÷ 5,900,765 shares)  $34.82 
Class Z:   
Net Asset Value, offering price and redemption price per share ($154,308,621 ÷ 4,427,207 shares)  $34.85 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the consolidated financial statements.


Consolidated Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $9,034,903 
Income from Fidelity Central Funds (including $154,504 from security lending)  170,204 
Total income  9,205,107 
Expenses   
Management fee $5,666,035  
Transfer agent fees 1,817,398  
Distribution and service plan fees 487,806  
Accounting fees 467,940  
Custodian fees and expenses 49,799  
Independent trustees' fees and expenses 6,074  
Registration fees 114,778  
Audit 31,893  
Legal 1,277  
Interest 80  
Miscellaneous 37,107  
Total expenses before reductions 8,680,187  
Expense reductions (164,484)  
Total expenses after reductions  8,515,703 
Net investment income (loss)  689,404 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investments:   
Unaffiliated issuers 84,026,340  
Fidelity Central Funds 2,536  
Foreign currency transactions 115,506  
Total net realized gain (loss)  84,144,382 
Change in net unrealized appreciation (depreciation) on:   
Investments:   
Investments 797,700,891  
Affiliated issuers 39,471,529  
Assets and liabilities in foreign currencies 35,813  
Commodities 2,733,856  
Total change in net unrealized appreciation (depreciation)  839,942,089 
Net gain (loss)  924,086,471 
Net increase (decrease) in net assets resulting from operations  $924,775,875 

See accompanying notes which are an integral part of the consolidated financial statements.


Consolidated Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $689,404 $3,699,988 
Net realized gain (loss) 84,144,382 (62,236,379) 
Change in net unrealized appreciation (depreciation) 839,942,089 260,887,436 
Net increase (decrease) in net assets resulting from operations 924,775,875 202,351,045 
Distributions to shareholders (11,815,946) (6,847,722) 
Share transactions - net increase (decrease) 167,600,493 185,112,852 
Total increase (decrease) in net assets 1,080,560,422 380,616,175 
Net Assets   
Beginning of period 1,639,945,069 1,259,328,894 
End of period $2,720,505,491 $1,639,945,069 

See accompanying notes which are an integral part of the consolidated financial statements.


Consolidated Financial Highlights

Gold Portfolio Class A

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $21.67 $18.52 $18.30 $20.54 $17.70 $18.11 
Income from Investment Operations       
Net investment income (loss)B (.03) (.01)C (.03) (.12) (.16) (.06) 
Net realized and unrealized gain (loss) 12.25 3.20 .25 (2.09) 3.59 (.35) 
Total from investment operations 12.22 3.19 .22 (2.21) 3.43 (.41) 
Distributions from net investment income (.15) (.01) – – – – 
Distributions from net realized gain – (.03) – (.03) (.60) – 
Total distributions (.15) (.04) – (.03) (.60) – 
Redemption fees added to paid in capitalB – – – – .01 D 
Net asset value, end of period $33.74 $21.67 $18.52 $18.30 $20.54 $17.70 
Total ReturnE,F,G 56.82% 17.23% 1.20% (10.77)% 19.97% (2.26)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.09%J 1.13% 1.19% 1.18% 1.19% 1.23% 
Expenses net of fee waivers, if any 1.09%J 1.13% 1.18% 1.16% 1.16% 1.20% 
Expenses net of all reductions 1.07%J 1.12% 1.18% 1.16% 1.16% 1.20% 
Net investment income (loss) (.21)%J (.05)%C (.15)% (.58)% (.71)% (.44)% 
Supplemental Data       
Net assets, end of period (000 omitted) $110,838 $64,971 $50,479 $61,703 $83,589 $53,509 
Portfolio turnover rateK 49%J 56% 37% 13% 28% 20% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.26) %.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the consolidated financial statements.


Gold Portfolio Class M

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $21.16 $18.11 $17.94 $20.19 $17.37 $17.83 
Income from Investment Operations       
Net investment income (loss)B (.07) (.07)C (.07) (.17) (.22) (.11) 
Net realized and unrealized gain (loss) 11.98 3.12 .24 (2.05) 3.54 (.35) 
Total from investment operations 11.91 3.05 .17 (2.22) 3.32 (.46) 
Distributions from net investment income (.14) – – – – – 
Distributions from net realized gain – – – (.03) (.51) – 
Total distributions (.14) – – (.03) (.51) – 
Redemption fees added to paid in capitalB – – – – .01 D 
Net asset value, end of period $32.93 $21.16 $18.11 $17.94 $20.19 $17.37 
Total ReturnE,F,G 56.67% 16.84% .95% (11.04)% 19.62% (2.58)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.38%J 1.42% 1.48% 1.48% 1.49% 1.52% 
Expenses net of fee waivers, if any 1.38%J 1.42% 1.46% 1.47% 1.46% 1.48% 
Expenses net of all reductions 1.36%J 1.41% 1.46% 1.47% 1.46% 1.48% 
Net investment income (loss) (.50)%J (.34)%C (.43)% (.88)% (1.01)% (.72)% 
Supplemental Data       
Net assets, end of period (000 omitted) $34,351 $19,620 $17,401 $19,355 $25,170 $17,720 
Portfolio turnover rateK 49%J 56% 37% 13% 28% 20% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.56) %.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the consolidated financial statements.


Gold Portfolio Class C

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $20.07 $17.24 $17.15 $19.36 $16.68 $17.20 
Income from Investment Operations       
Net investment income (loss)B (.12) (.14)C (.13) (.24) (.29) (.16) 
Net realized and unrealized gain (loss) 11.35 2.97 .22 (1.95) 3.42 (.36) 
Total from investment operations 11.23 2.83 .09 (2.19) 3.13 (.52) 
Distributions from net investment income (.13) – – – – – 
Distributions from net realized gain – – – (.02) (.45) – 
Total distributions (.13) – – (.02) (.45) – 
Redemption fees added to paid in capitalB – – – – D D 
Net asset value, end of period $31.17 $20.07 $17.24 $17.15 $19.36 $16.68 
Total ReturnE,F,G 56.31% 16.42% .52% (11.35)% 19.19% (3.02)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.79%J 1.80% 1.84% 1.85% 1.88% 1.97% 
Expenses net of fee waivers, if any 1.79%J 1.80% 1.83% 1.83% 1.85% 1.93% 
Expenses net of all reductions 1.78%J 1.79% 1.83% 1.83% 1.84% 1.93% 
Net investment income (loss) (.91)%J (.72)%C (.80)% (1.25)% (1.40)% (1.17)% 
Supplemental Data       
Net assets, end of period (000 omitted) $78,161 $52,375 $67,760 $92,724 $101,215 $52,732 
Portfolio turnover rateK 49%J 56% 37% 13% 28% 20% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.94) %.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the consolidated financial statements.


Gold Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $22.33 $19.07 $18.78 $21.02 $18.12 $18.50 
Income from Investment Operations       
Net investment income (loss)B .02 .06C .03 (.05) (.09) (.03) 
Net realized and unrealized gain (loss) 12.64 3.30 .26 (2.14) 3.66 (.35) 
Total from investment operations 12.66 3.36 .29 (2.19) 3.57 (.38) 
Distributions from net investment income (.17) (.06) – – – – 
Distributions from net realized gain – (.03) – (.05) (.68) – 
Total distributions (.17) (.10)D – (.05) (.68) – 
Redemption fees added to paid in capitalB – – – – .01 E 
Net asset value, end of period $34.82 $22.33 $19.07 $18.78 $21.02 $18.12 
Total ReturnF,G 57.11% 17.60% 1.54% (10.47)% 20.38% (2.05)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .77%J .79% .86% .86% .87% .97% 
Expenses net of fee waivers, if any .77%J .79% .85% .85% .84% .93% 
Expenses net of all reductions .76%J .78% .85% .84% .84% .93% 
Net investment income (loss) .11%J .29%C .18% (.26)% (.39)% (.17)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,137,370 $1,292,204 $1,035,697 $1,011,412 $1,271,458 $1,076,206 
Portfolio turnover rateK 49%J 56% 37% 13% 28% 20% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .07%.

 D Total distributions of $.10 per share is comprised of distributions from net investment income of $.064 and distributions from net realized gain of $.034 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the consolidated financial statements.


Gold Portfolio Class I

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $22.33 $19.07 $18.78 $21.02 $18.13 $18.50 
Income from Investment Operations       
Net investment income (loss)B .01 .06C .04 (.05) (.09) (.02) 
Net realized and unrealized gain (loss) 12.65 3.30 .25 (2.14) 3.67 (.35) 
Total from investment operations 12.66 3.36 .29 (2.19) 3.58 (.37) 
Distributions from net investment income (.17) (.07) – – – – 
Distributions from net realized gain – (.03) – (.05) (.70) – 
Total distributions (.17) (.10) – (.05) (.70) – 
Redemption fees added to paid in capitalB – – – – .01 D 
Net asset value, end of period $34.82 $22.33 $19.07 $18.78 $21.02 $18.13 
Total ReturnE,F 57.11% 17.60% 1.54% (10.47)% 20.41% (2.00)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .78%I .79% .84% .85% .87% .92% 
Expenses net of fee waivers, if any .78%I .79% .82% .83% .84% .88% 
Expenses net of all reductions .76%I .77% .82% .83% .84% .88% 
Net investment income (loss) .10%I .30%C .21% (.24)% (.39)% (.12)% 
Supplemental Data       
Net assets, end of period (000 omitted) $205,476 $115,699 $84,956 $61,677 $58,673 $52,607 
Portfolio turnover rateJ 49%I 56% 37% 13% 28% 20% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .08%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the consolidated financial statements.


Gold Portfolio Class Z

 Six months ended (Unaudited) August 31, Years endedFebruary 28,  
 2020 2020 A 2019 B 
Selected Per–Share Data    
Net asset value, beginning of period $22.34 $19.08 $16.62 
Income from Investment Operations    
Net investment income (loss)C .03 .10D .07 
Net realized and unrealized gain (loss) 12.65 3.29 2.39 
Total from investment operations 12.68 3.39 2.46 
Distributions from net investment income (.17) (.10) – 
Distributions from net realized gain – (.03) – 
Total distributions (.17) (.13) – 
Net asset value, end of period $34.85 $22.34 $19.08 
Total ReturnE,F 57.21% 17.75% 14.80% 
Ratios to Average Net AssetsG,H    
Expenses before reductions .64%I .65% .68%I 
Expenses net of fee waivers, if any .64%I .64% .68%I 
Expenses net of all reductions .63%I .63% .67%I 
Net investment income (loss) .24%I .44%D .97%I 
Supplemental Data    
Net assets, end of period (000 omitted) $154,309 $95,076 $3,037 
Portfolio turnover rateJ 49%I 56% 37% 

 A For the year ended February 29.

 B For the period October 2, 2018 (commencement of sale of shares) to February 28, 2019.

 C Calculated based on average shares outstanding during the period.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the consolidated financial statements.


Notes to Consolidated Financial Statements (Unaudited)

For the period ended August 31, 2020

1. Organization.

Gold Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Gold, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Consolidated Subsidiary.

The Funds included in the table below hold certain commodity-related investments through a wholly owned subsidiary (the "Subsidiary"). As of period end, the investments in the Subsidiaries, were as follows:

 Subsidiary Name $ Amount % of Fund's Net Assets 
Gold Portfolio Fidelity Select Gold Cayman Ltd. 13,766,633 .5 

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

3. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Consolidated Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

4. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in commodities are valued at their last traded price at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2020 is included at the end of the Fund's Consolidated Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $117,926 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), controlled foreign corporations, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes on an unconsolidated basis were as follows:

Gross unrealized appreciation $ 1,260,205,496 
Gross unrealized depreciation (52,596,484) 
Net unrealized appreciation (depreciation) $1,207,609,012 
Tax cost $1,549,756,349 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(147,641,269) 
Long-term (1,443,093,862) 
Total capital loss carryforward $(1,590,735,131) 

Restricted Securities (including Private Placements). The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Consolidated Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Gold Portfolio 648,212,410 516,143,162 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.

The investment adviser, either through itself or through an affiliate provides investment management related services to the Subsidiary. The Subsidiary does not pay the investment adviser a fee for these services. Under the management contract with the subsidiary, the investment adviser pays all other expenses of the Subsidiary, except custodian fees.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $105,395 $4,110 
Class M .25% .25% 65,080 90 
Class C .75% .25% 317,331 24,857 
   $487,806 $29,057 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $30,803 
Class M 3,809 
Class C(a) 7,914 
 $42,526 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $100,726 .24 
Class M 36,089 .28 
Class C 60,939 .19 
Gold 1,451,861 .17 
Class I 141,884 .18 
Class Z 25,899 .04 
 $1,817,398  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Gold Portfolio .04 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Gold Portfolio $4,514 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Gold Portfolio Borrower $5,366,000 .27% $80 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are as follows:

 Amount 
Gold Portfolio $2,292 

During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Consolidated Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to $147. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Net income from the Fidelity Securities Lending Cash Central Fund during the period is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $161,124 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,360.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
August 31, 2020 
Year ended
February 29, 2020 
Distributions to shareholders   
Class A $455,445 $126,430 
Class M 125,251 – 
Class C 317,201 – 
Gold 9,380,524 5,685,007 
Class I 863,741 512,501 
Class Z 673,784 523,784 
Total $11,815,946 $6,847,722 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended August 31, 2020 Year ended February 29, 2020 Six months ended August 31, 2020 Year ended February 29, 2020 
Class A     
Shares sold 977,638 1,071,031 $27,877,872 $23,081,577 
Reinvestment of distributions 21,155 5,541 448,905 124,685 
Shares redeemed (712,616) (803,447) (18,708,178) (17,157,110) 
Net increase (decrease) 286,177 273,125 $9,618,599 $6,049,152 
Class M     
Shares sold 300,590 235,440 $8,287,807 $4,985,960 
Reinvestment of distributions 6,023 – 124,861 – 
Shares redeemed (190,420) (269,260) (4,799,063) (5,455,321) 
Net increase (decrease) 116,193 (33,820) $3,613,605 $(469,361) 
Class C     
Shares sold 364,356 447,770 $9,571,498 $9,285,024 
Reinvestment of distributions 15,784 – 310,162 – 
Shares redeemed (482,192) (1,768,549) (11,213,510) (33,587,608) 
Net increase (decrease) (102,052) (1,320,779) $(1,331,850) $(24,302,584) 
Gold     
Shares sold 23,592,146 35,604,152 $687,375,958 $801,315,881 
Reinvestment of distributions 411,951 237,526 9,005,239 5,435,729 
Shares redeemed (20,489,138) (32,282,204) (571,641,193) (714,942,656) 
Net increase (decrease) 3,514,959 3,559,474 $124,740,004 $91,808,954 
Class I     
Shares sold 1,885,712 2,911,958 $52,134,318 $63,117,217 
Reinvestment of distributions 37,727 21,730 825,098 497,247 
Shares redeemed (1,203,520) (2,207,535) (31,863,149) (48,726,909) 
Net increase (decrease) 719,919 726,153 $21,096,267 $14,887,555 
Class Z     
Shares sold 2,435,062 5,524,932 $70,161,676 $130,157,436 
Reinvestment of distributions 30,386 22,294 664,850 509,236 
Shares redeemed (2,293,630) (1,450,995) (60,962,658) (33,527,536) 
Net increase (decrease) 171,818 4,096,231 $9,863,868 $97,139,136 

12. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Materials Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Linde PLC 14.5 
Air Products & Chemicals, Inc. 7.1 
Sherwin-Williams Co. 6.6 
Newmont Corp. 6.3 
Ecolab, Inc. 5.4 
DuPont de Nemours, Inc. 4.9 
Martin Marietta Materials, Inc. 4.5 
Vulcan Materials Co. 3.6 
First Quantum Minerals Ltd. 3.2 
Ball Corp. 3.1 
 59.2 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Chemicals 58.4% 
   Metals & Mining 19.7% 
   Containers & Packaging 10.8% 
   Construction Materials 8.6% 
   Paper & Forest Products 0.3% 
   All Others* 2.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Materials Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%   
 Shares Value 
Chemicals - 58.4%   
Commodity Chemicals - 4.8%   
LyondellBasell Industries NV Class A 233,100 $15,263,388 
Tronox Holdings PLC 2,040,703 18,284,699 
  33,548,087 
Diversified Chemicals - 0.3%   
Huntsman Corp. 109,500 2,367,390 
Fertilizers & Agricultural Chemicals - 4.7%   
CF Industries Holdings, Inc. 113,100 3,690,453 
Corteva, Inc. 333,611 9,524,594 
FMC Corp. 127,517 13,626,467 
The Mosaic Co. 193,800 3,532,974 
The Scotts Miracle-Gro Co. Class A 18,400 3,100,952 
  33,475,440 
Industrial Gases - 21.6%   
Air Products & Chemicals, Inc. 170,700 49,888,782 
Linde PLC 409,786 102,339,955 
  152,228,737 
Specialty Chemicals - 27.0%   
Albemarle Corp. U.S. 80,000 7,280,800 
Ashland Global Holdings, Inc. 60,800 4,480,352 
Balchem Corp. 46,000 4,494,200 
DuPont de Nemours, Inc. 622,311 34,700,061 
Ecolab, Inc. 194,510 38,334,031 
Ingevity Corp. (a) 32,900 1,847,993 
Innospec, Inc. 76,300 5,698,847 
International Flavors & Fragrances, Inc. (b) 53,431 6,614,223 
Livent Corp. (a)(b) 347,997 2,951,015 
PPG Industries, Inc. 172,300 20,744,920 
RPM International, Inc. 111,200 9,426,424 
Sherwin-Williams Co. 69,800 46,839,290 
Stepan Co. 19,600 2,259,684 
Wacker Chemie AG 50,800 4,963,744 
  190,635,584 
TOTAL CHEMICALS  412,255,238 
Construction Materials - 8.6%   
Construction Materials - 8.6%   
Martin Marietta Materials, Inc. 157,700 31,992,599 
Summit Materials, Inc. (a) 228,800 3,406,832 
Vulcan Materials Co. 211,700 25,404,000 
  60,803,431 
Containers & Packaging - 10.8%   
Metal & Glass Containers - 8.4%   
Aptargroup, Inc. 137,800 16,314,142 
Ball Corp. 273,700 21,997,269 
Crown Holdings, Inc. (a) 274,059 21,061,434 
  59,372,845 
Paper Packaging - 2.4%   
Avery Dennison Corp. 93,600 10,800,504 
Packaging Corp. of America 58,400 5,912,416 
  16,712,920 
TOTAL CONTAINERS & PACKAGING  76,085,765 
Metals & Mining - 19.7%   
Copper - 6.3%   
First Quantum Minerals Ltd. 2,271,400 22,481,523 
Freeport-McMoRan, Inc. 332,400 5,188,764 
Lundin Mining Corp. 2,689,700 16,847,356 
  44,517,643 
Diversified Metals & Mining - 1.2%   
MMC Norilsk Nickel PJSC sponsored ADR 321,700 8,380,285 
Gold - 9.2%   
Newmont Corp. 664,700 44,721,016 
Royal Gold, Inc. 63,400 8,642,688 
Wheaton Precious Metals Corp. 222,400 11,877,475 
  65,241,179 
Steel - 3.0%   
Commercial Metals Co. 380,600 7,943,122 
Reliance Steel & Aluminum Co. 78,300 8,211,321 
Steel Dynamics, Inc. 178,800 5,278,176 
  21,432,619 
TOTAL METALS & MINING  139,571,726 
Paper & Forest Products - 0.3%   
Forest Products - 0.3%   
Louisiana-Pacific Corp. 63,500 2,091,690 
TOTAL COMMON STOCKS   
(Cost $553,644,306)  690,807,850 
Money Market Funds - 1.0%   
Fidelity Cash Central Fund 0.12% (c) 1,595,070 1,595,389 
Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) 5,561,249 5,561,805 
TOTAL MONEY MARKET FUNDS   
(Cost $7,157,194)  7,157,194 
TOTAL INVESTMENT IN SECURITIES - 98.8%   
(Cost $560,801,500)  697,965,044 
NET OTHER ASSETS (LIABILITIES) - 1.2%  8,388,130 
NET ASSETS - 100%  $706,353,174 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $6,118 
Fidelity Securities Lending Cash Central Fund 16,098 
Total $22,216 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $690,807,850 $690,807,850 $-- $-- 
Money Market Funds 7,157,194 7,157,194 -- -- 
Total Investments in Securities: $697,965,044 $697,965,044 $-- $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 71.5% 
Ireland 14.5% 
Canada 7.3% 
United Kingdom 2.6% 
Netherlands 2.2% 
Russia 1.2% 
Others (Individually Less Than 1%) 0.7% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Materials Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $5,390,016) — See accompanying schedule:
Unaffiliated issuers (cost $553,644,306) 
$690,807,850  
Fidelity Central Funds (cost $7,157,194) 7,157,194  
Total Investment in Securities (cost $560,801,500)  $697,965,044 
Foreign currency held at value (cost $19,027)  19,743 
Receivable for investments sold  17,777,667 
Receivable for fund shares sold  453,026 
Dividends receivable  1,447,316 
Distributions receivable from Fidelity Central Funds  3,130 
Prepaid expenses  11,856 
Other receivables  176,599 
Total assets  717,854,381 
Liabilities   
Payable for investments purchased $3,609,789  
Payable for fund shares redeemed 1,670,888  
Accrued management fee 314,022  
Distribution and service plan fees payable 44,716  
Other affiliated payables 143,280  
Other payables and accrued expenses 173,212  
Collateral on securities loaned 5,545,300  
Total liabilities  11,501,207 
Net Assets  $706,353,174 
Net Assets consist of:   
Paid in capital  $676,072,884 
Total accumulated earnings (loss)  30,280,290 
Net Assets  $706,353,174 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($80,904,537 ÷ 1,152,114 shares)(a)  $70.22 
Maximum offering price per share (100/94.25 of $70.22)  $74.50 
Class M:   
Net Asset Value and redemption price per share ($20,953,661 ÷ 301,607 shares)(a)  $69.47 
Maximum offering price per share (100/96.50 of $69.47)  $71.99 
Class C:   
Net Asset Value and offering price per share ($22,284,848 ÷ 330,120 shares)(a)  $67.51 
Materials:   
Net Asset Value, offering price and redemption price per share ($419,549,785 ÷ 5,942,360 shares)  $70.60 
Class I:   
Net Asset Value, offering price and redemption price per share ($144,166,233 ÷ 2,045,572 shares)  $70.48 
Class Z:   
Net Asset Value, offering price and redemption price per share ($18,494,110 ÷ 262,712 shares)  $70.40 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $5,983,032 
Income from Fidelity Central Funds (including $16,098 from security lending)  22,216 
Total income  6,005,248 
Expenses   
Management fee $1,718,979  
Transfer agent fees 714,691  
Distribution and service plan fees 247,558  
Accounting fees 117,369  
Custodian fees and expenses 5,329  
Independent trustees' fees and expenses 2,145  
Registration fees 36,013  
Audit 21,081  
Legal 2,908  
Miscellaneous 32,633  
Total expenses before reductions 2,898,706  
Expense reductions (51,007)  
Total expenses after reductions  2,847,699 
Net investment income (loss)  3,157,549 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (4,653,601)  
Fidelity Central Funds 9,250  
Foreign currency transactions (26,922)  
Total net realized gain (loss)  (4,671,273) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 111,828,544  
Assets and liabilities in foreign currencies 22,204  
Total change in net unrealized appreciation (depreciation)  111,850,748 
Net gain (loss)  107,179,475 
Net increase (decrease) in net assets resulting from operations  $110,337,024 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,157,549 $9,745,085 
Net realized gain (loss) (4,671,273) (91,670,706) 
Change in net unrealized appreciation (depreciation) 111,850,748 (34,457,826) 
Net increase (decrease) in net assets resulting from operations 110,337,024 (116,383,447) 
Distributions to shareholders – (9,657,928) 
Share transactions - net increase (decrease) (81,336,566) (292,920,936) 
Total increase (decrease) in net assets 29,000,458 (418,962,311) 
Net Assets   
Beginning of period 677,352,716 1,096,315,027 
End of period $706,353,174 $677,352,716 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Materials Portfolio Class A

