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)

Nicole Macarchuk, 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, 2026

Item 1.

Reports to Stockholders

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Wireless Portfolio

Wireless Portfolio :  FWRLX 

This semi-annual shareholder report contains information about Wireless Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Wireless Portfolio	$ 37	0.68%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$357,959,829
Number of Holdings	55
Portfolio Turnover	50%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Diversified Telecommunication Services	24.1
Semiconductors & Semiconductor Equipment	20.3
Technology Hardware, Storage & Peripherals	17.7
Communications Equipment	13.9
Wireless Telecommunication Services	9.2
Specialized REITs	8.1
Software	3.9
Interactive Media & Services	0.9
Broadline Retail	0.5
Electronic Equipment, Instruments & Components	0.1

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.5                    

Preferred Stocks - 0.2                  

Short-Term Investments and Net Other Assets (Liabilities) - 1.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 79.6                    

Canada - 5.1                            

Finland - 3.6                           

Singapore - 3.0                         

United Kingdom - 2.1                    

Sweden - 1.8                            

Taiwan - 1.5                            

Mexico - 1.2                            

Puerto Rico - 1.0                       

Others - 1.1                            

TOP HOLDINGS (% of Fund's net assets)
Apple Inc	17.5
Marvell Technology Inc	8.3
Verizon Communications Inc	7.3
QUALCOMM Inc	6.6
AT&T Inc	5.7
Motorola Solutions Inc	5.0
American Tower Corp	4.1
T-Mobile US Inc	3.9
Nokia Oyj ADR	3.6
STMicroelectronics NV depository receipt	3.0
	65.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914560.102    963-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Utilities Portfolio

Utilities Portfolio :  FSUTX 

This semi-annual shareholder report contains information about Utilities Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Utilities Portfolio	$ 29	0.61%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$3,502,084,320
Number of Holdings	38
Portfolio Turnover	60%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Electric Utilities	67.5
Multi-Utilities	17.8
Independent Power and Renewable Electricity Producers	4.7
Commercial Services & Supplies	3.5
Water Utilities	2.6
Electrical Equipment	1.4
Construction & Engineering	0.7
Oil, Gas & Consumable Fuels	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.4                    

Short-Term Investments and Net Other Assets (Liabilities) - 1.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.4                    

Germany - 0.4                           

Canada - 0.2                            

TOP HOLDINGS (% of Fund's net assets)
NextEra Energy Inc	13.5
American Electric Power Co Inc	6.8
Constellation Energy Corp	6.5
Duke Energy Corp	5.8
Entergy Corp	5.2
Xcel Energy Inc	5.2
Sempra	4.9
Southern Co/The	4.4
Vistra Corp	4.0
Ameren Corp	4.0
	60.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914501.102    65-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Transportation Portfolio

Transportation Portfolio :  FSRFX 

This semi-annual shareholder report contains information about Transportation Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Transportation Portfolio	$ 34	0.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$511,739,632
Number of Holdings	38
Portfolio Turnover	40%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Ground Transportation	51.4
Passenger Airlines	20.2
Air Freight & Logistics	17.8
Marine Transportation	1.8
Software	1.6
Machinery	1.5
Broadline Retail	1.2
Aerospace & Defense	0.7

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 96.2                    

Short-Term Investments and Net Other Assets (Liabilities) - 3.8

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 95.8                    

Canada - 2.2                            

Panama - 1.1                            

Denmark - 0.9                           

TOP HOLDINGS (% of Fund's net assets)
Uber Technologies Inc	11.8
Union Pacific Corp	11.2
Delta Air Lines Inc	7.8
United Airlines Holdings Inc	6.3
CSX Corp	6.1
Old Dominion Freight Line Inc	6.0
United Parcel Service Inc Class B	4.9
FedEx Corp	4.9
CH Robinson Worldwide Inc	4.7
XPO Inc	4.6
	68.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914554.102    512-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Telecommunications Portfolio

Telecommunications Portfolio :  FSTCX 

This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Telecommunications Portfolio	$ 38	0.72%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$242,005,075
Number of Holdings	33
Portfolio Turnover	89%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Diversified Telecommunication Services	88.1
Wireless Telecommunication Services	8.9
Interactive Media & Services	0.8
Software	0.6
Communications Equipment	0.3
Electronic Equipment, Instruments & Components	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.0                    

Preferred Stocks - 0.9                  

Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.4                    

Puerto Rico - 4.4                       

Belgium - 2.2                           

TOP HOLDINGS (% of Fund's net assets)
Verizon Communications Inc	22.4
AT&T Inc	22.0
Space Exploration Technologies Corp Class A	5.6
Globalstar Inc	4.9
Iridium Communications Inc	4.7
AST SpaceMobile Inc Class A	4.3
T-Mobile US Inc	4.2
IDT Corp Class B	3.3
Lumen Technologies Inc	3.1
Uniti Group Inc	3.0
	77.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914517.102    96-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Telecommunications Portfolio

Fidelity Advisor® Telecommunications Fund Class Z :  FIJGX 

This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$ 33	0.62%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$242,005,075
Number of Holdings	33
Portfolio Turnover	89%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Diversified Telecommunication Services	88.1
Wireless Telecommunication Services	8.9
Interactive Media & Services	0.8
Software	0.6
Communications Equipment	0.3
Electronic Equipment, Instruments & Components	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.0                    

Preferred Stocks - 0.9                  

Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.4                    

Puerto Rico - 4.4                       

Belgium - 2.2                           

TOP HOLDINGS (% of Fund's net assets)
Verizon Communications Inc	22.4
AT&T Inc	22.0
Space Exploration Technologies Corp Class A	5.6
Globalstar Inc	4.9
Iridium Communications Inc	4.7
AST SpaceMobile Inc Class A	4.3
T-Mobile US Inc	4.2
IDT Corp Class B	3.3
Lumen Technologies Inc	3.1
Uniti Group Inc	3.0
	77.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914516.102    3237-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Telecommunications Portfolio

Fidelity Advisor® Telecommunications Fund Class M :  FTUTX 

This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$ 66	1.26%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$242,005,075
Number of Holdings	33
Portfolio Turnover	89%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Diversified Telecommunication Services	88.1
Wireless Telecommunication Services	8.9
Interactive Media & Services	0.8
Software	0.6
Communications Equipment	0.3
Electronic Equipment, Instruments & Components	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.0                    

Preferred Stocks - 0.9                  

Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.4                    

Puerto Rico - 4.4                       

Belgium - 2.2                           

TOP HOLDINGS (% of Fund's net assets)
Verizon Communications Inc	22.4
AT&T Inc	22.0
Space Exploration Technologies Corp Class A	5.6
Globalstar Inc	4.9
Iridium Communications Inc	4.7
AST SpaceMobile Inc Class A	4.3
T-Mobile US Inc	4.2
IDT Corp Class B	3.3
Lumen Technologies Inc	3.1
Uniti Group Inc	3.0
	77.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914514.102    1797-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Telecommunications Portfolio

Fidelity Advisor® Telecommunications Fund Class I :  FTUIX 

This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$ 38	0.73%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$242,005,075
Number of Holdings	33
Portfolio Turnover	89%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Diversified Telecommunication Services	88.1
Wireless Telecommunication Services	8.9
Interactive Media & Services	0.8
Software	0.6
Communications Equipment	0.3
Electronic Equipment, Instruments & Components	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.0                    

Preferred Stocks - 0.9                  

Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.4                    

Puerto Rico - 4.4                       

Belgium - 2.2                           

TOP HOLDINGS (% of Fund's net assets)
Verizon Communications Inc	22.4
AT&T Inc	22.0
Space Exploration Technologies Corp Class A	5.6
Globalstar Inc	4.9
Iridium Communications Inc	4.7
AST SpaceMobile Inc Class A	4.3
T-Mobile US Inc	4.2
IDT Corp Class B	3.3
Lumen Technologies Inc	3.1
Uniti Group Inc	3.0
	77.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914515.102    1798-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Telecommunications Portfolio

Fidelity Advisor® Telecommunications Fund Class C :  FTUCX 

This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 92	1.75%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$242,005,075
Number of Holdings	33
Portfolio Turnover	89%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Diversified Telecommunication Services	88.1
Wireless Telecommunication Services	8.9
Interactive Media & Services	0.8
Software	0.6
Communications Equipment	0.3
Electronic Equipment, Instruments & Components	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.0                    

Preferred Stocks - 0.9                  

Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.4                    

Puerto Rico - 4.4                       

Belgium - 2.2                           

TOP HOLDINGS (% of Fund's net assets)
Verizon Communications Inc	22.4
AT&T Inc	22.0
Space Exploration Technologies Corp Class A	5.6
Globalstar Inc	4.9
Iridium Communications Inc	4.7
AST SpaceMobile Inc Class A	4.3
T-Mobile US Inc	4.2
IDT Corp Class B	3.3
Lumen Technologies Inc	3.1
Uniti Group Inc	3.0
	77.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914513.102    1796-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Telecommunications Portfolio

Fidelity Advisor® Telecommunications Fund Class A :  FTUAX 

This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 53	1.01%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$242,005,075
Number of Holdings	33
Portfolio Turnover	89%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Diversified Telecommunication Services	88.1
Wireless Telecommunication Services	8.9
Interactive Media & Services	0.8
Software	0.6
Communications Equipment	0.3
Electronic Equipment, Instruments & Components	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.0                    

Preferred Stocks - 0.9                  

Short-Term Investments and Net Other Assets (Liabilities) - 1.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.4                    

Puerto Rico - 4.4                       

Belgium - 2.2                           

TOP HOLDINGS (% of Fund's net assets)
Verizon Communications Inc	22.4
AT&T Inc	22.0
Space Exploration Technologies Corp Class A	5.6
Globalstar Inc	4.9
Iridium Communications Inc	4.7
AST SpaceMobile Inc Class A	4.3
T-Mobile US Inc	4.2
IDT Corp Class B	3.3
Lumen Technologies Inc	3.1
Uniti Group Inc	3.0
	77.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914512.102    1794-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Technology Portfolio

Technology Portfolio :  FSPTX 

This semi-annual shareholder report contains information about Technology Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Technology Portfolio	$ 35	0.58%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$36,944,355,957
Number of Holdings	126
Portfolio Turnover	95%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Semiconductors & Semiconductor Equipment	43.2
Technology Hardware, Storage & Peripherals	20.5
Software	18.7
IT Services	5.7
Communications Equipment	4.8
Electronic Equipment, Instruments & Components	2.7
Broadline Retail	2.6
Interactive Media & Services	0.9
Financial Services	0.2
Others	0.5

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 95.1                    

Preferred Stocks - 4.7                  

Bonds - 0.0                             

Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.6                    

Taiwan - 2.7                            

Netherlands - 2.2                       

Canada - 1.1                            

United Kingdom - 0.2                    

China - 0.1                             

Israel - 0.1                            

Estonia - 0.0                           

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	18.8
Apple Inc	15.7
Microsoft Corp	8.4
Micron Technology Inc	3.5
Cisco Systems Inc	3.4
Marvell Technology Inc	2.8
Amazon.com Inc	2.6
Intel Corp	2.3
Western Digital Corp	2.3
Advanced Micro Devices Inc	1.9
	61.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914500.102    64-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Tech Hardware Portfolio

Tech Hardware Portfolio :  FDCPX 

This semi-annual shareholder report contains information about Tech Hardware Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Tech Hardware Portfolio	$ 38	0.62%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$3,923,752,533
Number of Holdings	43
Portfolio Turnover	35%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Technology Hardware, Storage & Peripherals	40.6
Communications Equipment	27.0
Semiconductors & Semiconductor Equipment	11.5
Household Durables	7.3
Electronic Equipment, Instruments & Components	6.2
Entertainment	3.2
Broadline Retail	2.0
Software	0.8
Interactive Media & Services	0.6
Health Care Equipment & Supplies	0.3

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.4                    

Preferred Stocks - 0.1                  

Short-Term Investments and Net Other Assets (Liabilities) - 0.5

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 67.8                    

Japan - 15.1                            

Korea (South) - 9.4                     

Taiwan - 4.0                            

Finland - 2.2                           

China - 0.9                             

Israel - 0.6                            

TOP HOLDINGS (% of Fund's net assets)
Apple Inc	11.6
Cisco Systems Inc	11.3
Samsung Electronics Co Ltd	7.9
Western Digital Corp	6.3
Arista Networks Inc	6.2
Kioxia Holdings Corp	5.8
Dell Technologies Inc Class C	4.8
Sandisk Corp	4.7
Motorola Solutions Inc	4.7
Seagate Technology Holdings PLC	3.5
	66.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914488.102    7-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Software and IT Services Portfolio

Software and IT Services Portfolio :  FSCSX 

This semi-annual shareholder report contains information about Software and IT Services Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Software and IT Services Portfolio	$ 36	0.59%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$7,854,597,492
Number of Holdings	57
Portfolio Turnover	52%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Software	73.3
IT Services	21.5
Broadline Retail	2.8
Media	1.1
Interactive Media & Services	1.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.8                    

Preferred Stocks - 0.9                  

Short-Term Investments and Net Other Assets (Liabilities) - 0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 98.4                    

Canada - 1.6                            

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	24.9
Salesforce Inc	5.4
Palo Alto Networks Inc	5.2
Palantir Technologies Inc Class A	4.9
Datadog Inc Class A	3.9
Snowflake Inc	3.8
Crowdstrike Holdings Inc Class A	3.6
Twilio Inc Class A	3.2
Okta Inc Class A	3.2
Synopsys Inc	3.0
	61.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914496.102    28-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Semiconductors Portfolio

Semiconductors Portfolio :  FSELX 

This semi-annual shareholder report contains information about Semiconductors Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Semiconductors Portfolio	$ 34	0.57%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$44,842,010,849
Number of Holdings	82
Portfolio Turnover	79%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Semiconductors & Semiconductor Equipment	93.4
Technology Hardware, Storage & Peripherals	3.6
Electronic Equipment, Instruments & Components	1.1
Software	0.5
Electrical Equipment	0.4
Financial Services	0.0
Metals & Mining	0.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 97.7                    

Preferred Stocks - 1.3                  

Preferred Securities - 0.0              

Bonds - 0.0                             

Short-Term Investments and Net Other Assets (Liabilities) - 1.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 87.2                    

Netherlands - 8.2                       

Japan - 2.1                             

Israel - 1.6                            

Taiwan - 0.8                            

Korea (South) - 0.1                     

Canada - 0.0                            

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	24.9
Broadcom Inc	14.9
Marvell Technology Inc	7.1
ASML Holding NV depository receipt	4.8
Astera Labs Inc	4.7
Monolithic Power Systems Inc	4.6
Micron Technology Inc	4.3
ON Semiconductor Corp	3.6
Lam Research Corp	3.5
NXP Semiconductors NV	3.2
	75.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914489.102    8-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Retailing Portfolio

Retailing Portfolio :  FSRPX 

This semi-annual shareholder report contains information about Retailing Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Retailing Portfolio	$ 31	0.61%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$2,182,705,085
Number of Holdings	53
Portfolio Turnover	38%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Specialty Retail	31.8
Broadline Retail	31.4
Consumer Staples Distribution & Retail	28.5
Textiles, Apparel & Luxury Goods	7.0
Household Durables	0.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.1                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 94.8                    

Brazil - 2.8                            

Canada - 0.8                            

Germany - 0.7                           

Finland - 0.6                           

France - 0.3                            

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	24.8
Walmart Inc	9.1
Costco Wholesale Corp	7.0
Lowe's Cos Inc	6.1
Target Corp	3.7
Ross Stores Inc	3.3
O'Reilly Automotive Inc	3.0
Dollar Tree Inc	3.0
MercadoLibre Inc	2.8
TJX Cos Inc/The	2.6
	65.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914526.102    46-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Pharmaceuticals Portfolio

Pharmaceuticals Portfolio :  FPHAX 

This semi-annual shareholder report contains information about Pharmaceuticals Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Pharmaceuticals Portfolio	$ 34	0.64%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,632,869,546
Number of Holdings	59
Portfolio Turnover	58%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Pharmaceuticals	79.8
Biotechnology	18.9
Software	0.1
Financial Services	0.0
Consumer Staples Distribution & Retail	0.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.4                    

Preferred Stocks - 0.4                  

Bonds - 0.0                             

Short-Term Investments and Net Other Assets (Liabilities) - 1.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 78.5                    

United Kingdom - 12.9                   

Belgium - 5.1                           

Germany - 1.7                           

Canada - 0.8                            

Sweden - 0.5                            

Denmark - 0.3                           

Netherlands - 0.2                       

TOP HOLDINGS (% of Fund's net assets)
Eli Lilly & Co	24.5
GSK PLC ADR	7.9
Merck & Co Inc	6.4
Viatris Inc	5.5
Astrazeneca PLC (United States)	5.0
UCB SA	4.8
Bristol-Myers Squibb Co	4.6
Roche Holding AG	4.6
Gilead Sciences Inc	4.6
Elanco Animal Health Inc	4.3
	72.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914527.102    580-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Medical Technology and Devices Portfolio

Medical Technology and Devices Portfolio :  FSMEX 

This semi-annual shareholder report contains information about Medical Technology and Devices Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Medical Technology and Devices Portfolio	$ 32	0.60%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$3,343,495,786
Number of Holdings	59
Portfolio Turnover	73%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Life Sciences Tools & Services	63.6
Health Care Equipment & Supplies	23.9
Biotechnology	6.0
Health Care Providers & Services	3.5
Health Care Technology	2.6
Chemicals	0.1
Pharmaceuticals	0.1

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 97.6                    

Preferred Stocks - 2.2                  

Bonds - 0.0                             

Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 97.6                    

France - 2.3                            

China - 0.1                             

TOP HOLDINGS (% of Fund's net assets)
Thermo Fisher Scientific Inc	17.6
Danaher Corp	14.0
Intuitive Surgical Inc	5.3
Waters Corp	4.3
West Pharmaceutical Services Inc	4.1
Agilent Technologies Inc	3.9
10X Genomics Inc Class A	3.8
Boston Scientific Corp	3.6
Abbott Laboratories	3.4
Stryker Corp	3.2
	63.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914530.102    354-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Materials Portfolio

Materials Portfolio :  FSDPX 

This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Materials Portfolio	$ 34	0.67%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$790,654,834
Number of Holdings	52
Portfolio Turnover	54%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Chemicals	47.1
Metals & Mining	37.0
Construction Materials	9.1
Containers & Packaging	6.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.6                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 89.1                    

Canada - 9.0                            

Brazil - 1.2                            

Zambia - 0.7                            

TOP HOLDINGS (% of Fund's net assets)
Linde PLC	15.8
Freeport-McMoRan Inc	8.1
Newmont Corp	8.0
Ecolab Inc	6.2
Corteva Inc	4.6
Nucor Corp	4.5
Air Products and Chemicals Inc	4.0
Albemarle Corp	3.7
Altius Minerals Corp	3.4
Sherwin-Williams Co/The	3.3
	61.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914552.102    509-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Materials Portfolio

Fidelity Advisor® Materials Fund Class Z :  FIJFX 

This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$ 29	0.58%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$790,654,834
Number of Holdings	52
Portfolio Turnover	54%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Chemicals	47.1
Metals & Mining	37.0
Construction Materials	9.1
Containers & Packaging	6.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.6                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 89.1                    

Canada - 9.0                            

Brazil - 1.2                            

Zambia - 0.7                            

TOP HOLDINGS (% of Fund's net assets)
Linde PLC	15.8
Freeport-McMoRan Inc	8.1
Newmont Corp	8.0
Ecolab Inc	6.2
Corteva Inc	4.6
Nucor Corp	4.5
Air Products and Chemicals Inc	4.0
Albemarle Corp	3.7
Altius Minerals Corp	3.4
Sherwin-Williams Co/The	3.3
	61.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914551.102    3236-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Materials Portfolio

Fidelity Advisor® Materials Fund Class M :  FMFTX 

This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$ 61	1.21%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$790,654,834
Number of Holdings	52
Portfolio Turnover	54%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Chemicals	47.1
Metals & Mining	37.0
Construction Materials	9.1
Containers & Packaging	6.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.6                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 89.1                    

Canada - 9.0                            

Brazil - 1.2                            

Zambia - 0.7                            

TOP HOLDINGS (% of Fund's net assets)
Linde PLC	15.8
Freeport-McMoRan Inc	8.1
Newmont Corp	8.0
Ecolab Inc	6.2
Corteva Inc	4.6
Nucor Corp	4.5
Air Products and Chemicals Inc	4.0
Albemarle Corp	3.7
Altius Minerals Corp	3.4
Sherwin-Williams Co/The	3.3
	61.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914549.102    1792-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Materials Portfolio

Fidelity Advisor® Materials Fund Class I :  FMFEX 

This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$ 36	0.72%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$790,654,834
Number of Holdings	52
Portfolio Turnover	54%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Chemicals	47.1
Metals & Mining	37.0
Construction Materials	9.1
Containers & Packaging	6.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.6                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 89.1                    

Canada - 9.0                            

Brazil - 1.2                            

Zambia - 0.7                            

TOP HOLDINGS (% of Fund's net assets)
Linde PLC	15.8
Freeport-McMoRan Inc	8.1
Newmont Corp	8.0
Ecolab Inc	6.2
Corteva Inc	4.6
Nucor Corp	4.5
Air Products and Chemicals Inc	4.0
Albemarle Corp	3.7
Altius Minerals Corp	3.4
Sherwin-Williams Co/The	3.3
	61.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914550.102    1793-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Materials Portfolio

Fidelity Advisor® Materials Fund Class C :  FMFCX 

This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 86	1.71%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$790,654,834
Number of Holdings	52
Portfolio Turnover	54%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Chemicals	47.1
Metals & Mining	37.0
Construction Materials	9.1
Containers & Packaging	6.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.6                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 89.1                    

Canada - 9.0                            

Brazil - 1.2                            

Zambia - 0.7                            

TOP HOLDINGS (% of Fund's net assets)
Linde PLC	15.8
Freeport-McMoRan Inc	8.1
Newmont Corp	8.0
Ecolab Inc	6.2
Corteva Inc	4.6
Nucor Corp	4.5
Air Products and Chemicals Inc	4.0
Albemarle Corp	3.7
Altius Minerals Corp	3.4
Sherwin-Williams Co/The	3.3
	61.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914548.102    1791-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Materials Portfolio

Fidelity Advisor® Materials Fund Class A :  FMFAX 

This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 49	0.97%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$790,654,834
Number of Holdings	52
Portfolio Turnover	54%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Chemicals	47.1
Metals & Mining	37.0
Construction Materials	9.1
Containers & Packaging	6.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.6                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 89.1                    

Canada - 9.0                            

Brazil - 1.2                            

Zambia - 0.7                            

TOP HOLDINGS (% of Fund's net assets)
Linde PLC	15.8
Freeport-McMoRan Inc	8.1
Newmont Corp	8.0
Ecolab Inc	6.2
Corteva Inc	4.6
Nucor Corp	4.5
Air Products and Chemicals Inc	4.0
Albemarle Corp	3.7
Altius Minerals Corp	3.4
Sherwin-Williams Co/The	3.3
	61.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914547.102    1789-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Leisure Portfolio

Leisure Portfolio :  FDLSX 

This semi-annual shareholder report contains information about Leisure Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Leisure Portfolio	$ 34	0.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$481,253,125
Number of Holdings	28
Portfolio Turnover	106%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Hotels, Restaurants & Leisure	91.8
Consumer Staples Distribution & Retail	6.3
Passenger Airlines	0.4
Entertainment	0.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.5                    

Short-Term Investments and Net Other Assets (Liabilities) - 1.5

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 100.0                   

TOP HOLDINGS (% of Fund's net assets)
McDonald's Corp	10.7
Booking Holdings Inc	9.1
Hilton Worldwide Holdings Inc	8.4
Expedia Group Inc Class A	8.2
Starbucks Corp	7.1
Marriott International Inc/MD Class A1	6.6
DoorDash Inc Class A	4.9
Carnival Corp Ltd	4.8
Airbnb Inc Class A	4.8
US Foods Holding Corp	4.8
	69.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914498.102    62-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Insurance Portfolio

Insurance Portfolio :  FSPCX 

This semi-annual shareholder report contains information about Insurance Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Insurance Portfolio	$ 35	0.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$624,480,494
Number of Holdings	25
Portfolio Turnover	8%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Insurance	95.9
Financial Services	3.5

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.4                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 98.3                    

United Kingdom - 1.7                    

TOP HOLDINGS (% of Fund's net assets)
Chubb Ltd	13.0
Progressive Corp/The	9.2
Arthur J Gallagher & Co	8.7
Reinsurance Group of America Inc	6.4
Hartford Insurance Group Inc/The	6.1
Marsh & McLennan Cos Inc	5.0
Travelers Companies Inc/The	4.9
MetLife Inc	4.8
Willis Towers Watson PLC	4.8
Arch Capital Group Ltd	4.5
	67.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914525.102    45-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Health Care Services Portfolio

Health Care Services Portfolio :  FSHCX 

This semi-annual shareholder report contains information about Health Care Services Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Health Care Services Portfolio	$ 35	0.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$851,301,734
Number of Holdings	42
Portfolio Turnover	143%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Health Care Providers & Services	96.9
Health Care Technology	0.7
Health Care Equipment & Supplies	0.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 96.8                    

Preferred Stocks - 0.8                  

Short-Term Investments and Net Other Assets (Liabilities) - 2.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 100.0                   

TOP HOLDINGS (% of Fund's net assets)
UnitedHealth Group Inc	24.3
CVS Health Corp	10.9
McKesson Corp	9.5
Cencora Inc	5.1
Elevance Health Inc	4.9
Labcorp Holdings Inc	4.4
Tenet Healthcare Corp	4.3
BrightSpring Health Services Inc	3.6
Encompass Health Corp	3.6
Alignment Healthcare Inc	3.1
	73.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914545.102    505-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Health Care Portfolio

Health Care Portfolio :  FSPHX 

This semi-annual shareholder report contains information about Health Care Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Health Care Portfolio	$ 33	0.60%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$6,749,144,400
Number of Holdings	141
Portfolio Turnover	89%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Biotechnology	38.4
Life Sciences Tools & Services	26.1
Pharmaceuticals	23.4
Health Care Providers & Services	7.9
Health Care Equipment & Supplies	2.9
Health Care Technology	0.9
Chemicals	0.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.1                    

Preferred Stocks - 1.5                  

Bonds - 0.1                             

Short-Term Investments and Net Other Assets (Liabilities) - 0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 91.3                    

Belgium - 3.5                           

Denmark - 1.9                           

France - 1.0                            

Netherlands - 0.8                       

Canada - 0.8                            

United Kingdom - 0.5                    

Israel - 0.1                            

Australia - 0.1                         

China - 0.0                             

TOP HOLDINGS (% of Fund's net assets)
Eli Lilly & Co	7.2
Thermo Fisher Scientific Inc	6.7
Danaher Corp	6.6
UnitedHealth Group Inc	3.2
Johnson & Johnson	3.1
Natera Inc	2.9
AbbVie Inc	2.9
Merck & Co Inc	2.6
West Pharmaceutical Services Inc	2.6
Argenx SE ADR	2.3
	40.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914499.102    63-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Gold Portfolio

Gold Portfolio :  FSAGX 

This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Gold Portfolio	$ 30	0.62%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$4,440,523,673
Number of Holdings	40
Portfolio Turnover	52%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Metals & Mining*	94.8

*Includes gold bullion and/or silver bullion.

 

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 94.8                    

Other Investments - 0.0                 

Short-Term Investments and Net Other Assets (Liabilities) - 5.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

Canada - 51.7                           

United States - 19.5                    

Brazil - 9.2                            

Australia - 4.5                         

Turkey - 4.3                            

Burkina Faso - 3.4                      

Morocco - 2.3                           

Zambia - 1.7                            

Hong Kong - 1.5                         

Others - 1.9                            

TOP HOLDINGS (% of Fund's net assets)
Newmont Corp	11.0
Agnico Eagle Mines Ltd/CA	10.0
Wheaton Precious Metals Corp	9.2
Barrick Mining Corp	8.4
Franco-Nevada Corp	6.9
Eldorado Gold Corp	4.3
DPM Metals Inc	3.8
G Mining Ventures Corp	3.5
IAMGOLD Corp	3.4
Coeur Mining Inc	3.3
	63.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914523.102    41-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Gold Portfolio

Fidelity Advisor® Gold Fund Class Z :  FIJDX 

This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$ 27	0.56%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$4,440,523,673
Number of Holdings	40
Portfolio Turnover	52%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Metals & Mining*	94.8

*Includes gold bullion and/or silver bullion.