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $59.39 $69.57 $88.50 $81.27 $62.94 $80.43 
Income from Investment Operations       
Net investment income (loss)B .23 .58 .84 .55 .70 .79 
Net realized and unrealized gain (loss) 10.60 (10.10) (12.01) 11.18 18.26 (16.80) 
Total from investment operations 10.83 (9.52) (11.17) 11.73 18.96 (16.01) 
Distributions from net investment income – (.66) (.67) (.50) (.63) (.58) 
Distributions from net realized gain – – (7.09) (4.00) – (.91) 
Total distributions – (.66) (7.76) (4.50) (.63) (1.48)C 
Redemption fees added to paid in capitalB – – – – D D 
Net asset value, end of period $70.22 $59.39 $69.57 $88.50 $81.27 $62.94 
Total ReturnE,F,G 18.24% (13.81)% (12.59)% 14.65% 30.18% (20.01)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.10%J 1.08% 1.06% 1.07% 1.08% 1.06% 
Expenses net of fee waivers, if any 1.10%J 1.08% 1.06% 1.07% 1.08% 1.06% 
Expenses net of all reductions 1.08%J 1.07% 1.05% 1.06% 1.07% 1.06% 
Net investment income (loss) .77%J .87% 1.08% .64% .96% 1.09% 
Supplemental Data       
Net assets, end of period (000 omitted) $80,905 $76,869 $126,182 $201,933 $229,086 $202,747 
Portfolio turnover rateK 19%J 69% 77%L 67% 49%L 64% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $1.48 per share is comprised of distributions from net investment income of $.575 and distributions from net realized gain of $.906 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Materials Portfolio Class M

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $58.84 $68.98 $87.79 $80.66 $62.52 $79.95 
Income from Investment Operations       
Net investment income (loss)B .15 .39 .61 .30 .47 .56 
Net realized and unrealized gain (loss) 10.48 (10.01) (11.88) 11.08 18.12 (16.69) 
Total from investment operations 10.63 (9.62) (11.27) 11.38 18.59 (16.13) 
Distributions from net investment income – (.52) (.45) (.25) (.45) (.40) 
Distributions from net realized gain – – (7.09) (4.00) – (.91) 
Total distributions – (.52) (7.54) (4.25) (.45) (1.30)C 
Redemption fees added to paid in capitalB – – – – D D 
Net asset value, end of period $69.47 $58.84 $68.98 $87.79 $80.66 $62.52 
Total ReturnE,F,G 18.07% (14.05)% (12.84)% 14.30% 29.78% (20.27)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.37%J 1.37% 1.35% 1.36% 1.39% 1.38% 
Expenses net of fee waivers, if any 1.37%J 1.36% 1.35% 1.36% 1.39% 1.37% 
Expenses net of all reductions 1.36%J 1.36% 1.34% 1.35% 1.38% 1.37% 
Net investment income (loss) .50%J .58% .79% .35% .65% .77% 
Supplemental Data       
Net assets, end of period (000 omitted) $20,954 $19,423 $27,436 $40,107 $40,935 $30,118 
Portfolio turnover rateK 19%J 69% 77%L 67% 49%L 64% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $1.30 per share is comprised of distributions from net investment income of $.395 and distributions from net realized gain of $.906 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Materials Portfolio Class C

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $57.30 $67.13 $85.52 $78.72 $61.09 $78.12 
Income from Investment Operations       
Net investment income (loss)B .01 .08 .25 (.09) .15 .24 
Net realized and unrealized gain (loss) 10.20 (9.76) (11.50) 10.80 17.68 (16.28) 
Total from investment operations 10.21 (9.68) (11.25) 10.71 17.83 (16.04) 
Distributions from net investment income – (.15) (.04) (.02) (.20) (.08) 
Distributions from net realized gain – – (7.09) (3.89) – (.91) 
Total distributions – (.15) (7.14)C (3.91) (.20) (.99) 
Redemption fees added to paid in capitalB – – – – D D 
Net asset value, end of period $67.51 $57.30 $67.13 $85.52 $78.72 $61.09 
Total ReturnE,F,G 17.82% (14.46)% (13.24)% 13.78% 29.21% (20.61)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.85%J 1.82% 1.81% 1.82% 1.83% 1.81% 
Expenses net of fee waivers, if any 1.84%J 1.82% 1.81% 1.82% 1.82% 1.81% 
Expenses net of all reductions 1.83%J 1.81% 1.79% 1.82% 1.82% 1.81% 
Net investment income (loss) .03%J .12% .33% (.11)% .21% .34% 
Supplemental Data       
Net assets, end of period (000 omitted) $22,285 $24,239 $51,659 $85,792 $80,225 $66,896 
Portfolio turnover rateK 19%J 69% 77%L 67% 49%L 64% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $7.14 per share is comprised of distributions from net investment income of $.042 and distributions from net realized gain of $7.094 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Materials Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $59.63 $69.84 $88.90 $81.64 $63.20 $80.77 
Income from Investment Operations       
Net investment income (loss)B .32 .77 1.06 .79 .90 .98 
Net realized and unrealized gain (loss) 10.65 (10.14) (12.09) 11.24 18.34 (16.89) 
Total from investment operations 10.97 (9.37) (11.03) 12.03 19.24 (15.91) 
Distributions from net investment income – (.84) (.93) (.77) (.80) (.76) 
Distributions from net realized gain – – (7.09) (4.00) – (.91) 
Total distributions – (.84) (8.03)C (4.77) (.80) (1.66)D 
Redemption fees added to paid in capitalB – – – – E E 
Net asset value, end of period $70.60 $59.63 $69.84 $88.90 $81.64 $63.20 
Total ReturnF,G 18.40% (13.57)% (12.35)% 14.96% 30.52% (19.81)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .82%J .80% .79% .79% .81% .81% 
Expenses net of fee waivers, if any .82%J .80% .79% .79% .81% .81% 
Expenses net of all reductions .81%J .79% .78% .79% .81% .80% 
Net investment income (loss) 1.05%J 1.14% 1.35% .91% 1.22% 1.34% 
Supplemental Data       
Net assets, end of period (000 omitted) $419,550 $405,668 $626,759 $1,043,704 $882,504 $711,985 
Portfolio turnover rateK 19%J 69% 77%L 67% 49%L 64% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $8.03 per share is comprised of distributions from net investment income of $.932 and distributions from net realized gain of $7.094 per share.

 D Total distributions of $1.66 per share is comprised of distributions from net investment income of $.756 and distributions from net realized gain of $.906 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Materials Portfolio Class I

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $59.52 $69.70 $88.73 $81.49 $63.07 $80.60 
Income from Investment Operations       
Net investment income (loss)B .33 .78 1.07 .80 .91 1.00 
Net realized and unrealized gain (loss) 10.63 (10.12) (12.08) 11.22 18.31 (16.86) 
Total from investment operations 10.96 (9.34) (11.01) 12.02 19.22 (15.86) 
Distributions from net investment income – (.84) (.93) (.78) (.80) (.77) 
Distributions from net realized gain – – (7.09) (4.00) – (.91) 
Total distributions – (.84) (8.02) (4.78) (.80) (1.67)C 
Redemption fees added to paid in capitalB – – – – D D 
Net asset value, end of period $70.48 $59.52 $69.70 $88.73 $81.49 $63.07 
Total ReturnE,F 18.41% (13.55)% (12.34)% 14.97% 30.55% (19.79)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .80%I .79% .78% .79% .79% .78% 
Expenses net of fee waivers, if any .80%I .79% .78% .79% .79% .78% 
Expenses net of all reductions .78%I .78% .77% .78% .78% .78% 
Net investment income (loss) 1.07%I 1.16% 1.36% .92% 1.25% 1.37% 
Supplemental Data       
Net assets, end of period (000 omitted) $144,166 $137,887 $254,240 $511,062 $335,124 $306,145 
Portfolio turnover rateJ 19%I 69% 77%K 67% 49%K 64% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $1.67 per share is comprised of distributions from net investment income of $.767 and distributions from net realized gain of $.906 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Materials Portfolio Class Z

 Six months ended (Unaudited) August 31, Years endedFebruary 28,  
 2020 2020 A 2019 B 
Selected Per–Share Data    
Net asset value, beginning of period $59.40 $69.58 $79.81 
Income from Investment Operations    
Net investment income (loss)C .37 .88 .62 
Net realized and unrealized gain (loss) 10.63 (10.10) (6.96) 
Total from investment operations 11.00 (9.22) (6.34) 
Distributions from net investment income – (.96) (.96) 
Distributions from net realized gain – – (2.93) 
Total distributions – (.96) (3.89) 
Net asset value, end of period $70.40 $59.40 $69.58 
Total ReturnD,E 18.52% (13.43)% (7.35)% 
Ratios to Average Net AssetsF,G    
Expenses before reductions .64%H .63% .63%H 
Expenses net of fee waivers, if any .64%H .63% .62%H 
Expenses net of all reductions .63%H .62% .61%H 
Net investment income (loss) 1.23%H 1.31% 2.27%H 
Supplemental Data    
Net assets, end of period (000 omitted) $18,494 $13,267 $10,039 
Portfolio turnover rateI 19%H 69% 77%J 

 A For the year ended February 29.

 B For the period October 2, 2018 (commencement of sale of shares) to February 28, 2019.

 C Calculated based on average shares outstanding during the period.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2020

1. Organization.

Materials Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Materials, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2020 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $152,215 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation, partnerships, capital loss carryforwards and losses deferred due to wash sales, and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $164,144,920 
Gross unrealized depreciation (28,467,936) 
Net unrealized appreciation (depreciation) $135,676,984 
Tax cost $562,288,060 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(34,373,469) 
Long-term (69,502,615) 
Total capital loss carryforward $(103,876,084) 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Materials Portfolio 60,113,742 152,862,744 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $93,566 $349 
Class M .25% .25% 46,496 – 
Class C .75% .25% 107,496 3,112 
   $247,558 $3,461 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $8,614 
Class M 915 
Class C(a) 469 
 $9,998 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $94,620 .25 
Class M 25,790 .28 
Class C 26,780 .25 
Materials 432,719 .23 
Class I 131,207 .20 
Class Z 3,575 .04 
 $714,691  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Materials Portfolio .04 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Materials Portfolio $3,205 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Materials Portfolio $847 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $1,556. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Net income from the Fidelity Securities Lending Cash Central Fund during the period is presented in the Statement of Operations as a component of income from Fidelity Central Funds and includes $21 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $49,320 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,687.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
August 31, 2020 
Year ended
February 29, 2020 
Distributions to shareholders   
Class A $– $898,677 
Class M – 184,051 
Class C – 66,737 
Materials – 6,084,056 
Class I – 2,187,246 
Class Z – 237,161 
Total $– $9,657,928 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended August 31, 2020 Year ended February 29, 2020 Six months ended August 31, 2020 Year ended February 29, 2020 
Class A     
Shares sold 107,166 244,450 $6,380,789 $16,509,685 
Reinvestment of distributions – 12,915 – 880,535 
Shares redeemed (249,358) (776,678) (15,236,454) (52,530,774) 
Net increase (decrease) (142,192) (519,313) $(8,855,665) $(35,140,554) 
Class M     
Shares sold 40,165 35,457 $2,565,363 $2,382,633 
Reinvestment of distributions – 2,714 – 183,413 
Shares redeemed (68,669) (105,772) (4,090,419) (7,006,735) 
Net increase (decrease) (28,504) (67,601) $(1,525,056) $(4,440,689) 
Class C     
Shares sold 4,958 17,268 $288,666 $1,120,535 
Reinvestment of distributions – 966 – 63,603 
Shares redeemed (97,826) (364,770) (5,534,118) (23,591,304) 
Net increase (decrease) (92,868) (346,536) $(5,245,452) $(22,407,166) 
Materials     
Shares sold 286,575 436,712 $17,287,125 $29,584,388 
Reinvestment of distributions – 82,761 – 5,662,504 
Shares redeemed (1,147,368) (2,690,491) (68,040,779) (181,389,398) 
Net increase (decrease) (860,793) (2,171,018) $(50,753,654) $(146,142,506) 
Class I     
Shares sold 412,019 507,369 $23,629,381 $34,230,110 
Reinvestment of distributions – 30,204 – 2,062,607 
Shares redeemed (683,272) (1,868,270) (40,013,981) (125,984,780) 
Net increase (decrease) (271,253) (1,330,697) $(16,384,600) $(89,692,063) 
Class Z     
Shares sold 176,003 212,839 $9,375,259 $13,863,966 
Reinvestment of distributions – 3,047 – 207,591 
Shares redeemed (136,643) (136,815) (7,947,398) (9,169,515) 
Net increase (decrease) 39,360 79,071 $1,427,861 $4,902,042 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2020 to August 31, 2020).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
March 1, 2020 
Ending
Account Value
August 31, 2020 
Expenses Paid
During Period-B
March 1, 2020
to August 31, 2020 
Chemicals Portfolio .81%    
Actual  $1,000.00 $1,172.90 $4.44 
Hypothetical-C  $1,000.00 $1,021.12 $4.13 
Gold Portfolio     
Class A 1.09%    
Actual  $1,000.00 $1,568.20 $7.06 
Hypothetical-C  $1,000.00 $1,019.71 $5.55 
Class M 1.38%    
Actual  $1,000.00 $1,566.70 $8.93 
Hypothetical-C  $1,000.00 $1,018.25 $7.02 
Class C 1.79%    
Actual  $1,000.00 $1,563.10 $11.56 
Hypothetical-C  $1,000.00 $1,016.18 $9.10 
Gold .77%    
Actual  $1,000.00 $1,571.10 $4.99 
Hypothetical-C  $1,000.00 $1,021.32 $3.92 
Class I .78%    
Actual  $1,000.00 $1,571.10 $5.05 
Hypothetical-C  $1,000.00 $1,021.27 $3.97 
Class Z .64%    
Actual  $1,000.00 $1,572.10 $4.15 
Hypothetical-C  $1,000.00 $1,021.98 $3.26 
Materials Portfolio     
Class A 1.10%    
Actual  $1,000.00 $1,182.40 $6.05 
Hypothetical-C  $1,000.00 $1,019.66 $5.60 
Class M 1.37%    
Actual  $1,000.00 $1,180.70 $7.53 
Hypothetical-C  $1,000.00 $1,018.30 $6.97 
Class C 1.84%    
Actual  $1,000.00 $1,178.20 $10.10 
Hypothetical-C  $1,000.00 $1,015.93 $9.35 
Materials .82%    
Actual  $1,000.00 $1,184.00 $4.51 
Hypothetical-C  $1,000.00 $1,021.07 $4.18 
Class I .80%    
Actual  $1,000.00 $1,184.10 $4.40 
Hypothetical-C  $1,000.00 $1,021.17 $4.08 
Class Z .64%    
Actual  $1,000.00 $1,185.20 $3.53 
Hypothetical-C  $1,000.00 $1,021.98 $3.26 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 
% of
Votes 
Dennis J. Dirks 
Affirmative 32,463,705,305.665 92.437 
Withheld 2,655,951,104.308 7.563 
TOTAL 35,119,656,409.973 100.000 
Donald F. Donahue 
Affirmative 32,446,843,861.354 92.389 
Withheld 2,672,812,548.619 7.611 
TOTAL 35,119,656,409.973 100.000 
Bettina Doulton 
Affirmative 32,610,463,757.584 92.855 
Withheld 2,509,192,652.389 7.145 
TOTAL 35,119,656,409.973 100.000 
Vicki L. Fuller 
Affirmative 32,688,213,522.720 93.077 
Withheld 2,431,442,887.253 6.923 
TOTAL 35,119,656,409.973 100.000 
Patricia L. Kampling 
Affirmative 32,313,755,598.535 92.010 
Withheld 2,805,900,811.438 7.990 
TOTAL 35,119,656,409.973 100.000 
Alan J. Lacy 
Affirmative 31,990,158,754.948 91.089 
Withheld 3,129,497,655.026 8.911 
TOTAL 35,119,656,409.973 100.000 
Ned C. Lautenbach 
Affirmative 32,043,019,991.143 91.240 
Withheld 3,076,636,418.830 8.760 
TOTAL 35,119,656,409.973 100.000 
Robert A. Lawrence 
Affirmative 32,150,842,398.009 91.547 
Withheld 2,968,814,011.965 8.453 
TOTAL 35,119,656,409.973 100.000 
Joseph Mauriello 
Affirmative 32,082,201,213.166 91.351 
Withheld 3,037,455,196.807 8.649 
TOTAL 35,119,656,409.973 100.000 
Cornelia M. Small 
Affirmative 32,207,976,835.934 91.709 
Withheld 2,911,679,574.039 8.291 
TOTAL 35,119,656,409.973 100.000 
Garnett A. Smith 
Affirmative 32,102,654,343.096 91.409 
Withheld 3,017,002,066.877 8.591 
TOTAL 35,119,656,409.973 100.000 
David M. Thomas 
Affirmative 32,150,749,424.556 91.546 
Withheld 2,968,906,985.418 8.454 
TOTAL 35,119,656,409.973 100.000 
Susan Tomasky 
Affirmative 32,381,933,484.515 92.205 
Withheld 2,737,722,925.459 7.795 
TOTAL 35,119,656,409.973 100.000 
Michael E. Wiley 
Affirmative 32,135,064,741.973 91.502 
Withheld 2,984,591,668.000 8.498 
TOTAL 35,119,656,409.973 100.000 
Proposal 1 reflects trust wide proposal and voting results. 





Fidelity Investments

SELMT-SANN-1020
1.846035.113




Fidelity® Select Portfolios®
Telecommunications Services Sector

Telecommunications Portfolio

Wireless Portfolio



Semi-Annual Report

August 31, 2020

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
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Contents

Note to Shareholders

Telecommunications Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Wireless Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Proxy Voting Results


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Telecommunications Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Verizon Communications, Inc. 16.6 
AT&T, Inc. 14.4 
T-Mobile U.S., Inc. 10.1 
GCI Liberty, Inc. 5.0 
Vonage Holdings Corp. 4.8 
Liberty Global PLC Class C 4.7 
Iridium Communications, Inc. 4.2 
Bandwidth, Inc. 3.9 
Cogent Communications Group, Inc. 3.9 
Reliance Industries Ltd. 3.2 
 70.8 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Diversified Telecommunication Services 65.5% 
   Wireless Telecommunication Services 16.3% 
   Media 7.2% 
   Oil, Gas & Consumable Fuels 3.3% 
   Communications Equipment 2.4% 
   All Others* 5.3% 


* Includes short-term investments and net other assets (liabilities).

Telecommunications Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.1%   
 Shares Value 
Communications Equipment - 2.4%   
Communications Equipment - 2.4%   
CommScope Holding Co., Inc. (a) 258,500 $2,662,550 
EchoStar Holding Corp. Class A (a) 77,900 2,288,702 
Harmonic, Inc. (a) 550,600 3,248,540 
  8,199,792 
Construction & Engineering - 1.0%   
Construction & Engineering - 1.0%   
Dycom Industries, Inc. (a) 54,600 3,358,446 
Diversified Telecommunication Services - 65.5%   
Alternative Carriers - 30.4%   
Bandwidth, Inc. (a)(b) 84,400 13,291,312 
Cogent Communications Group, Inc. 194,339 13,071,241 
GCI Liberty, Inc. (a) 210,400 16,996,112 
Iliad SA (b) 17,967 3,837,925 
Iridium Communications, Inc. (a) 510,811 14,307,816 
Liberty Global PLC Class C (a) 690,336 15,884,631 
Liberty Latin America Ltd. Class C (a)(b) 846,834 8,078,796 
ORBCOMM, Inc. (a) 370,949 1,487,505 
Vonage Holdings Corp. (a) 1,436,171 16,444,158 
  103,399,496 
Integrated Telecommunication Services - 35.1%   
AT&T, Inc. 1,635,120 48,742,927 
ATN International, Inc. 83,500 4,843,000 
Bezeq The Israel Telecommunication Corp. Ltd. (a) 5,108,400 5,837,171 
Consolidated Communications Holdings, Inc. (a) 10,300 80,134 
Masmovil Ibercom SA (a) 128,100 3,430,361 
Verizon Communications, Inc. 950,997 56,365,595 
  119,299,188 
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES  222,698,684 
Entertainment - 2.4%   
Interactive Home Entertainment - 2.4%   
Activision Blizzard, Inc. 76,300 6,372,576 
Electronic Arts, Inc. (a) 13,100 1,827,057 
  8,199,633 
Media - 7.2%   
Cable & Satellite - 7.2%   
Charter Communications, Inc. Class A (a) 17,600 10,834,736 
Comcast Corp. Class A 179,400 8,038,914 
Liberty Broadband Corp. Class A (a) 34,000 4,698,460 
Megacable Holdings S.A.B. de CV unit 335,800 966,641 
  24,538,751 
Oil, Gas & Consumable Fuels - 3.3%   
Oil & Gas Refining & Marketing - 3.3%   
Reliance Industries Ltd. 385,000 10,935,132 
Reliance Industries Ltd. 25,666 418,152 
  11,353,284 
Road & Rail - 1.1%   
Trucking - 1.1%   
Lyft, Inc. (a) 120,400 3,572,268 
Software - 0.9%   
Application Software - 0.9%   
RingCentral, Inc. (a) 9,900 2,878,623 
Zoom Video Communications, Inc. Class A (a) 300 97,530 
  2,976,153 
Wireless Telecommunication Services - 16.3%   
Wireless Telecommunication Services - 16.3%   
Boingo Wireless, Inc. (a) 146,900 1,908,231 
Millicom International Cellular SA 91,400 2,700,870 
Shenandoah Telecommunications Co. 85,423 4,723,892 
T-Mobile U.S., Inc. 295,624 34,493,408 
Telephone & Data Systems, Inc. 242,664 5,612,818 
U.S. Cellular Corp. (a) 167,000 6,075,460 
  55,514,679 
TOTAL COMMON STOCKS   
(Cost $251,104,758)  340,411,690 
Money Market Funds - 3.8%   
Fidelity Cash Central Fund 0.12% (c) 734,857 735,004 
Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) 12,333,133 12,334,366 
TOTAL MONEY MARKET FUNDS   
(Cost $13,069,280)  13,069,370 
TOTAL INVESTMENT IN SECURITIES - 103.9%   
(Cost $264,174,038)  353,481,060 
NET OTHER ASSETS (LIABILITIES) - (3.9)%  (13,222,226) 
NET ASSETS - 100%  $340,258,834 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $2,594 
Fidelity Securities Lending Cash Central Fund 13,538 
Total $16,132 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $340,411,690 $340,411,690 $-- $-- 
Money Market Funds 13,069,370 13,069,370 -- -- 
Total Investments in Securities: $353,481,060 $353,481,060 $-- $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 85.5% 
United Kingdom 4.7% 
India 3.3% 
Bermuda 2.4% 
Israel 1.7% 
France 1.1% 
Spain 1.0% 
Others (Individually Less Than 1%) 0.3% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Telecommunications Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $12,128,063) — See accompanying schedule:
Unaffiliated issuers (cost $251,104,758) 
$340,411,690  
Fidelity Central Funds (cost $13,069,280) 13,069,370  
Total Investment in Securities (cost $264,174,038)  $353,481,060 
Receivable for fund shares sold  517,146 
Dividends receivable  137,010 
Distributions receivable from Fidelity Central Funds  4,410 
Prepaid expenses  2,759 
Other receivables  24,107 
Total assets  354,166,492 
Liabilities   
Payable for fund shares redeemed $323,773  
Accrued management fee 150,017  
Distribution and service plan fees payable 15,206  
Other affiliated payables 59,341  
Other payables and accrued expenses 1,025,431  
Collateral on securities loaned 12,333,890  
Total liabilities  13,907,658 
Net Assets  $340,258,834 
Net Assets consist of:   
Paid in capital  $243,906,648 
Total accumulated earnings (loss)  96,352,186 
Net Assets  $340,258,834 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($25,722,627 ÷ 373,797 shares)(a)  $68.81 
Maximum offering price per share (100/94.25 of $68.81)  $73.01 
Class M:   
Net Asset Value and redemption price per share ($8,615,976 ÷ 126,031 shares)(a)  $68.36 
Maximum offering price per share (100/96.50 of $68.36)  $70.84 
Class C:   
Net Asset Value and offering price per share ($7,904,613 ÷ 115,685 shares)(a)  $68.33 
Telecommunications:   
Net Asset Value, offering price and redemption price per share ($244,271,358 ÷ 3,523,080 shares)  $69.33 
Class I:   
Net Asset Value, offering price and redemption price per share ($23,757,031 ÷ 343,367 shares)  $69.19 
Class Z:   
Net Asset Value, offering price and redemption price per share ($29,987,229 ÷ 434,034 shares)  $69.09 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $3,375,863 
Income from Fidelity Central Funds (including $13,538 from security lending)  16,132 
Total income  3,391,995 
Expenses   
Management fee $829,823  
Transfer agent fees 286,423  
Distribution and service plan fees 78,428  
Accounting fees 60,685  
Custodian fees and expenses 10,592  
Independent trustees' fees and expenses 972  
Registration fees 47,592  
Audit 28,114  
Legal 215  
Interest 140  
Miscellaneous 9,600  
Total expenses before reductions 1,352,584  
Expense reductions (58,886)  
Total expenses after reductions  1,293,698 
Net investment income (loss)  2,098,297 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 8,117,863  
Fidelity Central Funds (619)  
Foreign currency transactions (9,294)  
Total net realized gain (loss)  8,107,950 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,001,187) 36,811,108  
Fidelity Central Funds (1)  
Assets and liabilities in foreign currencies (4,141)  
Total change in net unrealized appreciation (depreciation)  36,806,966 
Net gain (loss)  44,914,916 
Net increase (decrease) in net assets resulting from operations  $47,013,213 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,098,297 $5,137,407 
Net realized gain (loss) 8,107,950 16,201,250 
Change in net unrealized appreciation (depreciation) 36,806,966 12,375,034 
Net increase (decrease) in net assets resulting from operations 47,013,213 33,713,691 
Distributions to shareholders (5,169,800) (9,566,584) 
Share transactions - net increase (decrease) 6,124,862 (18,459,242) 
Total increase (decrease) in net assets 47,968,275 5,687,865 
Net Assets   
Beginning of period 292,290,559 286,602,694 
End of period $340,258,834 $292,290,559 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Telecommunications Portfolio Class A

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $60.60 $55.68 $55.58 $69.61 $62.32 $63.26 
Income from Investment Operations       
Net investment income (loss)B .34 .87 1.10C 1.05 .88 .81 
Net realized and unrealized gain (loss) 8.87 5.86 .56 (3.38) 10.68 (.76) 
Total from investment operations 9.21 6.73 1.66 (2.33) 11.56 .05 
Distributions from net investment income (.14) (.96) (.94) (1.31) (1.11) (.54) 
Distributions from net realized gain (.86) (.85) (.62) (10.39) (3.16) (.45) 
Total distributions (1.00) (1.81) (1.56) (11.70) (4.27) (.99) 
Redemption fees added to paid in capitalB – – – – D D 
Net asset value, end of period $68.81 $60.60 $55.68 $55.58 $69.61 $62.32 
Total ReturnE,F,G 15.52% 12.12% 3.03% (4.06)% 18.65% .16% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.13%J 1.18% 1.18% 1.14% 1.14% 1.15% 
Expenses net of fee waivers, if any 1.13%J 1.17% 1.17% 1.14% 1.14% 1.15% 
Expenses net of all reductions 1.10%J 1.17% 1.16% 1.12% 1.12% 1.15% 
Net investment income (loss) 1.08%J 1.47% 1.96%C 1.59% 1.28% 1.33% 
Supplemental Data       
Net assets, end of period (000 omitted) $25,723 $21,376 $20,589 $17,816 $31,966 $13,032 
Portfolio turnover rateK 69%J 58% 64%L 66% 105%L 51% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.25 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.52%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Telecommunications Portfolio Class M

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $60.25 $55.40 $55.31 $69.33 $61.95 $63.04 
Income from Investment Operations       
Net investment income (loss)B .25 .70 .92C .81 .65 .61 
Net realized and unrealized gain (loss) 8.82 5.83 .55 (3.36) 10.62 (.76) 
Total from investment operations 9.07 6.53 1.47 (2.55) 11.27 (.15) 
Distributions from net investment income (.10) (.83) (.76) (1.07) (.73) (.49) 
Distributions from net realized gain (.86) (.85) (.62) (10.39) (3.16) (.45) 
Total distributions (.96) (1.68) (1.38) (11.47)D (3.89) (.94) 
Redemption fees added to paid in capitalB – – – – E E 
Net asset value, end of period $68.36 $60.25 $55.40 $55.31 $69.33 $61.95 
Total ReturnF,G,H 15.37% 11.81% 2.69% (4.40)% 18.26% (.16)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.41%K 1.46% 1.50% 1.49% 1.46% 1.47% 
Expenses net of fee waivers, if any 1.41%K 1.46% 1.49% 1.49% 1.46% 1.47% 
Expenses net of all reductions 1.37%K 1.45% 1.48% 1.48% 1.44% 1.46% 
Net investment income (loss) .80%K 1.19% 1.64%C 1.24% .96% 1.01% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,616 $6,919 $6,018 $4,847 $6,933 $8,280 
Portfolio turnover rateL 69%K 58% 64%M 66% 105%M 51% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.25 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.19%.

 D Total distributions of $11.47 per share is comprised of distributions from net investment income of $1.073 and distributions from net realized gain of $10.393 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Telecommunications Portfolio Class C

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $60.32 $55.45 $55.29 $69.24 $62.10 $63.04 
Income from Investment Operations       
Net investment income (loss)B .11 .46 .70C .57 .37 .36 
Net realized and unrealized gain (loss) 8.83 5.82 .56 (3.36) 10.62 (.75) 
Total from investment operations 8.94 6.28 1.26 (2.79) 10.99 (.39) 
Distributions from net investment income (.07) (.56) (.48) (.77) (.69) (.10) 
Distributions from net realized gain (.86) (.85) (.62) (10.39) (3.16) (.45) 
Total distributions (.93) (1.41) (1.10) (11.16) (3.85) (.55) 
Redemption fees added to paid in capitalB – – – – D D 
Net asset value, end of period $68.33 $60.32 $55.45 $55.29 $69.24 $62.10 
Total ReturnE,F,G 15.11% 11.34% 2.30% (4.75)% 17.77% (.57)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.87%J 1.88% 1.88% 1.86% 1.88% 1.89% 
Expenses net of fee waivers, if any 1.87%J 1.87% 1.88% 1.86% 1.88% 1.89% 
Expenses net of all reductions 1.83%J 1.87% 1.86% 1.85% 1.86% 1.88% 
Net investment income (loss) .35%J .77% 1.26%C .87% .54% .60% 
Supplemental Data       
Net assets, end of period (000 omitted) $7,905 $6,491 $6,994 $8,396 $13,528 $7,735 
Portfolio turnover rateK 69%J 58% 64%L 66% 105%L 51% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.25 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .81%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Telecommunications Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $60.99 $56.04 $55.88 $69.97 $62.58 $63.54 
Income from Investment Operations       
Net investment income (loss)B .43 1.09 1.30C 1.28 1.12 1.02 
Net realized and unrealized gain (loss) 8.95 5.90 .56 (3.42) 10.74 (.77) 
Total from investment operations 9.38 6.99 1.86 (2.14) 11.86 .25 
Distributions from net investment income (.18) (1.19) (1.08) (1.56) (1.31) (.76) 
Distributions from net realized gain (.86) (.85) (.62) (10.39) (3.16) (.45) 
Total distributions (1.04) (2.04) (1.70) (11.95) (4.47) (1.21) 
Redemption fees added to paid in capitalB – – – – D D 
Net asset value, end of period $69.33 $60.99 $56.04 $55.88 $69.97 $62.58 
Total ReturnE,F 15.72% 12.50% 3.38% (3.76)% 19.06% .49% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .82%I .83% .84% .82% .80% .82% 
Expenses net of fee waivers, if any .82%I .82% .83% .82% .80% .81% 
Expenses net of all reductions .79%I .82% .82% .80% .78% .81% 
Net investment income (loss) 1.39%I 1.82% 2.30%C 1.92% 1.62% 1.67% 
Supplemental Data       
Net assets, end of period (000 omitted) $244,271 $219,854 $227,438 $320,908 $690,720 $689,600 
Portfolio turnover rateJ 69%I 58% 64%K 66% 105%K 51% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.25 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.85%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Telecommunications Portfolio Class I

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $60.86 $55.84 $55.74 $69.82 $62.46 $63.38 
Income from Investment Operations       
Net investment income (loss)B .44 1.04 1.27C 1.26 1.12 1.02 
Net realized and unrealized gain (loss) 8.93 5.91 .57 (3.39) 10.70 (.76) 
Total from investment operations 9.37 6.95 1.84 (2.13) 11.82 .26 
Distributions from net investment income (.18) (1.08) (1.12) (1.56) (1.30) (.73) 
Distributions from net realized gain (.86) (.85) (.62) (10.39) (3.16) (.45) 
Total distributions (1.04) (1.93) (1.74) (11.95) (4.46) (1.18) 
Redemption fees added to paid in capitalB – – – – D D 
Net asset value, end of period $69.19 $60.86 $55.84 $55.74 $69.82 $62.46 
Total ReturnE,F 15.74% 12.47% 3.35% (3.75)% 19.03% .51% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .80%I .88% .91% .82% .80% .82% 
Expenses net of fee waivers, if any .80%I .88% .90% .82% .80% .82% 
Expenses net of all reductions .76%I .88% .88% .80% .78% .81% 
Net investment income (loss) 1.41%I 1.76% 2.23%C 1.91% 1.62% 1.67% 
Supplemental Data       
Net assets, end of period (000 omitted) $23,757 $12,428 $25,181 $8,332 $14,550 $6,197 
Portfolio turnover rateJ 69%I 58% 64%K 66% 105%K 51% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.25 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.79%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Telecommunications Portfolio Class Z

 Six months ended (Unaudited) August 31, Years endedFebruary 28,  
 2020 2020 A 2019 B 
Selected Per–Share Data    
Net asset value, beginning of period $60.75 $55.84 $60.97 
Income from Investment Operations    
Net investment income (loss)C .48 1.20 .39D 
Net realized and unrealized gain (loss) 8.92 5.86 (4.55) 
Total from investment operations 9.40 7.06 (4.16) 
Distributions from net investment income (.20) (1.30) (.97) 
Distributions from net realized gain (.86) (.85) – 
Total distributions (1.06) (2.15) (.97) 
Net asset value, end of period $69.09 $60.75 $55.84 
Total ReturnE,F 15.81% 12.68% (6.80)% 
Ratios to Average Net AssetsG,H    
Expenses before reductions .68%I .68% .68%I 
Expenses net of fee waivers, if any .68%I .67% .66%I 
Expenses net of all reductions .64%I .67% .64%I 
Net investment income (loss) 1.53%I 1.97% 1.67%D,I 
Supplemental Data    
Net assets, end of period (000 omitted) $29,987 $25,223 $383 
Portfolio turnover rateJ 69%I 58% 64%K 

 A For the year ended February 29.

 B For the period October 2, 2018 (commencement of sale of shares) to February 28, 2019.

 C Calculated based on average shares outstanding during the period.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.23%.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2020

1. Organization.

Telecommunications Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Telecommunications, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2020 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $102,501,335 
Gross unrealized depreciation (15,564,984) 
Net unrealized appreciation (depreciation) $86,936,351 
Tax cost $266,544,709 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Telecommunications Portfolio 111,913,466 106,796,063 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $26,530 $605 
Class M .25% .25% 17,230 – 
Class C .75% .25% 34,668 6,107 
   $78,428 $6,712 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $13,533 
Class M 1,052 
Class C(a) 253 
 $14,838 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $26,678 .25 
Class M 9,637 .28 
Class C 8,104 .23 
Telecommunications 219,815 .19 
Class I 16,305 .17 
Class Z 5,884 .04 
 $286,423  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Telecommunications Portfolio .04 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Telecommunications Portfolio $7,483 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Telecommunications Portfolio Borrower $5,305,000 .32% $140 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Telecommunications Portfolio $374 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to $708. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Net income from the Fidelity Securities Lending Cash Central Fund during the period is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $58,301 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $585.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
August 31, 2020 
Year ended
February 29, 2020 
Distributions to shareholders   
Class A $318,732 $604,045 
Class M 94,944 187,105 
Class C 97,338 153,979 
Telecommunications 3,922,539 7,412,079 
Class I 263,477 463,300 
Class Z 472,770 746,076 
Total $5,169,800 $9,566,584 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended August 31, 2020 Year ended February 29, 2020 Six months ended August 31, 2020 Year ended February 29, 2020 
Class A     
Shares sold 120,895 131,076 $7,608,476 $7,742,577 
Reinvestment of distributions 5,309 9,514 305,840 574,157 
Shares redeemed (105,170) (157,632) (6,448,253) (9,303,325) 
Net increase (decrease) 21,034 (17,042) $1,466,063 $(986,591) 
Class M     
Shares sold 45,974 39,034 $2,878,580 $2,290,232 
Reinvestment of distributions 1,648 3,102 94,414 186,377 
Shares redeemed (36,439) (35,902) (2,222,557) (2,107,496) 
Net increase (decrease) 11,183 6,234 $750,437 $369,113 
Class C     
Shares sold 34,483 20,297 $2,114,724 $1,201,861 
Reinvestment of distributions 1,595 2,359 91,493 141,967 
Shares redeemed (28,017) (41,159) (1,724,389) (2,410,442) 
Net increase (decrease) 8,061 (18,503) $481,828 $(1,066,614) 
Telecommunications     
Shares sold 698,564 518,015 $41,178,923 $31,128,263 
Reinvestment of distributions 62,650 114,924 3,632,418 6,977,492 
Shares redeemed (842,763) (1,086,758) (50,664,642) (64,730,175) 
Net increase (decrease) (81,549) (453,819) $(5,853,301) $(26,624,420) 
Class I     
Shares sold 292,770 156,686 $17,107,486 $9,424,886 
Reinvestment of distributions 4,213 6,643 243,765 401,406 
Shares redeemed (157,818) (410,057) (8,985,188) (24,520,400) 
Net increase (decrease) 139,165 (246,728) $8,366,063 $(14,694,108) 
Class Z     
Shares sold 90,724 468,706 $5,271,521 $28,191,952 
Reinvestment of distributions 5,853 9,319 338,028 565,974 
Shares redeemed (77,725) (69,698) (4,695,777) (4,214,548) 
Net increase (decrease) 18,852 408,327 $913,772 $24,543,378 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Wireless Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Apple, Inc. 17.2 
T-Mobile U.S., Inc. 7.2 
American Tower Corp. 6.9 
Verizon Communications, Inc. 6.2 
Marvell Technology Group Ltd. 3.8 
Reliance Industries Ltd. 3.4 
Ericsson (B Shares) 3.4 
RingCentral, Inc. 3.0 
Activision Blizzard, Inc. 2.8 
Orange SA ADR 2.7 
 56.6 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Diversified Telecommunication Services 22.2% 
   Technology Hardware, Storage & Peripherals 18.7% 
   Wireless Telecommunication Services 11.2% 
   Semiconductors & Semiconductor Equipment 9.7% 
   Equity Real Estate Investment Trusts (Reits) 8.5% 
   All Others* 29.7% 


* Includes short-term investments and net other assets (liabilities).

Wireless Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%   
 Shares Value 
Communications Equipment - 8.1%   
Communications Equipment - 8.1%   
CommScope Holding Co., Inc. (a) 496,900 $5,118,070 
EchoStar Holding Corp. Class A (a) 105,400 3,096,652 
Ericsson:   
(B Shares) 165,200 1,926,218 
(B Shares) sponsored ADR (b) 1,124,700 13,102,755 
Motorola Solutions, Inc. 49,968 7,732,548 
Nokia Corp. sponsored ADR 479,800 2,351,020 
ViaSat, Inc. (a) 68,401 2,719,624 
  36,046,887 
Diversified Telecommunication Services - 22.2%   
Alternative Carriers - 5.9%   
GCI Liberty, Inc. (a) 120,800 9,758,224 
Iliad SA (b) 38,795 8,286,986 
Liberty Global PLC Class A (a) 307,700 7,190,949 
Liberty Latin America Ltd. Class C (a)(b) 138,300 1,319,382 
  26,555,541 
Integrated Telecommunication Services - 16.3%   
AT&T, Inc. 334,100 9,959,521 
BCE, Inc. (b) 139,100 5,978,415 
Bezeq The Israel Telecommunication Corp. Ltd. (a) 8,589,900 9,815,346 
Masmovil Ibercom SA (a) 163,350 4,374,313 
Orange SA ADR 1,074,500 11,959,185 
Telefonica SA sponsored ADR (b) 738,063 2,915,349 
Verizon Communications, Inc. 463,201 27,453,923 
  72,456,052 
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES  99,011,593 
Entertainment - 4.0%   
Interactive Home Entertainment - 3.5%   
Activision Blizzard, Inc. 149,600 12,494,592 
Electronic Arts, Inc. (a) 21,800 3,040,446 
  15,535,038 
Movies & Entertainment - 0.5%   
Spotify Technology SA (a) 7,200 2,031,552 
TOTAL ENTERTAINMENT  17,566,590 
Equity Real Estate Investment Trusts (REITs) - 8.5%   
Specialized REITs - 8.5%   
American Tower Corp. 124,392 30,992,267 
Crown Castle International Corp. 21,401 3,493,713 
SBA Communications Corp. Class A 11,400 3,489,198 
  37,975,178 
Interactive Media & Services - 2.0%   
Interactive Media & Services - 2.0%   
Facebook, Inc. Class A (a) 30,000 8,796,000 
Internet & Direct Marketing Retail - 1.7%   
Internet & Direct Marketing Retail - 1.7%   
Amazon.com, Inc. (a) 2,200 7,592,112 
Media - 1.1%   
Cable & Satellite - 1.1%   
DISH Network Corp. Class A (a) 132,149 4,693,932 
Oil, Gas & Consumable Fuels - 3.5%   
Oil & Gas Refining & Marketing - 3.5%   
Reliance Industries Ltd. 531,800 15,104,684 
Reliance Industries Ltd. 35,453 577,603 
  15,682,287 
Road & Rail - 1.6%   
Trucking - 1.6%   
Lyft, Inc. (a) 237,100 7,034,757 
Semiconductors & Semiconductor Equipment - 9.7%   
Semiconductors - 9.7%   
Marvell Technology Group Ltd. 430,800 16,706,424 
NXP Semiconductors NV 33,200 4,175,232 
Qualcomm, Inc. 85,850 10,224,735 
Skyworks Solutions, Inc. 62,500 9,053,125 
Synaptics, Inc. (a) 37,700 3,216,941 
  43,376,457 
Software - 4.9%   
Application Software - 4.8%   
LivePerson, Inc. (a)(b) 131,500 7,845,290 
RingCentral, Inc. (a) 45,800 13,317,266 
Zoom Video Communications, Inc. Class A (a) 300 97,530 
  21,260,086 
Systems Software - 0.1%   
BlackBerry Ltd. (a) 76,401 398,303 
TOTAL SOFTWARE  21,658,389 
Technology Hardware, Storage & Peripherals - 18.7%   
Technology Hardware, Storage & Peripherals - 18.7%   
Apple, Inc. 591,620 76,342,645 
Samsung Electronics Co. Ltd. 150,350 6,836,940 
  83,179,585 
Wireless Telecommunication Services - 11.2%   
Wireless Telecommunication Services - 11.2%   
China Mobile Ltd. sponsored ADR 186,200 6,522,586 
Millicom International Cellular SA (b) 174,600 5,159,430 
Shenandoah Telecommunications Co. 300 16,590 
Spok Holdings, Inc. 11 
T-Mobile U.S., Inc. 274,416 32,018,859 
Vodafone Group PLC sponsored ADR 428,281 6,325,710 
  50,043,186 
TOTAL COMMON STOCKS   
(Cost $284,132,132)  432,656,953 
Money Market Funds - 6.1%   
Fidelity Cash Central Fund 0.12% (c) 8,424,293 8,425,978 
Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) 18,830,656 18,832,539 
TOTAL MONEY MARKET FUNDS   
(Cost $27,258,517)  27,258,517 
TOTAL INVESTMENT IN SECURITIES - 103.3%   
(Cost $311,390,649)  459,915,470 
NET OTHER ASSETS (LIABILITIES) - (3.3)%  (14,621,897) 
NET ASSETS - 100%  $445,293,573 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $2,685 
Fidelity Securities Lending Cash Central Fund 38,588 
Total $41,273 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $432,656,953 $430,730,735 $1,926,218 $-- 
Money Market Funds 27,258,517 27,258,517 -- -- 
Total Investments in Securities: $459,915,470 $457,989,252 $1,926,218 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 71.3% 
France 4.5% 
Bermuda 4.1% 
India 3.5% 
Sweden 3.4% 
United Kingdom 3.0% 
Israel 2.2% 
Spain 1.7% 
Korea (South) 1.5% 
Hong Kong 1.5% 
Canada 1.4% 
Others (Individually Less Than 1%) 1.9% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Wireless Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $18,043,413) — See accompanying schedule:
Unaffiliated issuers (cost $284,132,132) 
$432,656,953  
Fidelity Central Funds (cost $27,258,517) 27,258,517  
Total Investment in Securities (cost $311,390,649)  $459,915,470 
Receivable for investments sold  8,771,358 
Receivable for fund shares sold  1,434,521 
Dividends receivable  253,837 
Distributions receivable from Fidelity Central Funds  11,590 
Prepaid expenses  2,430 
Other receivables  46,220 
Total assets  470,435,426 
Liabilities   
Payable for investments purchased $4,007,296  
Payable for fund shares redeemed 639,183  
Accrued management fee 189,069  
Other affiliated payables 76,121  
Other payables and accrued expenses 1,397,575  
Collateral on securities loaned 18,832,609  
Total liabilities  25,141,853 
Net Assets  $445,293,573 
Net Assets consist of:   
Paid in capital  $300,027,663 
Total accumulated earnings (loss)  145,265,910 
Net Assets  $445,293,573 
Net Asset Value, offering price and redemption price per share ($445,293,573 ÷ 34,451,880 shares)  $12.93 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $3,147,252 
Income from Fidelity Central Funds (including $38,588 from security lending)  41,273 
Total income  3,188,525 
Expenses   
Management fee $968,106  
Transfer agent fees 351,938  
Accounting fees 70,805  
Custodian fees and expenses 10,514  
Independent trustees' fees and expenses 1,134  
Registration fees 39,690  
Audit 24,791  
Legal 257  
Miscellaneous 7,264  
Total expenses before reductions 1,474,499  
Expense reductions (75,161)  
Total expenses after reductions  1,399,338 
Net investment income (loss)  1,789,187 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (2,576,579)  
Fidelity Central Funds (265)  
Foreign currency transactions (65,778)  
Total net realized gain (loss)  (2,642,622) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,376,210) 95,930,431  
Assets and liabilities in foreign currencies 15,756  
Total change in net unrealized appreciation (depreciation)  95,946,187 
Net gain (loss)  93,303,565 
Net increase (decrease) in net assets resulting from operations  $95,092,752 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,789,187 $4,155,382 
Net realized gain (loss) (2,642,622) 30,802,567 
Change in net unrealized appreciation (depreciation) 95,946,187 19,583,994 
Net increase (decrease) in net assets resulting from operations 95,092,752 54,541,943 
Distributions to shareholders (20,242,086) (9,722,332) 
Share transactions   
Proceeds from sales of shares 92,200,421 170,798,888 
Reinvestment of distributions 18,946,943 9,037,221 
Cost of shares redeemed (96,013,146) (107,253,657) 
Net increase (decrease) in net assets resulting from share transactions 15,134,218 72,582,452 
Total increase (decrease) in net assets 89,984,884 117,402,063 
Net Assets   
Beginning of period 355,308,689 237,906,626 
End of period $445,293,573 $355,308,689 
Other Information   
Shares   
Sold 8,452,127 16,059,963 
Issued in reinvestment of distributions 1,951,281 812,700 
Redeemed (9,173,823) (10,283,730) 
Net increase (decrease) 1,229,585 6,588,933 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Wireless Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $10.69 $8.93 $10.29 $9.11 $7.85 $9.54 
Income from Investment Operations       
Net investment income (loss)B .05 .14 .20C .16 .10 .11 
Net realized and unrealized gain (loss) 2.84 1.93 (.24)D 1.39 1.71 (1.11) 
Total from investment operations 2.89 2.07 (.04) 1.55 1.81 (1.00) 
Distributions from net investment income (.01) (.12) (.19) (.14) (.09) (.12) 
Distributions from net realized gain (.64) (.19) (1.13) (.24) (.46) (.57) 
Total distributions (.65) (.31) (1.32) (.37)E (.55) (.69) 
Redemption fees added to paid in capitalB – – – F F F 
Net asset value, end of period $12.93 $10.69 $8.93 $10.29 $9.11 $7.85 
Total ReturnG,H 29.01% 23.01% .21%D 17.21% 24.09% (11.07)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .81%K .81% .83% .83% .87% .86% 
Expenses net of fee waivers, if any .81%K .81% .83% .83% .87% .86% 
Expenses net of all reductions .77%K .81% .82% .82% .86% .85% 
Net investment income (loss) .98%K 1.39% 2.07%C 1.61% 1.23% 1.23% 
Supplemental Data       
Net assets, end of period (000 omitted) $445,294 $355,309 $237,907 $275,742 $239,359 $207,492 
Portfolio turnover rateL 40%K 78% 54% 85% 98% 78% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.74%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .12%.