 

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 94.8                    

Other Investments - 0.0                 

Short-Term Investments and Net Other Assets (Liabilities) - 5.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

Canada - 51.7                           

United States - 19.5                    

Brazil - 9.2                            

Australia - 4.5                         

Turkey - 4.3                            

Burkina Faso - 3.4                      

Morocco - 2.3                           

Zambia - 1.7                            

Hong Kong - 1.5                         

Others - 1.9                            

TOP HOLDINGS (% of Fund's net assets)
Newmont Corp	11.0
Agnico Eagle Mines Ltd/CA	10.0
Wheaton Precious Metals Corp	9.2
Barrick Mining Corp	8.4
Franco-Nevada Corp	6.9
Eldorado Gold Corp	4.3
DPM Metals Inc	3.8
G Mining Ventures Corp	3.5
IAMGOLD Corp	3.4
Coeur Mining Inc	3.3
	63.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914522.102    3235-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Gold Portfolio

Fidelity Advisor® Gold Fund Class M :  FGDTX 

This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$ 55	1.17%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$4,440,523,673
Number of Holdings	40
Portfolio Turnover	52%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Metals & Mining*	94.8

*Includes gold bullion and/or silver bullion.

 

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 94.8                    

Other Investments - 0.0                 

Short-Term Investments and Net Other Assets (Liabilities) - 5.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

Canada - 51.7                           

United States - 19.5                    

Brazil - 9.2                            

Australia - 4.5                         

Turkey - 4.3                            

Burkina Faso - 3.4                      

Morocco - 2.3                           

Zambia - 1.7                            

Hong Kong - 1.5                         

Others - 1.9                            

TOP HOLDINGS (% of Fund's net assets)
Newmont Corp	11.0
Agnico Eagle Mines Ltd/CA	10.0
Wheaton Precious Metals Corp	9.2
Barrick Mining Corp	8.4
Franco-Nevada Corp	6.9
Eldorado Gold Corp	4.3
DPM Metals Inc	3.8
G Mining Ventures Corp	3.5
IAMGOLD Corp	3.4
Coeur Mining Inc	3.3
	63.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914520.102    1787-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Gold Portfolio

Fidelity Advisor® Gold Fund Class I :  FGDIX 

This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$ 32	0.67%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$4,440,523,673
Number of Holdings	40
Portfolio Turnover	52%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Metals & Mining*	94.8

*Includes gold bullion and/or silver bullion.

 

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 94.8                    

Other Investments - 0.0                 

Short-Term Investments and Net Other Assets (Liabilities) - 5.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

Canada - 51.7                           

United States - 19.5                    

Brazil - 9.2                            

Australia - 4.5                         

Turkey - 4.3                            

Burkina Faso - 3.4                      

Morocco - 2.3                           

Zambia - 1.7                            

Hong Kong - 1.5                         

Others - 1.9                            

TOP HOLDINGS (% of Fund's net assets)
Newmont Corp	11.0
Agnico Eagle Mines Ltd/CA	10.0
Wheaton Precious Metals Corp	9.2
Barrick Mining Corp	8.4
Franco-Nevada Corp	6.9
Eldorado Gold Corp	4.3
DPM Metals Inc	3.8
G Mining Ventures Corp	3.5
IAMGOLD Corp	3.4
Coeur Mining Inc	3.3
	63.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914521.102    1788-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Gold Portfolio

Fidelity Advisor® Gold Fund Class C :  FGDCX 

This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 79	1.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$4,440,523,673
Number of Holdings	40
Portfolio Turnover	52%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Metals & Mining*	94.8

*Includes gold bullion and/or silver bullion.

 

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 94.8                    

Other Investments - 0.0                 

Short-Term Investments and Net Other Assets (Liabilities) - 5.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

Canada - 51.7                           

United States - 19.5                    

Brazil - 9.2                            

Australia - 4.5                         

Turkey - 4.3                            

Burkina Faso - 3.4                      

Morocco - 2.3                           

Zambia - 1.7                            

Hong Kong - 1.5                         

Others - 1.9                            

TOP HOLDINGS (% of Fund's net assets)
Newmont Corp	11.0
Agnico Eagle Mines Ltd/CA	10.0
Wheaton Precious Metals Corp	9.2
Barrick Mining Corp	8.4
Franco-Nevada Corp	6.9
Eldorado Gold Corp	4.3
DPM Metals Inc	3.8
G Mining Ventures Corp	3.5
IAMGOLD Corp	3.4
Coeur Mining Inc	3.3
	63.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914519.102    1786-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Gold Portfolio

Fidelity Advisor® Gold Fund Class A :  FGDAX 

This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 44	0.92%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$4,440,523,673
Number of Holdings	40
Portfolio Turnover	52%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Metals & Mining*	94.8

*Includes gold bullion and/or silver bullion.

 

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 94.8                    

Other Investments - 0.0                 

Short-Term Investments and Net Other Assets (Liabilities) - 5.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

Canada - 51.7                           

United States - 19.5                    

Brazil - 9.2                            

Australia - 4.5                         

Turkey - 4.3                            

Burkina Faso - 3.4                      

Morocco - 2.3                           

Zambia - 1.7                            

Hong Kong - 1.5                         

Others - 1.9                            

TOP HOLDINGS (% of Fund's net assets)
Newmont Corp	11.0
Agnico Eagle Mines Ltd/CA	10.0
Wheaton Precious Metals Corp	9.2
Barrick Mining Corp	8.4
Franco-Nevada Corp	6.9
Eldorado Gold Corp	4.3
DPM Metals Inc	3.8
G Mining Ventures Corp	3.5
IAMGOLD Corp	3.4
Coeur Mining Inc	3.3
	63.8

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914518.102    1784-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Financials Portfolio

Financials Portfolio :  FIDSX 

This semi-annual shareholder report contains information about Financials Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Financials Portfolio	$ 36	0.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,561,693,325
Number of Holdings	65
Portfolio Turnover	27%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Banks	33.8
Capital Markets	28.1
Insurance	18.1
Financial Services	14.2
Consumer Finance	4.5
Professional Services	1.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.7                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 95.6                    

United Kingdom - 1.1                    

Australia - 0.8                         

Grand Cayman (UK Overseas Ter) - 0.7    

Puerto Rico - 0.7                       

Mexico - 0.6                            

France - 0.5                            

TOP HOLDINGS (% of Fund's net assets)
Mastercard Inc Class A	8.4
Bank of America Corp	7.5
Wells Fargo & Co	7.0
Charles Schwab Corp/The	4.6
Reinsurance Group of America Inc	4.0
Citigroup Inc	4.0
State Street Corp	3.8
Morgan Stanley	2.5
KKR & Co Inc Class A	2.4
Capital One Financial Corp	2.4
	46.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914502.102    66-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

FinTech Portfolio

FinTech Portfolio :  FSVLX 

This semi-annual shareholder report contains information about FinTech Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
FinTech Portfolio	$ 40	0.74%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$92,305,938
Number of Holdings	34
Portfolio Turnover	514%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Financial Services	58.1
Consumer Finance	15.4
IT Services	11.7
Software	9.3
Capital Markets	2.2
Hotels, Restaurants & Leisure	1.5
Professional Services	1.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.4                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 81.0                    

Canada - 11.7                           

Netherlands - 2.3                       

Uruguay - 1.5                           

Bermuda - 1.3                           

United Kingdom - 1.0                    

New Zealand - 0.9                       

Switzerland - 0.3                       

TOP HOLDINGS (% of Fund's net assets)
Visa Inc Class A	12.5
Shopify Inc Class A	11.7
Mastercard Inc Class A	8.2
American Express Co	7.7
Block Inc Class A	6.5
Corpay Inc	4.9
Global Payments Inc	4.0
PayPal Holdings Inc	3.5
Capital One Financial Corp	3.4
Toast Inc Class A	3.3
	65.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914528.102    98-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Enterprise Technology Services Portfolio

Enterprise Technology Services Portfolio :  FBSOX 

This semi-annual shareholder report contains information about Enterprise Technology Services Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Enterprise Technology Services Portfolio	$ 38	0.65%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,088,007,902
Number of Holdings	38
Portfolio Turnover	43%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Financial Services	55.7
IT Services	30.1
Professional Services	10.5
Software	2.0
Broadline Retail	1.3
Interactive Media & Services	0.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 100.0                   

Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.6                    

Uruguay - 0.4                           

TOP HOLDINGS (% of Fund's net assets)
Visa Inc Class A	22.8
Mastercard Inc Class A	18.1
Snowflake Inc	5.1
IBM Corporation	4.7
Cloudflare Inc Class A	4.3
Automatic Data Processing Inc	3.9
Block Inc Class A	3.3
Accenture PLC Class A	3.1
Twilio Inc Class A	2.9
Okta Inc Class A	2.8
	71.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914529.102    353-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Energy Portfolio

Energy Portfolio :  FSENX 

This semi-annual shareholder report contains information about Energy Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Energy Portfolio	$ 34	0.61%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$4,222,757,613
Number of Holdings	38
Portfolio Turnover	35%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Oil, Gas & Consumable Fuels	80.3
Energy Equipment & Services	17.9
Independent Power and Renewable Electricity Producers	1.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.6                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 87.5                    

Canada - 7.8                            

United Kingdom - 4.4                    

Norway - 0.2                            

France - 0.1                            

TOP HOLDINGS (% of Fund's net assets)
ExxonMobil Holdings Corp	23.3
Chevron Corp	11.3
Marathon Petroleum Corp	6.7
Valero Energy Corp	5.1
Cenovus Energy Inc	4.6
TechnipFMC PLC	4.3
Cheniere Energy Inc	4.0
SLB Ltd	3.8
Energy Transfer LP	3.6
Baker Hughes Co Class A	3.4
	70.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914497.102    60-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Defense and Aerospace Portfolio

Defense and Aerospace Portfolio :  FSDAX 

This semi-annual shareholder report contains information about Defense and Aerospace Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Defense and Aerospace Portfolio	$ 30	0.60%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$3,682,601,778
Number of Holdings	35
Portfolio Turnover	16%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Aerospace & Defense	98.7
Professional Services	0.6
Electrical Equipment	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.5                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.5

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 94.6                    

United Kingdom - 3.8                    

Canada - 1.5                            

Germany - 0.1                           

TOP HOLDINGS (% of Fund's net assets)
GE Aerospace	23.3
RTX Corp	15.4
Boeing Co	10.7
Howmet Aerospace Inc	4.8
HEICO Corp Class A	4.5
General Dynamics Corp	4.2
Carpenter Technology Corp	3.0
Axon Enterprise Inc	2.8
TransDigm Group Inc	2.8
Curtiss-Wright Corp	2.8
	74.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914503.102    67-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Consumer Staples Portfolio

Consumer Staples Portfolio :  FDFAX 

This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Consumer Staples Portfolio	$ 33	0.65%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,255,056,338
Number of Holdings	49
Portfolio Turnover	53%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Consumer Staples Distribution & Retail	31.1
Beverages	26.7
Household Products	15.4
Food Products	12.0
Tobacco	7.0
Personal Care Products	6.7
Broadline Retail	1.2
Financial Services	0.0

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.1
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.6                    

United Kingdom - 6.4                    

Italy - 0.0                             

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	12.1
Procter & Gamble Co/The	11.6
Costco Wholesale Corp	9.3
Walmart Inc	9.0
Keurig Dr Pepper Inc	5.6
Kenvue Inc	4.8
Mondelez International Inc	4.5
British American Tobacco PLC ADR	3.8
Target Corp	3.4
Constellation Brands Inc Class A	3.0
	67.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914495.102    9-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Consumer Staples Portfolio

Fidelity Advisor® Consumer Staples Fund Class Z :  FIJCX 

This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$ 29	0.57%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,255,056,338
Number of Holdings	49
Portfolio Turnover	53%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Consumer Staples Distribution & Retail	31.1
Beverages	26.7
Household Products	15.4
Food Products	12.0
Tobacco	7.0
Personal Care Products	6.7
Broadline Retail	1.2
Financial Services	0.0

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.1
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.6                    

United Kingdom - 6.4                    

Italy - 0.0                             

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	12.1
Procter & Gamble Co/The	11.6
Costco Wholesale Corp	9.3
Walmart Inc	9.0
Keurig Dr Pepper Inc	5.6
Kenvue Inc	4.8
Mondelez International Inc	4.5
British American Tobacco PLC ADR	3.8
Target Corp	3.4
Constellation Brands Inc Class A	3.0
	67.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914494.102    3234-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Consumer Staples Portfolio

Fidelity Advisor® Consumer Staples Fund Class M :  FDTGX 

This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$ 60	1.19%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,255,056,338
Number of Holdings	49
Portfolio Turnover	53%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Consumer Staples Distribution & Retail	31.1
Beverages	26.7
Household Products	15.4
Food Products	12.0
Tobacco	7.0
Personal Care Products	6.7
Broadline Retail	1.2
Financial Services	0.0

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.1
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.6                    

United Kingdom - 6.4                    

Italy - 0.0                             

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	12.1
Procter & Gamble Co/The	11.6
Costco Wholesale Corp	9.3
Walmart Inc	9.0
Keurig Dr Pepper Inc	5.6
Kenvue Inc	4.8
Mondelez International Inc	4.5
British American Tobacco PLC ADR	3.8
Target Corp	3.4
Constellation Brands Inc Class A	3.0
	67.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914492.102    1782-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Consumer Staples Portfolio

Fidelity Advisor® Consumer Staples Fund Class I :  FDIGX 

This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$ 35	0.70%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,255,056,338
Number of Holdings	49
Portfolio Turnover	53%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Consumer Staples Distribution & Retail	31.1
Beverages	26.7
Household Products	15.4
Food Products	12.0
Tobacco	7.0
Personal Care Products	6.7
Broadline Retail	1.2
Financial Services	0.0

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.1
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.6                    

United Kingdom - 6.4                    

Italy - 0.0                             

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	12.1
Procter & Gamble Co/The	11.6
Costco Wholesale Corp	9.3
Walmart Inc	9.0
Keurig Dr Pepper Inc	5.6
Kenvue Inc	4.8
Mondelez International Inc	4.5
British American Tobacco PLC ADR	3.8
Target Corp	3.4
Constellation Brands Inc Class A	3.0
	67.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914493.102    1783-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Consumer Staples Portfolio

Fidelity Advisor® Consumer Staples Fund Class C :  FDCGX 

This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 85	1.69%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,255,056,338
Number of Holdings	49
Portfolio Turnover	53%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Consumer Staples Distribution & Retail	31.1
Beverages	26.7
Household Products	15.4
Food Products	12.0
Tobacco	7.0
Personal Care Products	6.7
Broadline Retail	1.2
Financial Services	0.0

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.1
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.6                    

United Kingdom - 6.4                    

Italy - 0.0                             

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	12.1
Procter & Gamble Co/The	11.6
Costco Wholesale Corp	9.3
Walmart Inc	9.0
Keurig Dr Pepper Inc	5.6
Kenvue Inc	4.8
Mondelez International Inc	4.5
British American Tobacco PLC ADR	3.8
Target Corp	3.4
Constellation Brands Inc Class A	3.0
	67.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914491.102    1781-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Consumer Staples Portfolio

Fidelity Advisor® Consumer Staples Fund Class A :  FDAGX 

This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 48	0.95%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,255,056,338
Number of Holdings	49
Portfolio Turnover	53%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Consumer Staples Distribution & Retail	31.1
Beverages	26.7
Household Products	15.4
Food Products	12.0
Tobacco	7.0
Personal Care Products	6.7
Broadline Retail	1.2
Financial Services	0.0

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.1
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.6                    

United Kingdom - 6.4                    

Italy - 0.0                             

TOP HOLDINGS (% of Fund's net assets)
Coca-Cola Co/The	12.1
Procter & Gamble Co/The	11.6
Costco Wholesale Corp	9.3
Walmart Inc	9.0
Keurig Dr Pepper Inc	5.6
Kenvue Inc	4.8
Mondelez International Inc	4.5
British American Tobacco PLC ADR	3.8
Target Corp	3.4
Constellation Brands Inc Class A	3.0
	67.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914490.102    1779-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Consumer Discretionary Portfolio

Consumer Discretionary Portfolio :  FSCPX 

This semi-annual shareholder report contains information about Consumer Discretionary Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Consumer Discretionary Portfolio	$ 33	0.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$711,801,099
Number of Holdings	59
Portfolio Turnover	23%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Broadline Retail	27.4
Specialty Retail	23.8
Hotels, Restaurants & Leisure	18.1
Automobiles	16.5
Household Durables	5.3
Textiles, Apparel & Luxury Goods	3.2
Automobile Components	1.9
Consumer Staples Distribution & Retail	1.9
Construction Materials	1.1
Distributors	0.8

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 100.0                   

Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 95.1                    

Canada - 2.4                            

Brazil - 1.3                            

Mexico - 0.5                            

Finland - 0.3                           

France - 0.3                            

Switzerland - 0.1                       

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	24.0
Tesla Inc	14.6
Home Depot Inc/The	4.3
Lowe's Cos Inc	3.9
McDonald's Corp	3.3
Somnigroup International Inc	2.7
Hilton Worldwide Holdings Inc	2.6
TJX Cos Inc/The	2.5
Ross Stores Inc	2.4
General Motors Co	1.9
	62.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914558.102    517-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Construction and Housing Portfolio

Construction and Housing Portfolio :  FSHOX 

This semi-annual shareholder report contains information about Construction and Housing Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Construction and Housing Portfolio	$ 32	0.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$604,137,261
Number of Holdings	53
Portfolio Turnover	19%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Specialty Retail	29.3
Building Products	22.1
Construction & Engineering	18.2
Construction Materials	10.4
Household Durables	9.9
Residential REITs	8.5
Real Estate Management & Development	0.7
Trading Companies & Distributors	0.5
Chemicals	0.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 100.0                   

Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 100.0                   

TOP HOLDINGS (% of Fund's net assets)
Home Depot Inc/The	14.4
Lowe's Cos Inc	12.1
Johnson Controls International plc	6.6
Trane Technologies PLC	6.3
Quanta Services Inc	5.9
CRH PLC	3.9
Martin Marietta Materials Inc	3.7
Comfort Systems USA Inc	3.7
Invitation Homes Inc	3.0
PulteGroup Inc	2.5
	62.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914553.102    511-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Communication Services Portfolio

Communication Services Portfolio :  FBMPX 

This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Communication Services Portfolio	$ 32	0.62%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$2,498,849,258
Number of Holdings	56
Portfolio Turnover	141%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Interactive Media & Services	51.7
Entertainment	21.0
Diversified Telecommunication Services	7.1
Media	7.0
Broadline Retail	4.5
Semiconductors & Semiconductor Equipment	1.2
Technology Hardware, Storage & Peripherals	1.0
Software	1.0
Specialty Retail	0.8
Others	0.3

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 94.3                    

Preferred Stocks - 1.3                  

Short-Term Investments and Net Other Assets (Liabilities) - 4.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.3                    

Taiwan - 0.5                            

Korea (South) - 0.2                     

TOP HOLDINGS (% of Fund's net assets)
Meta Platforms Inc Class A	24.8
Alphabet Inc Class A	24.7
Walt Disney Co/The	4.9
AT&T Inc	4.9
Amazon.com Inc	4.5
Warner Bros Discovery Inc	3.1
Take-Two Interactive Software Inc	3.1
Live Nation Entertainment Inc	2.7
Fox Corp Class A	1.9
Liberty Media Corp-Liberty Formula One Class C	1.8
	76.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914544.102    503-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Communication Services Portfolio

Fidelity Advisor® Communication Services Fund Class Z :  FGKMX 

This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$ 29	0.55%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$2,498,849,258
Number of Holdings	56
Portfolio Turnover	141%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Interactive Media & Services	51.7
Entertainment	21.0
Diversified Telecommunication Services	7.1
Media	7.0
Broadline Retail	4.5
Semiconductors & Semiconductor Equipment	1.2
Technology Hardware, Storage & Peripherals	1.0
Software	1.0
Specialty Retail	0.8
Others	0.3

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 94.3                    

Preferred Stocks - 1.3                  

Short-Term Investments and Net Other Assets (Liabilities) - 4.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.3                    

Taiwan - 0.5                            

Korea (South) - 0.2                     

TOP HOLDINGS (% of Fund's net assets)
Meta Platforms Inc Class A	24.8
Alphabet Inc Class A	24.7
Walt Disney Co/The	4.9
AT&T Inc	4.9
Amazon.com Inc	4.5
Warner Bros Discovery Inc	3.1
Take-Two Interactive Software Inc	3.1
Live Nation Entertainment Inc	2.7
Fox Corp Class A	1.9
Liberty Media Corp-Liberty Formula One Class C	1.8
	76.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914543.102    3328-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Communication Services Portfolio

Fidelity Advisor® Communication Services Fund Class M :  FGEMX 

This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$ 60	1.16%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$2,498,849,258
Number of Holdings	56
Portfolio Turnover	141%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Interactive Media & Services	51.7
Entertainment	21.0
Diversified Telecommunication Services	7.1
Media	7.0
Broadline Retail	4.5
Semiconductors & Semiconductor Equipment	1.2
Technology Hardware, Storage & Peripherals	1.0
Software	1.0
Specialty Retail	0.8
Others	0.3

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 94.3                    

Preferred Stocks - 1.3                  

Short-Term Investments and Net Other Assets (Liabilities) - 4.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.3                    

Taiwan - 0.5                            

Korea (South) - 0.2                     

TOP HOLDINGS (% of Fund's net assets)
Meta Platforms Inc Class A	24.8
Alphabet Inc Class A	24.7
Walt Disney Co/The	4.9
AT&T Inc	4.9
Amazon.com Inc	4.5
Warner Bros Discovery Inc	3.1
Take-Two Interactive Software Inc	3.1
Live Nation Entertainment Inc	2.7
Fox Corp Class A	1.9
Liberty Media Corp-Liberty Formula One Class C	1.8
	76.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914540.102    3325-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Communication Services Portfolio

Fidelity Advisor® Communication Services Fund Class I :  FGJMX 

This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$ 35	0.67%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$2,498,849,258
Number of Holdings	56
Portfolio Turnover	141%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Interactive Media & Services	51.7
Entertainment	21.0
Diversified Telecommunication Services	7.1
Media	7.0
Broadline Retail	4.5
Semiconductors & Semiconductor Equipment	1.2
Technology Hardware, Storage & Peripherals	1.0
Software	1.0
Specialty Retail	0.8
Others	0.3

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 94.3                    

Preferred Stocks - 1.3                  

Short-Term Investments and Net Other Assets (Liabilities) - 4.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.3                    

Taiwan - 0.5                            

Korea (South) - 0.2                     

TOP HOLDINGS (% of Fund's net assets)
Meta Platforms Inc Class A	24.8
Alphabet Inc Class A	24.7
Walt Disney Co/The	4.9
AT&T Inc	4.9
Amazon.com Inc	4.5
Warner Bros Discovery Inc	3.1
Take-Two Interactive Software Inc	3.1
Live Nation Entertainment Inc	2.7
Fox Corp Class A	1.9
Liberty Media Corp-Liberty Formula One Class C	1.8
	76.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914542.102    3327-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Communication Services Portfolio

Fidelity Advisor® Communication Services Fund Class C :  FGHMX 

This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 86	1.65%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$2,498,849,258
Number of Holdings	56
Portfolio Turnover	141%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Interactive Media & Services	51.7
Entertainment	21.0
Diversified Telecommunication Services	7.1
Media	7.0
Broadline Retail	4.5
Semiconductors & Semiconductor Equipment	1.2
Technology Hardware, Storage & Peripherals	1.0
Software	1.0
Specialty Retail	0.8
Others	0.3

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 94.3                    

Preferred Stocks - 1.3                  

Short-Term Investments and Net Other Assets (Liabilities) - 4.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.3                    

Taiwan - 0.5                            

Korea (South) - 0.2                     

TOP HOLDINGS (% of Fund's net assets)
Meta Platforms Inc Class A	24.8
Alphabet Inc Class A	24.7
Walt Disney Co/The	4.9
AT&T Inc	4.9
Amazon.com Inc	4.5
Warner Bros Discovery Inc	3.1
Take-Two Interactive Software Inc	3.1
Live Nation Entertainment Inc	2.7
Fox Corp Class A	1.9
Liberty Media Corp-Liberty Formula One Class C	1.8
	76.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914541.102    3326-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Communication Services Portfolio

Fidelity Advisor® Communication Services Fund Class A :  FGDMX 

This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 48	0.91%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$2,498,849,258
Number of Holdings	56
Portfolio Turnover	141%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Interactive Media & Services	51.7
Entertainment	21.0
Diversified Telecommunication Services	7.1
Media	7.0
Broadline Retail	4.5
Semiconductors & Semiconductor Equipment	1.2
Technology Hardware, Storage & Peripherals	1.0
Software	1.0
Specialty Retail	0.8
Others	0.3

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 94.3                    

Preferred Stocks - 1.3                  

Short-Term Investments and Net Other Assets (Liabilities) - 4.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.3                    

Taiwan - 0.5                            

Korea (South) - 0.2                     

TOP HOLDINGS (% of Fund's net assets)
Meta Platforms Inc Class A	24.8
Alphabet Inc Class A	24.7
Walt Disney Co/The	4.9
AT&T Inc	4.9
Amazon.com Inc	4.5
Warner Bros Discovery Inc	3.1
Take-Two Interactive Software Inc	3.1
Live Nation Entertainment Inc	2.7
Fox Corp Class A	1.9
Liberty Media Corp-Liberty Formula One Class C	1.8
	76.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914539.102    3324-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Chemicals Portfolio

Chemicals Portfolio :  FSCHX 

This semi-annual shareholder report contains information about Chemicals Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Chemicals Portfolio	$ 34	0.67%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$425,155,694
Number of Holdings	30
Portfolio Turnover	13%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Chemicals	99.3

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.3                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.7

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.8                    

Germany - 0.2                           

TOP HOLDINGS (% of Fund's net assets)
Linde PLC	24.6
Sherwin-Williams Co/The	15.1
Element Solutions Inc	5.6
Corteva Inc	4.9
Air Products and Chemicals Inc	4.8
Ecolab Inc	4.7
Scotts Miracle-Gro Co/The	4.4
PPG Industries Inc	4.4
Ingevity Corp	3.5
LyondellBasell Industries NV Class A1	3.3
	75.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914505.102    69-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Brokerage and Investment Management Portfolio

Brokerage and Investment Management Portfolio :  FSLBX 

This semi-annual shareholder report contains information about Brokerage and Investment Management Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Brokerage and Investment Management Portfolio	$ 36	0.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$991,187,169
Number of Holdings	38
Portfolio Turnover	52%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Capital Markets	97.0
Financial Services	3.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 100.0                   

Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.0                    

Grand Cayman (UK Overseas Ter) - 0.5    

United Kingdom - 0.5                    

TOP HOLDINGS (% of Fund's net assets)
Charles Schwab Corp/The	9.2
KKR & Co Inc Class A	6.4
Intercontinental Exchange Inc	5.8
Moody's Corp	5.7
Blackrock Inc	5.4
Ares Management Corp Class A	5.3
Blue Owl Capital Inc Class A	5.2
State Street Corp	5.2
S&P Global Inc	3.6
Blackstone Inc	3.6
	55.4

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914504.102    68-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Biotechnology Portfolio

Biotechnology Portfolio :  FBIOX 

This semi-annual shareholder report contains information about Biotechnology Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Biotechnology Portfolio	$ 33	0.60%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$6,289,020,093
Number of Holdings	223
Portfolio Turnover	60%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Biotechnology	87.0
Pharmaceuticals	12.5
Life Sciences Tools & Services	0.2
Health Care Providers & Services	0.1
Health Care Technology	0.0
Health Care Equipment & Supplies	0.0
Consumer Staples Distribution & Retail	0.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.1                    

Preferred Stocks - 0.7                  

Bonds - 0.0                             

Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 90.1                    

Belgium - 3.7                           

Denmark - 2.7                           

Switzerland - 0.8                       

United Kingdom - 0.7                    

Netherlands - 0.6                       

Canada - 0.4                            

France - 0.3                            

Germany - 0.3                           

Others - 0.4                            

TOP HOLDINGS (% of Fund's net assets)
AbbVie Inc	10.5
Krystal Biotech Inc	10.4
Amgen Inc	7.1
Moderna Inc	3.6
Insmed Inc	2.5
Revolution Medicines Inc	2.5
Argenx SE ADR	2.4
Praxis Precision Medicines Inc	2.3
Ascendis Pharma A/S	2.0
Natera Inc	1.7
	45.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914524.102    42-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Banking Portfolio

Banking Portfolio :  FSRBX 

This semi-annual shareholder report contains information about Banking Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Banking Portfolio	$ 36	0.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$506,942,064
Number of Holdings	39
Portfolio Turnover	23%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Banks	98.1
Capital Markets	1.8

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.9                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.1

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 97.0                    

Puerto Rico - 3.0                       

TOP HOLDINGS (% of Fund's net assets)
Bank of America Corp	8.2
Wells Fargo & Co	7.5
Citigroup Inc	5.8
US Bancorp	5.4
Huntington Bancshares Inc/OH	4.8
M&T Bank Corp	4.5
KeyCorp	4.3
Truist Financial Corp	4.1
Old National Bancorp/IN	3.8
UMB Financial Corp	3.7
	52.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914546.102    507-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Automotive Portfolio