 E Total distributions of $.37 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.235 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2020

1. Organization.

Wireless Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2020 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $173,590,992 
Gross unrealized depreciation (27,418,368) 
Net unrealized appreciation (depreciation) $146,172,624 
Tax cost $313,742,846 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Wireless Portfolio 73,160,971 90,984,522 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .19% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Wireless Portfolio .04 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Wireless Portfolio $2,425 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Wireless Portfolio $445 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to $2,439. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Net income from the Fidelity Securities Lending Cash Central Fund during the period is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $74,455 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $706.

9. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2020 to August 31, 2020).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
March 1, 2020 
Ending
Account Value
August 31, 2020 
Expenses Paid
During Period-B
March 1, 2020
to August 31, 2020 
Telecommunications Portfolio     
Class A 1.13%    
Actual  $1,000.00 $1,155.20 $6.14 
Hypothetical-C  $1,000.00 $1,019.51 $5.75 
Class M 1.41%    
Actual  $1,000.00 $1,153.70 $7.65 
Hypothetical-C  $1,000.00 $1,018.10 $7.17 
Class C 1.87%    
Actual  $1,000.00 $1,151.10 $10.14 
Hypothetical-C  $1,000.00 $1,015.78 $9.50 
Telecommunications .82%    
Actual  $1,000.00 $1,157.20 $4.46 
Hypothetical-C  $1,000.00 $1,021.07 $4.18 
Class I .80%    
Actual  $1,000.00 $1,157.40 $4.35 
Hypothetical-C  $1,000.00 $1,021.17 $4.08 
Class Z .68%    
Actual  $1,000.00 $1,158.10 $3.70 
Hypothetical-C  $1,000.00 $1,021.78 $3.47 
Wireless Portfolio .81%    
Actual  $1,000.00 $1,290.10 $4.68 
Hypothetical-C  $1,000.00 $1,021.12 $4.13 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 
% of
Votes 
Dennis J. Dirks 
Affirmative 32,463,705,305.665 92.437 
Withheld 2,655,951,104.308 7.563 
TOTAL 35,119,656,409.973 100.000 
Donald F. Donahue 
Affirmative 32,446,843,861.354 92.389 
Withheld 2,672,812,548.619 7.611 
TOTAL 35,119,656,409.973 100.000 
Bettina Doulton 
Affirmative 32,610,463,757.584 92.855 
Withheld 2,509,192,652.389 7.145 
TOTAL 35,119,656,409.973 100.000 
Vicki L. Fuller 
Affirmative 32,688,213,522.720 93.077 
Withheld 2,431,442,887.253 6.923 
TOTAL 35,119,656,409.973 100.000 
Patricia L. Kampling 
Affirmative 32,313,755,598.535 92.010 
Withheld 2,805,900,811.438 7.990 
TOTAL 35,119,656,409.973 100.000 
Alan J. Lacy 
Affirmative 31,990,158,754.948 91.089 
Withheld 3,129,497,655.026 8.911 
TOTAL 35,119,656,409.973 100.000 
Ned C. Lautenbach 
Affirmative 32,043,019,991.143 91.240 
Withheld 3,076,636,418.830 8.760 
TOTAL 35,119,656,409.973 100.000 
Robert A. Lawrence 
Affirmative 32,150,842,398.009 91.547 
Withheld 2,968,814,011.965 8.453 
TOTAL 35,119,656,409.973 100.000 
Joseph Mauriello 
Affirmative 32,082,201,213.166 91.351 
Withheld 3,037,455,196.807 8.649 
TOTAL 35,119,656,409.973 100.000 
Cornelia M. Small 
Affirmative 32,207,976,835.934 91.709 
Withheld 2,911,679,574.039 8.291 
TOTAL 35,119,656,409.973 100.000 
Garnett A. Smith 
Affirmative 32,102,654,343.096 91.409 
Withheld 3,017,002,066.877 8.591 
TOTAL 35,119,656,409.973 100.000 
David M. Thomas 
Affirmative 32,150,749,424.556 91.546 
Withheld 2,968,906,985.418 8.454 
TOTAL 35,119,656,409.973 100.000 
Susan Tomasky 
Affirmative 32,381,933,484.515 92.205 
Withheld 2,737,722,925.459 7.795 
TOTAL 35,119,656,409.973 100.000 
Michael E. Wiley 
Affirmative 32,135,064,741.973 91.502 
Withheld 2,984,591,668.000 8.498 
TOTAL 35,119,656,409.973 100.000 
Proposal 1 reflects trust wide proposal and voting results. 





Fidelity Investments

SELTS-SANN-1020
1.846053.113




Fidelity® Select Portfolios®
Information Technology Sector

Communications Equipment Portfolio

Computers Portfolio

IT Services Portfolio

Semiconductors Portfolio

Software and IT Services Portfolio

Technology Portfolio



Semi-Annual Report

August 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Note to Shareholders

Communications Equipment Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Computers Portfolio

Investment Summary

Schedule of Investments

Financial Statements

IT Services Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Semiconductors Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Software and IT Services Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Technology Portfolio

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Proxy Voting Results


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Communications Equipment Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Ericsson (B Shares) sponsored ADR 22.4 
Cisco Systems, Inc. 17.3 
Nokia Corp. sponsored ADR 6.2 
F5 Networks, Inc. 5.0 
Ciena Corp. 4.8 
Juniper Networks, Inc. 4.8 
Motorola Solutions, Inc. 4.5 
Lumentum Holdings, Inc. 3.5 
EchoStar Holding Corp. Class A 3.0 
Viavi Solutions, Inc. 3.0 
 74.5 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Communications Equipment 92.9% 
   Software 5.6% 
   Electronic Equipment & Components 1.1% 
   IT Services 0.4% 


Communications Equipment Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%   
 Shares Value 
Communications Equipment - 92.9%   
Communications Equipment - 92.9%   
Acacia Communications, Inc. (a) 64,446 $4,348,816 
ADTRAN, Inc. 81,825 907,439 
Arista Networks, Inc. (a) 15,371 3,434,650 
Calix Networks, Inc. (a) 171,619 3,337,990 
Casa Systems, Inc. (a) 49,003 222,964 
Ciena Corp. (a) 127,319 7,227,900 
Cisco Systems, Inc. 617,614 26,075,663 
CommScope Holding Co., Inc. (a) 193,714 1,995,254 
EchoStar Holding Corp. Class A (a) 156,578 4,600,262 
Ericsson (B Shares) sponsored ADR (b) 2,904,956 33,842,735 
Evertz Technologies Ltd. 45,496 414,726 
Extreme Networks, Inc. (a) 202,678 885,703 
F5 Networks, Inc. (a) 56,662 7,498,082 
Harmonic, Inc. (a) 163,768 966,231 
Inseego Corp. (a)(b) 75,731 869,392 
InterDigital, Inc. 54,324 3,321,913 
Juniper Networks, Inc. 287,529 7,188,225 
Lumentum Holdings, Inc. (a) 60,938 5,240,668 
Motorola Solutions, Inc. 43,456 6,724,816 
NetScout Systems, Inc. (a) 124,959 2,891,551 
Nokia Corp. sponsored ADR (b) 1,902,290 9,321,221 
Radware Ltd. (a) 207 
Sierra Wireless, Inc. (a) 64,211 797,007 
Sonus Networks, Inc. (a) 102,327 437,960 
ViaSat, Inc. (a)(b) 77,068 3,064,224 
Viavi Solutions, Inc. (a) 334,169 4,456,144 
  140,071,743 
Electronic Equipment & Components - 1.1%   
Electronic Components - 1.1%   
Corning, Inc. 49,900 1,619,754 
IT Services - 0.4%   
Internet Services & Infrastructure - 0.4%   
Rackspace Technology, Inc. (a)(b) 25,600 546,560 
Software - 5.6%   
Application Software - 0.0%   
Citrix Systems, Inc. 13 1,888 
Systems Software - 5.6%   
Cloudflare, Inc. (a) 39,413 1,507,941 
CommVault Systems, Inc. (a) 29,230 1,263,613 
Fortinet, Inc. (a) 3,100 409,216 
Palo Alto Networks, Inc. (a) 6,000 1,544,460 
Ping Identity Holding Corp. (a) 48,500 1,671,795 
Rapid7, Inc. (a) 13,098 845,738 
Tenable Holdings, Inc. (a) 34,000 1,279,760 
  8,522,523 
TOTAL SOFTWARE  8,524,411 
TOTAL COMMON STOCKS   
(Cost $110,852,746)  150,762,468 
Money Market Funds - 14.2%   
Fidelity Cash Central Fund 0.12% (c) 368,548 368,622 
Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) 21,072,481 21,074,589 
TOTAL MONEY MARKET FUNDS   
(Cost $21,443,211)  21,443,211 
TOTAL INVESTMENT IN SECURITIES - 114.2%   
(Cost $132,295,957)  172,205,679 
NET OTHER ASSETS (LIABILITIES) - (14.2)%  (21,417,025) 
NET ASSETS - 100%  $150,788,654 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $3,638 
Fidelity Securities Lending Cash Central Fund 71,855 
Total $75,493 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

The value, beginning of period, for the Fidelity Securities Lending Cash Central Fund was $4,504,391. Net realized gain (loss) and change in net unrealized appreciation (depreciation) was $208 and $0. Purchases and sales of the Fidelity Securities Lending Cash Central Fund were $94,131,096 and $77,561,106, respectively, during the period.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $150,762,468 $150,762,468 $-- $-- 
Money Market Funds 21,443,211 21,443,211 -- -- 
Total Investments in Securities: $172,205,679 $172,205,679 $-- $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 70.6% 
Sweden 22.4% 
Finland 6.2% 
Others (Individually Less Than 1%) 0.8% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Communications Equipment Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $20,448,615) — See accompanying schedule:
Unaffiliated issuers (cost $110,852,746) 
$150,762,468  
Fidelity Central Funds (cost $21,443,211) 21,443,211  
Total Investment in Securities (cost $132,295,957)  $172,205,679 
Receivable for fund shares sold  18,197 
Dividends receivable  75,849 
Distributions receivable from Fidelity Central Funds  34,702 
Prepaid expenses  1,462 
Other receivables  12,548 
Total assets  172,348,437 
Liabilities   
Payable for fund shares redeemed $367,652  
Accrued management fee 68,414  
Other affiliated payables 32,198  
Other payables and accrued expenses 17,194  
Collateral on securities loaned 21,074,325  
Total liabilities  21,559,783 
Net Assets  $150,788,654 
Net Assets consist of:   
Paid in capital  $116,407,846 
Total accumulated earnings (loss)  34,380,808 
Net Assets  $150,788,654 
Net Asset Value, offering price and redemption price per share ($150,788,654 ÷ 4,299,226 shares)  $35.07 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $871,342 
Income from Fidelity Central Funds (including $71,855 from security lending)  75,493 
Total income  946,835 
Expenses   
Management fee $378,755  
Transfer agent fees 161,995  
Accounting fees 27,697  
Custodian fees and expenses 5,976  
Independent trustees' fees and expenses 466  
Registration fees 10,779  
Audit 17,805  
Legal 111  
Miscellaneous 4,150  
Total expenses before reductions 607,734  
Expense reductions (38,959)  
Total expenses after reductions  568,775 
Net investment income (loss)  378,060 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (2,700,300)  
Fidelity Central Funds 195  
Foreign currency transactions (353)  
Total net realized gain (loss)  (2,700,458) 
Change in net unrealized appreciation (depreciation) on investment securities  19,334,950 
Net gain (loss)  16,634,492 
Net increase (decrease) in net assets resulting from operations  $17,012,552 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $378,060 $969,116 
Net realized gain (loss) (2,700,458) 4,124,762 
Change in net unrealized appreciation (depreciation) 19,334,950 (42,282,905) 
Net increase (decrease) in net assets resulting from operations 17,012,552 (37,189,027) 
Distributions to shareholders (68,201) (9,589,306) 
Share transactions   
Proceeds from sales of shares 4,448,433 43,801,317 
Reinvestment of distributions 63,888 9,043,238 
Cost of shares redeemed (15,805,447) (79,873,603) 
Net increase (decrease) in net assets resulting from share transactions (11,293,126) (27,029,048) 
Total increase (decrease) in net assets 5,651,225 (73,807,381) 
Net Assets   
Beginning of period 145,137,429 218,944,810 
End of period $150,788,654 $145,137,429 
Other Information   
Shares   
Sold 142,373 1,090,635 
Issued in reinvestment of distributions 2,120 241,125 
Redeemed (503,061) (2,098,473) 
Net increase (decrease) (358,568) (766,713) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Communications Equipment Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $31.16 $40.36 $39.13 $34.12 $26.71 $32.99 
Income from Investment Operations       
Net investment income (loss)B .08 .19 .25 .17 .38 .31 
Net realized and unrealized gain (loss) 3.85 (7.51) 3.76 5.45C 7.39 (5.64) 
Total from investment operations 3.93 (7.32) 4.01 5.62 7.77 (5.33) 
Distributions from net investment income (.02) (.20) (.17)D (.33) (.36) (.30) 
Distributions from net realized gain – (1.69) (2.61)D (.28) – (.65) 
Total distributions (.02) (1.88)E (2.78) (.61) (.36) (.95) 
Redemption fees added to paid in capitalB – – – F F F 
Net asset value, end of period $35.07 $31.16 $40.36 $39.13 $34.12 $26.71 
Total ReturnG,H 12.60% (18.84)% 11.11% 16.71%C 29.24% (16.38)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .85%K .83% .84% .85% .88% .90% 
Expenses net of fee waivers, if any .85%K .83% .84% .85% .88% .89% 
Expenses net of all reductions .80%K .82% .83% .85% .88% .89% 
Net investment income (loss) .53%K .50% .66% .48% 1.27% 1.04% 
Supplemental Data       
Net assets, end of period (000 omitted) $150,789 $145,137 $218,945 $209,178 $204,651 $169,455 
Portfolio turnover rateL 177%K 108% 71% 56% 38% 30% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been 16.67%.

 D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 E Total distributions of $1.88 per share is comprised of distributions from net investment income of $.197 and distributions from net realized gain of $1.687 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Computers Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Apple, Inc. 21.8 
Sony Corp. 15.9 
Samsung Electronics Co. Ltd. 11.4 
Xiaomi Corp. Class B 4.9 
Dell Technologies, Inc. 4.9 
Logitech International SA (Reg.) 4.4 
HP, Inc. 3.7 
Fujifilm Holdings Corp. 3.6 
Western Digital Corp. 2.4 
Kornit Digital Ltd. 2.2 
 75.2 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Technology Hardware, Storage & Peripherals 65.9% 
   Household Durables 17.1% 
   Software 5.1% 
   Machinery 2.2% 
   Electronic Equipment & Components 2.0% 
   All Others* 7.7% 


* Includes short-term investments and net other assets (liabilities).

Computers Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value 
Electronic Equipment & Components - 2.0%   
Electronic Components - 2.0%   
Kyocera Corp. 208,669 $11,992,335 
Equity Real Estate Investment Trusts (REITs) - 0.7%   
Specialized REITs - 0.7%   
Equinix, Inc. 5,380 4,249,016 
Household Durables - 17.1%   
Consumer Electronics - 15.9%   
Sony Corp. 1,214,882 95,130,610 
Household Appliances - 1.2%   
Haier Smart Home Co. Ltd. (A Shares) 2,255,528 7,344,476 
TOTAL HOUSEHOLD DURABLES  102,475,086 
Interactive Media & Services - 2.0%   
Interactive Media & Services - 2.0%   
Tencent Holdings Ltd. sponsored ADR 174,557 11,929,225 
Internet & Direct Marketing Retail - 1.6%   
Internet & Direct Marketing Retail - 1.6%   
MercadoLibre, Inc. (a) 8,291 9,688,780 
IT Services - 0.7%   
IT Consulting & Other Services - 0.7%   
Gartner, Inc. (a) 31,524 4,092,446 
Machinery - 2.2%   
Industrial Machinery - 2.2%   
Kornit Digital Ltd. (a) 216,970 13,436,952 
Semiconductors & Semiconductor Equipment - 1.0%   
Semiconductor Equipment - 1.0%   
ASML Holding NV 15,246 5,704,748 
Software - 5.1%   
Application Software - 0.0%   
Jamf Holding Corp. (a)(b) 700 27,020 
Systems Software - 5.1%   
Microsoft Corp. 26,632 6,006,315 
Nortonlifelock, Inc. 531,745 12,506,642 
Ping Identity Holding Corp. (a)(b) 155,214 5,350,227 
SailPoint Technologies Holding, Inc. (a) 164,956 6,471,224 
  30,334,408 
TOTAL SOFTWARE  30,361,428 
Technology Hardware, Storage & Peripherals - 65.9%   
Technology Hardware, Storage & Peripherals - 65.9%   
Apple, Inc. 1,011,124 130,475,442 
Canon, Inc. 530,158 9,093,098 
Dell Technologies, Inc. (a) 442,237 29,223,021 
Diebold Nixdorf, Inc. (a)(b) 872 7,272 
Fujifilm Holdings Corp. 451,723 21,520,977 
Hewlett Packard Enterprise Co. 1,043,861 10,094,136 
HP, Inc. 1,132,342 22,137,286 
Logitech International SA (Reg.) 359,984 26,610,024 
NetApp, Inc. 199,916 9,474,019 
Pure Storage, Inc. Class A (a) 459,256 7,008,247 
Samsung Electronics Co. Ltd. 1,504,214 68,401,864 
Seagate Technology LLC 241,352 11,582,482 
Western Digital Corp. 374,163 14,375,342 
Xerox Holdings Corp. 290,371 5,476,397 
Xiaomi Corp. Class B (a)(c) 9,535,568 29,529,763 
  395,009,370 
TOTAL COMMON STOCKS   
(Cost $344,457,684)  588,939,386 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund 0.12% (d) 10,167,720 10,169,754 
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) 3,041,678 3,041,982 
TOTAL MONEY MARKET FUNDS   
(Cost $13,211,736)  13,211,736 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $357,669,420)  602,151,122 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (3,188,799) 
NET ASSETS - 100%  $598,962,323 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $29,529,763 or 4.9% of net assets.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $21,374 
Fidelity Securities Lending Cash Central Fund 28,103 
Total $49,477 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $588,939,386 $455,185,915 $133,753,471 $-- 
Money Market Funds 13,211,736 13,211,736 -- -- 
Total Investments in Securities: $602,151,122 $468,397,651 $133,753,471 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 48.0% 
Japan 23.0% 
Korea (South) 11.4% 
Cayman Islands 6.9% 
Switzerland 4.4% 
Israel 2.2% 
Ireland 1.9% 
China 1.2% 
Netherlands 1.0% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Computers Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $2,933,985) — See accompanying schedule:
Unaffiliated issuers (cost $344,457,684) 
$588,939,386  
Fidelity Central Funds (cost $13,211,736) 13,211,736  
Total Investment in Securities (cost $357,669,420)  $602,151,122 
Receivable for fund shares sold  389,486 
Dividends receivable  244,947 
Distributions receivable from Fidelity Central Funds  1,894 
Prepaid expenses  4,163 
Other receivables  219,388 
Total assets  603,011,000 
Liabilities   
Payable for fund shares redeemed $588,695  
Accrued management fee 256,227  
Other affiliated payables 87,348  
Other payables and accrued expenses 74,332  
Collateral on securities loaned 3,042,075  
Total liabilities  4,048,677 
Net Assets  $598,962,323 
Net Assets consist of:   
Paid in capital  $347,654,854 
Total accumulated earnings (loss)  251,307,469 
Net Assets  $598,962,323 
Net Asset Value, offering price and redemption price per share ($598,962,323 ÷ 6,461,676 shares)  $92.69 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $4,211,616 
Income from Fidelity Central Funds (including $28,103 from security lending)  49,477 
Total income  4,261,093 
Expenses   
Management fee $1,356,732  
Transfer agent fees 405,595  
Accounting fees 97,984  
Custodian fees and expenses 15,475  
Independent trustees' fees and expenses 1,654  
Registration fees 17,406  
Audit 18,787  
Legal 390  
Interest 511  
Miscellaneous 8,459  
Total expenses before reductions 1,922,993  
Expense reductions (105,135)  
Total expenses after reductions  1,817,858 
Net investment income (loss)  2,443,235 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 9,035,562  
Fidelity Central Funds (1,534)  
Foreign currency transactions (265,088)  
Total net realized gain (loss)  8,768,940 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 104,975,127  
Assets and liabilities in foreign currencies 20,040  
Total change in net unrealized appreciation (depreciation)  104,995,167 
Net gain (loss)  113,764,107 
Net increase (decrease) in net assets resulting from operations  $116,207,342 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,443,235 $10,071,727 
Net realized gain (loss) 8,768,940 41,250,368 
Change in net unrealized appreciation (depreciation) 104,995,167 28,116,018 
Net increase (decrease) in net assets resulting from operations 116,207,342 79,438,113 
Distributions to shareholders (26,149,427) (66,135,088) 
Share transactions   
Proceeds from sales of shares 27,158,417 97,658,347 
Reinvestment of distributions 24,915,416 63,117,629 
Cost of shares redeemed (76,961,984) (132,066,756) 
Net increase (decrease) in net assets resulting from share transactions (24,888,151) 28,709,220 
Total increase (decrease) in net assets 65,169,764 42,012,245 
Net Assets   
Beginning of period 533,792,559 491,780,314 
End of period $598,962,323 $533,792,559 
Other Information   
Shares   
Sold 343,086 1,202,453 
Issued in reinvestment of distributions 359,063 818,801 
Redeemed (1,028,500) (1,718,015) 
Net increase (decrease) (326,351) 303,239 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Computers Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $78.64 $75.84 $92.81 $83.01 $62.46 $83.28 
Income from Investment Operations       
Net investment income (loss)B .37 1.51C .81 .67 .73 .69 
Net realized and unrealized gain (loss) 17.70 11.48 (1.67) 19.24 24.69 (18.42) 
Total from investment operations 18.07 12.99 (.86) 19.91 25.42 (17.73) 
Distributions from net investment income (1.15) (.77) (.88)D (.73)D (.88) (.80) 
Distributions from net realized gain (2.87) (9.42) (15.23)D (9.38)D (4.00) (2.29) 
Total distributions (4.02) (10.19) (16.11) (10.11) (4.87)E (3.09) 
Redemption fees added to paid in capitalB – – – F F F 
Net asset value, end of period $92.69 $78.64 $75.84 $92.81 $83.01 $62.46 
Total ReturnG,H 24.69% 17.80% .54% 24.82% 41.57% (21.56)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .75%K .76% .77% .79% .81% .80% 
Expenses net of fee waivers, if any .75%K .76% .77% .79% .81% .80% 
Expenses net of all reductions .71%K .75% .77% .78% .81% .79% 
Net investment income (loss) .96%K 1.95%C .90% .75% 1.01% .91% 
Supplemental Data       
Net assets, end of period (000 omitted) $598,962 $533,793 $491,780 $538,332 $472,745 $388,554 
Portfolio turnover rateL 82%K 116% 81% 57% 49% 31% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.78 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .94%.

 D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 E Total distributions of $4.87 per share is comprised of distributions from net investment income of $.879 and distributions from net realized gain of $3.995 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


IT Services Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
MasterCard, Inc. Class A 18.4 
Visa, Inc. Class A 15.6 
PayPal Holdings, Inc. 8.5 
Fidelity National Information Services, Inc. 7.2 
Fiserv, Inc. 3.7 
EPAM Systems, Inc. 2.9 
IBM Corp. 2.8 
Genpact Ltd. 2.7 
Twilio, Inc. Class A 2.5 
GoDaddy, Inc. 2.4 
 66.7 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   IT Services 86.0% 
   Software 7.7% 
   Professional Services 1.3% 
   Interactive Media & Services 1.2% 
   Media 0.8% 
   All Others* 3.0% 


* Includes short-term investments and net other assets (liabilities).

IT Services Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%   
 Shares Value 
Aerospace & Defense - 0.2%   
Aerospace & Defense - 0.2%   
Axon Enterprise, Inc. (a) 89,000 $7,625,520 
Diversified Financial Services - 0.5%   
Multi-Sector Holdings - 0.5%   
Cannae Holdings, Inc. (a) 552,000 20,826,960 
Entertainment - 0.5%   
Interactive Home Entertainment - 0.5%   
Activision Blizzard, Inc. 156,600 13,079,232 
Electronic Arts, Inc. (a) 62,600 8,730,822 
  21,810,054 
Interactive Media & Services - 1.2%   
Interactive Media & Services - 1.2%   
Facebook, Inc. Class A (a) 59,500 17,445,400 
Match Group, Inc. (a) 326,630 36,478,038 
  53,923,438 
Internet & Direct Marketing Retail - 0.5%   
Internet & Direct Marketing Retail - 0.5%   
MercadoLibre, Inc. (a) 18,500 21,618,915 
IT Services - 86.0%   
Data Processing & Outsourced Services - 67.5%   
Adyen BV (a)(b) 5,700 9,608,217 
Amadeus IT Holding SA Class A 352,500 19,732,967 
Automatic Data Processing, Inc. 634,275 88,221,310 
Black Knight, Inc. (a) 864,200 72,679,220 
Fidelity National Information Services, Inc. 2,037,097 307,296,082 
Fiserv, Inc. (a) 1,596,317 158,961,247 
FleetCor Technologies, Inc. (a) 94,800 23,837,460 
Genpact Ltd. 2,727,480 115,045,106 
Global Payments, Inc. 532,303 94,015,356 
MasterCard, Inc. Class A 2,200,200 788,089,639 
PayPal Holdings, Inc. (a) 1,770,200 361,368,628 
Square, Inc. (a) 498,600 79,556,616 
StoneCo Ltd. Class A (a) 438,000 22,338,000 
The Western Union Co. 4,800 113,232 
Ttec Holdings, Inc. 2,000 113,380 
Visa, Inc. Class A (c) 3,138,648 665,361,990 
WEX, Inc. (a) 700 111,797 
WNS Holdings Ltd. sponsored ADR (a) 1,166,261 77,381,417 
  2,883,831,664 
Internet Services & Infrastructure - 6.0%   
Akamai Technologies, Inc. (a) 77,600 9,034,968 
GoDaddy, Inc. (a) 1,208,627 101,137,907 
MongoDB, Inc. Class A (a)(c) 88,600 20,714,680 
Twilio, Inc. Class A (a) 404,600 109,144,896 
VeriSign, Inc. (a) 72,000 15,465,600 
  255,498,051 
IT Consulting & Other Services - 12.5%   
Accenture PLC Class A 44,280 10,624,100 
Amdocs Ltd. 123,300 7,549,659 
Booz Allen Hamilton Holding Corp. Class A 427,100 37,610,426 
Cognizant Technology Solutions Corp. Class A 847,932 56,692,734 
DXC Technology Co. 1,093,400 21,846,132 
Endava PLC ADR (a) 618,361 33,694,491 
EPAM Systems, Inc. (a) 376,600 123,185,860 
Gartner, Inc. (a) 351,400 45,618,748 
IBM Corp. 956,350 117,927,519 
Leidos Holdings, Inc. 501,725 45,401,095 
Reply SpA 271,557 30,137,817 
Science Applications International Corp. 800 66,768 
Unisys Corp. (a) 167,753 1,956,000 
  532,311,349 
TOTAL IT SERVICES  3,671,641,064 
Media - 0.8%   
Advertising - 0.8%   
S4 Capital PLC (a) 6,861,196 32,834,699 
Professional Services - 1.3%   
Research & Consulting Services - 1.3%   
CoreLogic, Inc. 2,700 179,280 
Equifax, Inc. 125,700 21,151,539 
ICF International, Inc. 161,411 11,025,985 
Verisk Analytics, Inc. 119,100 22,232,397 
  54,589,201 
Real Estate Management & Development - 0.1%   
Real Estate Services - 0.1%   
KE Holdings, Inc. ADR (a) 86,900 4,457,101 
Road & Rail - 0.5%   
Trucking - 0.5%   
Uber Technologies, Inc. (a) 651,500 21,909,945 
Software - 7.7%   
Application Software - 7.3%   
Adobe, Inc. (a) 139,169 71,447,973 
Ceridian HCM Holding, Inc. (a) 258,773 20,577,629 
Intuit, Inc. 177,800 61,410,342 
Netcompany Group A/S (a)(b) 341,026 29,522,984 
NICE Systems Ltd. sponsored ADR (a) 54,700 12,572,795 
Paycom Software, Inc. (a) 14,700 4,402,062 
SAP SE sponsored ADR (c) 211,900 35,050,379 
Slack Technologies, Inc. Class A (a)(c) 133,100 4,371,004 
SS&C Technologies Holdings, Inc. 510,250 32,513,130 
Temenos Group AG 4,990 804,848 
Workday, Inc. Class A (a) 97,300 23,323,783 
Xero Ltd. (a) 196,605 14,641,258 
  310,638,187 
Systems Software - 0.4%   
Blue Prism Group PLC (a)(c) 814,390 17,265,764 
TOTAL SOFTWARE  327,903,951 
TOTAL COMMON STOCKS   
(Cost $1,921,155,709)  4,239,140,848 
Money Market Funds - 4.5%   
Fidelity Cash Central Fund 0.12% (d) 1,864,057 1,864,429 
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) 190,563,805 190,582,861 
TOTAL MONEY MARKET FUNDS   
(Cost $192,447,290)  192,447,290 
TOTAL INVESTMENT IN SECURITIES - 103.8%   
(Cost $2,113,602,999)  4,431,588,138 
NET OTHER ASSETS (LIABILITIES) - (3.8)%  (161,268,507) 
NET ASSETS - 100%  $4,270,319,631 

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $39,131,201 or 0.9% of net assets.

 (c) Security or a portion of the security is on loan at period end.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $98,262 
Fidelity Securities Lending Cash Central Fund 1,258,460 
Total $1,356,722 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $4,239,140,848 $4,229,532,631 $9,608,217 $-- 
Money Market Funds 192,447,290 192,447,290 -- -- 
Total Investments in Securities: $4,431,588,138 $4,421,979,921 $9,608,217 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.3% 
Bermuda 2.7% 
United Kingdom 2.0% 
Bailiwick of Jersey 1.8% 
Others (Individually Less Than 1%) 4.2% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


IT Services Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $183,758,221) — See accompanying schedule:
Unaffiliated issuers (cost $1,921,155,709) 
$4,239,140,848  
Fidelity Central Funds (cost $192,447,290) 192,447,290  
Total Investment in Securities (cost $2,113,602,999)  $4,431,588,138 
Receivable for investments sold  36,809,734 
Receivable for fund shares sold  3,954,322 
Dividends receivable  2,736,016 
Distributions receivable from Fidelity Central Funds  61,802 
Prepaid expenses  21,910 
Other receivables  60,971 
Total assets  4,475,232,893 
Liabilities   
Payable for fund shares redeemed $11,868,822  
Accrued management fee 1,829,938  
Other affiliated payables 613,623  
Other payables and accrued expenses 34,954  
Collateral on securities loaned 190,565,925  
Total liabilities  204,913,262 
Net Assets  $4,270,319,631 
Net Assets consist of:   
Paid in capital  $1,853,585,168 
Total accumulated earnings (loss)  2,416,734,463 
Net Assets  $4,270,319,631 
Net Asset Value, offering price and redemption price per share ($4,270,319,631 ÷ 47,581,411 shares)  $89.75 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $13,883,880 
Income from Fidelity Central Funds (including $1,258,460 from security lending)  1,356,722 
Total income  15,240,602 
Expenses   
Management fee $10,207,101  
Transfer agent fees 3,151,572  
Accounting fees 516,312  
Custodian fees and expenses 25,520  
Independent trustees' fees and expenses 12,557  
Registration fees 79,999  
Audit 25,588  
Legal 2,927  
Interest 1,391  
Miscellaneous 65,412  
Total expenses before reductions 14,088,379  
Expense reductions (113,466)  
Total expenses after reductions  13,974,913 
Net investment income (loss)  1,265,689 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 110,663,834  
Fidelity Central Funds 13,507  
Foreign currency transactions 46,196  
Total net realized gain (loss)  110,723,537 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 665,832,919  
Assets and liabilities in foreign currencies 44,254  
Total change in net unrealized appreciation (depreciation)  665,877,173 
Net gain (loss)  776,600,710 
Net increase (decrease) in net assets resulting from operations  $777,866,399 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,265,689 $1,576,906 
Net realized gain (loss) 110,723,537 102,599,566 
Change in net unrealized appreciation (depreciation) 665,877,173 386,226,885 
Net increase (decrease) in net assets resulting from operations 777,866,399 490,403,357 
Distributions to shareholders (24,769,573) (92,016,949) 
Share transactions   
Proceeds from sales of shares 524,679,141 2,205,695,282 
Reinvestment of distributions 23,494,560 87,345,122 
Cost of shares redeemed (1,130,064,955) (1,459,634,052) 
Net increase (decrease) in net assets resulting from share transactions (581,891,254) 833,406,352 
Total increase (decrease) in net assets 171,205,572 1,231,792,760 
Net Assets   
Beginning of period 4,099,114,059 2,867,321,299 
End of period $4,270,319,631 $4,099,114,059 
Other Information   
Shares   
Sold 7,288,597 30,329,506 
Issued in reinvestment of distributions 352,985 1,178,021 
Redeemed (15,737,931) (19,968,785) 
Net increase (decrease) (8,096,349) 11,538,742 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

IT Services Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 28,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $73.62 $64.96 $58.69 $44.84 $37.16 $38.88 
Income from Investment Operations       
Net investment income (loss)B .02 .03 .04 .04 .13C (.02) 
Net realized and unrealized gain (loss) 16.58 10.36 8.92 15.50 7.68 (.15) 
Total from investment operations 16.60 10.39 8.96 15.54 7.81 (.17) 
Distributions from net investment income (.01) (.03) (.03) (.02) (.13) – 
Distributions from net realized gain (.47) (1.70) (2.66) (1.67) – (1.55) 
Total distributions (.47)D (1.73) (2.69) (1.69) (.13) (1.55) 
Redemption fees added to paid in capitalB – – – – E E 
Net asset value, end of period $89.75 $73.62 $64.96 $58.69 $44.84 $37.16 
Total ReturnF,G 22.77% 15.99% 16.04% 35.17% 21.05% (.59)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .73%J .73% .74% .77% .79% .81% 
Expenses net of fee waivers, if any .73%J .73% .74% .77% .79% .81% 
Expenses net of all reductions .73%J .73% .74% .77% .79% .80% 
Net investment income (loss) .07%J .04% .06% .08% .33%C (.06)% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,270,320 $4,099,114 $2,867,321 $2,284,152 $1,663,802 $1,894,175 
Portfolio turnover rateK 34%J 24% 26% 26% 27% 24% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .02%.

 D Total distributions of $.47 per share is comprised of distributions from net investment income of $.006 and distributions from net realized gain of $.466 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Semiconductors Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
NVIDIA Corp. 22.9 
Qualcomm, Inc. 8.2 
Intel Corp. 7.1 
Broadcom, Inc. 6.3 
NXP Semiconductors NV 5.2 
Marvell Technology Group Ltd. 4.7 
Microchip Technology, Inc. 4.5 
Lam Research Corp. 4.4 
Micron Technology, Inc. 4.2 
ON Semiconductor Corp. 3.8 
 71.3 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Semiconductors & Semiconductor Equipment 91.8% 
   Electronic Equipment & Components 6.1% 
   Technology Hardware, Storage & Peripherals 0.9% 
   All Others* 1.2% 


* Includes short-term investments and net other assets (liabilities).

Semiconductors Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%   
 Shares Value 
Electronic Equipment & Components - 6.1%   
Electronic Components - 0.7%   
II-VI, Inc. (a)(b) 653,400 $29,076,300 
Electronic Manufacturing Services - 5.4%   
Flextronics International Ltd. (a) 5,457,600 59,269,536 
Jabil, Inc. (b) 3,685,158 125,848,146 
TTM Technologies, Inc. (a) 3,950,967 45,278,082 
  230,395,764 
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS  259,472,064 
Semiconductors & Semiconductor Equipment - 91.7%   
Semiconductor Equipment - 8.0%   
Advanced Energy Industries, Inc. (a) 388,464 28,792,952 
Applied Materials, Inc. 901,200 55,513,920 
Enphase Energy, Inc. (a) 869,400 67,143,762 
Lam Research Corp. 553,573 186,188,743 
  337,639,377 
Semiconductors - 83.7%   
Advanced Micro Devices, Inc. (a) 138,300 12,560,406 
Alpha & Omega Semiconductor Ltd. (a) 742,296 10,058,111 
Ambarella, Inc. (a) 101,700 5,359,590 
Analog Devices, Inc. 517,296 60,461,556 
ASE Technology Holding Co. Ltd. ADR 1,396,600 5,740,026 
Broadcom, Inc. 774,350 268,815,603 
Cirrus Logic, Inc. (a) 1,311,560 79,467,420 
Diodes, Inc. (a) 326,400 15,947,904 
Inphi Corp. (a) 180,500 20,573,390 
Intel Corp. 5,905,142 300,866,985 
Marvell Technology Group Ltd. 5,154,893 199,906,751 
Maxim Integrated Products, Inc. 53,972 3,693,844 
MaxLinear, Inc. Class A (a) 817,731 19,911,750 
MediaTek, Inc. 57,000 1,078,656 
Microchip Technology, Inc. 1,743,037 191,211,159 
Micron Technology, Inc. (a) 3,903,360 177,641,914 
NVIDIA Corp. 1,813,492 970,181,947 
NXP Semiconductors NV 1,745,593 219,525,776 
ON Semiconductor Corp. (a) 7,485,840 159,972,401 
Qualcomm, Inc. 2,932,388 349,247,411 
Semtech Corp. (a) 282,470 16,566,866 
Silicon Motion Technology Corp. sponsored ADR 90,000 3,411,900 
SMART Global Holdings, Inc. (a) 641,000 16,153,200 
Synaptics, Inc. (a) 266,364 22,728,840 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 752,000 59,596,000 
Texas Instruments, Inc. 1,055,300 150,010,895 
Universal Display Corp. 305,687 53,648,069 
Xilinx, Inc. 1,508,566 157,132,235 
  3,551,470,605 
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT  3,889,109,982 
Technology Hardware, Storage & Peripherals - 0.9%   
Technology Hardware, Storage & Peripherals - 0.9%   
Samsung Electronics Co. Ltd. 323,460 14,708,856 
Western Digital Corp. 652,400 25,065,208 
  39,774,064 
TOTAL COMMON STOCKS   
(Cost $2,604,291,429)  4,188,356,110 
 Principal Amount Value 
Convertible Bonds - 0.1%   
Semiconductors & Semiconductor Equipment - 0.1%   
Semiconductors - 0.1%   
SMART Global Holdings, Inc. 2.25% 2/15/26(c)   
(Cost $3,590,000) 3,590,000 3,201,921 
 Shares Value 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund 0.12% (d) 42,297,087 42,305,546 
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) 33,981,306 33,984,704 
TOTAL MONEY MARKET FUNDS   
(Cost $76,290,015)  76,290,250 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $2,684,171,444)  4,267,848,281 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (26,596,903) 
NET ASSETS - 100%  $4,241,251,378 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,201,921 or 0.1% of net assets.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $94,195 
Fidelity Securities Lending Cash Central Fund 35,512 
Total $129,707 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
CommScope Holding Co., Inc. $128,371,095 $2,078,594 $102,656,731 $-- $(46,832,883) $26,234,382 $-- 
Total $128,371,095 $2,078,594 $102,656,731 $-- $(46,832,883) $26,234,382 $-- 

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $4,188,356,110 $4,188,356,110 $-- $-- 
Convertible Bonds 3,201,921 -- 3,201,921 -- 
Money Market Funds 76,290,250 76,290,250 -- -- 
Total Investments in Securities: $4,267,848,281 $4,264,646,360 $3,201,921 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 86.4% 
Netherlands 5.2% 
Bermuda 4.9% 
Taiwan 1.5% 
Singapore 1.4% 
Others (Individually Less Than 1%) 0.6% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Semiconductors Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $33,255,225) — See accompanying schedule:
Unaffiliated issuers (cost $2,607,881,429) 
$4,191,558,031  
Fidelity Central Funds (cost $76,290,015) 76,290,250  
Total Investment in Securities (cost $2,684,171,444)  $4,267,848,281 
Receivable for investments sold  21,045,705 
Receivable for fund shares sold  2,540,601 
Dividends receivable  4,405,224 
Interest receivable  3,590 
Distributions receivable from Fidelity Central Funds  10,851 
Prepaid expenses  29,562 
Other receivables  444,287 
Total assets  4,296,328,101 
Liabilities   
Payable for investments purchased $10,467,090  
Payable for fund shares redeemed 8,019,499  
Accrued management fee 1,827,269  
Other affiliated payables 563,690  
Other payables and accrued expenses 227,350  
Collateral on securities loaned 33,971,825  
Total liabilities  55,076,723 
Net Assets  $4,241,251,378 
Net Assets consist of:   
Paid in capital  $2,565,663,439 
Total accumulated earnings (loss)  1,675,587,939 
Net Assets  $4,241,251,378 
Net Asset Value, offering price and redemption price per share ($4,241,251,378 ÷ 313,910,636 shares)  $13.51 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $30,010,748 
Interest  41,144 
Income from Fidelity Central Funds (including $35,512 from security lending)  129,707 
Total income  30,181,599 
Expenses   
Management fee $9,853,749  
Transfer agent fees 2,734,036  
Accounting fees 505,099  
Custodian fees and expenses 24,550  
Independent trustees' fees and expenses 11,897  
Registration fees 57,405  
Audit 18,047  
Legal 2,766  
Interest 5,523  
Miscellaneous 51,549  
Total expenses before reductions 13,264,621  
Expense reductions (427,180)  
Total expenses after reductions  12,837,441 
Net investment income (loss)  17,344,158 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 136,471,013  
Fidelity Central Funds 12,042  
Other affiliated issuers (46,832,883)  
Foreign currency transactions 165,661  
Total net realized gain (loss)  89,815,833 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 746,205,124  
Fidelity Central Funds (46)  
Other affiliated issuers 26,234,382  
Assets and liabilities in foreign currencies (95,049)  
Total change in net unrealized appreciation (depreciation)  772,344,411 
Net gain (loss)  862,160,244 
Net increase (decrease) in net assets resulting from operations  $879,504,402 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $17,344,158 $30,185,284 
Net realized gain (loss) 89,815,833 423,622,859 
Change in net unrealized appreciation (depreciation) 772,344,411 300,175,424 
Net increase (decrease) in net assets resulting from operations 879,504,402 753,983,567 
Distributions to shareholders (228,759,621) (137,447,610) 
Share transactions   
Proceeds from sales of shares 371,391,242 1,132,808,025 
Reinvestment of distributions 219,020,909 131,251,931 
Cost of shares redeemed (778,462,336) (1,154,544,829) 
Net increase (decrease) in net assets resulting from share transactions (188,050,185) 109,515,127 
Total increase (decrease) in net assets 462,694,596 726,051,084 
Net Assets   
Beginning of period 3,778,556,782 3,052,505,698 
End of period $4,241,251,378 $3,778,556,782 
Other Information   
Shares   
Sold 33,643,114 100,264,558 
Issued in reinvestment of distributions 21,706,732 10,533,281 
Redeemed (70,860,850) (105,721,572) 
Net increase (decrease) (15,511,004) 5,076,267 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Semiconductors Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 29,     
 2020 2020 A 2019 B 2018 B 2017 B 2016 A,B 
Selected Per–Share Data       
Net asset value, beginning of period $11.47 $9.41 $11.77 $10.12 $6.99 $8.95 
Income from Investment Operations       
Net investment income (loss)C .05 .09 .10 .05 .10 .07 
Net realized and unrealized gain (loss) 2.72 2.39 (.35) 3.24 3.40 (.88) 
Total from investment operations 2.77 2.48 (.25) 3.29 3.50 (.81) 
Distributions from net investment income D (.10) (.06) (.12) (.07) (.08) 
Distributions from net realized gain (.73) (.33) (2.05) (1.52) (.30) (1.07) 
Total distributions (.73) (.42)E (2.11) (1.64) (.37) (1.15) 
Redemption fees added to paid in capitalC – – – D D D 
Net asset value, end of period $13.51 $11.47 $9.41 $11.77 $10.12 $6.99 
Total ReturnF,G 26.32% 26.01% .19% 34.20% 51.79% (10.44)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .71%J .72% .73% .75% .77% .77% 
Expenses net of fee waivers, if any .71%J .72% .73% .75% .77% .77% 
Expenses net of all reductions .69%J .71% .72% .74% .75% .74% 
Net investment income (loss) .93%J .85% .92% .47% 1.19% .88% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,241,251 $3,778,557 $3,052,506 $3,652,565 $3,012,372 $1,338,175 
Portfolio turnover rateK 131%J 114% 130% 110% 110% 179% 

 A For the year ended February 29.