Automotive Portfolio :  FSAVX 

This semi-annual shareholder report contains information about Automotive Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Automotive Portfolio	$ 39	0.78%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$56,640,761
Number of Holdings	34
Portfolio Turnover	127%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Automobiles	53.4
Specialty Retail	24.6
Automobile Components	9.9
Commercial Services & Supplies	5.7
Distributors	1.8
Electrical Equipment	1.5
Hotels, Restaurants & Leisure	0.4
Electronic Equipment, Instruments & Components	0.1

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 97.3                    

Preferred Stocks - 0.1                  

Short-Term Investments and Net Other Assets (Liabilities) - 2.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 68.2                    

Japan - 16.5                            

Italy - 7.3                             

Canada - 3.7                            

China - 3.0                             

Switzerland - 1.3                       

Korea (South) - 0.0                     

TOP HOLDINGS (% of Fund's net assets)
Toyota Motor Corp ADR	11.7
O'Reilly Automotive Inc	11.5
General Motors Co	11.5
Tesla Inc	7.9
Ferrari NV	7.3
Ford Motor Co	4.9
Carvana Co Class A	4.8
Honda Motor Co Ltd ADR	4.7
Copart Inc	4.5
Rivian Automotive Inc Class A	2.9
	71.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914538.102    502-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Fidelity® Natural Resources Fund

Fidelity® Natural Resources Fund :  FNARX 

This semi-annual shareholder report contains information about Fidelity® Natural Resources Fund for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Natural Resources Fund	$ 35	0.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,018,584,302
Number of Holdings	47
Portfolio Turnover	69%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Oil, Gas & Consumable Fuels	62.4
Metals & Mining	26.6
Chemicals	3.3
Construction Materials	2.9
Containers & Packaging	2.3
Energy Equipment & Services	1.7

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.2                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.8

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 64.2                    

Canada - 30.7                           

Brazil - 2.8                            

Portugal - 1.3                          

Zambia - 0.6                            

United Kingdom - 0.4                    

Australia - 0.0                         

TOP HOLDINGS (% of Fund's net assets)
ExxonMobil Holdings Corp	18.7
ConocoPhillips	6.3
Valero Energy Corp	6.1
Shell PLC ADR	6.0
Suncor Energy Inc (United States)	5.0
Imperial Oil Ltd	5.0
Athabasca Oil Corp	4.4
Phillips 66	4.3
Freeport-McMoRan Inc	3.7
Newmont Corp	3.4
	62.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914555.102    514-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Fidelity® Climate Fund

Fidelity® Climate Fund :  FSLEX 

This semi-annual shareholder report contains information about Fidelity® Climate Fund for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Climate Fund	$ 34	0.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$660,254,889
Number of Holdings	68
Portfolio Turnover	25%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Electrical Equipment	14.8
Software	10.7
Automobiles	9.8
Communications Equipment	9.1
Machinery	8.8
Semiconductors & Semiconductor Equipment	7.7
Building Products	4.5
Commercial Services & Supplies	4.3
Electric Utilities	4.1
Others	25.5

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.3                    

Preferred Stocks - 0.0                  

Short-Term Investments and Net Other Assets (Liabilities) - 0.7

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.3                    

Netherlands - 3.4                       

Germany - 2.7                           

Canada - 0.6                            

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	10.4
Tesla Inc	9.4
Arista Networks Inc	4.7
Cisco Systems Inc	4.4
GE Vernova Inc	4.0
Prologis Inc	3.4
Eaton Corp PLC	3.4
NXP Semiconductors NV	3.4
Analog Devices Inc	3.2
NextEra Energy Inc	3.0
	49.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9914557.102    516-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Utilities Portfolio

Fidelity Advisor® Utilities Fund Class A :  FFUAX 

This semi-annual shareholder report contains information about Utilities Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 43	0.90%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$3,502,084,320
Number of Holdings	38
Portfolio Turnover	60%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Electric Utilities	67.5
Multi-Utilities	17.8
Independent Power and Renewable Electricity Producers	4.7
Commercial Services & Supplies	3.5
Water Utilities	2.6
Electrical Equipment	1.4
Construction & Engineering	0.7
Oil, Gas & Consumable Fuels	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.4                    

Short-Term Investments and Net Other Assets (Liabilities) - 1.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.4                    

Germany - 0.4                           

Canada - 0.2                            

TOP HOLDINGS (% of Fund's net assets)
NextEra Energy Inc	13.5
American Electric Power Co Inc	6.8
Constellation Energy Corp	6.5
Duke Energy Corp	5.8
Entergy Corp	5.2
Xcel Energy Inc	5.2
Sempra	4.9
Southern Co/The	4.4
Vistra Corp	4.0
Ameren Corp	4.0
	60.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9920873.100    9082-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Utilities Portfolio

Fidelity Advisor® Utilities Fund Class M :  FFUMX 

This semi-annual shareholder report contains information about Utilities Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$ 55	1.15%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$3,502,084,320
Number of Holdings	38
Portfolio Turnover	60%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Electric Utilities	67.5
Multi-Utilities	17.8
Independent Power and Renewable Electricity Producers	4.7
Commercial Services & Supplies	3.5
Water Utilities	2.6
Electrical Equipment	1.4
Construction & Engineering	0.7
Oil, Gas & Consumable Fuels	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.4                    

Short-Term Investments and Net Other Assets (Liabilities) - 1.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.4                    

Germany - 0.4                           

Canada - 0.2                            

TOP HOLDINGS (% of Fund's net assets)
NextEra Energy Inc	13.5
American Electric Power Co Inc	6.8
Constellation Energy Corp	6.5
Duke Energy Corp	5.8
Entergy Corp	5.2
Xcel Energy Inc	5.2
Sempra	4.9
Southern Co/The	4.4
Vistra Corp	4.0
Ameren Corp	4.0
	60.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9920875.100    9084-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Utilities Portfolio

Fidelity Advisor® Utilities Fund Class C :  FFUCX 

This semi-annual shareholder report contains information about Utilities Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 78	1.64%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$3,502,084,320
Number of Holdings	38
Portfolio Turnover	60%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Electric Utilities	67.5
Multi-Utilities	17.8
Independent Power and Renewable Electricity Producers	4.7
Commercial Services & Supplies	3.5
Water Utilities	2.6
Electrical Equipment	1.4
Construction & Engineering	0.7
Oil, Gas & Consumable Fuels	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.4                    

Short-Term Investments and Net Other Assets (Liabilities) - 1.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.4                    

Germany - 0.4                           

Canada - 0.2                            

TOP HOLDINGS (% of Fund's net assets)
NextEra Energy Inc	13.5
American Electric Power Co Inc	6.8
Constellation Energy Corp	6.5
Duke Energy Corp	5.8
Entergy Corp	5.2
Xcel Energy Inc	5.2
Sempra	4.9
Southern Co/The	4.4
Vistra Corp	4.0
Ameren Corp	4.0
	60.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9920877.100    9086-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Utilities Portfolio

Fidelity Advisor® Utilities Fund Class I :  FFUIX 

This semi-annual shareholder report contains information about Utilities Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$ 31	0.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$3,502,084,320
Number of Holdings	38
Portfolio Turnover	60%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Electric Utilities	67.5
Multi-Utilities	17.8
Independent Power and Renewable Electricity Producers	4.7
Commercial Services & Supplies	3.5
Water Utilities	2.6
Electrical Equipment	1.4
Construction & Engineering	0.7
Oil, Gas & Consumable Fuels	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.4                    

Short-Term Investments and Net Other Assets (Liabilities) - 1.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.4                    

Germany - 0.4                           

Canada - 0.2                            

TOP HOLDINGS (% of Fund's net assets)
NextEra Energy Inc	13.5
American Electric Power Co Inc	6.8
Constellation Energy Corp	6.5
Duke Energy Corp	5.8
Entergy Corp	5.2
Xcel Energy Inc	5.2
Sempra	4.9
Southern Co/The	4.4
Vistra Corp	4.0
Ameren Corp	4.0
	60.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9920879.100    9087-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Utilities Portfolio

Fidelity Advisor® Utilities Fund Class Z :  FFUZX 

This semi-annual shareholder report contains information about Utilities Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$ 26	0.54%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$3,502,084,320
Number of Holdings	38
Portfolio Turnover	60%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Electric Utilities	67.5
Multi-Utilities	17.8
Independent Power and Renewable Electricity Producers	4.7
Commercial Services & Supplies	3.5
Water Utilities	2.6
Electrical Equipment	1.4
Construction & Engineering	0.7
Oil, Gas & Consumable Fuels	0.2

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 98.4                    

Short-Term Investments and Net Other Assets (Liabilities) - 1.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 99.4                    

Germany - 0.4                           

Canada - 0.2                            

TOP HOLDINGS (% of Fund's net assets)
NextEra Energy Inc	13.5
American Electric Power Co Inc	6.8
Constellation Energy Corp	6.5
Duke Energy Corp	5.8
Entergy Corp	5.2
Xcel Energy Inc	5.2
Sempra	4.9
Southern Co/The	4.4
Vistra Corp	4.0
Ameren Corp	4.0
	60.3

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9920881.100    9088-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Technology Portfolio

Fidelity Advisor® Technology Fund Class A :  FFONX 

This semi-annual shareholder report contains information about Technology Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 53	0.87%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$36,944,355,957
Number of Holdings	126
Portfolio Turnover	95%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Semiconductors & Semiconductor Equipment	43.2
Technology Hardware, Storage & Peripherals	20.5
Software	18.7
IT Services	5.7
Communications Equipment	4.8
Electronic Equipment, Instruments & Components	2.7
Broadline Retail	2.6
Interactive Media & Services	0.9
Financial Services	0.2
Others	0.5

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 95.1                    

Preferred Stocks - 4.7                  

Bonds - 0.0                             

Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.6                    

Taiwan - 2.7                            

Netherlands - 2.2                       

Canada - 1.1                            

United Kingdom - 0.2                    

China - 0.1                             

Israel - 0.1                            

Estonia - 0.0                           

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	18.8
Apple Inc	15.7
Microsoft Corp	8.4
Micron Technology Inc	3.5
Cisco Systems Inc	3.4
Marvell Technology Inc	2.8
Amazon.com Inc	2.6
Intel Corp	2.3
Western Digital Corp	2.3
Advanced Micro Devices Inc	1.9
	61.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921112.100    9117-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Technology Portfolio

Fidelity Advisor® Technology Fund Class M :  FFOJX 

This semi-annual shareholder report contains information about Technology Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$ 68	1.12%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$36,944,355,957
Number of Holdings	126
Portfolio Turnover	95%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Semiconductors & Semiconductor Equipment	43.2
Technology Hardware, Storage & Peripherals	20.5
Software	18.7
IT Services	5.7
Communications Equipment	4.8
Electronic Equipment, Instruments & Components	2.7
Broadline Retail	2.6
Interactive Media & Services	0.9
Financial Services	0.2
Others	0.5

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 95.1                    

Preferred Stocks - 4.7                  

Bonds - 0.0                             

Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.6                    

Taiwan - 2.7                            

Netherlands - 2.2                       

Canada - 1.1                            

United Kingdom - 0.2                    

China - 0.1                             

Israel - 0.1                            

Estonia - 0.0                           

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	18.8
Apple Inc	15.7
Microsoft Corp	8.4
Micron Technology Inc	3.5
Cisco Systems Inc	3.4
Marvell Technology Inc	2.8
Amazon.com Inc	2.6
Intel Corp	2.3
Western Digital Corp	2.3
Advanced Micro Devices Inc	1.9
	61.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921114.100    9118-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Technology Portfolio

Fidelity Advisor® Technology Fund Class C :  FFOQX 

This semi-annual shareholder report contains information about Technology Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 97	1.61%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$36,944,355,957
Number of Holdings	126
Portfolio Turnover	95%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Semiconductors & Semiconductor Equipment	43.2
Technology Hardware, Storage & Peripherals	20.5
Software	18.7
IT Services	5.7
Communications Equipment	4.8
Electronic Equipment, Instruments & Components	2.7
Broadline Retail	2.6
Interactive Media & Services	0.9
Financial Services	0.2
Others	0.5

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 95.1                    

Preferred Stocks - 4.7                  

Bonds - 0.0                             

Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.6                    

Taiwan - 2.7                            

Netherlands - 2.2                       

Canada - 1.1                            

United Kingdom - 0.2                    

China - 0.1                             

Israel - 0.1                            

Estonia - 0.0                           

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	18.8
Apple Inc	15.7
Microsoft Corp	8.4
Micron Technology Inc	3.5
Cisco Systems Inc	3.4
Marvell Technology Inc	2.8
Amazon.com Inc	2.6
Intel Corp	2.3
Western Digital Corp	2.3
Advanced Micro Devices Inc	1.9
	61.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921116.100    9119-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Technology Portfolio

Fidelity Advisor® Technology Fund Class I :  FFOMX 

This semi-annual shareholder report contains information about Technology Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$ 38	0.63%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$36,944,355,957
Number of Holdings	126
Portfolio Turnover	95%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Semiconductors & Semiconductor Equipment	43.2
Technology Hardware, Storage & Peripherals	20.5
Software	18.7
IT Services	5.7
Communications Equipment	4.8
Electronic Equipment, Instruments & Components	2.7
Broadline Retail	2.6
Interactive Media & Services	0.9
Financial Services	0.2
Others	0.5

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 95.1                    

Preferred Stocks - 4.7                  

Bonds - 0.0                             

Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.6                    

Taiwan - 2.7                            

Netherlands - 2.2                       

Canada - 1.1                            

United Kingdom - 0.2                    

China - 0.1                             

Israel - 0.1                            

Estonia - 0.0                           

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	18.8
Apple Inc	15.7
Microsoft Corp	8.4
Micron Technology Inc	3.5
Cisco Systems Inc	3.4
Marvell Technology Inc	2.8
Amazon.com Inc	2.6
Intel Corp	2.3
Western Digital Corp	2.3
Advanced Micro Devices Inc	1.9
	61.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921118.100    9120-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Technology Portfolio

Fidelity Advisor® Technology Fund Class Z :  FFOTX 

This semi-annual shareholder report contains information about Technology Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$ 31	0.52%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$36,944,355,957
Number of Holdings	126
Portfolio Turnover	95%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Semiconductors & Semiconductor Equipment	43.2
Technology Hardware, Storage & Peripherals	20.5
Software	18.7
IT Services	5.7
Communications Equipment	4.8
Electronic Equipment, Instruments & Components	2.7
Broadline Retail	2.6
Interactive Media & Services	0.9
Financial Services	0.2
Others	0.5

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 95.1                    

Preferred Stocks - 4.7                  

Bonds - 0.0                             

Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 93.6                    

Taiwan - 2.7                            

Netherlands - 2.2                       

Canada - 1.1                            

United Kingdom - 0.2                    

China - 0.1                             

Israel - 0.1                            

Estonia - 0.0                           

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	18.8
Apple Inc	15.7
Microsoft Corp	8.4
Micron Technology Inc	3.5
Cisco Systems Inc	3.4
Marvell Technology Inc	2.8
Amazon.com Inc	2.6
Intel Corp	2.3
Western Digital Corp	2.3
Advanced Micro Devices Inc	1.9
	61.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921120.100    9121-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Consumer Discretionary Portfolio

Fidelity Advisor® Consumer Discretionary Fund Class A :  FFNRX 

This semi-annual shareholder report contains information about Consumer Discretionary Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 48	0.96%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$711,801,099
Number of Holdings	59
Portfolio Turnover	23%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Broadline Retail	27.4
Specialty Retail	23.8
Hotels, Restaurants & Leisure	18.1
Automobiles	16.5
Household Durables	5.3
Textiles, Apparel & Luxury Goods	3.2
Automobile Components	1.9
Consumer Staples Distribution & Retail	1.9
Construction Materials	1.1
Distributors	0.8

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 100.0                   

Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 95.1                    

Canada - 2.4                            

Brazil - 1.3                            

Mexico - 0.5                            

Finland - 0.3                           

France - 0.3                            

Switzerland - 0.1                       

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	24.0
Tesla Inc	14.6
Home Depot Inc/The	4.3
Lowe's Cos Inc	3.9
McDonald's Corp	3.3
Somnigroup International Inc	2.7
Hilton Worldwide Holdings Inc	2.6
TJX Cos Inc/The	2.5
Ross Stores Inc	2.4
General Motors Co	1.9
	62.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921086.100    9122-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Consumer Discretionary Portfolio

Fidelity Advisor® Consumer Discretionary Fund Class M :  FFNNX 

This semi-annual shareholder report contains information about Consumer Discretionary Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$ 61	1.21%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$711,801,099
Number of Holdings	59
Portfolio Turnover	23%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Broadline Retail	27.4
Specialty Retail	23.8
Hotels, Restaurants & Leisure	18.1
Automobiles	16.5
Household Durables	5.3
Textiles, Apparel & Luxury Goods	3.2
Automobile Components	1.9
Consumer Staples Distribution & Retail	1.9
Construction Materials	1.1
Distributors	0.8

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 100.0                   

Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 95.1                    

Canada - 2.4                            

Brazil - 1.3                            

Mexico - 0.5                            

Finland - 0.3                           

France - 0.3                            

Switzerland - 0.1                       

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	24.0
Tesla Inc	14.6
Home Depot Inc/The	4.3
Lowe's Cos Inc	3.9
McDonald's Corp	3.3
Somnigroup International Inc	2.7
Hilton Worldwide Holdings Inc	2.6
TJX Cos Inc/The	2.5
Ross Stores Inc	2.4
General Motors Co	1.9
	62.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921088.100    9123-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Consumer Discretionary Portfolio

Fidelity Advisor® Consumer Discretionary Fund Class C :  FFNSX 

This semi-annual shareholder report contains information about Consumer Discretionary Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 86	1.70%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$711,801,099
Number of Holdings	59
Portfolio Turnover	23%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Broadline Retail	27.4
Specialty Retail	23.8
Hotels, Restaurants & Leisure	18.1
Automobiles	16.5
Household Durables	5.3
Textiles, Apparel & Luxury Goods	3.2
Automobile Components	1.9
Consumer Staples Distribution & Retail	1.9
Construction Materials	1.1
Distributors	0.8

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 100.0                   

Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 95.1                    

Canada - 2.4                            

Brazil - 1.3                            

Mexico - 0.5                            

Finland - 0.3                           

France - 0.3                            

Switzerland - 0.1                       

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	24.0
Tesla Inc	14.6
Home Depot Inc/The	4.3
Lowe's Cos Inc	3.9
McDonald's Corp	3.3
Somnigroup International Inc	2.7
Hilton Worldwide Holdings Inc	2.6
TJX Cos Inc/The	2.5
Ross Stores Inc	2.4
General Motors Co	1.9
	62.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921090.100    9124-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Consumer Discretionary Portfolio

Fidelity Advisor® Consumer Discretionary Fund Class I :  FFNQX 

This semi-annual shareholder report contains information about Consumer Discretionary Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$ 35	0.70%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$711,801,099
Number of Holdings	59
Portfolio Turnover	23%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Broadline Retail	27.4
Specialty Retail	23.8
Hotels, Restaurants & Leisure	18.1
Automobiles	16.5
Household Durables	5.3
Textiles, Apparel & Luxury Goods	3.2
Automobile Components	1.9
Consumer Staples Distribution & Retail	1.9
Construction Materials	1.1
Distributors	0.8

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 100.0                   

Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 95.1                    

Canada - 2.4                            

Brazil - 1.3                            

Mexico - 0.5                            

Finland - 0.3                           

France - 0.3                            

Switzerland - 0.1                       

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	24.0
Tesla Inc	14.6
Home Depot Inc/The	4.3
Lowe's Cos Inc	3.9
McDonald's Corp	3.3
Somnigroup International Inc	2.7
Hilton Worldwide Holdings Inc	2.6
TJX Cos Inc/The	2.5
Ross Stores Inc	2.4
General Motors Co	1.9
	62.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921092.100    9125-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Consumer Discretionary Portfolio

Fidelity Advisor® Consumer Discretionary Fund Class Z :  FFNUX 

This semi-annual shareholder report contains information about Consumer Discretionary Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$ 29	0.57%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$711,801,099
Number of Holdings	59
Portfolio Turnover	23%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Broadline Retail	27.4
Specialty Retail	23.8
Hotels, Restaurants & Leisure	18.1
Automobiles	16.5
Household Durables	5.3
Textiles, Apparel & Luxury Goods	3.2
Automobile Components	1.9
Consumer Staples Distribution & Retail	1.9
Construction Materials	1.1
Distributors	0.8

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 100.0                   

Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 95.1                    

Canada - 2.4                            

Brazil - 1.3                            

Mexico - 0.5                            

Finland - 0.3                           

France - 0.3                            

Switzerland - 0.1                       

TOP HOLDINGS (% of Fund's net assets)
Amazon.com Inc	24.0
Tesla Inc	14.6
Home Depot Inc/The	4.3
Lowe's Cos Inc	3.9
McDonald's Corp	3.3
Somnigroup International Inc	2.7
Hilton Worldwide Holdings Inc	2.6
TJX Cos Inc/The	2.5
Ross Stores Inc	2.4
General Motors Co	1.9
	62.2

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921094.100    9126-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Energy Portfolio

Fidelity Advisor® Energy Fund Class A :  FFOBX 

This semi-annual shareholder report contains information about Energy Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 50	0.90%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$4,222,757,613
Number of Holdings	38
Portfolio Turnover	35%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Oil, Gas & Consumable Fuels	80.3
Energy Equipment & Services	17.9
Independent Power and Renewable Electricity Producers	1.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.6                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 87.5                    

Canada - 7.8                            

United Kingdom - 4.4                    

Norway - 0.2                            

France - 0.1                            

TOP HOLDINGS (% of Fund's net assets)
ExxonMobil Holdings Corp	23.3
Chevron Corp	11.3
Marathon Petroleum Corp	6.7
Valero Energy Corp	5.1
Cenovus Energy Inc	4.6
TechnipFMC PLC	4.3
Cheniere Energy Inc	4.0
SLB Ltd	3.8
Energy Transfer LP	3.6
Baker Hughes Co Class A	3.4
	70.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921099.100    9127-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Energy Portfolio

Fidelity Advisor® Energy Fund Class M :  FFNVX 

This semi-annual shareholder report contains information about Energy Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M	$ 64	1.15%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$4,222,757,613
Number of Holdings	38
Portfolio Turnover	35%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Oil, Gas & Consumable Fuels	80.3
Energy Equipment & Services	17.9
Independent Power and Renewable Electricity Producers	1.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.6                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 87.5                    

Canada - 7.8                            

United Kingdom - 4.4                    

Norway - 0.2                            

France - 0.1                            

TOP HOLDINGS (% of Fund's net assets)
ExxonMobil Holdings Corp	23.3
Chevron Corp	11.3
Marathon Petroleum Corp	6.7
Valero Energy Corp	5.1
Cenovus Energy Inc	4.6
TechnipFMC PLC	4.3
Cheniere Energy Inc	4.0
SLB Ltd	3.8
Energy Transfer LP	3.6
Baker Hughes Co Class A	3.4
	70.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921101.100    9128-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Energy Portfolio

Fidelity Advisor® Energy Fund Class C :  FFOEX 

This semi-annual shareholder report contains information about Energy Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 91	1.64%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$4,222,757,613
Number of Holdings	38
Portfolio Turnover	35%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Oil, Gas & Consumable Fuels	80.3
Energy Equipment & Services	17.9
Independent Power and Renewable Electricity Producers	1.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.6                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 87.5                    

Canada - 7.8                            

United Kingdom - 4.4                    

Norway - 0.2                            

France - 0.1                            

TOP HOLDINGS (% of Fund's net assets)
ExxonMobil Holdings Corp	23.3
Chevron Corp	11.3
Marathon Petroleum Corp	6.7
Valero Energy Corp	5.1
Cenovus Energy Inc	4.6
TechnipFMC PLC	4.3
Cheniere Energy Inc	4.0
SLB Ltd	3.8
Energy Transfer LP	3.6
Baker Hughes Co Class A	3.4
	70.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921103.100    9129-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Energy Portfolio

Fidelity Advisor® Energy Fund Class I :  FFNWX 

This semi-annual shareholder report contains information about Energy Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$ 36	0.66%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$4,222,757,613
Number of Holdings	38
Portfolio Turnover	35%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Oil, Gas & Consumable Fuels	80.3
Energy Equipment & Services	17.9
Independent Power and Renewable Electricity Producers	1.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.6                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 87.5                    

Canada - 7.8                            

United Kingdom - 4.4                    

Norway - 0.2                            

France - 0.1                            

TOP HOLDINGS (% of Fund's net assets)
ExxonMobil Holdings Corp	23.3
Chevron Corp	11.3
Marathon Petroleum Corp	6.7
Valero Energy Corp	5.1
Cenovus Energy Inc	4.6
TechnipFMC PLC	4.3
Cheniere Energy Inc	4.0
SLB Ltd	3.8
Energy Transfer LP	3.6
Baker Hughes Co Class A	3.4
	70.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921105.100    9130-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Energy Portfolio

Fidelity Advisor® Energy Fund Class Z :  FFOHX 

This semi-annual shareholder report contains information about Energy Portfolio for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$ 30	0.54%

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$4,222,757,613
Number of Holdings	38
Portfolio Turnover	35%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Oil, Gas & Consumable Fuels	80.3
Energy Equipment & Services	17.9
Independent Power and Renewable Electricity Producers	1.4

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.6                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 87.5                    

Canada - 7.8                            

United Kingdom - 4.4                    

Norway - 0.2                            

France - 0.1                            

TOP HOLDINGS (% of Fund's net assets)
ExxonMobil Holdings Corp	23.3
Chevron Corp	11.3
Marathon Petroleum Corp	6.7
Valero Energy Corp	5.1
Cenovus Energy Inc	4.6
TechnipFMC PLC	4.3
Cheniere Energy Inc	4.0
SLB Ltd	3.8
Energy Transfer LP	3.6
Baker Hughes Co Class A	3.4
	70.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9921107.100    9131-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Financials Portfolio

Fidelity Advisor® Financials Fund Class A :  FIVGX 

This semi-annual shareholder report contains information about Financials Portfolio for the period August 6, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class AA	$ 7	0.95%

AExpenses for the full reporting period would be higher.

 

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,561,693,325
Number of Holdings	65
Portfolio Turnover	27%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Banks	33.8
Capital Markets	28.1
Insurance	18.1
Financial Services	14.2
Consumer Finance	4.5
Professional Services	1.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.7                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 95.6                    

United Kingdom - 1.1                    

Australia - 0.8                         

Grand Cayman (UK Overseas Ter) - 0.7    

Puerto Rico - 0.7                       

Mexico - 0.6                            

France - 0.5                            

TOP HOLDINGS (% of Fund's net assets)
Mastercard Inc Class A	8.4
Bank of America Corp	7.5
Wells Fargo & Co	7.0
Charles Schwab Corp/The	4.6
Reinsurance Group of America Inc	4.0
Citigroup Inc	4.0
State Street Corp	3.8
Morgan Stanley	2.5
KKR & Co Inc Class A	2.4
Capital One Financial Corp	2.4
	46.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9922826.100    9294-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Financials Portfolio

Fidelity Advisor® Financials Fund Class M :  FIVHX 

This semi-annual shareholder report contains information about Financials Portfolio for the period August 6, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class MA	$ 9	1.19%

AExpenses for the full reporting period would be higher.

 

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,561,693,325
Number of Holdings	65
Portfolio Turnover	27%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Banks	33.8
Capital Markets	28.1
Insurance	18.1
Financial Services	14.2
Consumer Finance	4.5
Professional Services	1.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.7                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 95.6                    

United Kingdom - 1.1                    

Australia - 0.8                         

Grand Cayman (UK Overseas Ter) - 0.7    

Puerto Rico - 0.7                       

Mexico - 0.6                            

France - 0.5                            

TOP HOLDINGS (% of Fund's net assets)
Mastercard Inc Class A	8.4
Bank of America Corp	7.5
Wells Fargo & Co	7.0
Charles Schwab Corp/The	4.6
Reinsurance Group of America Inc	4.0
Citigroup Inc	4.0
State Street Corp	3.8
Morgan Stanley	2.5
KKR & Co Inc Class A	2.4
Capital One Financial Corp	2.4
	46.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9922828.100    9295-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Financials Portfolio

Fidelity Advisor® Financials Fund Class C :  FIVJX 

This semi-annual shareholder report contains information about Financials Portfolio for the period August 6, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class CA	$ 12	1.69%

AExpenses for the full reporting period would be higher.

 

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,561,693,325
Number of Holdings	65
Portfolio Turnover	27%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Banks	33.8
Capital Markets	28.1
Insurance	18.1
Financial Services	14.2
Consumer Finance	4.5
Professional Services	1.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.7                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 95.6                    

United Kingdom - 1.1                    

Australia - 0.8                         

Grand Cayman (UK Overseas Ter) - 0.7    

Puerto Rico - 0.7                       

Mexico - 0.6                            

France - 0.5                            

TOP HOLDINGS (% of Fund's net assets)
Mastercard Inc Class A	8.4
Bank of America Corp	7.5
Wells Fargo & Co	7.0
Charles Schwab Corp/The	4.6
Reinsurance Group of America Inc	4.0
Citigroup Inc	4.0
State Street Corp	3.8
Morgan Stanley	2.5
KKR & Co Inc Class A	2.4
Capital One Financial Corp	2.4
	46.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9922830.100    9296-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Financials Portfolio

Fidelity Advisor® Financials Fund Class I :  FIVKX 

This semi-annual shareholder report contains information about Financials Portfolio for the period August 6, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class IA	$ 5	0.70%

AExpenses for the full reporting period would be higher.

 

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,561,693,325
Number of Holdings	65
Portfolio Turnover	27%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Banks	33.8
Capital Markets	28.1
Insurance	18.1
Financial Services	14.2
Consumer Finance	4.5
Professional Services	1.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.7                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 95.6                    

United Kingdom - 1.1                    

Australia - 0.8                         

Grand Cayman (UK Overseas Ter) - 0.7    

Puerto Rico - 0.7                       

Mexico - 0.6                            

France - 0.5                            

TOP HOLDINGS (% of Fund's net assets)
Mastercard Inc Class A	8.4
Bank of America Corp	7.5
Wells Fargo & Co	7.0
Charles Schwab Corp/The	4.6
Reinsurance Group of America Inc	4.0
Citigroup Inc	4.0
State Street Corp	3.8
Morgan Stanley	2.5
KKR & Co Inc Class A	2.4
Capital One Financial Corp	2.4
	46.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9922832.100    9297-TSRS-1026

SEMI-ANNUAL SHAREHOLDER REPORT | AS OF AUGUST 31, 2026

Financials Portfolio

Fidelity Advisor® Financials Fund Class Z :  FIVSX 

This semi-annual shareholder report contains information about Financials Portfolio for the period August 6, 2026 to August 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class ZA	$ 4	0.57%

AExpenses for the full reporting period would be higher.

 

Key Fund Statistics

(as of August 31, 2026)

KEY FACTS
Fund Size	$1,561,693,325
Number of Holdings	65
Portfolio Turnover	27%

What did the Fund invest in?
(as of August 31, 2026)

TOP INDUSTRIES (% of Fund's net assets)
Banks	33.8
Capital Markets	28.1
Insurance	18.1
Financial Services	14.2
Consumer Finance	4.5
Professional Services	1.0

ASSET ALLOCATION (% of Fund's net assets)

Common Stocks - 99.7                    

Short-Term Investments and Net Other Assets (Liabilities) - 0.3

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

United States - 95.6                    

United Kingdom - 1.1                    

Australia - 0.8                         

Grand Cayman (UK Overseas Ter) - 0.7    

Puerto Rico - 0.7                       

Mexico - 0.6                            

France - 0.5                            

TOP HOLDINGS (% of Fund's net assets)
Mastercard Inc Class A	8.4
Bank of America Corp	7.5
Wells Fargo & Co	7.0
Charles Schwab Corp/The	4.6
Reinsurance Group of America Inc	4.0
Citigroup Inc	4.0
State Street Corp	3.8
Morgan Stanley	2.5
KKR & Co Inc Class A	2.4
Capital One Financial Corp	2.4
	46.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9922834.100    9298-TSRS-1026

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.

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Fidelity® Select Portfolios®

Telecommunications Services Sector

Telecommunications Portfolio

Wireless Portfolio

Semi-Annual Report

August 31, 2026

Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2026 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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Telecommunications Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares	Value ($)
BELGIUM - 2.2%
Communication Services - 2.2%
Diversified Telecommunication Services - 2.2%
Liberty Global Ltd Class A (b)	245,800	2,642,350
Liberty Global Ltd Class C (a)(b)	252,036	2,643,858
TOTAL BELGIUM		5,286,208
PUERTO RICO - 3.5%
Communication Services - 3.5%
Diversified Telecommunication Services - 3.5%
Liberty Latin America Ltd Class A (b)	247,300	2,129,253
Liberty Latin America Ltd Class C (b)	752,033	6,429,882
TOTAL PUERTO RICO		8,559,135
UNITED STATES - 92.3%
Communication Services - 91.2%
Diversified Telecommunication Services - 81.5%
Anterix Inc (a)(b)	52,600	4,780,814
AST SpaceMobile Inc Class A (a)(b)	175,300	10,360,230
AT&T Inc	2,042,820	52,888,610
Atn International Inc	40,400	1,218,868
Bandwidth Inc Class A (a)(b)	122,300	5,922,989
Cogent Communications Holdings Inc (a)	155,639	1,484,796
Comcast Corp Class A	104,200	2,773,804
GCI LLC Class A (b)	12,900	344,430
GCI LLC Class C (a)(b)	129,824	3,379,319
Globalstar Inc (b)	146,298	11,930,602
IDT Corp Class B	118,800	8,104,536
Iridium Communications Inc	243,111	11,421,355
Lumen Technologies Inc (a)(b)	1,200,000	7,500,000
Shenandoah Telecommunications Co (a)	24,723	305,823
Space Exploration Technologies Corp Class A (a)	94,900	13,636,181
Uniti Group Inc (a)(b)	741,400	7,354,688
Verizon Communications Inc	1,076,597	53,851,382
		197,258,427
Interactive Media & Services - 0.8%
Alphabet Inc Class A	1,700	576,895
Meta Platforms Inc Class A	2,300	1,316,382
		1,893,277
Wireless Telecommunication Services - 8.9%
Array Digital Infrastructure Inc (a)	129,500	4,747,470
Spok Holdings Inc	11,300	118,762
T-Mobile US Inc	55,924	10,090,927
Telephone and Data Systems Inc	192,764	6,492,292
		21,449,451
TOTAL COMMUNICATION SERVICES		220,601,155
Information Technology - 1.1%
Communications Equipment - 0.3%
Lumentum Holdings Inc (b)	700	640,332
Electronic Equipment, Instruments & Components - 0.2%
Coherent Corp (b)	1,800	500,094
Software - 0.6%
NextNav Inc Class A (b)	92,400	1,466,388
TOTAL INFORMATION TECHNOLOGY		2,606,814
TOTAL UNITED STATES		223,207,969
TOTAL COMMON STOCKS  (Cost $169,383,111)		237,053,312

Non-Convertible Preferred Stocks - 0.9%
	Shares	Value ($)
PUERTO RICO - 0.9%
Communication Services - 0.9%
Diversified Telecommunication Services - 0.9%
Liberty Latin America Ltd 9%   (Cost $2,113,246)	101,273	2,129,771

Money Market Funds - 11.0%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	234,153	234,200
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	26,491,997	26,494,647
TOTAL MONEY MARKET FUNDS  (Cost $26,728,847)			26,728,847

TOTAL INVESTMENT IN SECURITIES - 109.9%  (Cost $198,225,204)	265,911,930
NET OTHER ASSETS (LIABILITIES) - (9.9)%	(23,906,855)
NET ASSETS - 100.0%	242,005,075

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	10,085,767	35,639,775	45,491,165	47,070	(177)	-	234,200	234,153
Fidelity Securities Lending Cash Central Fund	16,836,286	103,909,875	94,251,514	18,035	-	-	26,494,647	26,491,997
	26,922,053	139,549,650	139,742,679	65,105	(177)	-	26,728,847

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Communication Services	234,446,498	234,446,498	-	-
Information Technology	2,606,814	2,606,814	-	-
Non-Convertible Preferred Stocks
Communication Services	2,129,771	2,129,771	-	-
Money Market Funds	26,728,847	26,728,847	-	-
Total Investments in Securities:	265,911,930	265,911,930	-	-

Telecommunications Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	239,183,083
Investments in securities, at value - affiliated issuers		26,728,847
Foreign currency held at value		28,447
Receivable for investments sold		3,603,121
Receivable for fund shares sold		108,304
Dividends receivable		67,053
Distributions receivable from affiliated funds		10,233
Prepaid expenses		236
Other receivables		8,998
Total assets		269,738,322
Liabilities
Payable for investments purchased		948,100
Payable for fund shares redeemed		123,674
Accrued management fee		130,890
Distribution and service plan fees payable		10,893
Other payables and accrued expenses		25,754
Collateral on securities loaned		26,493,936
Total liabilities		27,733,247
Net Assets	$	242,005,075
Net assets consist of:
Paid in capital		171,458,941
Total accumulated earnings (loss)		70,546,134
Net Assets	$	242,005,075
Net Asset Value and Maximum Offering
Class A
Net Asset Value and redemption price per share ($26,610,791/386,604 shares) a	$	68.83
Maximum offering price per share (100/94.25 of $68.83)	$	73.03
Class M
Net Asset Value and redemption price per share ($9,480,970/138,971 shares) a	$	68.22
Maximum offering price per share (100/96.50 of $68.22)	$	70.70
Class C
Net Asset Value and offering price per share ($1,824,507/26,565 shares) a	$	68.68
Telecommunications Portfolio
Net Asset Value, offering price and redemption price per share ($188,319,987/2,708,751 shares)	$	69.52
Class I
Net Asset Value, offering price and redemption price per share ($11,737,040/169,440 shares)	$	69.27
Class Z
Net Asset Value, offering price and redemption price per share ($4,031,780/58,339 shares)	$	69.11
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Other Information
Unaffiliated issuers, cost		171,496,357
Affiliated issuers, cost		26,728,847
Foreign currency holdings, cost		21,712
Securities loaned, market value		33,899,575

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	3,539,855
Dividends - affiliated issuers		65,105
Security lending income - unaffiliated issuers		4,598
Special dividends		1,463,000
Total investment income		5,072,558
Expenses
Management fee		791,920
Distribution and service plan fees		63,685
Custodian fees and expenses		2,279
Independent trustees' fees and expenses		336
Registration fees		58,211
Audit		27,719
Legal		361
Commitment fee		141
Miscellaneous		244
Total expenses		944,896
Net investment income (loss)		4,127,662
Net realized gain (loss)
Investments - unaffiliated issuers		13,561,586
Investments - affiliated issuers		(177)
Foreign currency transactions		(5,158)
Net realized gain (loss)		13,556,251
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(1,613,149)
Assets and liabilities in foreign currencies		6,250
Total change in net unrealized appreciation (depreciation)		(1,606,899)
Net gain (loss)		11,949,352
Net increase (decrease) in net assets resulting from operations	$	16,077,014
Other Information
Income from securities lending - Affiliated Issuers		18,035

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,127,662	$	6,522,430
Net realized gain (loss)		13,556,251		7,251,106
Change in net unrealized appreciation (depreciation)		(1,606,899)		19,902,235
Net increase (decrease) in net assets resulting from operations	$	16,077,014	$	33,675,771
Distributions to shareholders
Distributions to shareholders		(3,910,675)		(5,903,577)
Total distributions		(3,910,675)		(5,903,577)
Net increase (decrease) in net assets resulting from share transactions		(1,846,965)		(16,422,089)
Total increase (decrease) in net assets		10,319,374		11,350,105
Net Assets
Beginning of period		231,685,701		220,335,596
End of period	$	242,005,075	$	231,685,701

Financial Highlights

 

Fidelity Advisor® Telecommunications Fund Class A

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	65.42	$	57.95	$	44.20	$	46.57	$	54.28	$	66.52
Income from Investment Operations
Net investment income (loss) C, D		1.07 B		1.47 E		1.09		1.06		.93		1.51 F
Net realized and unrealized gain (loss)		3.38		7.36		13.71		(1.85) G		(5.19)		(5.14)
Total from investment operations		4.45		8.83		14.80		(.79)		(4.26)		(3.63)
Distributions
Distributions from net investment income		(1.04)		(1.36)		(1.05)		(1.10)		(.99)		(1.66)
Distributions from net realized gain		-		-		-		(.48)		(2.46)		(6.95)
Total distributions		(1.04)		(1.36)		(1.05)		(1.58)		(3.45)		(8.61)
Net asset value, end of period	$	68.83	$	65.42	$	57.95	$	44.20	$	46.57	$	54.28
Total Return H, I, J		6.88%		15.51%		33.91%		(1.60)% G		(7.98)%		(6.28)%
Ratios and Supplemental Data C, K, L
Ratio of expenses to average net assets before reductions		1.01% M		1.04%		1.05%		1.13%		1.13%		1.09%
Ratio of expenses to average net assets net of fee waivers, if any		1.01% M		1.04%		1.05%		1.13%		1.13%		1.09%
Ratio of expenses to average net assets net of all reductions, if any		1.01% M		1.04%		1.05%		1.12%		1.13%		1.09%
Ratio of net investment income (loss) to average net assets		3.13% B, M		2.48% E		2.19%		2.48%		1.89%		2.27% F
Net assets, end of period	$	26,610,791	$	23,744,335	$	20,389,649	$	16,322,599	$	18,744,402	$	22,022,795
Portfolio turnover rate N		89% M		65%		40%		26%		24%		28%

AFor the year ended February 29.

BNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.41 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.72%.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DCalculated based on average shares outstanding during the period.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.47 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.68%.

FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.35 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.74%.

GNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $0.04 per share. Excluding these litigation proceeds, the total return would have been -1.68%.

HTotal returns do not include the effect of the sales charges.

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

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

KExpense 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.

LFees 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.

MAnnualized.

NAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Fidelity Advisor® Telecommunications Fund Class M

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	64.85	$	57.44	$	43.84	$	46.21	$	53.88	$	66.09
Income from Investment Operations
Net investment income (loss) C, D		.97 B		1.31 E		.96		.95		.80		1.29 F
Net realized and unrealized gain (loss)		3.36		7.29		13.59		(1.84) G		(5.14)		(5.08)
Total from investment operations		4.33		8.60		14.55		(.89)		(4.34)		(3.79)
Distributions
Distributions from net investment income		(.96)		(1.19)		(.95)		(1.00)		(.86)		(1.48)
Distributions from net realized gain		-		-		-		(.48)		(2.46)		(6.95)
Total distributions		(.96)		(1.19)		(.95)		(1.48)		(3.33) H		(8.42) H
Net asset value, end of period	$	68.22	$	64.85	$	57.44	$	43.84	$	46.21	$	53.88
Total Return I, J, K		6.75%		15.21%		33.59%		(1.84)% G		(8.21)%		(6.55)%
Ratios and Supplemental Data D, L, M
Ratio of expenses to average net assets before reductions		1.26% N		1.29%		1.30%		1.38%		1.39%		1.39%
Ratio of expenses to average net assets net of fee waivers, if any		1.26% N		1.29%		1.30%		1.38%		1.38%		1.38%
Ratio of expenses to average net assets net of all reductions, if any		1.26% N		1.29%		1.30%		1.37%		1.38%		1.38%
Ratio of net investment income (loss) to average net assets		2.87% B, N		2.23% E		1.93%		2.23%		1.64%		1.97% F
Net assets, end of period	$	9,480,970	$	8,782,963	$	9,614,192	$	6,380,271	$	7,300,643	$	7,733,415
Portfolio turnover rate O		89% N		65%		40%		26%		24%		28%

AFor the year ended February 29.

BNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.4 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.47%.

CCalculated based on average shares outstanding during the period.

DNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.47 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.43%.

FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.35 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.44%.

GNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $0.04 per share. Excluding these litigation proceeds, the total return would have been -1.92%.

HTotal distributions per share do not sum due to rounding.

ITotal returns do not include the effect of the sales charges.

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

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

LFees 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.

MExpense 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.

NAnnualized.

OAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Fidelity Advisor® Telecommunications Fund Class C

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	65.28	$	57.80	$	44.05	$	46.38	$	54.04	$	66.17
Income from Investment Operations
Net investment income (loss) C, D		.82 B		1.02 E		.71		.74		.56		1.01 F
Net realized and unrealized gain (loss)		3.37		7.35		13.68		(1.85) G		(5.15)		(5.09)
Total from investment operations		4.19		8.37		14.39		(1.11)		(4.59)		(4.08)
Distributions
Distributions from net investment income		(.79)		(.89)		(.64)		(.75)		(.61)		(1.10)
Distributions from net realized gain		-		-		-		(.48)		(2.46)		(6.95)
Total distributions		(.79)		(.89)		(.64)		(1.22) H		(3.07)		(8.05)
Net asset value, end of period	$	68.68	$	65.28	$	57.80	$	44.05	$	46.38	$	54.04
Total Return I, J, K		6.48%		14.65%		32.91%		(2.33)% G		(8.66)%		(6.97)%
Ratios and Supplemental Data D, L, M
Ratio of expenses to average net assets before reductions		1.75% N		1.79%		1.80%		1.88%		1.88%		1.83%
Ratio of expenses to average net assets net of fee waivers, if any		1.75% N		1.79%		1.80%		1.88%		1.87%		1.83%
Ratio of expenses to average net assets net of all reductions, if any		1.75% N		1.79%		1.80%		1.87%		1.87%		1.83%
Ratio of net investment income (loss) to average net assets		2.40% B, N		1.73% E		1.44%		1.73%		1.15%		1.52% F
Net assets, end of period	$	1,824,507	$	1,850,887	$	2,113,124	$	2,546,783	$	3,923,028	$	5,254,262
Portfolio turnover rate O		89% N		65%		40%		26%		24%		28%

AFor the year ended February 29.

BNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.41 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.99%.

CCalculated based on average shares outstanding during the period.

DNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.47 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.93%.

FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.35 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.99%.

GNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $0.04 per share. Excluding these litigation proceeds, the total return would have been -2.41%.

HTotal distributions per share do not sum due to rounding.

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

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

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

LExpense 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.

MFees 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.

NAnnualized.

OAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Telecommunications Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	66.05	$	58.48	$	44.59	$	46.97	$	54.73	$	67.04
Income from Investment Operations
Net investment income (loss) C, D		1.19 B		1.66 E		1.25		1.20		1.09		1.71 F
Net realized and unrealized gain (loss)		3.40		7.43		13.83		(1.87) G		(5.24)		(5.18)
Total from investment operations		4.59		9.09		15.08		(.67)		(4.15)		(3.47)
Distributions
Distributions from net investment income		(1.12)		(1.52)		(1.19)		(1.23)		(1.15)		(1.89)
Distributions from net realized gain		-		-		-		(.48)		(2.46)		(6.95)
Total distributions		(1.12)		(1.52)		(1.19)		(1.71)		(3.61)		(8.84)
Net asset value, end of period	$	69.52	$	66.05	$	58.48	$	44.59	$	46.97	$	54.73
Total Return H, I		7.04%		15.85%		34.31%		(1.33)% G		(7.71)%		(5.99)%
Ratios and Supplemental Data D, J, K
Ratio of expenses to average net assets before reductions		.72% L		.74%		.75%		.85%		.82%		.79%
Ratio of expenses to average net assets net of fee waivers, if any		.72% L		.74%		.75%		.84%		.82%		.79%
Ratio of expenses to average net assets net of all reductions, if any		.72% L		.74%		.75%		.84%		.82%		.79%
Ratio of net investment income (loss) to average net assets		3.44% B, L		2.78% E		2.48%		2.75%		2.20%		2.57% F
Net assets, end of period	$	188,319,987	$	183,732,906	$	178,651,982	$	147,413,277	$	171,884,681	$	199,559,990
Portfolio turnover rate M		89% L		65%		40%		26%		24%		28%

AFor the year ended February 29.

BNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.41 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.03%.

CCalculated based on average shares outstanding during the period.

DNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.48 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.98%.

FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.35 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.04%.

GNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $0.04 per share. Excluding these litigation proceeds, the total return would have been -1.41%.

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

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

JExpense 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.

KFees 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.

LAnnualized.

MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Fidelity Advisor® Telecommunications Fund Class I

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	65.83	$	58.32	$	44.49	$	46.84	$	54.58	$	66.84
Income from Investment Operations
Net investment income (loss) C, D		1.17 B		1.65 E		1.26		1.23		1.10		1.74 F
Net realized and unrealized gain (loss)		3.41		7.40		13.77		(1.87) G		(5.21)		(5.18)
Total from investment operations		4.58		9.05		15.03		(.64)		(4.11)		(3.44)
Distributions
Distributions from net investment income		(1.14)		(1.54)		(1.20)		(1.23)		(1.16)		(1.87)
Distributions from net realized gain		-		-		-		(.48)		(2.46)		(6.95)
Total distributions		(1.14)		(1.54)		(1.20)		(1.71)		(3.63) H		(8.82)
Net asset value, end of period	$	69.27	$	65.83	$	58.32	$	44.49	$	46.84	$	54.58
Total Return I, J		7.04%		15.84%		34.29%		(1.25)% G		(7.67)%		(5.97)%
Ratios and Supplemental Data C, K, L
Ratio of expenses to average net assets before reductions		.73% M		.74%		.75%		.80%		.78%		.77%
Ratio of expenses to average net assets net of fee waivers, if any		.73% M		.74%		.75%		.79%		.78%		.77%
Ratio of expenses to average net assets net of all reductions, if any		.73% M		.74%		.75%		.79%		.78%		.77%
Ratio of net investment income (loss) to average net assets		3.40% B, M		2.78% E		2.48%		2.81%		2.25%		2.59% F
Net assets, end of period	$	11,737,040	$	9,381,610	$	7,663,636	$	6,343,626	$	28,440,751	$	12,038,481
Portfolio turnover rate N		89% M		65%		40%		26%		24%		28%

AFor the year ended February 29.

BNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.41 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.99%.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DCalculated based on average shares outstanding during the period.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.48 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.97%.

FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.36 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.06%.

GNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $0.04 per share. Excluding these litigation proceeds, the total return would have been -1.33%.

HTotal distributions per share do not sum due to rounding.

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

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

KFees 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.

LExpense 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.

MAnnualized.

NAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Fidelity Advisor® Telecommunications Fund Class Z

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	65.65	$	58.18	$	44.34	$	46.72	$	54.46	$	66.75
Income from Investment Operations
Net investment income (loss) C, D		1.19 B		1.71 E		1.29		1.26		1.18		1.83 F
Net realized and unrealized gain (loss)		3.41		7.38		13.77		(1.86) G		(5.23)		(5.20)
Total from investment operations		4.60		9.09		15.06		(.60)		(4.05)		(3.37)
Distributions
Distributions from net investment income		(1.14)		(1.62)		(1.22)		(1.31)		(1.22)		(1.98)
Distributions from net realized gain		-		-		-		(.48)		(2.46)		(6.95)
Total distributions		(1.14)		(1.62)		(1.22)		(1.78) H		(3.69) H		(8.92) H
Net asset value, end of period	$	69.11	$	65.65	$	58.18	$	44.34	$	46.72	$	54.46
Total Return I, J		7.09%		15.97%		34.47%		(1.16)% G		(7.56)%		(5.87)%
Ratios and Supplemental Data D, K, L
Ratio of expenses to average net assets before reductions		.62% M		.64%		.64%		.69%		.67%		.65%
Ratio of expenses to average net assets net of fee waivers, if any		.62% M		.64%		.64%		.68%		.66%		.65%
Ratio of expenses to average net assets net of all reductions, if any		.62% M		.64%		.64%		.68%		.66%		.65%
Ratio of net investment income (loss) to average net assets		3.46% B, M		2.88% E		2.59%		2.92%		2.36%		2.71% F
Net assets, end of period	$	4,031,780	$	4,193,000	$	1,903,013	$	2,295,978	$	2,684,931	$	5,586,581
Portfolio turnover rate N		89% M		65%		40%		26%		24%		28%

AFor the year ended February 29.

BNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.4 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.05%.

CCalculated based on average shares outstanding during the period.

DNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.48 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.08%.

FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.36 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.17%.

GNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $0.04 per share. Excluding these litigation proceeds, the total return would have been -1.24%.

HTotal distributions per share do not sum due to rounding.

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

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

KExpense 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.

LFees 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.

MAnnualized.

NAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Wireless Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares	Value ($)
BRAZIL - 0.6%
Communication Services - 0.6%
Diversified Telecommunication Services - 0.6%
Telefonica Brasil SA ADR (a)	182,800	2,109,512
CANADA - 5.1%
Communication Services - 3.8%
Diversified Telecommunication Services - 2.4%
BCE Inc (a)	205,500	4,845,587
TELUS Corp	350,100	3,387,453
		8,233,040
Wireless Telecommunication Services - 1.4%
Rogers Communications Inc Class B (a)	137,400	5,068,914
TOTAL COMMUNICATION SERVICES		13,301,954
Information Technology - 1.3%
Software - 1.3%
BlackBerry Ltd (a)(b)	590,700	4,828,912
TOTAL CANADA		18,130,866
FINLAND - 3.6%
Information Technology - 3.6%
Communications Equipment - 3.6%
Nokia Oyj ADR	1,285,700	13,036,998
FRANCE - 0.5%
Communication Services - 0.5%
Diversified Telecommunication Services - 0.5%
Orange SA	94,000	1,682,006
MEXICO - 1.2%
Communication Services - 1.2%
Wireless Telecommunication Services - 1.2%
America Movil SAB de CV ADR	193,900	4,467,456
PUERTO RICO - 0.8%
Communication Services - 0.8%
Diversified Telecommunication Services - 0.8%
Liberty Latin America Ltd Class C (b)	319,700	2,733,435
SINGAPORE - 3.0%
Information Technology - 3.0%
Semiconductors & Semiconductor Equipment - 3.0%
STMicroelectronics NV depository receipt	212,000	10,629,680
SWEDEN - 1.8%
Information Technology - 1.8%
Communications Equipment - 1.8%
Telefonaktiebolaget LM Ericsson Class B ADR (a)	646,000	6,518,140
TAIWAN - 1.5%
Communication Services - 1.0%
Diversified Telecommunication Services - 1.0%
Chunghwa Telecom Co Ltd ADR (a)	78,700	3,400,627
Information Technology - 0.5%
Semiconductors & Semiconductor Equipment - 0.5%
Taiwan Semiconductor Manufacturing Co Ltd ADR	5,100	2,118,132
TOTAL TAIWAN		5,518,759
UNITED KINGDOM - 2.1%
Communication Services - 2.1%
Diversified Telecommunication Services - 0.1%
Zegona Communications plc	14,000	309,590
Wireless Telecommunication Services - 2.0%
Vodafone Group PLC ADR	439,981	7,057,296
TOTAL UNITED KINGDOM		7,366,886
UNITED STATES - 78.3%
Communication Services - 24.0%
Diversified Telecommunication Services - 18.5%
Anterix Inc (a)(b)	51,400	4,671,746
AST SpaceMobile Inc Class A (a)(b)	85,900	5,076,690
AT&T Inc	790,900	20,476,401
Globalstar Inc (b)	77,673	6,334,233
Iridium Communications Inc	74,300	3,490,614
Verizon Communications Inc	522,201	26,120,494
		66,170,178
Interactive Media & Services - 0.9%
Alphabet Inc Class A	2,400	814,440
Alphabet Inc Class C	2,200	737,902
Meta Platforms Inc Class A	3,400	1,945,956
		3,498,298
Wireless Telecommunication Services - 4.6%
Array Digital Infrastructure Inc	12,100	443,586
T-Mobile US Inc	76,116	13,734,371
Telephone and Data Systems Inc	66,500	2,239,720
		16,417,677
TOTAL COMMUNICATION SERVICES		86,086,153
Consumer Discretionary - 0.5%
Broadline Retail - 0.5%
Amazon.com Inc (b)	6,300	1,636,550
Information Technology - 45.7%
Communications Equipment - 8.5%
Digi International Inc (b)	24,800	1,858,512
Lumentum Holdings Inc (b)	800	731,808
Motorola Solutions Inc	36,068	17,503,801
Netgear Inc (a)(b)	48,400	1,024,144
Ubiquiti Inc (a)	900	531,018
Viasat Inc (b)	113,601	7,641,939
Vistance Networks Inc (a)	183,600	1,158,516
		30,449,738
Electronic Equipment, Instruments & Components - 0.1%
Coherent Corp (b)	1,800	500,094
Semiconductors & Semiconductor Equipment - 16.8%
MACOM Technology Solutions Holdings Inc (b)	4,000	1,055,320
Marvell Technology Inc	138,000	29,209,080
Micron Technology Inc	800	766,984
NVIDIA Corp	3,800	838,964
Qorvo Inc (b)	9,100	874,328
QUALCOMM Inc	139,550	23,790,484
Skyworks Solutions Inc (a)	53,100	3,558,231
		60,093,391
Software - 2.6%
InterDigital Inc (a)	13,400	4,489,402
Microsoft Corp	3,600	1,826,244
NextNav Inc Class A (b)	55,500	880,785
RingCentral Inc Class A (a)	31,600	2,199,992
		9,396,423
Technology Hardware, Storage & Peripherals - 17.7%
Apple Inc	197,320	62,520,842
Sandisk Corp (b)	500	783,350
		63,304,192
TOTAL INFORMATION TECHNOLOGY		163,743,838
Real Estate - 8.1%
Specialized REITs - 8.1%
American Tower Corp	83,192	14,616,835
Crown Castle Inc	107,401	8,177,512
SBA Communications Corp Class A	32,400	6,144,984
TOTAL REAL ESTATE		28,939,331
TOTAL UNITED STATES		280,405,872
TOTAL COMMON STOCKS  (Cost $211,487,539)		352,599,610