 B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.

 C Calculated based on average shares outstanding during the period.

 D Amount represents less than $.005 per share.

 E Total distributions of $.42 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.326 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Software and IT Services Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Microsoft Corp. 23.9 
Visa, Inc. Class A 6.5 
Adobe, Inc. 6.3 
Salesforce.com, Inc. 6.0 
MasterCard, Inc. Class A 5.6 
PayPal Holdings, Inc. 4.8 
Alphabet, Inc. Class A 2.4 
Cognizant Technology Solutions Corp. Class A 2.0 
Oracle Corp. 2.0 
Autodesk, Inc. 2.0 
 61.5 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Software 56.8% 
   IT Services 31.0% 
   Interactive Media & Services 4.2% 
   Entertainment 1.6% 
   Internet & Direct Marketing Retail 0.9% 
   All Others* 5.5% 


* Includes short-term investments and net other assets (liabilities).

Software and IT Services Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%   
 Shares Value 
Electronic Equipment & Components - 0.6%   
Electronic Equipment & Instruments - 0.6%   
Trimble, Inc. (a) 1,289,200 $67,566,972 
Entertainment - 1.6%   
Interactive Home Entertainment - 1.6%   
Activision Blizzard, Inc. 952,800 79,577,856 
Electronic Arts, Inc. (a) 762,400 106,331,928 
  185,909,784 
Interactive Media & Services - 4.2%   
Interactive Media & Services - 4.2%   
Alphabet, Inc. Class A (a) 169,000 275,390,570 
Facebook, Inc. Class A (a) 420,300 123,231,960 
Twitter, Inc. (a) 2,118,100 85,952,498 
  484,575,028 
Internet & Direct Marketing Retail - 0.9%   
Internet & Direct Marketing Retail - 0.9%   
Alibaba Group Holding Ltd. sponsored ADR (a) 352,800 101,264,184 
IT Services - 31.0%   
Data Processing & Outsourced Services - 20.4%   
Automatic Data Processing, Inc. 314,800 43,785,532 
ExlService Holdings, Inc. (a) 731,500 46,589,235 
Fidelity National Information Services, Inc. 103,800 15,658,230 
Fiserv, Inc. (a) 241,900 24,088,402 
FleetCor Technologies, Inc. (a) 153,200 38,522,140 
Global Payments, Inc. 939,870 165,999,839 
MasterCard, Inc. Class A 1,808,700 647,858,253 
Paychex, Inc. 643,400 49,200,798 
PayPal Holdings, Inc. (a) 2,698,000 550,769,720 
Visa, Inc. Class A (b) 3,547,320 751,996,367 
WEX, Inc. (a) 189,700 30,296,987 
  2,364,765,503 
Internet Services & Infrastructure - 2.8%   
Akamai Technologies, Inc. (a) 925,300 107,732,679 
GoDaddy, Inc. (a) 1,353,600 113,269,248 
Twilio, Inc. Class A (a) 391,400 105,584,064 
  326,585,991 
IT Consulting & Other Services - 7.8%   
Accenture PLC Class A 649,900 155,930,507 
CACI International, Inc. Class A (a) 12,000 2,810,280 
Capgemini SA 969,200 134,165,000 
Cognizant Technology Solutions Corp. Class A 3,566,700 238,469,562 
DXC Technology Co. 1,118,400 22,345,632 
Gartner, Inc. (a) 974,000 126,444,680 
IBM Corp. 1,473,500 181,697,285 
Liveramp Holdings, Inc. (a) 889,700 49,680,848 
  911,543,794 
TOTAL IT SERVICES  3,602,895,288 
Media - 0.3%   
Publishing - 0.3%   
The New York Times Co. Class A 808,600 35,036,638 
Road & Rail - 0.4%   
Trucking - 0.4%   
Uber Technologies, Inc. (a) 1,463,900 49,230,957 
Software - 56.8%   
Application Software - 27.2%   
Adobe, Inc. (a) 1,420,500 729,270,495 
Alteryx, Inc. Class A (a)(b) 243,700 29,446,271 
Anaplan, Inc. (a) 2,426,600 148,629,250 
Aspen Technology, Inc. (a) 486,100 61,749,283 
Autodesk, Inc. (a) 923,900 227,002,230 
Blackbaud, Inc. 749,100 47,830,035 
Box, Inc. Class A (a) 445,600 8,747,128 
Ceridian HCM Holding, Inc. (a) 36,900 2,934,288 
Citrix Systems, Inc. 204,950 29,758,740 
Constellation Software, Inc. 27,200 31,488,272 
Dropbox, Inc. Class A (a) 743,000 15,729,310 
Elastic NV (a) 776,400 84,301,512 
HubSpot, Inc. (a) 299,200 89,664,256 
Intuit, Inc. 263,800 91,113,882 
Micro Focus International PLC 2,089,564 8,289,887 
Mimecast Ltd. (a) 789,400 38,870,056 
New Relic, Inc. (a) 994,900 61,116,707 
Parametric Technology Corp. (a) 1,147,700 104,911,257 
Pluralsight, Inc. (a)(b) 4,730,200 90,536,028 
RealPage, Inc. (a) 982,400 61,517,888 
Salesforce.com, Inc. (a) 2,568,326 700,254,084 
Slack Technologies, Inc. Class A (a)(b) 3,209,780 105,409,175 
Smartsheet, Inc. (a) 940,300 51,274,559 
Workday, Inc. Class A (a) 785,500 188,292,205 
Workiva, Inc. (a) 862,200 50,869,800 
Zendesk, Inc. (a) 1,045,200 100,736,376 
  3,159,742,974 
Systems Software - 29.6%   
FireEye, Inc. (a)(b) 3,422,300 50,239,364 
Microsoft Corp. 12,308,600 2,775,958,559 
Nortonlifelock, Inc. 4,032,300 94,839,696 
Oracle Corp. 4,003,727 229,093,259 
Palo Alto Networks, Inc. (a) 492,300 126,722,943 
Proofpoint, Inc. (a) 463,881 50,873,829 
Talend SA ADR (a)(b) 734,685 30,254,328 
Tenable Holdings, Inc. (a) 1,617,600 60,886,464 
Zuora, Inc. (a) 1,709,300 23,229,387 
  3,442,097,829 
TOTAL SOFTWARE  6,601,840,803 
Technology Hardware, Storage & Peripherals - 0.1%   
Technology Hardware, Storage & Peripherals - 0.1%   
Apple, Inc. 127,100 16,400,984 
TOTAL COMMON STOCKS   
(Cost $5,453,558,653)  11,144,720,638 
Money Market Funds - 8.6%   
Fidelity Cash Central Fund 0.12% (c) 437,309,868 437,397,330 
Fidelity Securities Lending Cash Central Fund 0.11% (c)(d) 564,392,902 564,449,341 
TOTAL MONEY MARKET FUNDS   
(Cost $1,001,842,826)  1,001,846,671 
TOTAL INVESTMENT IN SECURITIES - 104.5%   
(Cost $6,455,401,479)  12,146,567,309 
NET OTHER ASSETS (LIABILITIES) - (4.5)%  (525,251,391) 
NET ASSETS - 100%  $11,621,315,918 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $314,865 
Fidelity Securities Lending Cash Central Fund 388,808 
Total $703,673 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $11,144,720,638 $11,136,430,751 $8,289,887 $-- 
Money Market Funds 1,001,846,671 1,001,846,671 -- -- 
Total Investments in Securities: $12,146,567,309 $12,138,277,422 $8,289,887 $-- 

See accompanying notes which are an integral part of the financial statements.


Software and IT Services Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $547,739,704) — See accompanying schedule:
Unaffiliated issuers (cost $5,453,558,653) 
$11,144,720,638  
Fidelity Central Funds (cost $1,001,842,826) 1,001,846,671  
Total Investment in Securities (cost $6,455,401,479)  $12,146,567,309 
Receivable for investments sold  27,501,935 
Receivable for forward foreign currency contracts  4,430,895 
Receivable for fund shares sold  29,054,295 
Dividends receivable  10,247,425 
Distributions receivable from Fidelity Central Funds  133,841 
Prepaid expenses  53,481 
Other receivables  449,050 
Total assets  12,218,438,231 
Liabilities   
Payable for investments purchased $7,423,320  
Payable for forward foreign currency contracts 4,430,924  
Payable for fund shares redeemed 14,330,932  
Accrued management fee 4,803,715  
Other affiliated payables 1,360,855  
Other payables and accrued expenses 343,899  
Collateral on securities loaned 564,428,668  
Total liabilities  597,122,313 
Net Assets  $11,621,315,918 
Net Assets consist of:   
Paid in capital  $5,639,147,330 
Total accumulated earnings (loss)  5,982,168,588 
Net Assets  $11,621,315,918 
Net Asset Value, offering price and redemption price per share ($11,621,315,918 ÷ 444,753,923 shares)  $26.13 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $28,321,956 
Income from Fidelity Central Funds (including $388,808 from security lending)  703,673 
Total income  29,025,629 
Expenses   
Management fee $24,105,245  
Transfer agent fees 6,800,625  
Accounting fees 623,844  
Custodian fees and expenses 31,149  
Independent trustees' fees and expenses 27,049  
Registration fees 266,932  
Audit 25,143  
Legal 5,810  
Miscellaneous 114,636  
Total expenses before reductions 32,000,433  
Expense reductions (146,551)  
Total expenses after reductions  31,853,882 
Net investment income (loss)  (2,828,253) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 299,088,426  
Fidelity Central Funds (3,865)  
Foreign currency transactions 18,803  
Total net realized gain (loss)  299,103,364 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 2,643,232,259  
Assets and liabilities in foreign currencies (1,071)  
Total change in net unrealized appreciation (depreciation)  2,643,231,188 
Net gain (loss)  2,942,334,552 
Net increase (decrease) in net assets resulting from operations  $2,939,506,299 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(2,828,253) $72,771,236 
Net realized gain (loss) 299,103,364 418,200,625 
Change in net unrealized appreciation (depreciation) 2,643,231,188 879,024,590 
Net increase (decrease) in net assets resulting from operations 2,939,506,299 1,369,996,451 
Distributions to shareholders (222,739,128) (906,376,597) 
Share transactions   
Proceeds from sales of shares 2,217,672,697 1,845,099,056 
Reinvestment of distributions 210,957,171 859,465,256 
Cost of shares redeemed (1,555,991,951) (1,677,168,985) 
Net increase (decrease) in net assets resulting from share transactions 872,637,917 1,027,395,327 
Total increase (decrease) in net assets 3,589,405,088 1,491,015,181 
Net Assets   
Beginning of period 8,031,910,830 6,540,895,649 
End of period $11,621,315,918 $8,031,910,830 
Other Information   
Shares   
Sold 106,099,883 94,168,380 
Issued in reinvestment of distributions 11,622,985 46,835,753 
Redeemed (76,640,857) (86,927,730) 
Net increase (decrease) 41,082,011 54,076,403 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Software and IT Services Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 29,     
 2020 2020 A 2019 B 2018 B 2017 B 2016 A,B 
Selected Per–Share Data       
Net asset value, beginning of period $19.90 $18.71 $17.89 $14.09 $11.11 $11.94 
Income from Investment Operations       
Net investment income (loss)C (.01) .19D .02 (.02) (.01) .01 
Net realized and unrealized gain (loss) 6.80 3.52 1.81 5.01 3.50 (.20) 
Total from investment operations 6.79 3.71 1.83 4.99 3.49 (.19) 
Distributions from net investment income (.15) (.05) (.01) – (.01) (.01) 
Distributions from net realized gain (.41) (2.47) (1.00) (1.19) (.50) (.63) 
Total distributions (.56) (2.52) (1.01) (1.19) (.51) (.64) 
Redemption fees added to paid in capitalC – – – – E E 
Net asset value, end of period $26.13 $19.90 $18.71 $17.89 $14.09 $11.11 
Total ReturnF,G 35.35% 21.33% 10.90% 36.76% 31.83% (1.84)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .70%J .70% .72% .73% .76% .77% 
Expenses net of fee waivers, if any .70%J .70% .72% .73% .76% .76% 
Expenses net of all reductions .70%J .70% .71% .73% .75% .76% 
Net investment income (loss) (.06)%J .98%D .10% (.09)% (.11)% .10% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,621,316 $8,031,911 $6,540,896 $5,539,357 $4,155,435 $2,971,370 
Portfolio turnover rateK 30%J 23% 48% 31% 44% 36% 

 A For the year ended February 29.

 B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.

 C Calculated based on average shares outstanding during the period.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Technology Portfolio

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Microsoft Corp. 18.5 
Apple, Inc. 13.0 
MasterCard, Inc. Class A 4.6 
NVIDIA Corp. 3.3 
Uber Technologies, Inc. 3.2 
Salesforce.com, Inc. 3.0 
Alibaba Group Holding Ltd. sponsored ADR 2.9 
Visa, Inc. Class A 2.3 
Fidelity National Information Services, Inc. 2.2 
Vivint Solar, Inc. 2.1 
 55.1 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Software 37.9% 
   IT Services 17.5% 
   Technology Hardware, Storage & Peripherals 13.2% 
   Semiconductors & Semiconductor Equipment 10.2% 
   Road & Rail 3.6% 
   All Others* 17.6% 


* Includes short-term investments and net other assets (liabilities).

Technology Portfolio

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%   
 Shares Value 
Aerospace & Defense - 0.6%   
Aerospace & Defense - 0.6%   
Axon Enterprise, Inc. (a)(b) 710,802 $60,901,515 
Automobiles - 0.1%   
Automobile Manufacturers - 0.1%   
XPeng, Inc. ADR (a) 613,600 12,578,800 
Chemicals - 0.7%   
Commodity Chemicals - 0.4%   
LG Chemical Ltd. 68,790 42,866,851 
Specialty Chemicals - 0.3%   
Amyris, Inc. (a)(b) 7,840,300 25,716,184 
Livent Corp. (a) 639,500 5,422,960 
  31,139,144 
TOTAL CHEMICALS  74,005,995 
Communications Equipment - 0.4%   
Communications Equipment - 0.4%   
Ericsson (B Shares) sponsored ADR 3,211,800 37,417,470 
Construction & Engineering - 0.1%   
Construction & Engineering - 0.1%   
Dycom Industries, Inc. (a) 133,223 8,194,547 
Diversified Telecommunication Services - 0.1%   
Alternative Carriers - 0.1%   
Vonage Holdings Corp. (a) 1,127,800 12,913,310 
Electrical Equipment - 2.6%   
Electrical Components & Equipment - 2.6%   
Sunrun, Inc. (a) 950,458 53,753,152 
Vivint Solar, Inc. (a)(c) 7,130,200 220,180,576 
  273,933,728 
Electronic Equipment & Components - 2.4%   
Electronic Components - 0.4%   
II-VI, Inc. (a)(b) 846,925 37,688,163 
Electronic Manufacturing Services - 1.7%   
Flextronics International Ltd. (a) 9,504,396 103,217,741 
Jabil, Inc. 2,308,416 78,832,406 
  182,050,147 
Technology Distributors - 0.3%   
Avnet, Inc. 391,018 10,756,905 
CDW Corp. 158,500 18,013,525 
  28,770,430 
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS  248,508,740 
Entertainment - 0.2%   
Interactive Home Entertainment - 0.2%   
Bilibili, Inc. ADR (a) 430,200 20,326,950 
Equity Real Estate Investment Trusts (REITs) - 0.5%   
Diversified REITs - 0.5%   
Ant International Co. Ltd. Class C (a)(d)(e) 4,366,389 48,204,935 
Health Care Providers & Services - 0.2%   
Health Care Services - 0.2%   
Ontrak, Inc. (a)(b) 228,300 16,654,485 
Household Durables - 0.9%   
Consumer Electronics - 0.9%   
Sony Corp. 1,115,300 87,332,901 
Sony Corp. sponsored ADR 115,300 9,067,192 
  96,400,093 
Interactive Media & Services - 3.1%   
Interactive Media & Services - 3.1%   
Eventbrite, Inc. (a)(b) 2,030,563 21,828,552 
Facebook, Inc. Class A (a) 533,000 156,275,600 
Wise Talent Information Technology Co. Ltd. (a) 14,586,926 36,593,682 
Yahoo! Japan Corp. 11,418,538 76,004,997 
Zoominfo Technologies, Inc. 904,100 35,097,162 
  325,799,993 
Internet & Direct Marketing Retail - 3.1%   
Internet & Direct Marketing Retail - 3.1%   
Alibaba Group Holding Ltd. 413,400 14,880,272 
Alibaba Group Holding Ltd. sponsored ADR (a) 1,066,200 306,031,386 
  320,911,658 
IT Services - 17.5%   
Data Processing & Outsourced Services - 14.1%   
Fidelity National Information Services, Inc. 1,532,827 231,226,953 
Fiserv, Inc. (a) 819,885 81,644,148 
Genpact Ltd. 3,592,200 151,518,996 
Global Payments, Inc. 203,030 35,859,159 
MasterCard, Inc. Class A 1,327,836 475,617,577 
PagSeguro Digital Ltd. (a) 207,100 8,727,194 
PayPal Holdings, Inc. (a) 899,700 183,664,758 
Sabre Corp. 1,188,500 8,307,615 
Square, Inc. (a) 296,000 47,229,760 
Visa, Inc. Class A 1,140,200 241,710,998 
  1,465,507,158 
Internet Services & Infrastructure - 1.7%   
GoDaddy, Inc. (a) 802,800 67,178,304 
MongoDB, Inc. Class A (a)(b) 168,000 39,278,400 
Twilio, Inc. Class A (a) 265,400 71,594,304 
  178,051,008 
IT Consulting & Other Services - 1.7%   
Capgemini SA 741,000 102,575,593 
Cognizant Technology Solutions Corp. Class A 871,500 58,268,490 
DXC Technology Co. 498,000 9,950,040 
  170,794,123 
TOTAL IT SERVICES  1,814,352,289 
Life Sciences Tools & Services - 0.0%   
Life Sciences Tools & Services - 0.0%   
JHL Biotech, Inc. (a)(e) 1,015,442 
Oil, Gas & Consumable Fuels - 0.9%   
Oil & Gas Refining & Marketing - 0.9%   
Reliance Industries Ltd. 3,127,200 88,821,675 
Reliance Industries Ltd. (a) 206,153 3,358,659 
Reliance Industries Ltd. sponsored GDR (f) 79,100 4,579,890 
  96,760,224 
Pharmaceuticals - 0.0%   
Pharmaceuticals - 0.0%   
Chime Biologics Ltd. (e) 1,015,442 528,873 
Real Estate Management & Development - 0.1%   
Real Estate Services - 0.1%   
KE Holdings, Inc. ADR (a) 197,900 10,150,291 
Road & Rail - 3.6%   
Trucking - 3.6%   
Lyft, Inc. (a) 1,283,006 38,066,788 
Uber Technologies, Inc. (a) 10,042,396 337,725,777 
  375,792,565 
Semiconductors & Semiconductor Equipment - 10.2%   
Semiconductors - 10.2%   
Advanced Micro Devices, Inc. (a) 1,248,300 113,370,606 
Cirrus Logic, Inc. (a) 230,545 13,968,722 
Marvell Technology Group Ltd. 4,321,554 167,589,864 
MediaTek, Inc. 758,000 14,344,236 
Micron Technology, Inc. (a) 2,284,700 103,976,697 
NVIDIA Corp. 636,550 340,541,519 
NXP Semiconductors NV 610,248 76,744,788 
ON Semiconductor Corp. (a) 3,272,600 69,935,462 
Qualcomm, Inc. 865,300 103,057,230 
Semtech Corp. (a) 16,700 979,455 
Taiwan Semiconductor Manufacturing Co. Ltd. 1,421,000 20,683,346 
Universal Display Corp. 79,700 13,987,350 
Xilinx, Inc. 251,100 26,154,576 
  1,065,333,851 
Software - 37.9%   
Application Software - 14.7%   
Adobe, Inc. (a) 377,039 193,568,052 
Autodesk, Inc. (a) 591,800 145,405,260 
Citrix Systems, Inc. 123,600 17,946,720 
Digital Turbine, Inc. (a) 65,400 1,582,026 
Elastic NV (a) 1,020,500 110,805,890 
HubSpot, Inc. (a) 59,800 17,920,864 
LivePerson, Inc. (a)(b) 1,762,078 105,125,573 
Nuance Communications, Inc. (a) 830,700 24,887,772 
Nutanix, Inc. Class B (a)(f) 72,872 2,092,155 
Pluralsight, Inc. (a) 1,697,700 32,493,978 
RealPage, Inc. (a) 217,017 13,589,605 
RingCentral, Inc. (a) 125,700 36,549,789 
Salesforce.com, Inc. (a) 1,139,088 310,572,343 
Snowflake Computing, Inc. Class B (d) 5,220 202,379 
Splunk, Inc. (a) 124,000 27,196,920 
SS&C Technologies Holdings, Inc. 998,300 63,611,676 
SurveyMonkey (a) 3,892,426 96,882,483 
Workday, Inc. Class A (a) 687,433 164,784,564 
Workiva, Inc. (a) 305,548 18,027,332 
Yext, Inc. (a)(b) 2,744,600 54,507,756 
Zendesk, Inc. (a) 992,400 95,647,512 
  1,533,400,649 
Systems Software - 23.2%   
Cloudflare, Inc. (a) 2,031,000 77,706,060 
Crowdstrike Holdings, Inc. (a) 8,900 1,118,997 
Microsoft Corp. 8,509,140 1,919,066,346 
Nortonlifelock, Inc. 6,509,606 153,105,933 
Oracle Corp. 1,874,700 107,270,334 
Rapid7, Inc. (a)(b) 1,075,709 69,458,530 
Tenable Holdings, Inc. (a) 2,144,230 80,708,817 
  2,408,435,017 
TOTAL SOFTWARE  3,941,835,666 
Specialty Retail - 0.1%   
Specialty Stores - 0.1%   
Musti Group OYJ 295,400 6,369,957 
Technology Hardware, Storage & Peripherals - 13.2%   
Technology Hardware, Storage & Peripherals - 13.2%   
Apple, Inc. 10,451,888 1,348,711,628 
Samsung Electronics Co. Ltd. 380,900 17,320,853 
Western Digital Corp. 252,300 9,693,366 
  1,375,725,847 
Wireless Telecommunication Services - 0.7%   
Wireless Telecommunication Services - 0.7%   
T-Mobile U.S., Inc. 637,300 74,360,164 
TOTAL COMMON STOCKS   
(Cost $6,756,011,156)  10,317,961,946 
Convertible Preferred Stocks - 0.3%   
Food & Staples Retailing - 0.2%   
Food Retail - 0.2%   
Roofoods Ltd. Series F(a)(d)(e) 41,041 15,807,352 
Internet & Direct Marketing Retail - 0.1%   
Internet & Direct Marketing Retail - 0.1%   
Reddit, Inc. Series D (a)(d)(e) 250,861 12,299,715 
Road & Rail - 0.0%   
Trucking - 0.0%   
Convoy, Inc. Series D (d)(e) 203,844 2,939,430 
Software - 0.0%   
Application Software - 0.0%   
UiPath, Inc.:   
Series A1 (a)(d)(e) 76,971 1,431,157 
Series B1 (a)(d)(e) 3,834 71,287 
Series B2 (a)(d)(e) 19,095 355,042 
  1,857,486 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $24,021,597)  32,903,983 
Money Market Funds - 2.7%   
Fidelity Cash Central Fund 0.12% (g) 165,338,885 165,371,953 
Fidelity Securities Lending Cash Central Fund 0.11% (g)(h) 111,168,495 111,179,612 
TOTAL MONEY MARKET FUNDS   
(Cost $276,551,565)  276,551,565 
TOTAL INVESTMENT IN SECURITIES - 102.2%   
(Cost $7,056,584,318)  10,627,417,494 
NET OTHER ASSETS (LIABILITIES) - (2.2)%  (227,870,351) 
NET ASSETS - 100%  $10,399,547,143 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $81,311,297 or 0.8% of net assets.