Non-Convertible Preferred Stocks - 0.2%
	Shares	Value ($)
PUERTO RICO - 0.2%
Communication Services - 0.2%
Diversified Telecommunication Services - 0.2%
Liberty Latin America Ltd 9%   (Cost $1,015,810)	34,300	721,329

Money Market Funds - 7.4%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	930,401	930,587
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	25,688,915	25,691,484
TOTAL MONEY MARKET FUNDS  (Cost $26,622,071)			26,622,071

TOTAL INVESTMENT IN SECURITIES - 106.1%  (Cost $239,125,420)	379,943,010
NET OTHER ASSETS (LIABILITIES) - (6.1)%	(21,983,181)
NET ASSETS - 100.0%	357,959,829

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	1,172,902	48,213,673	48,455,878	45,776	(110)	-	930,587	930,401
Fidelity Securities Lending Cash Central Fund	43,040,981	99,862,839	117,212,336	61,134	-	-	25,691,484	25,688,915
	44,213,883	148,076,512	165,668,214	106,910	(110)	-	26,622,071

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Communication Services	121,148,029	121,148,029	-	-
Consumer Discretionary	1,636,550	1,636,550	-	-
Information Technology	200,875,700	200,875,700	-	-
Real Estate	28,939,331	28,939,331	-	-
Non-Convertible Preferred Stocks
Communication Services	721,329	721,329	-	-
Money Market Funds	26,622,071	26,622,071	-	-
Total Investments in Securities:	379,943,010	379,943,010	-	-

Wireless Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	353,320,939
Investments in securities, at value - affiliated issuers		26,622,071
Foreign currency held at value		136,343
Receivable for investments sold		3,297,830
Receivable for fund shares sold		64,850
Dividends receivable		387,375
Reclaims receivable		238,933
Distributions receivable from affiliated funds		12,810
Prepaid expenses		407
Other receivables		2,080
Total assets		384,083,638
Liabilities
Payable for fund shares redeemed		212,927
Accrued management fee		195,743
Other payables and accrued expenses		22,745
Collateral on securities loaned		25,692,394
Total liabilities		26,123,809
Net Assets	$	357,959,829
Net assets consist of:
Paid in capital		189,124,737
Total accumulated earnings (loss)		168,835,092
Net Assets	$	357,959,829
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($357,959,829/24,169,037 shares)	$	14.81
Other Information
Unaffiliated issuers, cost		212,503,349
Affiliated issuers, cost		26,622,071
Foreign currency holdings, cost		135,351
Securities loaned, market value		31,150,812

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	4,261,475
Dividends - affiliated issuers		106,910
Security lending income - unaffiliated issuers		5,144
Special dividends		1,899,000
Total investment income		6,272,529
Expenses
Management fee		1,136,703
Custodian fees and expenses		3,368
Independent trustees' fees and expenses		465
Registration fees		30,371
Audit		29,922
Legal		818
Commitment fee		193
Miscellaneous		289
Total expenses		1,202,129
Net investment income (loss)		5,070,400
Net realized gain (loss)
Investments - unaffiliated issuers		25,475,987
Investments - affiliated issuers		(110)
Foreign currency transactions		(16,456)
Net realized gain (loss)		25,459,421
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		20,367,576
Assets and liabilities in foreign currencies		3,000
Total change in net unrealized appreciation (depreciation)		20,370,576
Net gain (loss)		45,829,997
Net increase (decrease) in net assets resulting from operations	$	50,900,397
Other Information
Income from securities lending - Affiliated Issuers		61,134

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,070,400	$	8,248,497
Net realized gain (loss)		25,459,421		11,562,483
Change in net unrealized appreciation (depreciation)		20,370,576		14,668,312
Net increase (decrease) in net assets resulting from operations	$	50,900,397	$	34,479,292
Distributions to shareholders
Distributions to shareholders		(4,834,815)		(33,890,727)
Total distributions		(4,834,815)		(33,890,727)
Net increase (decrease) in net assets resulting from share transactions		5,367,072		(19,851,284)
Total increase (decrease) in net assets		51,432,654		(19,262,719)
Net Assets
Beginning of period		306,527,175		325,789,894
End of period	$	357,959,829	$	306,527,175

Financial Highlights

 

Wireless Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	12.84	$	12.86	$	11.90	$	10.17	$	12.91	$	13.34
Income from Investment Operations
Net investment income (loss) C, D		.21 B		.33 E		.15		.12		.09		.10
Net realized and unrealized gain (loss)		1.97		1.04		1.94		1.89		(1.95)		.54
Total from investment operations		2.18		1.37		2.09		2.01		(1.86)		.64
Distributions
Distributions from net investment income		(.02)		(.34)		(.13)		(.11)		(.09)		(.09)
Distributions from net realized gain		(.18)		(1.05)		(1.00)		(.17)		(.79)		(.98)
Total distributions		(.21) F		(1.39)		(1.13)		(.28)		(.88)		(1.07)
Net asset value, end of period	$	14.81	$	12.84	$	12.86	$	11.90	$	10.17	$	12.91
Total Return G, H		17.17%		12.38%		18.31%		19.83%		(14.79)%		4.40%
Ratios and Supplemental Data D, I, J
Ratio of expenses to average net assets before reductions		.68% K		.71%		.71%		.81%		.79%		.77%
Ratio of expenses to average net assets net of fee waivers, if any		.68% K		.71%		.71%		.80%		.79%		.77%
Ratio of expenses to average net assets net of all reductions, if any		.68% K		.71%		.71%		.80%		.79%		.77%
Ratio of net investment income (loss) to average net assets		2.86% B, K		2.72% E		1.18%		1.16%		.85%		.69%
Net assets, end of period	$	357,959,829	$	306,527,175	$	325,789,894	$	324,106,620	$	302,206,035	$	403,566,176
Portfolio turnover rate L		50% K		58%		49%		22%		11%		30%

AFor the year ended February 29.

BNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.78%.

CCalculated based on average shares outstanding during the period.

DNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.71%.

FTotal distributions per share do not sum due to rounding.

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

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

IFees 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.

JExpense 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.

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements (Unaudited)

For the period ended August 31, 2026

• 1. Organization.

Telecommunications Portfolio and Wireless Portfolio (the Funds) are funds of Fidelity Select Portfolios (the Trust) and are 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 following Funds are non-diversified: Telecommunications Portfolio and Wireless Portfolio.

The Funds offer the classes of shares listed below.

Fund Name	Class Name
Telecommunications Portfolio	Class A, Class M, Class C, Telecommunications Portfolio, Class I, and Class Z
Wireless Portfolio	Wireless Portfolio

Each class has equal rights as to assets and voting privileges, and exclusive voting rights with respect to matters that affect that class. Class A, Class M, Class C, Class I and Class Z, as applicable, are Fidelity Advisor classes.

Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

• 2. 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. Each Fund operates as a single operating segment. Each Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with each Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each 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 designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 

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 - unadjusted 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 service 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 any 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 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 period end 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 investment holdings and net asset value (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.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Certain distributions received represent a return of capital or capital gain. Components of these distributions are determined 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. If actual amounts are not available, the Fund estimates the components of these distributions. When estimates are used, the Fund adjusts the components of these distributions as necessary once the issuers provide information about the actual composition of the distributions.

Large, non-recurring dividends are presented separately in the Statement of Operations as both "Special dividends" and in "Non-cash dividends"" and the impact of these dividends is presented in the Financial Highlights.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable.

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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.  

For Telecommunications Portfolio, investment income, realized and unrealized capital gains and losses, common expenses, 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. 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 may result 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: capital loss carryforwards, certain foreign taxes, foreign currency transactions, passive foreign investment companies (PFIC), 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:

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Telecommunications Portfolio	199,311,499	73,821,710	(7,221,279)	66,600,431
Wireless Portfolio	241,165,037	151,963,770	(13,185,797)	138,777,973

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.

	Long-term ($)	Total capital loss carryforward ($)
Telecommunications Portfolio	(11,028,865)	(11,028,865)

• 3. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Telecommunications Portfolio	109,427,276	104,998,693
Wireless Portfolio	88,884,025	85,155,897

• 4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide each Fund with investment management related services for which each Fund pays a monthly management fee.

Each Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee.

Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.

When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Telecommunications Portfolio
Class A	0.72
Class M	0.72
Class C	0.72
Telecommunications Portfolio	0.72
Class I	0.67
Class Z	0.56
Wireless Portfolio	0.72

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class.

For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Telecommunications Portfolio
Class A	0.69
Class M	0.69
Class C	0.69
Telecommunications Portfolio	0.64
Class I	0.66
Class Z	0.55
Wireless Portfolio	0.64

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, separate Distribution and Service Plans for each class of shares have been adopted by the Funds. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and or Service Fees, each of which is based on an annual percentage of each class's average net assets. In addition, FDC may pay financial intermediaries for selling shares 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 ($)	Retained by FDC ($)
Telecommunications Portfolio
Class A	-	.25	31,588	480
Class M	.25	.25	22,782	-
Class C	.75	.25	9,315	851
			63,685	1,331

Sales Load. FDC may receive a front-end sales charge of up to a certain percentage for selling shares of certain classes, some of which is paid to financial intermediaries for selling shares. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on redemptions from certain classes. For the period, front-end sales charge rates, deferred sales charge rates and sales charge amounts retained by FDC were as follows:

	Front-End Sales Charge (%)	Deferred Sales Charge (%)	Retained by FDC ($)
Telecommunications Portfolio
Class A A	5.75	1.00	5,385
Class M A	3.50	.25	156
Class C B	-	1.00	17
			5,558

A  Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to the sales charge indicated. 

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

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	1,881
Wireless Portfolio	997

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Telecommunications Portfolio	13,741,926	3,506,139	899,856
Wireless Portfolio	6,468,176	9,730,640	1,771,697

• 5. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Statement of Operations.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  

The line of credit agreement will expire in March 2027 unless extended or renewed.

• 6. Security Lending.

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 investment adviser. 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. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in dividends - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Telecommunications Portfolio	2,382	114	-
Wireless Portfolio	7,000	5,108	-

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

	Amount ($)
Telecommunications Portfolio	7,937,631
Wireless Portfolio	6,170,932

• 7. Distributions to Shareholders. 

Distributions to shareholders of each class were as follows:

	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026
Telecommunications Portfolio
Class A	387,794	526,456
Class M	130,694	176,166
Class C	22,027	30,470
Telecommunications Portfolio	3,121,529	4,692,765
Class I	180,879	359,018
Class Z	67,752	118,702
Total	3,910,675	5,903,577
Wireless Portfolio
Wireless Portfolio	4,834,815	33,890,727
Total	4,834,815	33,890,727

• 8. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Six months ended	Year ended	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026	August 31, 2026	February 28, 2026
Telecommunications Portfolio
Class A
Shares sold	52,799	127,079	3,561,563	7,349,953
Reinvestment of distributions	5,751	8,685	377,671	513,008
Shares redeemed	(34,908)	(124,636)	(2,346,467)	(7,332,215)
Net increase (decrease)	23,642	11,128	1,592,767	530,746
Class M
Shares sold	17,560	52,130	1,172,839	3,021,341
Reinvestment of distributions	2,004	2,994	130,527	175,648
Shares redeemed	(16,027)	(87,077)	(1,074,338)	(5,004,236)
Net increase (decrease)	3,537	(31,953)	229,028	(1,807,247)
Class C
Shares sold	1,514	5,535	103,044	324,788
Reinvestment of distributions	335	507	21,985	30,142
Shares redeemed	(3,637)	(14,247)	(244,723)	(832,937)
Net increase (decrease)	(1,788)	(8,205)	(119,694)	(478,007)
Telecommunications Portfolio
Shares sold	306,771	1,529,209	20,918,743	89,541,344
Reinvestment of distributions	43,350	72,864	2,875,224	4,323,106
Shares redeemed	(423,106)	(1,875,352)	(28,753,509)	(110,893,021)
Net increase (decrease)	(72,985)	(273,279)	(4,959,542)	(17,028,571)
Class I
Shares sold	71,344	241,282	4,818,021	14,233,053
Reinvestment of distributions	2,660	5,978	175,680	355,696
Shares redeemed	(47,072)	(236,155)	(3,198,420)	(13,916,295)
Net increase (decrease)	26,932	11,105	1,795,281	672,454
Class Z
Shares sold	5,420	60,863	369,653	3,475,907
Reinvestment of distributions	971	1,738	63,988	102,935
Shares redeemed	(11,922)	(31,441)	(818,446)	(1,890,306)
Net increase (decrease)	(5,531)	31,160	(384,805)	1,688,536
Wireless Portfolio
Wireless Portfolio
Shares sold	3,204,991	1,261,572	47,768,532	15,336,034
Reinvestment of distributions	342,781	2,739,396	4,442,439	31,198,500
Shares redeemed	(3,260,504)	(5,457,745)	(46,843,899)	(66,385,818)
Net increase (decrease)	287,268	(1,456,777)	5,367,072	(19,851,284)

• 9. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

• 10. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Telecommunications Portfolio

Wireless Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board voted to continue each fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on the funds in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of the management fee and total expense ratio of the fund or, for Telecommunications Portfolio, a representative class generally determined by selecting the largest non-12b-1 class by asset total in a given fund category; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. 

Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under separate agreements.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The Telecommunications Portfolio underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2026, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that each fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund, or each class of the fund, as applicable, receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of each fund (or the retail class for Telecommunications Portfolio), the Board considered the effective management fee rate for the fund or the retail class, as applicable, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees (for Telecommunications Portfolio). The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. For each fund, the data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) of the fund or, for Telecommunications Portfolio, the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the fund or, for Telecommunications Portfolio, the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund or, for Telecommunications Portfolio, the retail class of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons of the fund or, for Telecommunications Portfolio, the retail class of each fund relative to the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that the management fee rate of the fund (or the retail class for Telecommunications Portfolio) ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of each fund (or the retail class for Telecommunications Portfolio) ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025.

For Telecommunications Portfolio, the Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the funds, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the management fee of each class of each fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the funds and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing funds at scale from inception. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.

The Board recognized that each fund's management contract incorporates a variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total net assets of specified Fidelity funds in the same asset class as the funds, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through July 31, 2027.

1.846053.119

SELTS-SANN-1026

Fidelity® Select Portfolios®

Information Technology Sector

Enterprise Technology Services Portfolio

Semiconductors Portfolio

Software and IT Services Portfolio

Tech Hardware Portfolio

Technology Portfolio

Semi-Annual Report

August 31, 2026

Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2026 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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Enterprise Technology Services Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares	Value ($)
UNITED STATES - 99.6%
Communication Services - 0.4%
Interactive Media & Services - 0.4%
Alphabet Inc Class A	14,050	4,767,868
Consumer Discretionary - 1.3%
Broadline Retail - 1.3%
Amazon.com Inc (b)	55,200	14,339,304
Financials - 55.3%
Financial Services - 55.3%
Affirm Holdings Inc Class A (b)	224,800	16,736,360
Block Inc Class A (b)	434,451	35,633,671
Corpay Inc (b)	62,800	25,390,040
Fiserv Inc (b)	112,717	6,008,943
Global Payments Inc	18,300	1,666,215
Mastercard Inc Class A	334,400	197,065,264
Paymentus Holdings Inc Class A (a)(b)	266,600	9,490,960
PayPal Holdings Inc (a)	389,540	20,515,124
Remitly Global Inc (b)	981,800	26,253,332
Toast Inc Class A (a)(b)	445,800	15,197,322
Visa Inc Class A	653,148	247,784,757
TOTAL FINANCIALS		601,741,988
Industrials - 10.5%
Professional Services - 10.5%
Automatic Data Processing Inc (a)	147,575	42,230,062
ExlService Holdings Inc (b)	616,783	23,487,097
Genpact Ltd	456,241	17,328,033
Paychex Inc	30,500	3,883,870
SS&C Technologies Holdings Inc (a)	323,600	26,849,092
TOTAL INDUSTRIALS		113,778,154
Information Technology - 32.1%
IT Services - 30.1%
Accenture PLC Class A	175,880	33,374,989
Applied Digital Corp (a)(b)	35,800	909,678
Cloudflare Inc Class A (b)	154,900	47,261,539
Cognizant Technology Solutions Corp Class A	258,500	16,693,930
CoreWeave Inc Class A (b)	44,300	3,760,627
DigitalOcean Holdings Inc (b)	42,900	4,748,601
Fastly Inc Class A (a)(b)	164,200	3,742,118
IBM Corporation	213,100	49,837,697
MongoDB Inc Class A (b)	57,300	25,978,101
Okta Inc Class A (a)(b)	178,900	30,956,856
Snowflake Inc (b)	165,100	54,719,093
Twilio Inc Class A (b)	133,600	31,480,168
VeriSign Inc	83,000	23,927,240
		327,390,637
Software - 2.0%
Datadog Inc Class A (b)	17,100	4,053,384
Microsoft Corp	26,400	13,392,456
Riot Platforms Inc (b)	70,300	1,335,348
Terawulf Inc (a)(b)	191,900	2,903,447
		21,684,635
TOTAL INFORMATION TECHNOLOGY		349,075,272
TOTAL UNITED STATES		1,083,702,586
URUGUAY - 0.4%
Financials - 0.4%
Financial Services - 0.4%
Dlocal Ltd/Uruguay Class A (a)	299,600	4,443,068
TOTAL COMMON STOCKS  (Cost $502,187,491)		1,088,145,654

Money Market Funds - 2.9%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	1,917,691	1,918,074
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	29,468,434	29,471,381
TOTAL MONEY MARKET FUNDS  (Cost $31,389,455)			31,389,455

TOTAL INVESTMENT IN SECURITIES - 102.9%  (Cost $533,576,946)	1,119,535,109
NET OTHER ASSETS (LIABILITIES) - (2.9)%	(31,527,207)
NET ASSETS - 100.0%	1,088,007,902

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	-	77,162,743	75,245,124	25,367	455	-	1,918,074	1,917,691
Fidelity Securities Lending Cash Central Fund	29,137,040	737,581,640	737,247,299	15,817	-	-	29,471,381	29,468,434
	29,137,040	814,744,383	812,492,423	41,184	455	-	31,389,455

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Communication Services	4,767,868	4,767,868	-	-
Consumer Discretionary	14,339,304	14,339,304	-	-
Financials	606,185,056	606,185,056	-	-
Industrials	113,778,154	113,778,154	-	-
Information Technology	349,075,272	349,075,272	-	-
Money Market Funds	31,389,455	31,389,455	-	-
Total Investments in Securities:	1,119,535,109	1,119,535,109	-	-

Enterprise Technology Services Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	1,088,145,654
Investments in securities, at value - affiliated issuers		31,389,455
Receivable for investments sold		18,065,181
Receivable for fund shares sold		418,589
Dividends receivable		880,424
Distributions receivable from affiliated funds		7,719
Prepaid expenses		795
Other receivables		22,077
Total assets		1,138,929,894
Liabilities
Payable for investments purchased		19,688,640
Payable for fund shares redeemed		1,172,679
Accrued management fee		579,829
Other payables and accrued expenses		23,644
Collateral on securities loaned		29,457,200
Total liabilities		50,921,992
Net Assets	$	1,088,007,902
Net assets consist of:
Paid in capital		471,518,016
Total accumulated earnings (loss)		616,489,886
Net Assets	$	1,088,007,902
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($1,088,007,902/23,682,256 shares)	$	45.94
Other Information
Unaffiliated issuers, cost		502,187,491
Affiliated issuers, cost		31,389,455
Securities loaned, market value		40,778,310

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	4,208,131
Dividends - affiliated issuers		41,184
Security lending income - unaffiliated issuers		6,354
Total investment income		4,255,669
Expenses
Management fee		3,252,033
Custodian fees and expenses		6,006
Independent trustees' fees and expenses		1,489
Registration fees		9,239
Audit		26,835
Legal		2,283
Interest		1,495
Commitment fee		622
Miscellaneous		2,052
Total expenses		3,302,054
Net investment income (loss)		953,615
Net realized gain (loss)
Investments - unaffiliated issuers		37,296,555
Investments - affiliated issuers		455
Net realized gain (loss)		37,297,010
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		202,538,328
Assets and liabilities in foreign currencies		(600)
Total change in net unrealized appreciation (depreciation)		202,537,728
Net gain (loss)		239,834,738
Net increase (decrease) in net assets resulting from operations	$	240,788,353
Other Information
Income from securities lending - Affiliated Issuers		15,817

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	953,615	$	1,782,505
Net realized gain (loss)		37,297,010		197,411,276
Change in net unrealized appreciation (depreciation)		202,537,728		(551,935,660)
Net increase (decrease) in net assets resulting from operations	$	240,788,353	$	(352,741,879)
Distributions to shareholders
Distributions to shareholders		(94,671,635)		(274,597,103)
Total distributions		(94,671,635)		(274,597,103)
Net increase (decrease) in net assets resulting from share transactions		(57,820,632)		(179,233,714)
Total increase (decrease) in net assets		88,296,086		(806,572,696)
Net Assets
Beginning of period		999,711,816		1,806,284,512
End of period	$	1,088,007,902	$	999,711,816

Financial Highlights

 

Enterprise Technology Services Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	40.34	$	64.12	$	66.86	$	55.16	$	70.27	$	93.94
Income from Investment Operations
Net investment income (loss) B, C		.04		.06		.05		- D		.02		(.27)
Net realized and unrealized gain (loss)		9.50		(13.60)		8.28		14.08		(7.56)		(10.44)
Total from investment operations		9.54		(13.54)		8.33		14.08		(7.54)		(10.71)
Distributions
Distributions from net investment income		(.03)		(.05)		(.04)		- D		(.01)		-
Distributions from net realized gain		(3.90)		(10.18)		(11.03)		(2.37)		(7.55)		(12.96)
Total distributions		(3.94) E		(10.24) E		(11.07)		(2.38) E		(7.57) E		(12.96)
Net asset value, end of period	$	45.94	$	40.34	$	64.12	$	66.86	$	55.16	$	70.27
Total Return F, G		27.03%		(23.58)%		14.01%		25.85%		(11.88)%		(13.31)%
Ratios and Supplemental Data C, H, I
Ratio of expenses to average net assets before reductions		.65% J		.65%		.66%		.73%		.73%		.70%
Ratio of expenses to average net assets net of fee waivers, if any		.65% J		.65%		.66%		.72%		.73%		.70%
Ratio of expenses to average net assets net of all reductions, if any		.65% J		.65%		.66%		.72%		.73%		.70%
Ratio of net investment income (loss) to average net assets		.19% J		.12%		.08%		.01%		.03%		(.29)%
Net assets, end of period	$	1,088,007,902	$	999,711,816	$	1,806,284,512	$	2,071,296,409	$	2,086,467,894	$	2,873,838,953
Portfolio turnover rate K		43% J		57%		63%		35%		43%		41%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DAmount represents less than $.005 per share.

ETotal distributions per share do not sum due to rounding.

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

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

HFees 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.

IExpense 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.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Semiconductors Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares	Value ($)
CANADA - 0.0%
Information Technology - 0.0%
Software - 0.0%
Taalas Inc warrants (b)(c)(d)	2,531,878	10,507,293
ISRAEL - 1.2%
Information Technology - 1.2%
Semiconductors & Semiconductor Equipment - 1.2%
Nova Ltd (b)(f)	1,581,180	550,962,171
JAPAN - 2.1%
Information Technology - 2.1%
Semiconductors & Semiconductor Equipment - 2.1%
Allegro MicroSystems Inc (b)(e)(f)	11,954,087	433,335,654
Kioxia Holdings Corp (b)	1,576,100	487,320,691
TOTAL JAPAN		920,656,345
KOREA (SOUTH) - 0.1%
Information Technology - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
SK Hynix Inc	19,250	23,568,153
NETHERLANDS - 8.0%
Information Technology - 8.0%
Semiconductors & Semiconductor Equipment - 8.0%
ASML Holding NV depository receipt	1,254,093	2,126,954,269
NXP Semiconductors NV	6,408,070	1,439,508,845
TOTAL NETHERLANDS		3,566,463,114
TAIWAN - 0.8%
Information Technology - 0.8%
Semiconductors & Semiconductor Equipment - 0.8%
Silicon Motion Technology Corp ADR	499,423	123,277,573
Taiwan Semiconductor Manufacturing Co Ltd ADR	593,700	246,575,484
TOTAL TAIWAN		369,853,057
UNITED STATES - 85.5%
Industrials - 0.0%
Electrical Equipment - 0.0%
Empower Semiconductor Inc (c)(d)	1,632,993	179,629
Information Technology - 85.5%
Electronic Equipment, Instruments & Components - 0.9%
Coherent Corp (b)	1,396,233	387,915,414
Semiconductors & Semiconductor Equipment - 81.1%
Advanced Micro Devices Inc (b)	2,881,800	1,356,520,896
Alpha & Omega Semiconductor Ltd (b)	239,296	5,901,039
Analog Devices Inc	128,400	46,498,776
Applied Materials Inc	176,600	80,951,674
ARM Holdings PLC ADR (b)	1,971,247	476,864,362
Astera Labs Inc (b)	7,043,449	2,091,763,484
Broadcom Inc	18,081,217	6,696,197,905
Cerebras Systems Inc B - 180 Day Lockup Final Release (g)	159,550	29,395,492
Cerebras Systems Inc B - Lockup Released	284,965	52,501,952
Cerebras Systems Inc B - October 14, 2026 Lockup Release (g)	66,047	12,168,499
Cerebras Systems Inc B - October 28, 2026 Lockup Release (g)	66,047	12,168,499
Cerebras Systems Inc B - September 16, 2026 Lockup Release (g)	49,721	9,160,597
Cerebras Systems Inc B - September 2, 2026 Lockup Release (g)	49,721	9,160,597
Cerebras Systems Inc B - September 30, 2026 Lockup Release (g)	66,047	12,168,499
Cerebras Systems Inc Class A (b)	1,433,400	264,089,617
Credo Technology Group Holding Ltd (b)	442,385	100,063,063
Entegris Inc	1,605,218	217,169,943
GlobalFoundries Inc (e)	27,871,893	1,245,594,898
Impinj Inc (b)(f)	1,122,366	195,650,841
Intel Corp (b)	2,457,200	219,943,972
KLA Corp	2,496,200	437,958,290
Lam Research Corp	5,174,379	1,560,023,525
MACOM Technology Solutions Holdings Inc (b)	3,734,864	985,369,169
Marvell Technology Inc	15,141,531	3,204,856,451
Micron Technology Inc	2,000,670	1,918,102,349
Monolithic Power Systems Inc	1,642,848	2,082,753,409
NVIDIA Corp	50,655,580	11,183,738,953
ON Semiconductor Corp (b)(e)	21,710,146	1,608,504,717
SiTime Corp (b)	1,670	944,251
Skyworks Solutions Inc	275,900	18,488,059
Teradyne Inc	723,800	253,206,954
Wolfspeed Inc	5,820	159,468
		36,388,040,200
Software - 0.0%
Celestial AI Inc (Milestone 1) rights (b)(c)(d)	833,457	3,417,174
Celestial AI Inc (Milestone 2) rights (b)(c)(d)	833,457	1,900,282
Celestial AI Inc (Milestone 3) rights (b)(c)(d)	833,457	408,394
Celestial AI Inc escrow shares (c)(d)	833,457	8
		5,725,858
Technology Hardware, Storage & Peripherals - 3.5%
Sandisk Corp (b)	161,800	253,492,060
Western Digital Corp	2,900,542	1,306,839,198
		1,560,331,258
TOTAL INFORMATION TECHNOLOGY		38,342,012,730
TOTAL UNITED STATES		38,342,192,359
TOTAL COMMON STOCKS  (Cost $22,061,487,559)		43,784,202,492

Convertible Corporate Bonds - 0.0%
	Principal Amount (a)	Value ($)
UNITED STATES - 0.0%
Financials - 0.0%
Financial Services - 0.0%
Tenstorrent Holdings Inc 15% 12/31/2026 (c)(d)   (Cost $3,157,999)	3,158,000	3,694,859

Convertible Preferred Stocks - 1.3%
	Shares	Value ($)
CANADA - 0.0%
Information Technology - 0.0%
Software - 0.0%
Taalas Inc Series B (b)(c)(d)	144,600	22,052,946
ISRAEL - 0.4%
Industrials - 0.4%
Electrical Equipment - 0.4%
Element Labs Inc Series A (b)(c)(d)	1,368,700	32,137,076
Element Labs Inc Series B (b)(c)(d)	585,300	14,123,289
Element Labs Inc Series C (c)(d)	4,044,100	111,778,924
TOTAL INDUSTRIALS		158,039,289
Information Technology - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
Xsight Labs Ltd Series G (c)(d)	1,524,700	25,614,960
TOTAL ISRAEL		183,654,249
NETHERLANDS - 0.2%
Information Technology - 0.2%
Software - 0.2%
Nearfield Instruments Series D (c)(d)	10,315	71,949,075
UNITED STATES - 0.7%
Financials - 0.0%
Financial Services - 0.0%
Akeana Series C (b)(c)(d)	85,500	930,240
Tenstorrent Holdings Inc Series C1 (b)(c)(d)	17,041	1,818,275
Tenstorrent Holdings Inc Series D1 (b)(c)(d)	149,736	16,207,425
Tenstorrent Holdings Inc Series D2 (b)(c)(d)	8,522	914,240
TOTAL FINANCIALS		19,870,180
Information Technology - 0.7%
Electronic Equipment, Instruments & Components - 0.2%
Frore Systems Inc Series C (b)(c)(d)	1,078,255	31,064,526
Frore Systems Inc Series D (c)(d)	1,488,952	49,552,323
Menlo Microsystems Inc Series C (b)(c)(d)	739,500	406,725
Menlo Microsystems Inc Series C-1 (c)(d)	7,540,400	8,294,440
		89,318,014
Semiconductors & Semiconductor Equipment - 0.1%
Alif Semiconductor Series C (b)(c)(d)	444,283	14,212,613
Alif Semiconductor Series D (b)(c)(d)	322,100	10,809,676
Danger Devices Inc Series B (b)(c)(d)	7,867,300	7,080,570
Retym Inc Series C (b)(c)(d)	458,946	5,585,373
Retym Inc Series D (b)(c)(d)	113,854	1,447,084
SiMa Technologies Inc Series B (b)(c)(d)	309,900	2,457,507
SiMa Technologies Inc Series B1 (b)(c)(d)	163,147	1,385,118
SiMa Technologies Inc Series C (c)(d)	1,643,882	15,090,837
		58,068,778
Software - 0.3%
Density AI Inc (c)(d)	3,894,400	78,666,880
Lyte AI Inc Series B (b)(c)(d)	246,000	7,571,880
Lyte AI Inc Series C (c)(d)	272,900	10,048,178
		96,286,938
Technology Hardware, Storage & Peripherals - 0.1%
Lightmatter Inc Series C1 (b)(c)(d)	271,273	16,113,616
Lightmatter Inc Series C2 (b)(c)(d)	42,610	2,593,671
Lightmatter Inc Series D (b)(c)(d)	166,400	12,518,272
		31,225,559
TOTAL INFORMATION TECHNOLOGY		274,899,289
Materials - 0.0%
Metals & Mining - 0.0%
Diamond Foundry Inc Series C (b)(c)(d)	189,999	6,461,866
TOTAL UNITED STATES		301,231,335
TOTAL CONVERTIBLE PREFERRED STOCKS  (Cost $405,557,662)		578,887,605

Preferred Securities - 0.0%
	Principal Amount (a)	Value ($)
CANADA - 0.0%
Information Technology - 0.0%
Software - 0.0%
Taalas Inc 0% (c)(d)(h)   (Cost $12,538,822)	12,538,822	12,893,671

Money Market Funds - 1.3%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (i)	3.69	482,704,787	482,801,328
Fidelity Securities Lending Cash Central Fund (i)(j)	3.72	99,617,153	99,627,115
TOTAL MONEY MARKET FUNDS  (Cost $582,428,443)			582,428,443

TOTAL INVESTMENT IN SECURITIES - 100.3%  (Cost $23,065,170,485)	44,962,107,070
NET OTHER ASSETS (LIABILITIES) - (0.3)%	(120,096,221)
NET ASSETS - 100.0%	44,842,010,849

Legend

(a) Amount is stated in United States dollars unless otherwise noted.  