 (e) Level 3 security

 (f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,672,045 or 0.1% of net assets.

 (g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (h) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Ant International Co. Ltd. Class C 5/16/18 $24,495,442 
Convoy, Inc. Series D 10/30/19 $2,760,048 
Reddit, Inc. Series D 2/4/19 $5,440,247 
Roofoods Ltd. Series F 9/12/17 $14,510,890 
Snowflake Computing, Inc. Class B 3/19/20 $202,466 
UiPath, Inc. Series A1 6/14/19 $1,009,647 
UiPath, Inc. Series B1 6/14/19 $50,291 
UiPath, Inc. Series B2 6/14/19 $250,474 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $76,564 
Fidelity Securities Lending Cash Central Fund 259,556 
Total $336,120 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Vivint Solar, Inc. $-- $165,632,260 $8,468,477 $-- $488,527 $62,528,266 $220,180,576 
Total $-- $165,632,260 $8,468,477 $-- $488,527 $62,528,266 $220,180,576 

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $10,317,961,946 $10,109,535,558 $159,692,580 $48,733,808 
Convertible Preferred Stocks 32,903,983 -- -- 32,903,983 
Money Market Funds 276,551,565 276,551,565 -- -- 
Total Investments in Securities: $10,627,417,494 $10,386,087,123 $159,692,580 $81,637,791 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 84.6% 
Cayman Islands 4.5% 
Bermuda 3.1% 
Netherlands 1.8% 
Japan 1.6% 
Singapore 1.0% 
France 1.0% 
Others (Individually Less Than 1%) 2.4% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Technology Portfolio

Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $109,189,973) — See accompanying schedule:
Unaffiliated issuers (cost $6,622,380,443) 
$10,130,685,353  
Fidelity Central Funds (cost $276,551,565) 276,551,565  
Other affiliated issuers (cost $157,652,310) 220,180,576  
Total Investment in Securities (cost $7,056,584,318)  $10,627,417,494 
Receivable for investments sold  110,328,229 
Receivable for fund shares sold  47,544,144 
Dividends receivable  5,230,362 
Distributions receivable from Fidelity Central Funds  237,227 
Prepaid expenses  59,093 
Other receivables  391,606 
Total assets  10,791,208,155 
Liabilities   
Payable for investments purchased $249,211,034  
Payable for fund shares redeemed 18,124,563  
Accrued management fee 4,224,168  
Other affiliated payables 1,102,223  
Other payables and accrued expenses 7,834,604  
Collateral on securities loaned 111,164,420  
Total liabilities  391,661,012 
Net Assets  $10,399,547,143 
Net Assets consist of:   
Paid in capital  $5,438,103,519 
Total accumulated earnings (loss)  4,961,443,624 
Net Assets  $10,399,547,143 
Net Asset Value, offering price and redemption price per share ($10,399,547,143 ÷ 373,194,191 shares)  $27.87 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $23,997,118 
Income from Fidelity Central Funds (including $259,556 from security lending)  336,120 
Total income  24,333,238 
Expenses   
Management fee $20,092,217  
Transfer agent fees 5,393,549  
Accounting fees 592,912  
Custodian fees and expenses 54,476  
Independent trustees' fees and expenses 22,217  
Registration fees 213,072  
Audit 22,649  
Legal 5,340  
Interest 14,306  
Miscellaneous 87,465  
Total expenses before reductions 26,498,203  
Expense reductions (199,691)  
Total expenses after reductions  26,298,512 
Net investment income (loss)  (1,965,274) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,414,671,257  
Fidelity Central Funds 17,993  
Other affiliated issuers 488,527  
Foreign currency transactions 114,372  
Total net realized gain (loss)  1,415,292,149 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $7,257,181) 1,725,305,567  
Affiliated issuers 62,528,266  
Assets and liabilities in foreign currencies (243,050)  
Total change in net unrealized appreciation (depreciation)  1,787,590,783 
Net gain (loss)  3,202,882,932 
Net increase (decrease) in net assets resulting from operations  $3,200,917,658 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(1,965,274) $17,587,012 
Net realized gain (loss) 1,415,292,149 433,691,557 
Change in net unrealized appreciation (depreciation) 1,787,590,783 981,336,641 
Net increase (decrease) in net assets resulting from operations 3,200,917,658 1,432,615,210 
Distributions to shareholders (239,423,831) (116,939,082) 
Share transactions   
Proceeds from sales of shares 2,116,547,000 1,714,479,733 
Reinvestment of distributions 227,976,797 111,024,657 
Cost of shares redeemed (1,465,048,784) (1,706,723,713) 
Net increase (decrease) in net assets resulting from share transactions 879,475,013 118,780,677 
Total increase (decrease) in net assets 3,840,968,840 1,434,456,805 
Net Assets   
Beginning of period 6,558,578,303 5,124,121,498 
End of period $10,399,547,143 $6,558,578,303 
Other Information   
Shares   
Sold 98,371,467 89,932,658 
Issued in reinvestment of distributions 12,829,308 5,624,350 
Redeemed (71,697,374) (93,619,847) 
Net increase (decrease) 39,503,401 1,937,161 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Technology Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 29,     
 2020 2020 A 2019 B 2018 B 2017 B 2016 A,B 
Selected Per–Share Data       
Net asset value, beginning of period $19.65 $15.45 $19.36 $14.70 $10.78 $12.09 
Income from Investment Operations       
Net investment income (loss)C (.01) .05 .06 – .01 .01 
Net realized and unrealized gain (loss) 8.96 4.52 (.78) 6.15 4.11 (.82) 
Total from investment operations 8.95 4.57 (.72) 6.15 4.12 (.81) 
Distributions from net investment income (.03) (.05) (.02) – (.01) (.01) 
Distributions from net realized gain (.70) (.32) (3.17) (1.49) (.19) (.49) 
Total distributions (.73) (.37) (3.19) (1.49) (.20) (.50) 
Redemption fees added to paid in capitalC – – – – D D 
Net asset value, end of period $27.87 $19.65 $15.45 $19.36 $14.70 $10.78 
Total ReturnE,F 47.63% 29.57% (3.03)% 43.71% 38.52% (7.16)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .70%I .71% .72% .75% .77% .78% 
Expenses net of fee waivers, if any .70%I .71% .72% .75% .77% .77% 
Expenses net of all reductions .69%I .71% .71% .74% .76% .76% 
Net investment income (loss) (.05)%I .30% .34% .01% .11% .11% 
Supplemental Data       
Net assets, end of period (000 omitted) $10,399,547 $6,558,578 $5,124,121 $7,242,300 $4,119,489 $2,777,346 
Portfolio turnover rateJ 110%I 32%K 126%K 71% 82% 130% 

 A For the year ended February 29.

 B Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on August 10, 2018.

 C Calculated based on average shares outstanding during the period.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2020

1. Organization.

Communications Equipment Portfolio, Computers Portfolio, IT Services Portfolio, Semiconductors Portfolio, Software and IT Services Portfolio, and Technology Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds.

2. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2020 is included at the end of each Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in each Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in each accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Computers Portfolio $49,129 
Semiconductors Portfolio 198,339 
Software and IT Services Portfolio 306,169 
Technology Portfolio 294,113 

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Technology Portfolio is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to in-kind transactions, foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Communications Equipment Portfolio $133,758,604 $40,271,307 $(1,824,232) $38,447,075 
Computers Portfolio 365,380,760 254,553,170 (17,782,808) 236,770,362 
IT Services Portfolio 2,123,372,914 2,352,631,109 (44,415,885) 2,308,215,224 
Semiconductors Portfolio 2,696,342,296 1,626,429,940 (54,923,955) 1,571,505,985 
Software and IT Services Portfolio 6,459,855,144 5,787,110,378 (100,398,213) 5,686,712,165 
Technology Portfolio 7,066,002,167 3,658,684,007 (97,268,680) 3,561,415,327 

In addition, certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2018 to February 29, 2020. Loss deferrals were as follows:

 Capital losses 
Communications Equipment Portfolio $(2,244,736) 

Restricted Securities (including Private Placements). The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities are noted in the table below.

 Purchases ($) Sales ($) 
Communications Equipment Portfolio 125,130,730 129,029,211 
Computers Portfolio 208,007,342 260,804,179 
IT Services Portfolio 658,869,807 1,191,530,949 
Semiconductors Portfolio 2,419,219,967 2,841,534,025 
Software and IT Services Portfolio 1,633,175,716 1,326,476,165 
Technology Portfolio 4,830,428,839 4,248,440,964 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:

 Individual Rate Group Rate Total 
Communications Equipment Portfolio .30% .23% .53% 
Computers Portfolio .30% .23% .53% 
IT Services Portfolio .30% .23% .53% 
Semiconductors Portfolio .30% .23% .53% 
Software and IT Services Portfolio .30% .23% .53% 
Technology Portfolio .30% .23% .53% 

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:

Communications Equipment Portfolio .23% 
Computers Portfolio .16% 
IT Services Portfolio .16% 
Semiconductors Portfolio .15% 
Software and IT Services Portfolio .15% 
Technology Portfolio .14% 

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Communications Equipment Portfolio .04 
Computers Portfolio .04 
IT Services Portfolio .03 
Semiconductors Portfolio .03 
Software and IT Services Portfolio .01 
Technology Portfolio .02 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Communications Equipment Portfolio $9,733 
Computers Portfolio 9,996 
IT Services Portfolio 22,479 
Semiconductors Portfolio 99,782 
Software and IT Services Portfolio 48,466 
Technology Portfolio 96,689 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, each fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each fund to borrow from, or lend money to, other participating affiliated funds. At period end, Computers Portfolio, IT Services Portfolio, Semiconductors Portfolio and Technology Portfolio had no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Computers Portfolio Borrower $5,009,500 1.84% $511 
IT Services Portfolio Borrower $7,425,350 .34% $1,391 
Semiconductors Portfolio Borrower $31,172,500 1.59% $5,523 
Technology Portfolio Borrower $32,863,727 1.11% $14,306 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period,5,658,948 shares of Technology Portfolio were redeemed in-kind for investments and cash with a value of $97,220,739. The Fund had a net realized gain of $44,795,304 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. Technology Portfolio recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Communications Equipment Portfolio $184 
Computers Portfolio 656 
IT Services Portfolio 5,000 
Semiconductors Portfolio 4,739 
Software and IT Services Portfolio 10,415 
Technology Portfolio 8,568 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

Certain Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the Funds. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a Fund's daily lending revenue, for its services as lending agent. The Funds may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Net income from Fidelity Central Funds is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity was as follows:

 Total Security Lending Income Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Communications Equipment Portfolio $5,510 $1,761 $– 
Computers Portfolio 146 – – 
IT Services Portfolio 110,786 10,760 – 
Semiconductors Portfolio 3,663 – – 
Software and IT Services Portfolio 35,577 – – 
Technology Portfolio 17,180 1,934 596,632 

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of certain Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

 Brokerage service rebates Custodian credits 
Communications Equipment Portfolio $38,622 $– 
Computers Portfolio 104,042 – 
IT Services Portfolio 105,157 
Semiconductors Portfolio 418,777 291 
Software and IT Services Portfolio 127,747 3,293 
Technology Portfolio 187,191 97 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:

 Amount 
Communications Equipment Portfolio $337 
Computers Portfolio 1,093 
IT Services Portfolio 8,307 
Semiconductors Portfolio 8,112 
Software and IT Services Portfolio 15,511 
Technology Portfolio 12,403 

9. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2020 to August 31, 2020).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
March 1, 2020 
Ending
Account Value
August 31, 2020 
Expenses Paid
During Period-B
March 1, 2020
to August 31, 2020 
Communications Equipment Portfolio .85%    
Actual  $1,000.00 $1,126.00 $4.55 
Hypothetical-C  $1,000.00 $1,020.92 $4.33 
Computers Portfolio .75%    
Actual  $1,000.00 $1,246.90 $4.25 
Hypothetical-C  $1,000.00 $1,021.42 $3.82 
IT Services Portfolio .73%    
Actual  $1,000.00 $1,227.70 $4.10 
Hypothetical-C  $1,000.00 $1,021.53 $3.72 
Semiconductors Portfolio .71%    
Actual  $1,000.00 $1,263.20 $4.05 
Hypothetical-C  $1,000.00 $1,021.63 $3.62 
Software and IT Services Portfolio .70%    
Actual  $1,000.00 $1,353.50 $4.15 
Hypothetical-C  $1,000.00 $1,021.68 $3.57 
Technology Portfolio .70%    
Actual  $1,000.00 $1,476.30 $4.37 
Hypothetical-C  $1,000.00 $1,021.68 $3.57 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Proxy Voting Results

A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

 # of
Votes 
% of
Votes 
Dennis J. Dirks 
Affirmative 32,463,705,305.665 92.437 
Withheld 2,655,951,104.308 7.563 
TOTAL 35,119,656,409.973 100.000 
Donald F. Donahue 
Affirmative 32,446,843,861.354 92.389 
Withheld 2,672,812,548.619 7.611 
TOTAL 35,119,656,409.973 100.000 
Bettina Doulton 
Affirmative 32,610,463,757.584 92.855 
Withheld 2,509,192,652.389 7.145 
TOTAL 35,119,656,409.973 100.000 
Vicki L. Fuller 
Affirmative 32,688,213,522.720 93.077 
Withheld 2,431,442,887.253 6.923 
TOTAL 35,119,656,409.973 100.000 
Patricia L. Kampling 
Affirmative 32,313,755,598.535 92.010 
Withheld 2,805,900,811.438 7.990 
TOTAL 35,119,656,409.973 100.000 
Alan J. Lacy 
Affirmative 31,990,158,754.948 91.089 
Withheld 3,129,497,655.026 8.911 
TOTAL 35,119,656,409.973 100.000 
Ned C. Lautenbach 
Affirmative 32,043,019,991.143 91.240 
Withheld 3,076,636,418.830 8.760 
TOTAL 35,119,656,409.973 100.000 
Robert A. Lawrence 
Affirmative 32,150,842,398.009 91.547 
Withheld 2,968,814,011.965 8.453 
TOTAL 35,119,656,409.973 100.000 
Joseph Mauriello 
Affirmative 32,082,201,213.166 91.351 
Withheld 3,037,455,196.807 8.649 
TOTAL 35,119,656,409.973 100.000 
Cornelia M. Small 
Affirmative 32,207,976,835.934 91.709 
Withheld 2,911,679,574.039 8.291 
TOTAL 35,119,656,409.973 100.000 
Garnett A. Smith 
Affirmative 32,102,654,343.096 91.409 
Withheld 3,017,002,066.877 8.591 
TOTAL 35,119,656,409.973 100.000 
David M. Thomas 
Affirmative 32,150,749,424.556 91.546 
Withheld 2,968,906,985.418 8.454 
TOTAL 35,119,656,409.973 100.000 
Susan Tomasky 
Affirmative 32,381,933,484.515 92.205 
Withheld 2,737,722,925.459 7.795 
TOTAL 35,119,656,409.973 100.000 
Michael E. Wiley 
Affirmative 32,135,064,741.973 91.502 
Withheld 2,984,591,668.000 8.498 
TOTAL 35,119,656,409.973 100.000 
Proposal 1 reflects trust wide proposal and voting results. 





Fidelity Investments

SELTEC-SANN-1020
1.813673.115




Fidelity® Select Portfolios®
Consumer Staples Sector

Consumer Staples Portfolio



Semi-Annual Report

August 31, 2020

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2020

 % of fund's net assets 
Procter & Gamble Co. 17.9 
The Coca-Cola Co. 11.3 
PepsiCo, Inc. 7.9 
Mondelez International, Inc. 6.8 
Walmart, Inc. 6.0 
Altria Group, Inc. 4.7 
Monster Beverage Corp. 4.3 
Kroger Co. 3.5 
Kimberly-Clark Corp. 3.3 
Costco Wholesale Corp. 3.3 
 69.0 

Top Industries (% of fund's net assets)

As of August 31, 2020 
   Beverages 30.5% 
   Household Products 24.3% 
   Food Products 17.8% 
   Food & Staples Retailing 15.3% 
   Tobacco 7.6% 
   All Others* 4.5% 


* Includes short-term investments and net other assets (liabilities).

Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%   
 Shares Value 
Beverages - 30.5%   
Brewers - 0.2%   
Budweiser Brewing Co. APAC Ltd. (a) 627,600 $2,114,423 
Molson Coors Beverage Co. Class B 49,300 1,855,652 
  3,970,075 
Distillers & Vintners - 3.3%   
Constellation Brands, Inc. Class A (sub. vtg.) 149,400 27,561,312 
Diageo PLC 611,700 20,437,596 
  47,998,908 
Soft Drinks - 27.0%   
Coca-Cola Bottling Co. Consolidated 1,800 491,940 
Coca-Cola European Partners PLC 173,453 7,139,325 
Keurig Dr. Pepper, Inc. (b) 1,446,100 43,137,163 
Monster Beverage Corp. (c) 747,402 62,677,132 
PepsiCo, Inc. 824,500 115,479,470 
The Coca-Cola Co. 3,333,518 165,109,147 
  394,034,177 
TOTAL BEVERAGES  446,003,160 
Food & Staples Retailing - 15.3%   
Drug Retail - 0.1%   
Walgreens Boots Alliance, Inc. 34,000 1,292,680 
Food Distributors - 2.0%   
Sysco Corp. 145,700 8,762,398 
U.S. Foods Holding Corp. (c) 843,016 20,527,440 
  29,289,838 
Food Retail - 3.9%   
Albertsons Companies, Inc. (b)(c) 366,700 5,056,793 
Grocery Outlet Holding Corp. (c) 26,600 1,094,058 
Kroger Co. 1,431,770 51,085,554 
  57,236,405 
Hypermarkets & Super Centers - 9.3%   
Costco Wholesale Corp. 139,200 48,394,272 
Walmart, Inc. 627,000 87,058,950 
  135,453,222 
TOTAL FOOD & STAPLES RETAILING  223,272,145 
Food Products - 17.8%   
Agricultural Products - 0.7%   
Bunge Ltd. 25,200 1,149,624 
Darling Ingredients, Inc. (c) 274,500 8,775,765 
  9,925,389 
Packaged Foods & Meats - 17.1%   
Conagra Brands, Inc. 409,800 15,719,928 
Danone SA 196,791 12,940,304 
Farmer Brothers Co. (c) 116,431 732,351 
Freshpet, Inc. (c) 54,600 6,202,560 
General Mills, Inc. 18,300 1,170,285 
JDE Peet's BV 188,500 8,302,774 
Lamb Weston Holdings, Inc. 411,400 25,856,490 
Mondelez International, Inc. 1,695,858 99,072,024 
Nomad Foods Ltd. (c) 717,800 17,700,948 
Post Holdings, Inc. (c) 239,600 21,089,592 
Sanderson Farms, Inc. 22,100 2,584,816 
The Kraft Heinz Co. 461,100 16,156,944 
The Simply Good Foods Co. (c) 46,000 1,143,100 
TreeHouse Foods, Inc. (c) 56,000 2,397,360 
Tyson Foods, Inc. Class A 297,600 18,689,280 
  249,758,756 
TOTAL FOOD PRODUCTS  259,684,145 
Hotels, Restaurants & Leisure - 0.9%   
Restaurants - 0.9%   
Compass Group PLC 791,500 12,808,025 
Household Durables - 0.1%   
Housewares & Specialties - 0.1%   
Tupperware Brands Corp. 80,200 1,306,458 
Household Products - 24.3%   
Household Products - 24.3%   
Colgate-Palmolive Co. 83,100 6,586,506 
Energizer Holdings, Inc. (b) 112,100 5,189,109 
Kimberly-Clark Corp. 308,400 48,653,184 
Procter & Gamble Co. 1,889,150 261,326,117 
Spectrum Brands Holdings, Inc. 551,576 32,873,930 
  354,628,846 
Internet & Direct Marketing Retail - 0.3%   
Internet & Direct Marketing Retail - 0.3%   
JD.com, Inc. Class A 15,800 629,408 
The Honest Co., Inc. (c)(d)(e) 212,235 3,714,113 
  4,343,521 
Multiline Retail - 0.3%   
General Merchandise Stores - 0.3%   
Dollar Tree, Inc. (c) 39,900 3,841,173 
Personal Products - 2.8%   
Personal Products - 2.8%   
Edgewell Personal Care Co. (c) 566,891 16,275,441 
Estee Lauder Companies, Inc. Class A 40,839 9,054,823 
Herbalife Nutrition Ltd. (c) 145,000 7,126,750 
Unilever NV 143,330 8,328,424 
  40,785,438 
Tobacco - 7.6%   
Tobacco - 7.6%   
Altria Group, Inc. 1,575,645 68,918,712 
Philip Morris International, Inc. 534,891 42,678,953 
  111,597,665 
TOTAL COMMON STOCKS   
(Cost $1,138,685,106)  1,458,270,576 
Money Market Funds - 1.4%   
Fidelity Cash Central Fund 0.12% (f) 1,900,611 1,900,991 
Fidelity Securities Lending Cash Central Fund 0.11% (f)(g) 18,958,258 18,960,154 
TOTAL MONEY MARKET FUNDS   
(Cost $20,861,145)  20,861,145 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $1,159,546,251)  1,479,131,721 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (18,482,112) 
NET ASSETS - 100%  $1,460,649,609 

Legend

 (a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,114,423 or 0.1% of net assets.