(b) Non-income producing.  

(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 $611,888,915 or 1.4% of net assets.  

(e) Affiliated company.  

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

(g) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $84,222,183 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.  

(h) Security is perpetual in nature with no stated maturity date.  

(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 ($)
Akeana Series C	1/23/2024	1,091,048
Alif Semiconductor Series C	3/8/2022	9,018,296
Alif Semiconductor Series D	4/11/2025	8,702,208
Celestial AI Inc (Milestone 1) rights	2/25/2025	1,734,506
Celestial AI Inc (Milestone 2) rights	2/25/2025	1,332,763
Celestial AI Inc (Milestone 3) rights	2/25/2025	388,988
Celestial AI Inc escrow shares	2/25/2025	0
Danger Devices Inc Series B	3/5/2025	7,084,504
Density AI Inc	12/5/2025	5,802,598
Diamond Foundry Inc Series C	3/15/2021	4,559,976
Element Labs Inc Series A	2/11/2025	5,048,584
Element Labs Inc Series B	6/27/2025	5,138,290
Element Labs Inc Series C	4/16/2026	112,192,231
Empower Semiconductor Inc	7/7/2026	179,629
Frore Systems Inc Series C	5/10/2024	17,327,990
Frore Systems Inc Series D	2/26/2026	49,920,541
Lightmatter Inc Series C1	5/19/2023	4,464,286
Lightmatter Inc Series C2	12/18/2023	1,107,936
Lightmatter Inc Series D	10/11/2024	13,350,355
Lyte AI Inc Series B	8/13/2024	3,120,780
Lyte AI Inc Series C	6/24/2026	10,053,336
Menlo Microsystems Inc Series C	2/9/2022	980,207
Menlo Microsystems Inc Series C-1	4/17/2026	8,280,113
Nearfield Instruments Series D	5/22/2026	71,932,699
Retym Inc Series C	5/17/2023 - 6/20/2023	3,571,426
Retym Inc Series D	1/29/2025	1,205,372
SiMa Technologies Inc Series B	5/10/2021	1,588,981
SiMa Technologies Inc Series B1	4/25/2022 - 10/17/2022	1,156,859
SiMa Technologies Inc Series C	4/8/2024 - 8/18/2026	11,778,763
Taalas Inc 0%	12/23/2025	12,538,822
Taalas Inc Series B	2/19/2025	7,940,478
Taalas Inc warrants	12/23/2025	2,531,877
Tenstorrent Holdings Inc 15% 12/31/2026	2/25/2026	3,157,999
Tenstorrent Holdings Inc Series C1	4/23/2021	1,013,198
Tenstorrent Holdings Inc Series D1	7/16/2024 - 1/15/2025	11,803,157
Tenstorrent Holdings Inc Series D2	7/17/2024	647,502
Xsight Labs Ltd Series G	5/7/2026 - 7/10/2026	25,675,948

Additional information on each lock-up restriction is as follows:
Security	Restriction Expiration Date
Cerebras Systems Inc B - 180 Day Lockup Final Release	11/9/2026
Cerebras Systems Inc B - October 14, 2026 Lockup Release	10/14/2026
Cerebras Systems Inc B - October 28, 2026 Lockup Release	10/28/2026
Cerebras Systems Inc B - September 16, 2026 Lockup Release	9/16/2026
Cerebras Systems Inc B - September 2, 2026 Lockup Release	9/2/2026
Cerebras Systems Inc B - September 30, 2026 Lockup Release	9/30/2026

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	522,351,099	8,011,844,295	8,051,463,907	6,500,372	69,841	-	482,801,328	482,704,787
Fidelity Securities Lending Cash Central Fund	3,079,804	1,929,636,384	1,833,089,073	92,029	-	-	99,627,115	99,617,153
	525,430,903	9,941,480,679	9,884,552,980	6,592,401	69,841	-	582,428,443

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income 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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Allegro MicroSystems Inc	597,707,596	14,062,001	200,951,030	-	20,578,770	1,938,317	433,335,654	11,954,087
GlobalFoundries Inc	1,304,421,699	536,587,178	505,661,612	3,770,115	(47,061,460)	(42,690,907)	1,245,594,898	27,871,893
MACOM Technology Solutions Holdings Inc	780,378,092	201,475,211	27,158,082	-	(12,485,583)	43,159,531	-	-
Nova Ltd	846,157,189	-	136,012,540	-	51,129,242	(210,311,720)	-	-
ON Semiconductor Corp	1,610,485,180	407,722,586	694,813,388	-	166,640,447	118,469,892	1,608,504,717	21,710,146
Total	5,139,149,756	1,159,846,976	1,564,596,652	3,770,115	178,801,416	(89,434,887)	3,287,435,269

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Industrials	179,629	-	-	179,629
Information Technology	43,784,022,863	43,196,246,838	571,542,874	16,233,151
Convertible Corporate Bonds
Financials	3,694,859	-	-	3,694,859
Convertible Preferred Stocks
Financials	19,870,180	-	-	19,870,180
Industrials	158,039,289	-	-	158,039,289
Information Technology	394,516,270	-	-	394,516,270
Materials	6,461,866	-	-	6,461,866
Preferred Securities
Information Technology	12,893,671	-	-	12,893,671
Money Market Funds	582,428,443	582,428,443	-	-
Total Investments in Securities:	44,962,107,070	43,778,675,281	571,542,874	611,888,915

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

	Beginning Balance ($)	Net Realized Gain (Loss) on Investment Securities ($)	Net Unrealized Gain (Loss) on Investment Securities ($)	Cost of Purchases ($)	Proceeds of Sales ($)	Amortization/ Accretion ($)	Transfers into Level 3 ($)	Transfers out of Level 3 ($)	Ending Balance ($)	The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2026 ($)
Common Stocks	7,622,590	(12,738)	8,631,987	179,629	(8,688)	-	-	-	16,412,780	8,635,565
Convertible Preferred Stocks	280,456,014	27,996,914	114,875,254	239,913,090	(84,353,667)	-	-	-	578,887,605	134,753,611
Convertible Corporate Bonds	3,156,737	-	538,122	-	-	-	-	-	3,694,859	538,122
Preferred Securities	17,601,001	-	(525,334)	21,328	(4,203,324)	-	-	-	12,893,671	417,543
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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations.

Semiconductors Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	41,092,243,358
Investments in securities, at value - affiliated issuers		3,869,863,712
Receivable for investments sold		15,287,374
Receivable for fund shares sold		23,665,582
Dividends receivable		557,086
Interest receivable		244,745
Distributions receivable from affiliated funds		556,357
Prepaid expenses		60,914
Other receivables		944,756
Total assets		45,003,423,884
Liabilities
Payable for fund shares redeemed		38,568,772
Accrued management fee		22,204,479
Other payables and accrued expenses		999,973
Collateral on securities loaned		99,639,811
Total liabilities		161,413,035
Net Assets	$	44,842,010,849
Net assets consist of:
Paid in capital		17,829,996,776
Total accumulated earnings (loss)		27,012,014,073
Net Assets	$	44,842,010,849
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($44,842,010,849/747,635,178 shares)	$	59.98
Other Information
Unaffiliated issuers, cost		19,909,607,361
Affiliated issuers, cost		3,155,563,124
Securities loaned, market value		138,956,276

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	73,544,191
Dividends - affiliated issuers		10,362,516
Security lending income - unaffiliated issuers		130,820
Interest		238,617
Total investment income		84,276,144
Expenses
Management fee		127,432,121
Custodian fees and expenses		107,147
Independent trustees' fees and expenses		55,042
Registration fees		958,280
Audit		23,562
Legal		9,492
Interest		20,649
Commitment fee		22,670
Miscellaneous		28,036
Total expenses		128,656,999
Net investment income (loss)		(44,380,855)
Net realized gain (loss)
Investments - unaffiliated issuers		5,313,349,717
Investments - affiliated issuers		178,871,257
Foreign currency transactions		94,247
Net realized gain (loss)		5,492,315,221
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		6,848,500,397
Investments - affiliated issuers		(506,011,409)
Assets and liabilities in foreign currencies		38
Total change in net unrealized appreciation (depreciation)		6,342,489,026
Net gain (loss)		11,834,804,247
Net increase (decrease) in net assets resulting from operations	$	11,790,423,392
Other Information
Income from securities lending - Affiliated Issuers		92,029

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(44,380,855)	$	(31,995,054)
Net realized gain (loss)		5,492,315,221		4,352,204,383
Change in net unrealized appreciation (depreciation)		6,342,489,026		8,346,610,241
Net increase (decrease) in net assets resulting from operations	$	11,790,423,392	$	12,666,819,570
Distributions to shareholders
Distributions to shareholders		(3,039,045,609)		(2,102,235,632)
Total distributions		(3,039,045,609)		(2,102,235,632)
Net increase (decrease) in net assets resulting from share transactions		3,399,302,100		2,902,296,147
Total increase (decrease) in net assets		12,150,679,883		13,466,880,085
Net Assets
Beginning of period		32,691,330,966		19,224,450,881
End of period	$	44,842,010,849	$	32,691,330,966

Financial Highlights

 

Semiconductors Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	47.91	$	31.34	$	29.30	$	18.57	$	20.23	$	17.59
Income from Investment Operations
Net investment income (loss) B, C		(.06)		(.05)		(.03)		.01		.03		.01
Net realized and unrealized gain (loss)		16.60		20.03		3.40		12.47		(.71)		4.30
Total from investment operations		16.54		19.98		3.37		12.48		(.68)		4.31
Distributions
Distributions from net investment income		-		-		-		(.02)		(.03)		(.01)
Distributions from net realized gain		(4.47)		(3.41)		(1.33)		(1.72)		(.95)		(1.66)
Total distributions		(4.47)		(3.41)		(1.33)		(1.75) D		(.98)		(1.67)
Net asset value, end of period	$	59.98	$	47.91	$	31.34	$	29.30	$	18.57	$	20.23
Total Return E, F		36.48%		69.09%		11.22%		69.34%		(2.91)%		24.57%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.57% I		.60%		.62%		.68%		.69%		.68%
Ratio of expenses to average net assets net of fee waivers, if any		.57% I		.60%		.62%		.67%		.69%		.67%
Ratio of expenses to average net assets net of all reductions, if any		.57% I		.60%		.62%		.67%		.69%		.67%
Ratio of net investment income (loss) to average net assets		(.20)% I		(.13)%		(.08)%		.04%		.17%		.03%
Net assets, end of period	$	44,842,010,849	$	32,691,330,966	$	19,224,450,881	$	15,726,216,905	$	7,764,452,548	$	8,426,923,019
Portfolio turnover rate J		79% I		87%		59%		32%		35%		33%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal distributions per share do not sum due to rounding.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Software and IT Services Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares	Value ($)
CANADA - 1.6%
Information Technology - 1.6%
IT Services - 1.6%
Shopify Inc Class A (United States) (a)	877,160	129,267,069
UNITED STATES - 97.2%
Communication Services - 2.1%
Interactive Media & Services - 1.0%
Alphabet Inc Class A	176,100	59,759,535
Meta Platforms Inc Class A	200	114,468
ZoomInfo Technologies Inc (a)	5,182,169	21,972,397
		81,846,400
Media - 1.1%
AppLovin Corp Class A (a)	267,566	83,496,646
TOTAL COMMUNICATION SERVICES		165,343,046
Consumer Discretionary - 2.8%
Broadline Retail - 2.8%
Amazon.com Inc (a)	836,280	217,240,456
Information Technology - 92.3%
IT Services - 19.9%
Accenture PLC Class A	240,600	45,656,256
Cloudflare Inc Class A (a)	565,649	172,585,166
Cognizant Technology Solutions Corp Class A	498,800	32,212,503
CoreWeave Inc Class A (a)	598,690	50,822,794
EPAM Systems Inc (a)	466,425	54,958,858
Fastly Inc Class A (a)	3,972,000	90,521,880
IBM Corporation	150,500	35,197,435
MongoDB Inc Class A (a)	343,845	155,889,008
Okta Inc Class A (a)	1,434,691	248,258,931
Snowflake Inc (a)	908,900	301,236,727
Twilio Inc Class A (a)	1,082,156	254,988,418
VeriSign Inc	426,400	122,922,592
		1,565,250,568
Software - 72.4%
Adobe Inc (a)	136,800	40,053,672
Amplitude Inc Class A (a)	4,743,676	66,885,832
Autodesk Inc (a)	720,305	186,220,452
BILL Holdings Inc (a)	491,100	24,176,853
BlackLine Inc (a)	447,800	14,875,916
Box Inc Class A (a)	165,800	5,932,324
Braze Inc Class A (a)	1,078,600	36,715,544
Cadence Design Systems Inc (a)	255,100	86,422,778
Crowdstrike Holdings Inc Class A (a)	1,207,144	278,850,264
Datadog Inc Class A (a)	1,277,613	302,845,386
Dynatrace Inc (a)	60,100	3,280,859
Fair Isaac Corp (a)	22,574	25,897,119
Figma Inc Class A (a)	3,007,900	82,687,171
Gen Digital Inc	240,818	7,465,358
HubSpot Inc (a)	34,217	8,942,955
Intuit Inc	323,451	116,215,944
JFrog Ltd (a)	665,000	66,546,550
Klaviyo Inc Class A (a)	4,538,324	93,398,708
Microsoft Corp	3,849,282	1,952,702,266
Oracle Corp	1,549,727	231,095,290
Palantir Technologies Inc Class A (a)	2,069,878	385,783,862
Palo Alto Networks Inc (a)	1,062,264	405,922,942
Pivotal Software Inc rights (a)(c)	3,336,600	32
Riot Platforms Inc (a)	5,287,600	100,437,962
Rubrik Inc Class A (a)	1,321,496	122,951,988
Salesforce Inc	1,651,984	425,451,959
Samsara Inc Class A (a)	1,212,400	49,526,540
ServiceNow Inc (a)	516,420	76,424,996
Strategy Inc Class A (a)	203,500	27,053,290
Synopsys Inc (a)	542,940	238,670,995
Terawulf Inc (a)(b)	2,710,000	41,002,300
Unity Software Inc (a)	3,600,185	151,567,789
Workday Inc Class A (a)	26,800	5,291,660
Zscaler Inc (a)	75,440	14,211,764
		5,675,509,320
TOTAL INFORMATION TECHNOLOGY		7,240,759,888
TOTAL UNITED STATES		7,623,343,390
TOTAL COMMON STOCKS  (Cost $3,397,938,869)		7,752,610,459

Convertible Preferred Stocks - 0.9%
	Shares	Value ($)
UNITED STATES - 0.9%
Information Technology - 0.9%
Software - 0.9%
Anthropic PBC Series G (c)(d)	69,400	53,960,582
Anthropic PBC Series H (c)(d)	15,900	12,362,727
Databricks Inc Series K (c)(d)	24,600	6,223,800
TOTAL UNITED STATES		72,547,109
TOTAL CONVERTIBLE PREFERRED STOCKS  (Cost $31,039,317)		72,547,109

Money Market Funds - 0.6%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (e)	3.69	33,549,758	33,556,468
Fidelity Securities Lending Cash Central Fund (e)(f)	3.72	17,011,449	17,013,150
TOTAL MONEY MARKET FUNDS  (Cost $50,569,618)			50,569,618

TOTAL INVESTMENT IN SECURITIES - 100.3%  (Cost $3,479,547,804)	7,875,727,186
NET OTHER ASSETS (LIABILITIES) - (0.3)%	(21,129,694)
NET ASSETS - 100.0%	7,854,597,492

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 $72,547,109 or 0.9% 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 ($)
Anthropic PBC Series G	1/27/2026	17,984,066
Anthropic PBC Series H	5/28/2026	9,365,251
Databricks Inc Series K	9/8/2025	3,690,000

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	20,178,333	625,978,646	612,600,920	310,143	409	-	33,556,468	33,549,758
Fidelity Securities Lending Cash Central Fund	62,404,753	983,393,263	1,028,784,866	67,519	-	-	17,013,150	17,011,449
	82,583,086	1,609,371,909	1,641,385,786	377,662	409	-	50,569,618

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Communication Services	165,343,046	165,343,046	-	-
Consumer Discretionary	217,240,456	217,240,456	-	-
Information Technology	7,370,026,957	7,370,026,925	-	32
Convertible Preferred Stocks
Information Technology	72,547,109	-	-	72,547,109
Money Market Funds	50,569,618	50,569,618	-	-
Total Investments in Securities:	7,875,727,186	7,803,180,045	-	72,547,141

Software and IT Services Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	7,825,157,568
Investments in securities, at value - affiliated issuers		50,569,618
Foreign currency held at value		1,115,405
Receivable for fund shares sold		1,683,946
Dividends receivable		3,965,312
Distributions receivable from affiliated funds		79,620
Prepaid expenses		5,730
Other receivables		709,849
Total assets		7,883,287,048
Liabilities
Payable for fund shares redeemed		7,352,541
Accrued management fee		3,747,746
Other payables and accrued expenses		576,119
Collateral on securities loaned		17,013,150
Total liabilities		28,689,556
Net Assets	$	7,854,597,492
Net assets consist of:
Paid in capital		3,557,488,034
Total accumulated earnings (loss)		4,297,109,458
Net Assets	$	7,854,597,492
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($7,854,597,492/320,049,487 shares)	$	24.54
Other Information
Unaffiliated issuers, cost		3,428,978,186
Affiliated issuers, cost		50,569,618
Foreign currency holdings, cost		1,105,798
Securities loaned, market value		41,000,787

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	13,857,403
Dividends - affiliated issuers		377,662
Security lending income - unaffiliated issuers		24,047
Interest		2,352
Total investment income		14,261,464
Expenses
Management fee		20,471,909
Custodian fees and expenses		23,989
Independent trustees' fees and expenses		10,232
Registration fees		78,174
Audit		68,474
Legal		3,045
Interest		12,783
Commitment fee		4,294
Miscellaneous		12,827
Total expenses		20,685,727
Net investment income (loss)		(6,424,263)
Net realized gain (loss)
Investments - unaffiliated issuers		(48,649,775)
Investments - affiliated issuers		409
Foreign currency transactions		15,703
Net realized gain (loss)		(48,633,663)
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		2,402,591,221
Assets and liabilities in foreign currencies		(43,838)
Total change in net unrealized appreciation (depreciation)		2,402,547,383
Net gain (loss)		2,353,913,720
Net increase (decrease) in net assets resulting from operations	$	2,347,489,457
Other Information
Income from securities lending - Affiliated Issuers		67,519

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(6,424,263)	$	(19,426,748)
Net realized gain (loss)		(48,633,663)		2,163,850,442
Change in net unrealized appreciation (depreciation)		2,402,547,383		(3,687,745,242)
Net increase (decrease) in net assets resulting from operations	$	2,347,489,457	$	(1,543,321,548)
Distributions to shareholders
Distributions to shareholders		(528,844,878)		(1,193,076,353)
Total distributions		(528,844,878)		(1,193,076,353)
Net increase (decrease) in net assets resulting from share transactions		(639,448,553)		(856,226,501)
Total increase (decrease) in net assets		1,179,196,026		(3,592,624,402)
Net Assets
Beginning of period		6,675,401,466		10,268,025,868
End of period	$	7,854,597,492	$	6,675,401,466

Financial Highlights

 

Software and IT Services Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	19.27	$	26.90	$	29.16	$	21.02	$	26.33	$	27.31
Income from Investment Operations
Net investment income (loss) B, C		(.02)		(.05)		(.02)		- D		- D		(.05)
Net realized and unrealized gain (loss)		6.87		(4.11)		.65		10.28		(3.53)		1.03
Total from investment operations		6.85		(4.16)		.63		10.28		(3.53)		.98
Distributions
Distributions from net realized gain		(1.58)		(3.47)		(2.89)		(2.14)		(1.78)		(1.96)
Total distributions		(1.58)		(3.47)		(2.89)		(2.14)		(1.78)		(1.96)
Net asset value, end of period	$	24.54	$	19.27	$	26.90	$	29.16	$	21.02	$	26.33
Total Return E, F		39.88%		(18.35)%		1.87%		49.47%		(13.67)%		2.98%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.59% I		.61%		.62%		.68%		.69%		.67%
Ratio of expenses to average net assets net of fee waivers, if any		.59% I		.61%		.62%		.67%		.69%		.67%
Ratio of expenses to average net assets net of all reductions, if any		.59% I		.61%		.62%		.67%		.69%		.67%
Ratio of net investment income (loss) to average net assets		(.18)% I		(.20)%		(.09)%		(.02)%		(.01)%		(.17)%
Net assets, end of period	$	7,854,597,492	$	6,675,401,466	$	10,268,025,868	$	12,395,014,336	$	8,675,039,342	$	11,268,291,342
Portfolio turnover rate J		52% I		62% K		14%		31%		4%		10%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DAmount represents less than $.005 per share.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

Tech Hardware Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value ($)
CHINA - 0.9%
Information Technology - 0.9%
Semiconductors & Semiconductor Equipment - 0.2%
Montage Technology Co Ltd H Shares (b)	193,800	6,650,830
Technology Hardware, Storage & Peripherals - 0.7%
Xiaomi Corp B Shares (a)(f)(g)	8,245,600	28,945,397
TOTAL CHINA		35,596,227
FINLAND - 2.2%
Information Technology - 2.2%
Communications Equipment - 2.2%
Nokia Oyj	8,365,400	85,080,595
ISRAEL - 0.6%
Information Technology - 0.6%
Electronic Equipment, Instruments & Components - 0.6%
Next Vision Stabilized Systems Ltd	343,064	24,037,829
JAPAN - 15.1%
Communication Services - 3.2%
Entertainment - 3.2%
Nintendo Co Ltd	2,257,100	127,229,732
Consumer Discretionary - 4.5%
Household Durables - 4.5%
Panasonic Holdings Corp	3,509,600	97,862,483
Sony Group Corp	3,180,000	78,580,883
TOTAL CONSUMER DISCRETIONARY		176,443,366
Health Care - 0.3%
Health Care Equipment & Supplies - 0.3%
Hoya Corp	69,200	10,596,321
Information Technology - 7.1%
Electronic Equipment, Instruments & Components - 1.3%
Ibiden Co Ltd	410,900	51,898,697
Semiconductors & Semiconductor Equipment - 5.8%
Kioxia Holdings Corp (a)	734,900	227,226,684
TOTAL INFORMATION TECHNOLOGY		279,125,381
TOTAL JAPAN		593,394,800
KOREA (SOUTH) - 9.4%
Information Technology - 9.4%
Semiconductors & Semiconductor Equipment - 1.5%
SK Hynix Inc	48,860	59,820,257
Technology Hardware, Storage & Peripherals - 7.9%
Samsung Electronics Co Ltd	1,623,580	308,735,382
TOTAL KOREA (SOUTH)		368,555,639
TAIWAN - 4.0%
Information Technology - 4.0%
Communications Equipment - 0.5%
Accton Technology Corp	315,000	20,178,587
Electronic Equipment, Instruments & Components - 0.4%
Chroma ATE Inc	246,000	15,214,330
Semiconductors & Semiconductor Equipment - 3.1%
Taiwan Semiconductor Manufacturing Co Ltd	1,598,999	120,236,000
TOTAL TAIWAN		155,628,917
UNITED STATES - 67.2%
Communication Services - 0.6%
Interactive Media & Services - 0.6%
Alphabet Inc Class A	75,000	25,451,249
Consumer Discretionary - 4.8%
Broadline Retail - 2.0%
Amazon.com Inc (a)	300,000	77,931,000
Household Durables - 2.8%
Garmin Ltd	391,423	111,207,189
TOTAL CONSUMER DISCRETIONARY		189,138,189
Information Technology - 61.8%
Communications Equipment - 24.3%
Arista Networks Inc (a)	1,246,000	243,829,740
Ciena Corp (a)	219,400	83,986,320
Cisco Systems Inc	3,994,000	441,297,060
Motorola Solutions Inc	381,800	185,287,540
		954,400,660
Electronic Equipment, Instruments & Components - 3.8%
Keysight Technologies Inc (a)	242,500	78,254,750
Mirion Technologies Inc Class A (a)(b)	479,700	7,229,079
TD SYNNEX Corp	250,000	63,212,500
Vast Data Ltd (a)(c)(d)	20,255	1,283,964
		149,980,293
Semiconductors & Semiconductor Equipment - 0.9%
Cerebras Systems Inc Class A (a)	183,538	33,815,041
Software - 0.8%
Palo Alto Networks Inc (a)	79,100	30,226,483
Technology Hardware, Storage & Peripherals - 32.0%
Apple Inc	1,433,500	454,204,476
Dell Technologies Inc Class C	411,600	187,693,716
Everpure Inc Class A (a)	455,997	42,384,921
Sandisk Corp (a)	118,600	185,810,620
Seagate Technology Holdings PLC	164,200	136,019,996
Western Digital Corp	551,500	248,478,325
		1,254,592,054
TOTAL INFORMATION TECHNOLOGY		2,423,014,531
TOTAL UNITED STATES		2,637,603,969
TOTAL COMMON STOCKS  (Cost $2,236,483,907)		3,899,897,976

Convertible Preferred Stocks - 0.1%
	Shares	Value ($)
UNITED STATES - 0.1%
Information Technology - 0.1%
Electronic Equipment, Instruments & Components - 0.1%
Vast Data Ltd Series A (a)(c)(d)	5,512	349,406
Vast Data Ltd Series A1 (a)(c)(d)	13,567	860,012
Vast Data Ltd Series A2 (a)(c)(d)	15,607	989,328
Vast Data Ltd Series B (a)(c)(d)	16,895	1,070,974
Vast Data Ltd Series C (a)(c)(d)	362	22,947
Vast Data Ltd Series E (a)(c)(d)	11,867	752,249
Vast Data Ltd Series F (c)(d)	1,979	125,449
TOTAL UNITED STATES		4,170,365
TOTAL CONVERTIBLE PREFERRED STOCKS  (Cost $1,187,366)		4,170,365

Money Market Funds - 3.1%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (h)	3.69	116,322,747	116,346,011
Fidelity Securities Lending Cash Central Fund (h)(i)	3.72	6,427,279	6,427,922
TOTAL MONEY MARKET FUNDS  (Cost $122,772,566)			122,773,933

TOTAL INVESTMENT IN SECURITIES - 102.6%  (Cost $2,360,443,839)	4,026,842,274
NET OTHER ASSETS (LIABILITIES) - (2.6)%	(103,089,741)
NET ASSETS - 100.0%	3,923,752,533

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 $5,454,329 or 0.1% of net assets.  

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

(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 $28,945,397 or 0.7% of net assets.  

(g) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $28,945,397 or 0.7% of net assets.  

(h) 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.  

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Vast Data Ltd	2/27/2026 - 4/17/2026	1,177,770
Vast Data Ltd Series A	11/28/2023	60,632
Vast Data Ltd Series A1	11/28/2023	149,237
Vast Data Ltd Series A2	11/28/2023	171,677
Vast Data Ltd Series B	11/28/2023 - 4/17/2026	396,923
Vast Data Ltd Series C	11/28/2023	3,982
Vast Data Ltd Series E	11/28/2023	261,074
Vast Data Ltd Series F	2/27/2026	143,841

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	8,729,498	767,560,621	659,942,987	1,040,342	(2,488)	1,367	116,346,011	116,322,747
Fidelity Securities Lending Cash Central Fund	5,892,300	164,247,858	163,712,236	41,473	-	-	6,427,922	6,427,279
	14,621,798	931,808,479	823,655,223	1,081,815	(2,488)	1,367	122,773,933

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Communication Services	152,680,981	25,451,249	127,229,732	-
Consumer Discretionary	365,581,555	189,138,189	176,443,366	-
Health Care	10,596,321	-	10,596,321	-
Information Technology	3,371,039,119	2,820,974,865	548,780,290	1,283,964
Convertible Preferred Stocks
Information Technology	4,170,365	-	-	4,170,365
Money Market Funds	122,773,933	122,773,933	-	-
Total Investments in Securities:	4,026,842,274	3,158,338,236	863,049,709	5,454,329

Tech Hardware Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	3,904,068,341
Investments in securities, at value - affiliated issuers		122,773,933
Foreign currency held at value		293,870
Receivable for investments sold		131,288,918
Receivable for fund shares sold		12,438,905
Dividends receivable		367,347
Distributions receivable from affiliated funds		299,038
Prepaid expenses		4,574
Other receivables		142,256
Total assets		4,171,677,182
Liabilities
Payable for investments purchased		235,212,072
Payable for fund shares redeemed		4,213,457
Accrued management fee		1,925,495
Other payables and accrued expenses		145,703
Collateral on securities loaned		6,427,922
Total liabilities		247,924,649
Net Assets	$	3,923,752,533
Net assets consist of:
Paid in capital		2,194,887,522
Total accumulated earnings (loss)		1,728,865,011
Net Assets	$	3,923,752,533
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($3,923,752,533/18,327,659 shares)	$	214.09
Other Information
Unaffiliated issuers, cost		2,237,671,273
Affiliated issuers, cost		122,772,566
Foreign currency holdings, cost		291,367
Securities loaned, market value		10,939,950

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	10,120,289
Dividends - affiliated issuers		1,081,815
Security lending income - unaffiliated issuers		20,628
Interest		64
Total investment income		11,222,796
Foreign taxes withheld		(573,151)
Total investment income net of foreign taxes		10,649,645
Expenses
Management fee		9,488,777
Custodian fees and expenses		70,947
Independent trustees' fees and expenses		3,458
Registration fees		254,338
Audit		27,352
Legal		887
Interest		23,828
Commitment fee		1,361
Miscellaneous		1,334
Total expenses		9,872,282
Expense reductions		(2,013)
Total expenses after reductions		9,870,269
Net investment income (loss)		779,376
Net realized gain (loss)
Investments - unaffiliated issuers		65,945,164
Investments - affiliated issuers		(2,488)
Foreign currency transactions		(2,188,913)
Net realized gain (loss)		63,753,763
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		812,319,531
Investments - affiliated issuers		1,367
Assets and liabilities in foreign currencies		115,413
Total change in net unrealized appreciation (depreciation)		812,436,311
Net gain (loss)		876,190,074
Net increase (decrease) in net assets resulting from operations	$	876,969,450
Other Information
Income from securities lending - Affiliated Issuers		41,473

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	779,376	$	9,905,840
Net realized gain (loss)		63,753,763		160,102,934
Change in net unrealized appreciation (depreciation)		812,436,311		476,506,018
Net increase (decrease) in net assets resulting from operations	$	876,969,450	$	646,514,792
Distributions to shareholders
Distributions to shareholders		(135,045,506)		(106,741,033)
Total distributions		(135,045,506)		(106,741,033)
Net increase (decrease) in net assets resulting from share transactions		1,305,780,834		285,507,744
Total increase (decrease) in net assets		2,047,704,778		825,281,503
Net Assets
Beginning of period		1,876,047,755		1,050,766,252
End of period	$	3,923,752,533	$	1,876,047,755

Financial Highlights

 

Tech Hardware Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	161.86	$	111.89	$	99.75	$	76.41	$	101.48	$	114.74
Income from Investment Operations
Net investment income (loss) B, C		.05		.98		.53		.50		.57		.42
Net realized and unrealized gain (loss)		62.84		60.16		19.79		23.33		(13.00)		5.73
Total from investment operations		62.89		61.14		20.32		23.83		(12.43)		6.15
Distributions
Distributions from net investment income		-		(.93) D		(.53)		(.49)		(.51)		(.73) D
Distributions from net realized gain		(10.66)		(10.24) D		(7.65)		-		(12.13)		(18.68) D
Total distributions		(10.66)		(11.17)		(8.18)		(.49)		(12.64)		(19.41)
Net asset value, end of period	$	214.09	$	161.86	$	111.89	$	99.75	$	76.41	$	101.48
Total Return E, F		40.96%		61.34%		20.58%		31.23%		(13.62)%		4.72%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.62% I		.67%		.69%		.73%		.73%		.72% J
Ratio of expenses to average net assets net of fee waivers, if any		.62% I		.67%		.68%		.72%		.73%		.72% J
Ratio of expenses to average net assets net of all reductions, if any		.62% I		.67%		.68%		.72%		.73%		.72% J
Ratio of net investment income (loss) to average net assets		.05% I		.79%		.48%		.57%		.74%		.38% J
Net assets, end of period	$	3,923,752,533	$	1,876,047,755	$	1,050,766,252	$	927,218,530	$	716,955,557	$	913,648,928
Portfolio turnover rate K		35% I		53%		70%		39%		30%		99% L

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JProxy expenses are not annualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

LThe portfolio turnover rate does not include the assets acquired in the merger.

Technology Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares	Value ($)
CANADA - 1.1%
Information Technology - 1.1%
Electronic Equipment, Instruments & Components - 0.1%
Celestica Inc (United States) (b)	111,654	33,429,208
IT Services - 1.0%
Shopify Inc Class A (United States) (b)	2,500,700	368,528,159
TOTAL CANADA		401,957,367
CHINA - 0.0%
Health Care - 0.0%
Pharmaceuticals - 0.0%
Chime Biologics Wuhan Co Ltd (b)(d)	1,402,904	13
ISRAEL - 0.0%
Information Technology - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
Xsight Labs Ltd warrants 7/24/2032 (b)(d)(e)	405,691	3,302,325
NETHERLANDS - 2.2%
Information Technology - 2.2%
Semiconductors & Semiconductor Equipment - 2.2%
ASML Holding NV depository receipt	166,150	281,792,062
NXP Semiconductors NV	2,341,641	526,026,234
TOTAL NETHERLANDS		807,818,296
TAIWAN - 2.7%
Health Care - 0.0%
Life Sciences Tools & Services - 0.0%
Eden Biologics Inc (b)(d)	1,402,904	0
Information Technology - 2.7%
Semiconductors & Semiconductor Equipment - 2.7%
MediaTek Inc	3,107,374	384,674,980
Taiwan Semiconductor Manufacturing Co Ltd ADR	1,474,095	612,221,136
TOTAL INFORMATION TECHNOLOGY		996,896,116
TOTAL TAIWAN		996,896,116
UNITED KINGDOM - 0.2%
Financials - 0.2%
Financial Services - 0.2%
Revolut Group Holdings Ltd (b)(d)(e)	41,427	79,910,197
UNITED STATES - 88.9%
Communication Services - 1.0%
Diversified Telecommunication Services - 0.2%
Space Exploration Technologies Corp (c)	387,532	52,900,249
Space Exploration Technologies Corp - Lockup Released	143,333	19,565,743
		72,465,992
Interactive Media & Services - 0.8%
Alphabet Inc Class A	851,015	288,791,941
Epic Games Inc (b)(d)(e)	17,917	6,600,085
		295,392,026
TOTAL COMMUNICATION SERVICES		367,858,018
Consumer Discretionary - 2.8%
Broadline Retail - 2.6%
Amazon.com Inc (b)	3,621,512	940,760,172
Hotels, Restaurants & Leisure - 0.1%
Airbnb Inc Class A (b)	302,209	55,370,733
Household Durables - 0.1%
Garmin Ltd	108,466	30,816,275
TOTAL CONSUMER DISCRETIONARY		1,026,947,180
Consumer Staples - 0.0%
Food Products - 0.0%
Local Bounti Corp (b)	63,815	65,729
Industrials - 0.0%
Aerospace & Defense - 0.0%
Relativity Space Inc (b)(d)(e)	6,703	7,172
Information Technology - 85.1%
Communications Equipment - 4.8%
Ciena Corp (b)	262,200	100,370,160
Cisco Systems Inc	11,265,378	1,244,711,615
Lumentum Holdings Inc (b)	92,324	84,454,302
Motorola Solutions Inc	683,375	331,641,888
		1,761,177,965
Electronic Equipment, Instruments & Components - 2.3%
Amphenol Corp Class A	2,037,537	323,051,492
Coherent Corp (b)	710,104	197,288,194
Corning Inc	949,411	141,205,898
Flex Ltd (b)	1,304,556	142,522,743
Jabil Inc	177,065	54,050,862
		858,119,189
IT Services - 4.7%
MongoDB Inc Class A (b)	812,667	368,438,838
Okta Inc Class A (b)	3,461,347	598,951,485
Snowflake Inc (b)	1,851,213	613,547,525
Twilio Inc Class A (b)	633,594	149,293,753
		1,730,231,601
Semiconductors & Semiconductor Equipment - 38.2%
Advanced Micro Devices Inc (b)	1,454,650	684,732,848
Applied Materials Inc	999,820	458,307,490
Astera Labs Inc (b)	988,230	293,484,545
Cerebras Systems Inc B - 180 Day Lockup Final Release (c)	165,356	30,465,189
Cerebras Systems Inc B - Lockup Released	295,334	54,412,336
Cerebras Systems Inc B - October 14, 2026 Lockup Release (c)	68,450	12,611,228
Cerebras Systems Inc B - October 28, 2026 Lockup Release (c)	68,450	12,611,228
Cerebras Systems Inc B - September 16, 2026 Lockup Release (c)	51,530	9,493,887
Cerebras Systems Inc B - September 2, 2026 Lockup Release (c)	51,530	9,493,887
Cerebras Systems Inc B - September 30, 2026 Lockup Release (c)	68,450	12,611,228
Cerebras Systems Inc Class A (b)	1,209,791	222,891,895
GlobalFoundries Inc	11,343,437	506,938,200
Intel Corp (b)	9,606,275	859,857,675
KLA Corp	1,531,567	268,713,430
Lam Research Corp	1,339,020	403,701,140
MACOM Technology Solutions Holdings Inc (b)	427,100	112,681,793
Marvell Technology Inc	4,892,357	1,035,516,283
Micron Technology Inc	1,355,107	1,299,181,734
Monolithic Power Systems Inc	211,578	268,232,241
NVIDIA Corp	31,365,280	6,924,826,518
ON Semiconductor Corp (b)	8,395,039	621,988,440
		14,102,753,215
Software - 14.7%
Algolia Inc (b)(d)(e)	153,503	2,802,965
Cadence Design Systems Inc (b)	760,103	257,507,694
Canva Inc Class A (b)(d)(e)	11,200	16,770,096
Celestial AI Inc (Milestone 1) rights (b)(d)(e)	967,012	3,964,749
Celestial AI Inc (Milestone 2) rights (b)(d)(e)	967,012	2,204,787
Celestial AI Inc (Milestone 3) rights (b)(d)(e)	967,012	473,836
Celestial AI Inc escrow shares (d)(e)	967,012	10
Crowdstrike Holdings Inc Class A (b)	2,175,832	502,617,192
Datadog Inc Class A (b)	1,807,976	428,562,631
Manhattan Associates Inc (b)	737,714	164,650,388
Microsoft Corp	6,138,311	3,113,903,788
Oracle Corp	1,169,332	174,370,788
Palantir Technologies Inc Class A (b)	1,611,208	300,296,947
Palo Alto Networks Inc (b)	922,196	352,398,757
Rubrik Inc Class A (b)	1,009,387	93,913,366
Salesforce Inc	62,950	16,212,143
ServiceNow Inc (b)	75,102	11,114,345
		5,441,764,482
Technology Hardware, Storage & Peripherals - 20.4%
Apple Inc	18,253,520	5,783,627,813
Dell Technologies Inc Class C	286,810	130,788,228
Sandisk Corp (b)	255,003	399,513,200
Seagate Technology Holdings PLC	451,600	374,096,408
Western Digital Corp	1,903,029	857,409,716
		7,545,435,365
TOTAL INFORMATION TECHNOLOGY		31,439,481,817
TOTAL UNITED STATES		32,834,359,916
TOTAL COMMON STOCKS  (Cost $19,862,052,414)		35,124,244,230

Convertible Corporate Bonds - 0.0%
	Principal Amount (a)	Value ($)
UNITED STATES - 0.0%
Financials - 0.0%
Financial Services - 0.0%
Tenstorrent Holdings Inc 15% 12/31/2026 (d)(e)   (Cost $3,096,200)	3,096,200	3,622,554

Convertible Preferred Stocks - 4.7%
	Shares	Value ($)
CHINA - 0.1%
Communication Services - 0.1%
Interactive Media & Services - 0.1%
Bytedance Ltd Series E1 (b)(d)(e)	96,743	31,970,659
ESTONIA - 0.0%
Information Technology - 0.0%
Software - 0.0%
Bolt Technology OU Series E (b)(d)(e)	40,842	9,161,618
ISRAEL - 0.1%
Information Technology - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Xsight Labs Ltd Series D (b)(d)(e)	382,800	4,938,120
Xsight Labs Ltd Series F (b)(d)(e)	1,352,302	14,145,079
TOTAL ISRAEL		19,083,199
UNITED STATES - 4.5%
Consumer Discretionary - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Discord Inc Series I (b)(d)(e)	18,000	423,179
Consumer Staples - 0.0%
Consumer Staples Distribution & Retail - 0.0%
GoBrands Inc Series G (b)(d)(e)	14,100	813,428
Financials - 0.0%
Financial Services - 0.0%
Akeana Series C (b)(d)(e)	123,700	1,345,856
Stripe Global Holdings Inc Series I (d)(e)	1,275	88,511
Tenstorrent Holdings Inc Series C1 (b)(d)(e)	12,823	1,368,214
Tenstorrent Holdings Inc Series D1 (b)(d)(e)	169,983	18,398,960
Tenstorrent Holdings Inc Series D2 (b)(d)(e)	4,547	487,802
TOTAL FINANCIALS		21,689,343
Industrials - 0.1%
Aerospace & Defense - 0.0%
ABL Space Systems Co Series A10 (b)(d)(e)	505,168	490,013
ABL Space Systems Co Series A8 (b)(d)(e)	111,201	107,865
ABL Space Systems Co Series A9 (b)(d)(e)	83,871	81,355
		679,233
Machinery - 0.1%
Harbinger Motors Inc Series D-2 (d)(e)	10,571,357	27,802,669
TOTAL INDUSTRIALS		28,481,902
Information Technology - 4.4%
Communications Equipment - 0.0%
Astranis Space Technologies Corp Series C (b)(d)(e)	605,440	13,658,726
Electronic Equipment, Instruments & Components - 0.3%
Cellink Corp Series D-1 (d)(e)	713,135	14,804,683
Frore Systems Inc Series D (d)(e)	833,498	27,738,813
Vast Data Ltd Series A (b)(d)(e)	104,926	6,651,259
Vast Data Ltd Series A1 (b)(d)(e)	258,256	16,370,849
Vast Data Ltd Series A2 (b)(d)(e)	297,078	18,831,775
Vast Data Ltd Series B (b)(d)(e)	236,389	14,984,699
Vast Data Ltd Series C (b)(d)(e)	6,891	436,820
Vast Data Ltd Series E (b)(d)(e)	225,885	14,318,850
		114,137,748
IT Services - 0.0%
Gupshup Inc (b)(d)(e)	257,284	1,716,084
Semiconductors & Semiconductor Equipment - 0.0%
Retym Inc Series C (b)(d)(e)	463,916	5,645,858
Retym Inc Series D (b)(d)(e)	115,087	1,462,755
SiMa Technologies Inc Series B (b)(d)(e)	231,000	1,831,830
SiMa Technologies Inc Series B1 (b)(d)(e)	100,683	854,799
SiMa Technologies Inc Series C (d)(e)	81,074	744,259
		10,539,501
Software - 4.0%
Algolia Inc Series D (b)(d)(e)	109,867	2,006,171
Anthropic PBC Series B (b)(d)(e)	658,500	512,003,505
Anthropic PBC Series D-1 (b)(d)(e)	673,183	553,578,577
Anthropic PBC Series F (b)(d)(e)	127,300	98,979,569
Databricks Inc Series G (b)(d)(e)	82,812	20,951,436
Databricks Inc Series H (b)(d)(e)	157,694	39,896,582
OpenAI Group Pbc Series A-2 (d)(e)	68,088	46,823,437
OpenAI Group Pbc Series A-3 (d)(e)	11,425	7,856,858
OpenAI Group Pbc Series C (d)(e)	129,354	88,955,453
Physical Intelligence Inc Series B (d)(e)	65,800	30,478,560
Physical Intelligence Inc Series C (d)(e)	6,915	3,472,436
Runway AI Inc Series D (b)(d)(e)	1,846,660	28,401,631
Runway AI Inc Series E (d)(e)	116,232	1,787,648
Skyryse Inc Series B (b)(d)(e)	121,800	2,820,888
		1,438,012,751
Technology Hardware, Storage & Peripherals - 0.1%
Lightmatter Inc Series C1 (b)(d)(e)	274,211	16,288,133
Lightmatter Inc Series C2 (b)(d)(e)	43,071	2,621,732
Lightmatter Inc Series D (b)(d)(e)	187,200	14,083,056
		32,992,921
TOTAL INFORMATION TECHNOLOGY		1,611,057,731
Materials - 0.0%
Metals & Mining - 0.0%
Diamond Foundry Inc Series C (b)(d)(e)	151,757	5,161,256
TOTAL UNITED STATES		1,667,626,839
TOTAL CONVERTIBLE PREFERRED STOCKS  (Cost $421,664,176)		1,727,842,315

Non-Convertible Preferred Stocks - 0.0%
	Shares	Value ($)
UNITED STATES - 0.0%
Industrials - 0.0%
Professional Services - 0.0%
Checkr Inc Series E (b)(d)(e)   (Cost $12,798,000)	711,000	5,062,320

Money Market Funds - 0.0%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (f)  (Cost $147)	3.69	147	147

TOTAL INVESTMENT IN SECURITIES - 99.8%  (Cost $20,299,610,937)	36,860,771,566
NET OTHER ASSETS (LIABILITIES) - 0.2%	83,584,391
NET ASSETS - 100.0%	36,944,355,957

Legend

(a) Amount is stated in United States dollars unless otherwise noted.  

(b) Non-income producing.  

(c) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $140,186,896 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.  

(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 $1,852,563,411 or 5.0% 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.  

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
ABL Space Systems Co Series A10	12/14/2023	863,180
ABL Space Systems Co Series A8	3/24/2021	4,413,489
ABL Space Systems Co Series A9	10/22/2021	5,098,960
Akeana Series C	1/23/2024	1,578,511
Algolia Inc	10/27/2021	4,489,203
Algolia Inc Series D	7/23/2021	3,213,066
Anthropic PBC Series B	3/22/2024	20,548,283
Anthropic PBC Series D-1	5/31/2024	20,198,519
Anthropic PBC Series F	8/18/2025	17,945,175
Astranis Space Technologies Corp Series C	3/19/2021	13,271,808
Bolt Technology OU Series E	1/3/2022	10,610,609
Bytedance Ltd Series E1	11/18/2020	10,600,535
Canva Inc Class A	8/19/2025 - 11/12/2025	18,436,768
Celestial AI Inc (Milestone 1) rights	2/25/2025	2,012,445
Celestial AI Inc (Milestone 2) rights	2/25/2025	1,546,327
Celestial AI Inc (Milestone 3) rights	2/25/2025	451,320
Celestial AI Inc escrow shares	2/25/2025	0
Cellink Corp Series D-1	7/17/2026	14,850,251
Checkr Inc Series E	8/24/2021	12,798,000
Databricks Inc Series G	2/1/2021	4,896,063
Databricks Inc Series H	8/31/2021	11,588,007
Diamond Foundry Inc Series C	3/15/2021	3,642,168
Discord Inc Series I	9/15/2021	991,123
Epic Games Inc	3/29/2021	15,856,545
Frore Systems Inc Series D	2/26/2026	27,944,938
GoBrands Inc Series G	3/2/2021	3,521,014
Gupshup Inc	6/8/2021	5,882,850
Harbinger Motors Inc Series D-2	6/11/2026	22,169,251
Lightmatter Inc Series C1	5/19/2023	4,512,636
Lightmatter Inc Series C2	12/18/2023	1,119,923
Lightmatter Inc Series D	10/11/2024	15,019,150
OpenAI Group Pbc Series A-2	9/30/2024	12,791,000
OpenAI Group Pbc Series A-3	8/4/2025	3,506,200
OpenAI Group Pbc Series C	3/27/2026	88,955,052
Physical Intelligence Inc Series B	10/24/2025	17,868,602
Physical Intelligence Inc Series C	5/28/2026	3,477,586
Relativity Space Inc	5/27/2021	11,020,585
Retym Inc Series C	5/17/2023 - 6/20/2023	3,610,102
Retym Inc Series D	1/29/2025	1,218,426
Revolut Group Holdings Ltd	12/27/2024 - 1/28/2026	43,325,710
Runway AI Inc Series D	9/6/2024	20,021,076
Runway AI Inc Series E	11/4/2025	1,700,265
SiMa Technologies Inc Series B	5/10/2021	1,184,429
SiMa Technologies Inc Series B1	4/25/2022 - 10/17/2022	713,933
SiMa Technologies Inc Series C	4/8/2024 - 7/3/2026	368,829
Skyryse Inc Series B	10/21/2021	3,006,020
Stripe Global Holdings Inc Series I	3/20/2023 - 5/12/2023	25,671
Tenstorrent Holdings Inc 15% 12/31/2026	2/25/2026	3,096,200
Tenstorrent Holdings Inc Series C1	4/23/2021	762,398
Tenstorrent Holdings Inc Series D1	7/16/2024 - 1/15/2025	13,399,157
Tenstorrent Holdings Inc Series D2	7/17/2024	345,481
Vast Data Ltd Series A	11/28/2023	1,154,186
Vast Data Ltd Series A1	11/28/2023	2,840,816
Vast Data Ltd Series A2	11/28/2023	3,267,858
Vast Data Ltd Series B	11/28/2023	2,600,279
Vast Data Ltd Series C	11/28/2023	75,801
Vast Data Ltd Series E	11/28/2023	4,969,470
Xsight Labs Ltd Series D	2/16/2021	3,060,869
Xsight Labs Ltd Series F	1/11/2024 - 12/30/2024	6,261,161
Xsight Labs Ltd warrants 7/24/2032	1/11/2024 - 12/30/2024	0

Additional information on each lock-up restriction is as follows:
Security	Restriction Expiration Date
Cerebras Systems Inc B - 180 Day Lockup Final Release	11/9/2026
Cerebras Systems Inc B - October 14, 2026 Lockup Release	10/14/2026
Cerebras Systems Inc B - October 28, 2026 Lockup Release	10/28/2026
Cerebras Systems Inc B - September 16, 2026 Lockup Release	9/16/2026
Cerebras Systems Inc B - September 2, 2026 Lockup Release	9/2/2026
Cerebras Systems Inc B - September 30, 2026 Lockup Release	9/30/2026
Space Exploration Technologies Corp	12/8/2026

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	191,768,505	5,733,706,566	5,925,535,709	5,506,242	60,786	(1)	147	147
Fidelity Securities Lending Cash Central Fund	117,124,171	970,135,382	1,087,259,553	24,110	-	-	-	-
	308,892,676	6,703,841,948	7,012,795,262	5,530,352	60,786	(1)	147

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Communication Services	367,858,018	288,791,941	72,465,992	6,600,085
Consumer Discretionary	1,026,947,180	1,026,947,180	-	-
Consumer Staples	65,729	65,729	-	-
Financials	79,910,197	-	-	79,910,197
Health Care	13	-	-	13
Industrials	7,172	-	-	7,172
Information Technology	33,649,455,921	33,147,975,526	471,961,627	29,518,768
Convertible Corporate Bonds
Financials	3,622,554	-	-	3,622,554
Convertible Preferred Stocks
Communication Services	31,970,659	-	-	31,970,659
Consumer Discretionary	423,179	-	-	423,179
Consumer Staples	813,428	-	-	813,428
Financials	21,689,343	-	-	21,689,343
Industrials	28,481,902	-	-	28,481,902
Information Technology	1,639,302,548	-	-	1,639,302,548
Materials	5,161,256	-	-	5,161,256
Non-Convertible Preferred Stocks
Industrials	5,062,320	-	-	5,062,320
Money Market Funds	147	147	-	-
Total Investments in Securities:	36,860,771,566	34,463,780,523	544,427,619	1,852,563,424

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

	Beginning Balance ($)	Net Realized Gain (Loss) on Investment Securities ($)	Net Unrealized Gain (Loss) on Investment Securities ($)	Cost of Purchases ($)	Proceeds of Sales ($)	Amortization/ Accretion ($)	Transfers into Level 3 ($)	Transfers out of Level 3 ($)	Ending Balance ($)	The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2026 ($)
Common Stocks	150,928,079	(14,773)	24,861,741	-	(1,559,042)	-	-	(58,179,770)	116,036,235	25,748,737
Convertible Preferred Stocks	890,330,678	(10,507,436)	792,690,684	139,631,832	(84,303,443)	-	-	-	1,727,842,315	841,565,132
Non-Convertible Preferred Stocks	4,194,900	-	867,420	-	-	-	-	-	5,062,320	867,420
Convertible Corporate Bonds	3,130,420	(147,191)	639,325	-	-	-	-	-	3,622,554	527,592
Preferred Securities	456,628	(555,053)	457,831	9,423	(368,829)	-	-	-	-	-
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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations.