 (b) Security or a portion of the security is on loan at period end.

 (c) Non-income producing

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,714,113 or 0.3% of net assets.

 (e) Level 3 security

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
The Honest Co., Inc. 8/28/18 $2,381,277 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $10,414 
Fidelity Securities Lending Cash Central Fund 38,142 
Total $48,556 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $1,458,270,576 $1,397,298,283 $57,258,180 $3,714,113 
Money Market Funds 20,861,145 20,861,145 -- -- 
Total Investments in Securities: $1,479,131,721 $1,418,159,428 $57,258,180 $3,714,113 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  August 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $18,245,345) — See accompanying schedule:
Unaffiliated issuers (cost $1,138,685,106) 
$1,458,270,576  
Fidelity Central Funds (cost $20,861,145) 20,861,145  
Total Investment in Securities (cost $1,159,546,251)  $1,479,131,721 
Receivable for investments sold  3,184,065 
Receivable for fund shares sold  2,852,085 
Dividends receivable  2,473,245 
Distributions receivable from Fidelity Central Funds  6,398 
Prepaid expenses  15,196 
Other receivables  262,630 
Total assets  1,487,925,340 
Liabilities   
Payable for investments purchased $3,408,229  
Payable for fund shares redeemed 3,586,676  
Accrued management fee 635,283  
Distribution and service plan fees payable 176,300  
Other affiliated payables 243,924  
Other payables and accrued expenses 265,394  
Collateral on securities loaned 18,959,925  
Total liabilities  27,275,731 
Net Assets  $1,460,649,609 
Net Assets consist of:   
Paid in capital  $1,150,216,877 
Total accumulated earnings (loss)  310,432,732 
Net Assets  $1,460,649,609 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($259,007,968 ÷ 2,893,294 shares)(a)  $89.52 
Maximum offering price per share (100/94.25 of $89.52)  $94.98 
Class M:   
Net Asset Value and redemption price per share ($60,033,616 ÷ 678,375 shares)(a)  $88.50 
Maximum offering price per share (100/96.50 of $88.50)  $91.71 
Class C:   
Net Asset Value and offering price per share ($119,534,046 ÷ 1,378,827 shares)(a)  $86.69 
Consumer Staples:   
Net Asset Value, offering price and redemption price per share ($812,221,096 ÷ 8,968,051 shares)  $90.57 
Class I:   
Net Asset Value, offering price and redemption price per share ($156,945,562 ÷ 1,737,019 shares)  $90.35 
Class Z:   
Net Asset Value, offering price and redemption price per share ($52,907,321 ÷ 585,999 shares)  $90.29 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2020 (Unaudited) 
Investment Income   
Dividends  $17,875,555 
Income from Fidelity Central Funds (including $38,142 from security lending)  48,556 
Total income  17,924,111 
Expenses   
Management fee $3,570,996  
Transfer agent fees 1,225,048  
Distribution and service plan fees 1,000,056  
Accounting fees 213,096  
Custodian fees and expenses 8,411  
Independent trustees' fees and expenses 4,401  
Registration fees 64,709  
Audit 31,751  
Legal 1,032  
Miscellaneous 43,586  
Total expenses before reductions 6,163,086  
Expense reductions (90,720)  
Total expenses after reductions  6,072,366 
Net investment income (loss)  11,851,745 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (10,370,123)  
Fidelity Central Funds (1,066)  
Foreign currency transactions (99,657)  
Total net realized gain (loss)  (10,470,846) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 181,534,184  
Assets and liabilities in foreign currencies 46,450  
Total change in net unrealized appreciation (depreciation)  181,580,634 
Net gain (loss)  171,109,788 
Net increase (decrease) in net assets resulting from operations  $182,961,533 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2020 (Unaudited) Year ended February 29, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $11,851,745 $26,852,529 
Net realized gain (loss) (10,470,846) 53,490,769 
Change in net unrealized appreciation (depreciation) 181,580,634 13,961,676 
Net increase (decrease) in net assets resulting from operations 182,961,533 94,304,974 
Distributions to shareholders (19,191,214) (40,720,449) 
Share transactions - net increase (decrease) (80,049,833) (101,581,970) 
Total increase (decrease) in net assets 83,720,486 (47,997,445) 
Net Assets   
Beginning of period 1,376,929,123 1,424,926,568 
End of period $1,460,649,609 $1,376,929,123 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Consumer Staples Portfolio Class A

 Six months ended (Unaudited) August 31, Years endedFebruary 29,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $79.57 $76.88 $87.07 $96.18 $89.78 $101.33 
Income from Investment Operations       
Net investment income (loss)B .65 1.40 2.08C 1.54 1.28 1.34 
Net realized and unrealized gain (loss) 10.42 3.54 (2.64) (2.80) 9.12 (4.86) 
Total from investment operations 11.07 4.94 (.56) (1.26) 10.40 (3.52) 
Distributions from net investment income (.07) (1.35) (2.11) (1.55) (1.37) (1.31) 
Distributions from net realized gain (1.04) (.90) (7.53) (6.30) (2.64) (6.72) 
Total distributions (1.12)D (2.25) (9.63)E (7.85) (4.00)F (8.03) 
Redemption fees added to paid in capitalB – – – – G G 
Net asset value, end of period $89.52 $79.57 $76.88 $87.07 $96.18 $89.78 
Total ReturnH,I,J 14.16% 6.17% (.32)% (1.68)% 11.91% (3.51)% 
Ratios to Average Net AssetsK,L       
Expenses before reductions 1.05%M 1.04% 1.05% 1.05% 1.04% 1.04% 
Expenses net of fee waivers, if any 1.05%M 1.04% 1.05% 1.05% 1.04% 1.04% 
Expenses net of all reductions 1.03%M 1.04% 1.04% 1.04% 1.03% 1.04% 
Net investment income (loss) 1.63%M 1.67% 2.65%C 1.60% 1.37% 1.45% 
Supplemental Data       
Net assets, end of period (000 omitted) $259,008 $239,067 $232,020 $317,366 $522,014 $470,249 
Portfolio turnover rateN 49%M 40% 41%O 76% 56%O 63% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.69 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.78%.

 D Total distributions of $1.12 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $1.043 per share.

 E Total distributions of $9.63 per share is comprised of distributions from net investment income of $2.105 and distributions from net realized gain of $7.525 per share.

 F Total distributions of $4.00 per share is comprised of distributions from net investment income of $1.365 and distributions from net realized gain of $2.636 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J Total returns do not include the effect of the sales charges.

 K Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 L Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 M Annualized

 N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 O Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Consumer Staples Portfolio Class M

 Six months ended (Unaudited) August 31, Years endedFebruary 29,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $78.74 $76.13 $86.30 $95.42 $89.10 $100.61 
Income from Investment Operations       
Net investment income (loss)B .54 1.16 1.85C 1.27 1.01 1.08 
Net realized and unrealized gain (loss) 10.30 3.50 (2.61) (2.78) 9.07 (4.83) 
Total from investment operations 10.84 4.66 (.76) (1.51) 10.08 (3.75) 
Distributions from net investment income (.04) (1.15) (1.88) (1.31) (1.12) (1.04) 
Distributions from net realized gain (1.04) (.90) (7.53) (6.30) (2.64) (6.72) 
Total distributions (1.08) (2.05) (9.41) (7.61) (3.76) (7.76) 
Redemption fees added to paid in capitalB – – – – D D 
Net asset value, end of period $88.50 $78.74 $76.13 $86.30 $95.42 $89.10 
Total ReturnE,F,G 14.01% 5.88% (.59)% (1.94)% 11.61% (3.78)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.32%J 1.31% 1.33% 1.32% 1.32% 1.32% 
Expenses net of fee waivers, if any 1.32%J 1.31% 1.32% 1.32% 1.32% 1.32% 
Expenses net of all reductions 1.31%J 1.31% 1.31% 1.31% 1.31% 1.31% 
Net investment income (loss) 1.36%J 1.40% 2.37%C 1.33% 1.09% 1.17% 
Supplemental Data       
Net assets, end of period (000 omitted) $60,034 $55,954 $60,069 $76,572 $89,925 $76,586 
Portfolio turnover rateK 49%J 40% 41%L 76% 56%L 63% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.68 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.50%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


See accompanying notes which are an integral part of the financial statements.


Consumer Staples Portfolio Class C

 Six months ended (Unaudited) August 31, Years endedFebruary 29,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $77.27 $74.79 $84.85 $93.89 $87.77 $99.27 
Income from Investment Operations       
Net investment income (loss)B .34 .75 1.46C .81 .56 .63 
Net realized and unrealized gain (loss) 10.09 3.44 (2.57) (2.73) 8.92 (4.75) 
Total from investment operations 10.43 4.19 (1.11) (1.92) 9.48 (4.12) 
Distributions from net investment income – (.81) (1.43) (.82) (.73) (.65) 
Distributions from net realized gain (1.01) (.90) (7.53) (6.30) (2.64) (6.72) 
Total distributions (1.01) (1.71) (8.95)D (7.12) (3.36)E (7.38)F 
Redemption fees added to paid in capitalB – – – – G G 
Net asset value, end of period $86.69 $77.27 $74.79 $84.85 $93.89 $87.77 
Total ReturnH,I,J 13.73% 5.39% (1.05)% (2.41)% 11.07% (4.23)% 
Ratios to Average Net AssetsK,L       
Expenses before reductions 1.79%M 1.79% 1.79% 1.79% 1.80% 1.80% 
Expenses net of fee waivers, if any 1.79%M 1.79% 1.79% 1.79% 1.79% 1.80% 
Expenses net of all reductions 1.78%M 1.79% 1.78% 1.78% 1.79% 1.79% 
Net investment income (loss) .89%M .92% 1.91%C .86% .61% .69% 
Supplemental Data       
Net assets, end of period (000 omitted) $119,534 $117,328 $150,822 $228,874 $308,350 $250,576 
Portfolio turnover rateN 49%M 40% 41%O 76% 56%O 63% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.67 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.04%.

 D Total distributions of $8.95 per share is comprised of distributions from net investment income of $1.427 and distributions from net realized gain of $7.525 per share.

 E Total distributions of $3.36 per share is comprised of distributions from net investment income of $.726 and distributions from net realized gain of $2.636 per share.

 F Total distributions of $7.38 per share is comprised of distributions from net investment income of $.651 and distributions from net realized gain of $6.724 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J Total returns do not include the effect of the contingent deferred sales charge.

 K Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 L Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 M Annualized

 N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 O Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Consumer Staples Portfolio

 Six months ended (Unaudited) August 31, Years endedFebruary 29,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $80.42 $77.63 $87.85 $97.01 $90.48 $102.03 
Income from Investment Operations       
Net investment income (loss)B .77 1.66 2.34C 1.82 1.56 1.61 
Net realized and unrealized gain (loss) 10.54 3.59 (2.67) (2.82) 9.20 (4.89) 
Total from investment operations 11.31 5.25 (.33) (1.00) 10.76 (3.28) 
Distributions from net investment income (.12) (1.55) (2.36) (1.86) (1.60) (1.55) 
Distributions from net realized gain (1.04) (.90) (7.53) (6.30) (2.64) (6.72) 
Total distributions (1.16) (2.46)D (9.89) (8.16) (4.23)E (8.27) 
Redemption fees added to paid in capitalB – – – – F F 
Net asset value, end of period $90.57 $80.42 $77.63 $87.85 $97.01 $90.48 
Total ReturnG,H 14.33% 6.48% (.03)% (1.40)% 12.24% (3.25)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .76%K .75% .77% .76% .76% .77% 
Expenses net of fee waivers, if any .76%K .75% .76% .76% .76% .77% 
Expenses net of all reductions .75%K .75% .75% .76% .76% .76% 
Net investment income (loss) 1.92%K 1.96% 2.94%C 1.89% 1.64% 1.72% 
Supplemental Data       
Net assets, end of period (000 omitted) $812,221 $773,437 $814,350 $1,328,696 $1,665,604 $2,039,983 
Portfolio turnover rateL 49%K 40% 41%M 76% 56%M 63% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.69 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.07%.

 D Total distributions of $2.46 per share is comprised of distributions from net investment income of $1.552 and distributions from net realized gain of $.903 per share.

 E Total distributions of $4.23 per share is comprised of distributions from net investment income of $1.596 and distributions from net realized gain of $2.636 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Consumer Staples Portfolio Class I

 Six months ended (Unaudited) August 31, Years endedFebruary 29,     
 2020 2020 A 2019 2018 2017 2016 A 
Selected Per–Share Data       
Net asset value, beginning of period $80.23 $77.45 $87.68 $96.82 $90.34 $101.91 
Income from Investment Operations       
Net investment income (loss)B .77 1.65 2.33C 1.81 1.54 1.60 
Net realized and unrealized gain (loss) 10.51 3.58 (2.68) (2.82) 9.19 (4.89) 
Total from investment operations 11.28 5.23 (.35) (1.01) 10.73 (3.29) 
Distributions from net investment income (.11) (1.55) (2.36) (1.83) (1.61) (1.55) 
Distributions from net realized gain (1.04) (.90) (7.53) (6.30) (2.64) (6.72) 
Total distributions (1.16)D (2.45) (9.88)E (8.13) (4.25) (8.28)F 
Redemption fees added to paid in capitalB – – – – G G 
Net asset value, end of period $90.35 $80.23 $77.45 $87.68 $96.82 $90.34 
Total ReturnH,I 14.32% 6.48% (.04)% (1.41)% 12.22% (3.26)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions .76%L .76% .77% .78% .78% .78% 
Expenses net of fee waivers, if any .76%L .76% .77% .78% .78% .77% 
Expenses net of all reductions .75%L .76% .76% .77% .77% .77% 
Net investment income (loss) 1.92%L 1.95% 2.93%C 1.88% 1.63% 1.71% 
Supplemental Data       
Net assets, end of period (000 omitted) $156,946 $149,514 $159,614 $240,605 $275,616 $216,836 
Portfolio turnover rateM 49%L 40% 41%N 76% 56%N 63% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.69 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.06%.

 D Total distributions of $1.16 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $1.043 per share.

 E Total distributions of $9.88 per share is comprised of distributions from net investment income of $2.357 and distributions from net realized gain of $7.525 per share.

 F Total distributions of $8.28 per share is comprised of distributions from net investment income of $1.553 and distributions from net realized gain of $6.724 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Consumer Staples Portfolio Class Z

 Six months ended (Unaudited) August 31, Years endedFebruary 29,  
 2020 2020 A 2019 B 
Selected Per–Share Data    
Net asset value, beginning of period $80.14 $77.36 $81.61 
Income from Investment Operations    
Net investment income (loss)C .82 1.78 .05D 
Net realized and unrealized gain (loss) 10.51 3.56 .33E 
Total from investment operations 11.33 5.34 .38 
Distributions from net investment income (.14) (1.66) (2.23) 
Distributions from net realized gain (1.04) (.90) (2.40) 
Total distributions (1.18) (2.56) (4.63) 
Redemption fees added to paid in capitalC – – – 
Net asset value, end of period $90.29 $80.14 $77.36 
Total ReturnF,G 14.41% 6.61% .79% 
Ratios to Average Net AssetsH,I    
Expenses before reductions .63%J .63% .63%J 
Expenses net of fee waivers, if any .63%J .63% .62%J 
Expenses net of all reductions .62%J .62% .61%J 
Net investment income (loss) 2.05%J 2.08% .16%D,J 
Supplemental Data    
Net assets, end of period (000 omitted) $52,907 $41,629 $8,052 
Portfolio turnover rateK 49%J 40% 41%L 

 A For the year ended February 29.

 B For the period October 2, 2018 (commencement of sale of shares) to February 28, 2019.

 C Calculated based on average shares outstanding during the period.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.26 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.69) %.

 E The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2020

1. Organization.

Consumer Staples Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Consumer Staples, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2020 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $241,418 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $364,841,404 
Gross unrealized depreciation (53,536,214) 
Net unrealized appreciation (depreciation) $311,305,190 
Tax cost $1,167,826,531 

Restricted Securities (including Private Placements). The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Consumer Staples Portfolio 331,669,823 405,256,304 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $294,001 $2,918 
Class M .25% .25% 138,800 – 
Class C .75% .25% 567,255 49,383 
   $1,000,056 $52,301 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $39,956 
Class M 5,077 
Class C(a) 5,006 
 $50,039 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $250,198 .21 
Class M 64,849 .23 
Class C 119,021 .21 
Consumer Staples 655,287 .17 
Class I 126,118 .18 
Class Z 9,575 .04 
 $1,225,048  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Consumer Staples Portfolio .03 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Consumer Staples Portfolio $12,262 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

 Amount 
Consumer Staples Portfolio $1,729 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Total fees paid by the Fund to NFS, as lending agent, amounted to $2,679. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Net income from the Fidelity Securities Lending Cash Central Fund during the period is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $87,313 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $310.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,097.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
August 31, 2020 
Year ended
February 29, 2020 
Distributions to shareholders   
Class A $3,284,468 $6,696,405 
Class M 764,252 1,461,199 
Class C 1,507,253 2,610,802 
Consumer Staples 10,953,264 23,815,786 
Class I 2,045,545 4,878,027 
Class Z 636,432 1,258,230 
Total $19,191,214 $40,720,449 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended August 31, 2020 Year ended February 29, 2020 Six months ended August 31, 2020 Year ended February 29, 2020 
Class A     
Shares sold 323,186 673,280 $25,082,450 $55,409,168 
Reinvestment of distributions 42,217 74,433 3,197,083 6,499,464 
Shares redeemed (476,507) (761,324) (37,275,279) (63,492,568) 
Net increase (decrease) (111,104) (13,611) $(8,995,746) $(1,583,936) 
Class M     
Shares sold 52,828 96,558 $4,008,246 $8,040,205 
Reinvestment of distributions 10,140 16,736 759,967 1,447,176 
Shares redeemed (95,192) (191,768) (7,438,602) (15,887,658) 
Net increase (decrease) (32,224) (78,474) $(2,670,389) $(6,400,277) 
Class C     
Shares sold 96,926 172,528 $7,257,890 $14,091,994 
Reinvestment of distributions 19,773 29,580 1,454,487 2,512,849 
Shares redeemed (256,312) (700,216) (19,775,369) (55,637,531) 
Net increase (decrease) (139,613) (498,108) $(11,062,992) $(39,032,688) 
Consumer Staples     
Shares sold 980,624 1,681,521 $76,716,518 $142,087,479 
Reinvestment of distributions 131,116 246,658 10,034,298 21,760,149 
Shares redeemed (1,760,987) (2,801,634) (139,109,340) (236,743,124) 
Net increase (decrease) (649,247) (873,455) $(52,358,524) $(72,895,496) 
Class I     
Shares sold 593,785 1,013,976 $45,709,485 $85,980,860 
Reinvestment of distributions 24,743 50,832 1,889,121 4,473,725 
Shares redeemed (745,153) (1,262,032) (58,046,909) (106,844,142) 
Net increase (decrease) (126,625) (197,224) $(10,448,303) $(16,389,557) 
Class Z     
Shares sold 198,133 503,808 $16,000,514 $42,214,998 
Reinvestment of distributions 7,921 13,623 604,056 1,197,347 
Shares redeemed (139,504) (102,066) (11,118,449) (8,692,361) 
Net increase (decrease) 66,550 415,365 $5,486,121 $34,719,984 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2020 to August 31, 2020).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
March 1, 2020 
Ending
Account Value
August 31, 2020 
Expenses Paid
During Period-B
March 1, 2020
to August 31, 2020 
Consumer Staples Portfolio     
Class A 1.05%    
Actual  $1,000.00 $1,141.60 $5.67 
Hypothetical-C  $1,000.00 $1,019.91 $5.35 
Class M 1.32%    
Actual  $1,000.00 $1,140.10 $7.12 
Hypothetical-C  $1,000.00 $1,018.55 $6.72 
Class C 1.79%    
Actual  $1,000.00 $1,137.30 $9.64 
Hypothetical-C  $1,000.00 $1,016.18 $9.10 
Consumer Staples .76%    
Actual  $1,000.00 $1,143.30 $4.11 
Hypothetical-C  $1,000.00 $1,021.37 $3.87 
Class I .76%    
Actual  $1,000.00 $1,143.20 $4.11 
Hypothetical-C  $1,000.00 $1,021.37 $3.87 
Class Z .63%    
Actual  $1,000.00 $1,144.10 $3.40 
Hypothetical-C  $1,000.00 $1,022.03 $3.21 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses





Fidelity Investments

SELCS-SANN-1020
1.846045.113



Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Select Portfolioss Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolioss (the Trust) disclosure controls and procedures (as



defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Select Portfolios



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

October 19, 2020


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

October 19, 2020



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

October 19, 2020

 






                                                      Exhibit EX-99.CERT

     

I, Stacie M. Smith, certify that:


1.

I have reviewed this report on Form N-CSR of Fidelity Select Portfolios;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

 October 19, 2020

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer





I, John J. Burke III, certify that:

1.

I have reviewed this report on Form N-CSR of Fidelity Select Portfolios;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):



a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

October 19, 2020

/s/John J. Burke III

John J. Burke III

Chief Financial Officer








Exhibit EX-99.906CERT



Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)


In connection with the attached Report of Fidelity Select Portfolios (the Trust) on Form N-CSR to be filed with the Securities and Exchange Commission (the Report), each of the undersigned officers of the Trust does hereby certify that, to the best of such officers knowledge:


1.

The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.


Dated: October 19, 2020



/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer



 

Dated: October 19, 2020



/s/John J. Burke III

John J. Burke III

Chief Financial Officer




A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.






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