Technology Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	36,860,771,419
Investments in securities, at value - affiliated issuers		147
Cash		20,431
Foreign currency held at value		13,636,046
Receivable for investments sold		178,811,747
Receivable for fund shares sold		15,929,405
Dividends receivable		6,413,211
Interest receivable		239,956
Distributions receivable from affiliated funds		293,662
Prepaid expenses		42,840
Other receivables		958,164
Total assets		37,077,117,028
Liabilities
Payable for investments purchased		55,455,785
Payable for fund shares redeemed		29,366,804
Accrued management fee		18,316,771
Distribution and service plan fees payable		1,783,668
Notes payable to affiliates		24,100,000
Other payables and accrued expenses		3,738,043
Total liabilities		132,761,071
Net Assets	$	36,944,355,957
Net assets consist of:
Paid in capital		13,106,964,878
Total accumulated earnings (loss)		23,837,391,079
Net Assets	$	36,944,355,957
Net Asset Value and Maximum Offering
Class A
Net Asset Value and redemption price per share ($4,312,357,880/78,901,078 shares) a	$	54.66
Maximum offering price per share (100/94.25 of $54.66)	$	57.99
Class M
Net Asset Value and redemption price per share ($1,225,017,848/22,464,107 shares) a	$	54.53
Maximum offering price per share (100/96.50 of $54.53)	$	56.51
Class C
Net Asset Value and offering price per share ($451,977,088/8,323,678 shares) a	$	54.30
Technology Portfolio
Net Asset Value, offering price and redemption price per share ($25,761,164,254/470,196,529 shares)	$	54.79
Class I
Net Asset Value, offering price and redemption price per share ($3,410,781,776/62,280,328 shares)	$	54.76
Class Z
Net Asset Value, offering price and redemption price per share ($1,783,057,111/32,529,067 shares)	$	54.81
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Other Information
Unaffiliated issuers, cost		20,299,610,790
Affiliated issuers, cost		147
Foreign currency holdings, cost		13,632,673

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	64,211,118
Dividends - affiliated issuers		5,530,352
Security lending income - unaffiliated issuers		63,957
Interest		213,050
Total investment income		70,018,477
Expenses
Management fee		100,127,444
Distribution and service plan fees		9,902,481
Custodian fees and expenses		118,916
Independent trustees' fees and expenses		44,615
Registration fees		823,056
Audit		64,321
Legal		11,586
Interest		72,100
Commitment fee		18,227
Miscellaneous		23,518
Total expenses		111,206,264
Expense reductions		(26,798)
Total expenses after reductions		111,179,466
Net investment income (loss)		(41,160,989)
Net realized gain (loss)
Investments - unaffiliated issuers		3,718,093,012
Investments - affiliated issuers		60,786
Redemptions in-kind		3,803,143,886
Foreign currency transactions		(1,023,169)
Net realized gain (loss)		7,520,274,515
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		2,922,945,461
Investments - affiliated issuers		(1)
Assets and liabilities in foreign currencies		6,291,977
Total change in net unrealized appreciation (depreciation)		2,929,237,437
Net gain (loss)		10,449,511,952
Net increase (decrease) in net assets resulting from operations	$	10,408,350,963
Other Information
Income from securities lending - Affiliated Issuers		24,110
Realized gain loss on  foreign taxes		(115,132)
Change in unrealized gain loss on  foreign taxes		20,621

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(41,160,989)	$	(38,373,679)
Net realized gain (loss)		7,520,274,515		2,249,557,434
Change in net unrealized appreciation (depreciation)		2,929,237,437		1,796,227,486
Net increase (decrease) in net assets resulting from operations	$	10,408,350,963	$	4,007,411,241
Distributions to shareholders
Distributions to shareholders		(931,821,337)		(1,684,728,560)
Total distributions		(931,821,337)		(1,684,728,560)
Net increase (decrease) in net assets resulting from share transactions		154,622,529		8,926,954,644
Total increase (decrease) in net assets		9,631,152,155		11,249,637,325
Net Assets
Beginning of period		27,313,203,802		16,063,566,477
End of period	$	36,944,355,957	$	27,313,203,802

Financial Highlights

 

Fidelity Advisor® Technology Fund Class A

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	40.84	$	44.91
Income from Investment Operations
Net investment income (loss) B, C		(.12)		(.07)
Net realized and unrealized gain (loss)		15.35		(1.06) D
Total from investment operations		15.23		(1.13)
Distributions
Distributions from net realized gain		(1.41)		(2.94)
Total distributions		(1.41)		(2.94)
Net asset value, end of period	$	54.66	$	40.84
Total Return E, F, G		38.40%		(2.80)%
Ratios and Supplemental Data B, H, I
Ratio of expenses to average net assets before reductions		.87% J		.89% J
Ratio of expenses to average net assets net of fee waivers, if any		.87% J		.89% J
Ratio of expenses to average net assets net of all reductions, if any		.87% J		.89% J
Ratio of net investment income (loss) to average net assets		(.47)% J		(.50)% J
Net assets, end of period	$	4,312,357,880	$	3,177,839,488
Portfolio turnover rate L		95% J, K		52% M

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DThe 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.

ETotal returns do not include the effect of the sales charges.

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

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

HExpense 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.

IFees 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.

JAnnualized.

KPortfolio turnover rate excludes securities received or delivered in-kind.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

MThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Technology Fund Class M

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	40.80	$	44.91
Income from Investment Operations
Net investment income (loss) B, C		(.18)		(.10)
Net realized and unrealized gain (loss)		15.32		(1.07) D
Total from investment operations		15.14		(1.17)
Distributions
Distributions from net realized gain		(1.41)		(2.94)
Total distributions		(1.41)		(2.94)
Net asset value, end of period	$	54.53	$	40.80
Total Return E, F, G		38.21%		(2.89)%
Ratios and Supplemental Data C, H, I
Ratio of expenses to average net assets before reductions		1.12% J		1.14% J
Ratio of expenses to average net assets net of fee waivers, if any		1.12% J		1.14% J
Ratio of expenses to average net assets net of all reductions, if any		1.12% J		1.14% J
Ratio of net investment income (loss) to average net assets		(.71)% J		(.74)% J
Net assets, end of period	$	1,225,017,848	$	923,653,746
Portfolio turnover rate L		95% J, K		52% M

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DThe 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.

ETotal returns do not include the effect of the sales charges.

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

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

HFees 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.

IExpense 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.

JAnnualized.

KPortfolio turnover rate excludes securities received or delivered in-kind.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

MThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Technology Fund Class C

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	40.73	$	44.91
Income from Investment Operations
Net investment income (loss) B, C		(.30)		(.16)
Net realized and unrealized gain (loss)		15.28		(1.08) D
Total from investment operations		14.98		(1.24)
Distributions
Distributions from net realized gain		(1.41)		(2.94)
Total distributions		(1.41)		(2.94)
Net asset value, end of period	$	54.30	$	40.73
Total Return E, F, G		37.88%		(3.06)%
Ratios and Supplemental Data C, H, I
Ratio of expenses to average net assets before reductions		1.61% J		1.63% J
Ratio of expenses to average net assets net of fee waivers, if any		1.61% J		1.63% J
Ratio of expenses to average net assets net of all reductions, if any		1.61% J		1.63% J
Ratio of net investment income (loss) to average net assets		(1.20)% J		(1.24)% J
Net assets, end of period	$	451,977,088	$	364,783,691
Portfolio turnover rate L		95% J, K		52% M

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DThe 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.

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

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

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

HExpense 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.

IFees 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.

JAnnualized.

KPortfolio turnover rate excludes securities received or delivered in-kind.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

MThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Technology Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	40.88	$	35.18	$	31.74	$	20.46	$	24.92	$	27.53
Income from Investment Operations
Net investment income (loss) B, C		(.04)		(.06)		(.04)		- D		.01		(.06)
Net realized and unrealized gain (loss)		15.36		9.52		5.22		11.28		(3.76)		.83
Total from investment operations		15.32		9.46		5.18		11.28		(3.75)		.77
Distributions
Distributions from net investment income		-		-		-		.00 D		-		-
Distributions from net realized gain		(1.41)		(3.76)		(1.74)		-		(.71)		(3.38)
Total distributions		(1.41)		(3.76)		(1.74)		- D		(.71)		(3.38)
Net asset value, end of period	$	54.79	$	40.88	$	35.18	$	31.74	$	20.46	$	24.92
Total Return E, F		38.59%		27.64%		15.91%		55.15%		(15.43)%		1.91%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.58% I		.61%		.62%		.68%		.70%		.67%
Ratio of expenses to average net assets net of fee waivers, if any		.58% I		.60%		.62%		.68%		.69%		.67%
Ratio of expenses to average net assets net of all reductions, if any		.58% I		.60%		.62%		.68%		.69%		.67%
Ratio of net investment income (loss) to average net assets		(.17)% I		(.16)%		(.12)%		(.01)%		.02%		(.23)%
Net assets, end of period	$	25,761,164,254	$	18,942,081,485	$	16,063,566	$	14,310,014	$	8,636,146	$	11,053,788
Portfolio turnover rate K		95% I, J		52% L		44%		29%		24%		87%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DAmount represents less than $.005 per share.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JPortfolio turnover rate excludes securities received or delivered in-kind.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

LThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Technology Fund Class I

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	40.87	$	44.91
Income from Investment Operations
Net investment income (loss) B, C		(.06)		(.03)
Net realized and unrealized gain (loss)		15.36		(1.07) D
Total from investment operations		15.30		(1.10)
Distributions
Distributions from net realized gain		(1.41)		(2.94)
Total distributions		(1.41)		(2.94)
Net asset value, end of period	$	54.76	$	40.87
Total Return E, F		38.55%		(2.73)%
Ratios and Supplemental Data B, G, H
Ratio of expenses to average net assets before reductions		.63% I		.64% I
Ratio of expenses to average net assets net of fee waivers, if any		.63% I		.64% I
Ratio of expenses to average net assets net of all reductions, if any		.63% I		.64% I
Ratio of net investment income (loss) to average net assets		(.22)% I		(.25)% I
Net assets, end of period	$	3,410,781,776	$	2,645,474,139
Portfolio turnover rate K		95% I, J		52% L

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DThe 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.

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

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

GFees 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.

HExpense 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.

IAnnualized.

JPortfolio turnover rate excludes securities received or delivered in-kind.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

LThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Technology Fund Class Z

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	40.88	$	44.91
Income from Investment Operations
Net investment income (loss) B, C		(.03)		(.02)
Net realized and unrealized gain (loss)		15.37		(1.07) D
Total from investment operations		15.34		(1.09)
Distributions
Distributions from net realized gain		(1.41)		(2.94)
Total distributions		(1.41)		(2.94)
Net asset value, end of period	$	54.81	$	40.88
Total Return E, F		38.64%		(2.70)%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.52% I		.53% I
Ratio of expenses to average net assets net of fee waivers, if any		.52% I		.53% I
Ratio of expenses to average net assets net of all reductions, if any		.52% I		.53% I
Ratio of net investment income (loss) to average net assets		(.11)% I		(.13)% I
Net assets, end of period	$	1,783,057,111	$	1,259,371,253
Portfolio turnover rate K		95% I, J		52% L

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DThe 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.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JPortfolio turnover rate excludes securities received or delivered in-kind.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

LThe portfolio turnover rate does not include the assets acquired in the reorganization.

Notes to Financial Statements

 (Unaudited)

For the period ended August 31, 2026

• 1. Organization.

Enterprise Technology Services Portfolio, Semiconductors Portfolio, Software and IT Services Portfolio, Tech Hardware Portfolio, and Technology Portfolio (the Funds) are funds of Fidelity Select Portfolios (the Trust) and are 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 following Funds are non-diversified: Enterprise Technology Services Portfolio, Semiconductors Portfolio, Software and IT Services Portfolio, Tech Hardware Portfolio, and Technology Portfolio.

The Funds offer the classes of shares listed below.

Fund Name	Class Name
Enterprise Technology Services Portfolio	Enterprise Technology Services Portfolio
Semiconductors Portfolio	Semiconductors Portfolio
Software and IT Services Portfolio	Software and IT Services Portfolio
Tech Hardware Portfolio	Tech Hardware Portfolio
Technology Portfolio	Class A, Class M, Class C, Technology Portfolio, Class I, and Class Z

Each class has equal rights as to assets and voting privileges, and exclusive voting rights with respect to matters that affect that class. Class A, Class M, Class C, Class I and Class Z, as applicable, are Fidelity Advisor classes.

Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

• 2. 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. Each Fund operates as a single operating segment. Each Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with each Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each 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 designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 

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 - unadjusted 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 service 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 any 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.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Convertible Corporate Bonds and Preferred Securities are valued by pricing services 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 services. For any foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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.

Investments in open-end mutual 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.

Semiconductors Portfolio
Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input*
Common Stocks	$16,412,780	Discounted cash flow	Discount rate	3.9% - 20.0% / 13.9%	Decrease
			Term	0.3 - 2.6 / 2.5	Increase
			Probability rate	10.0% - 90.0% / 45.4%	Increase
		Market approach	Discount rate	20.0% - 80.0% / 57.6%	Decrease
		Recovery value	Recovery value	$0.00	Increase
		Black scholes	Discount rate	4.1% - 4.2% / 4.1%	Increase
			Term	1.0 - 3.0 / 1.7	Increase
			Volatility	70.0% - 80.0% / 76.5%	Increase
Convertible Preferred Stocks	$578,887,605	Market Approach	Transaction price	$0.90 - $80.23 / $34.38	Increase
			Discount rate	5.0% - 20.0% / 14.8%	Decrease
			Conversion ratio	1.5	Increase
			Premium rate	30.0%	Increase
		Market comparable	Enterprise value/Revenue multiple (EV/R)	5.3 - 36.4 / 8.8	Increase
		Black scholes	Discount rate	4.2% - 4.4% / 4.4%	Increase
			Term	3.0 - 5.0 / 4.0	Increase
			Volatility	40.0% - 90.0% / 72.8%	Increase
Convertible Corporate Bonds	$3,694,859	Discounted cash flow	Discount rate	25.3%	Decrease
			Term	0.1 - 1.6 / 0.8	Increase
			Probability rate	0.0% - 70.0% / 26.7%	Increase
		Black scholes	Discount rate	3.8% - 3.9% / 3.8%	Increase
			Term	0.1 - 0.2 / 0.1	Increase
			Volatility	40.0% - 80.0% / 60.0%	Increase
Preferred Securities	$12,893,671	Discounted cash flow	Discount rate	17.6%	Decrease
			Probability rate	10.0% - 80.0% / 45.0%	Increase
		Black scholes	Discount rate	4.3%	Increase
			Term	1.0	Increase
			Volatility	80.0%	Increase
* 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.

Technology Portfolio
Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input*
Common Stocks	$116,036,235	Discounted cash flow	Discount rate	4.9% - 20.0% / 12.5%	Decrease
			Term	2.6	Increase
		Market approach	Transaction price	$16.84	Increase
			Discount rate	80.0%	Decrease
		Recovery value	Recovery value	$0.00	Increase
		Market comparable	Enterprise value/Revenue multiple (EV/R)	0.9 - 10.3 / 8.2	Increase
			Enterprise value/Net income multiple (EV/NI)	43.8	Increase
		Black scholes	Discount rate	4.1% - 4.4% / 4.2%	Increase
			Term	3.0 - 5.0 / 3.7	Increase
			Volatility	70.0% - 80.0% / 70.0%	Increase
Convertible Preferred Stocks	$1,727,842,315	Market Approach	Transaction price	$9.18 - $502.90 / $221.26	Increase
			Discount rate	5.0% - 20.0% / 5.6%	Decrease
		Market comparable	Enterprise value/Revenue multiple (EV/R)	0.3 - 36.3 / 21.3	Increase
			Conversion ratio	1.1	Increase
		Black scholes	Discount rate	4.2% - 4.4% / 4.4%	Increase
			Term	2.0 - 5.0 / 3.8	Increase
			Volatility	55.0% - 90.0% / 72.3%	Increase
Non-Convertible Preferred Stocks	$5,062,320	Market comparable	Enterprise value/Revenue multiple (EV/R)	3.8	Increase
Convertible Corporate Bonds	$3,622,554	Discounted cash flow	Discount rate	25.3%	Decrease
			Term	0.1 - 1.6 / 0.8	Increase
			Probability rate	0.0% - 70.0% / 26.7%	Increase
		Black scholes	Discount rate	3.8% - 3.9% / 3.8%	Increase
			Term	0.1 - 0.2 / 0.1	Increase
			Volatility	40.0% - 80.0% / 60.0%	Increase
* 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 period end, as well as a roll forward of Level 3 instruments, 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 investment holdings and net asset value (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.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Certain distributions received represent a return of capital or capital gain. Components of these distributions are determined 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. If actual amounts are not available, the Fund estimates the components of these distributions. When estimates are used, the Fund adjusts the components of these distributions as necessary once the issuers provide information about the actual composition of the distributions.

Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable, as applicable.

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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.  

For Technology Portfolio, investment income, realized and unrealized capital gains and losses, common expenses, 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. 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.

Each Fund is subject to a tax imposed on capital gains by certain countries in which each Fund invests. Any estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Funds' Statement of Assets and 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. These differences may result 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: certain foreign taxes, deferred Trustee compensation, foreign currency transactions, losses deferred due to excise tax regulations, net operating losses, passive foreign investment companies (PFIC), redemptions in-kind, 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:

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Enterprise Technology Services Portfolio	537,371,241	593,828,811	(11,664,943)	582,163,868
Semiconductors Portfolio	23,253,924,863	22,615,424,393	(907,242,186)	21,708,182,207
Software and IT Services Portfolio	3,534,145,526	4,579,542,527	(237,960,867)	4,341,581,660
Tech Hardware Portfolio	2,370,838,129	1,731,604,725	(75,600,580)	1,656,004,145
Technology Portfolio	20,358,919,883	17,094,844,009	(592,992,326)	16,501,851,683

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2025 to February 28, 2026, and/or ordinary losses recognized during the period January 1, 2026 to February 28, 2026. Loss deferrals were as follows:

	Capital losses ($)	Ordinary losses ($)
Tech Hardware Portfolio	-	(458,416)
Technology Portfolio	(46,885,874)	-

Restricted Securities (including Private Placements). 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 held at period end is included at the end of the Schedule of Investments, if applicable.

• 3. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Enterprise Technology Services Portfolio	214,722,848	362,352,736
Semiconductors Portfolio	18,627,643,611	16,792,390,091
Software and IT Services Portfolio	1,802,869,464	2,977,301,458
Tech Hardware Portfolio	1,719,506,453	535,355,330
Technology Portfolio	20,289,776,389	15,772,099,388

Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

August 31, 2026
	Shares	Net realized gain or loss on Affiliated Issuers ($)	Net realized gain or loss on Unaffiliated Issuers ($)	Total net realized gain or loss on Investments ($)	Total Proceeds ($)
Technology Portfolio	94,439,245	-	3,803,143,886	3,803,143,886	5,172,313,100

Prior Fiscal Year Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss 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. There was no gain or loss for federal income tax purposes.

	Shares	Net realized gain or loss on Affiliated Issuers ($)	Net realized gain or loss on Unaffiliated Issuers ($)	Total net realized gain or loss on Investments ($)	Total Proceeds ($)
Software and IT Services Portfolio	18,307,567	-	374,208,705	374,208,705	402,400,325

• 4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide each Fund with investment management related services for which each Fund pays a monthly management fee.

Each Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee.

Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.

When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Enterprise Technology Services Portfolio	0.69
Semiconductors Portfolio	0.64
Software and IT Services Portfolio	0.64
Tech Hardware Portfolio	0.68
Technology Portfolio
Class A	0.68
Class M	0.67
Class C	0.69
Technology Portfolio	0.64
Class I	0.67
Class Z	0.55

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class.

For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Enterprise Technology Services Portfolio	0.64
Semiconductors Portfolio	0.57
Software and IT Services Portfolio	0.59
Tech Hardware Portfolio	0.60
Technology Portfolio
Class A	0.62
Class M	0.62
Class C	0.62
Technology Portfolio	0.57
Class I	0.62
Class Z	0.51

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, separate Distribution and Service Plans for each class of shares have been adopted by the Funds. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and or Service Fees, each of which is based on an annual percentage of each class's average net assets. In addition, FDC may pay financial intermediaries for selling shares 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 ($)	Retained by FDC ($)
Technology Portfolio
Class A	-	.25	4,921,969	67,236
Class M	.25	.25	2,822,137	-
Class C	.75	.25	2,158,375	211,919
			9,902,481	279,155

Sales Load. FDC may receive a front-end sales charge of up to a certain percentage for selling shares of certain classes, some of which is paid to financial intermediaries for selling shares. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on redemptions from certain classes. For the period, front-end sales charge rates, deferred sales charge rates and sales charge amounts retained by FDC were as follows:

	Front-End Sales Charge (%)	Deferred Sales Charge (%)	Retained by FDC ($)
Technology Portfolio
Class A A	5.75	1.00	502,260
Class M A	3.50	.25	15,345
Class C B	-	1.00	2,634
			520,239

A  Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to the sales charge indicated. 

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

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 affiliated mutual funds, are marked-to-market and remain in a 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 the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Semiconductors Portfolio	$770,407
Software and IT Services Portfolio	549,585
Tech Hardware Portfolio	91,806
Technology Portfolio	728,635

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 ($)
Enterprise Technology Services Portfolio	4,205
Semiconductors Portfolio	66,995
Software and IT Services Portfolio	56,409
Tech Hardware Portfolio	3,784
Technology Portfolio	48,076

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds.

Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities.

At period end, Enterprise Technology Services Portfolio, Semiconductors Portfolio, Software and IT services Portfolio, and Tech Hardware 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 ($)	Weighted Average Interest Rate (%)	Interest expense ($)
Enterprise Technology Services Portfolio	Borrower	2,783,200	3.87	1,495
Semiconductors Portfolio	Borrower	13,782,643	3.85	20,649
Software and IT Services Portfolio	Borrower	10,844,727	3.86	12,783
Tech Hardware Portfolio	Borrower	44,009,400	3.90	23,828
Technology Portfolio	Borrower	24,794,519	3.88	72,100

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Enterprise Technology Services Portfolio	395,137	32,912,684	5,262,575
Semiconductors Portfolio	1,486,024,662	1,231,345,915	440,949,000
Software and IT Services Portfolio	121,239,854	224,623,823	59,866,596
Tech Hardware Portfolio	259,181,489	91,946,903	17,992,996
Technology Portfolio	2,454,620,022	1,470,142,889	60,579,377

• 5. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Statement of Operations.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  

The line of credit agreement will expire in March 2027 unless extended or renewed.

• 6. Security Lending.

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 investment adviser. 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. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in dividends - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Enterprise Technology Services Portfolio	2,325	-	-
Semiconductors Portfolio	23,584	-	-
Software and IT Services Portfolio	9,676	-	-
Tech Hardware Portfolio	6,804	-	-
Technology Portfolio	8,955	838	-

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

	Amount ($)
Enterprise Technology Services Portfolio	12,692,501
Semiconductors Portfolio	41,668,293
Software and IT Services Portfolio	25,519,119
Tech Hardware Portfolio	4,547,923

• 7. Expense Reductions.

Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.

	Custodian Credits ($)
Tech Hardware Portfolio	2,013
Technology Portfolio	26,798

• 8. Distributions to Shareholders. 

Distributions to shareholders of each class were as follows:

	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026
Enterprise Technology Services Portfolio
Enterprise Technology Services Portfolio	94,671,635	274,597,103
Total	94,671,635	274,597,103
Semiconductors Portfolio
Semiconductors Portfolio	3,039,045,609	2,102,235,632
Total	3,039,045,609	2,102,235,632
Software and IT Services Portfolio
Software and IT Services Portfolio	528,844,878	1,193,076,353
Total	528,844,878	1,193,076,353
Tech Hardware Portfolio
Tech Hardware Portfolio	135,045,506	106,741,033
Total	135,045,506	106,741,033
Technology Portfolio
Class A (Commencement of sale of shares November 6, 2025)	108,773,873	1,729,639
Class M (Commencement of sale of shares November 6, 2025)	31,363,931	515,536
Class C (Commencement of sale of shares November 6, 2025)	12,351,589	211,515
Technology Portfolio	644,884,851	1,680,112,264
Class I (Commencement of sale of shares November 6, 2025)	90,050,757	1,473,639
Class Z (Commencement of sale of shares November 6, 2025)	44,396,336	685,967
Total	931,821,337	1,684,728,560

• 9. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Six months ended	Year ended	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026	August 31, 2026	February 28, 2026
Enterprise Technology Services Portfolio
Enterprise Technology Services Portfolio
Shares sold	481,955	1,065,446	19,509,029	56,316,747
Reinvestment of distributions	2,608,662	5,154,749	88,929,288	257,185,404
Shares redeemed	(4,191,093)	(9,608,395)	(166,258,949)	(492,735,865)
Net increase (decrease)	(1,100,476)	(3,388,200)	(57,820,632)	(179,233,714)
Semiconductors Portfolio
Semiconductors Portfolio
Shares sold	107,877,028	163,837,978	6,537,969,122	6,551,731,202
Reinvestment of distributions	56,598,467	58,494,292	2,805,585,960	1,944,045,450
Shares redeemed	(99,205,815)	(153,446,649)	(5,944,252,982)	(5,593,480,505)
Net increase (decrease)	65,269,680	68,885,621	3,399,302,100	2,902,296,147
Software and IT Services Portfolio
Software and IT Services Portfolio
Shares sold	13,902,267	37,298,976	276,899,884	913,770,492
Reinvestment of distributions	30,108,148	43,253,473	483,536,850	1,088,207,466
Shares redeemed	(70,368,478)	(115,871,045)	(1,399,885,287)	(2,858,204,459)
Net increase (decrease)	(26,358,063)	(35,318,596)	(639,448,553)	(856,226,501)
Tech Hardware Portfolio
Tech Hardware Portfolio
Shares sold	9,144,174	2,893,901	1,824,408,943	395,670,305
Reinvestment of distributions	774,947	993,314	125,657,683	98,931,714
Shares redeemed	(3,182,032)	(1,687,815)	(644,285,792)	(209,094,275)
Net increase (decrease)	6,737,089	2,199,400	1,305,780,834	285,507,744
Technology Portfolio
Class A (Commencement of sale of shares November 6, 2025)
Shares sold	4,391,052	2,672,530	219,044,485	113,455,966
Issued in exchange for the shares of the Acquired Fund(s)	-	78,546,771	-	3,291,109,202
Reinvestment of distributions	2,526,583	39,467	104,322,627	1,653,672
Shares redeemed	(5,825,549)	(3,449,777)	(287,048,749)	(143,879,118)
Net increase (decrease)	1,092,086	77,808,991	36,318,363	3,262,339,722
Class M (Commencement of sale of shares November 6, 2025)
Shares sold	752,144	1,090,679	38,410,680	43,363,644
Issued in exchange for the shares of the Acquired Fund(s)	-	22,755,520	-	953,228,699
Reinvestment of distributions	749,581	12,018	30,912,720	503,298
Shares redeemed	(1,674,912)	(1,220,923)	(81,655,231)	(50,874,470)
Net increase (decrease)	(173,187)	22,637,294	(12,331,831)	946,221,171
Class C (Commencement of sale of shares November 6, 2025)
Shares sold	458,801	302,824	22,495,956	11,588,377
Issued in exchange for the shares of the Acquired Fund(s)	-	9,557,731	-	400,277,543
Reinvestment of distributions	295,283	4,822	12,147,963	201,772
Shares redeemed	(1,385,795)	(909,988)	(68,542,944)	(37,652,882)
Net increase (decrease)	(631,711)	8,955,389	(33,899,025)	374,414,810
Technology Portfolio
Shares sold	132,938,904	66,134,264	7,098,155,068	2,573,212,601
Reinvestment of distributions	14,443,170	39,972,862	597,080,664	1,556,050,032
Shares redeemed	(140,562,258)	(99,331,293)	(7,460,737,505)	(3,789,558,533)
Net increase (decrease)	6,819,816	6,775,833	234,498,227	339,704,100
Class I (Commencement of sale of shares November 6, 2025)
Shares sold	6,241,876	4,571,247	309,461,547	191,834,182
Issued in exchange for the shares of the Acquired Fund(s)	-	67,518,057	-	2,829,006,042
Reinvestment of distributions	2,059,475	33,182	85,118,114	1,390,676
Shares redeemed	(10,748,275)	(7,395,234)	(538,813,518)	(307,335,773)
Net increase (decrease)	(2,446,924)	64,727,252	(144,233,857)	2,714,895,127
Class Z (Commencement of sale of shares November 6, 2025)
Shares sold	6,531,981	4,909,254	321,817,628	203,563,486
Issued in exchange for the shares of the Acquired Fund(s)	-	29,086,124	-	1,218,708,398
Reinvestment of distributions	905,007	13,790	37,422,049	577,933
Shares redeemed	(5,711,114)	(3,205,975)	(284,969,025)	(133,470,103)
Net increase (decrease)	1,725,874	30,803,193	74,270,652	1,289,379,714

• 10. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

• 11. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

• 12. Prior Fiscal Year Reorganization Information.

On November 14, 2025, Technology Portfolio acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Technology Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board).  The securities held by the Acquired Fund were the primary assets acquired by Technology Portfolio. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on November 6, 2025. The acquisition was accomplished by an exchange of each class of the Technology Portfolio for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Technology Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of Technology Portfolio's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes.  The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

Acquired Fund and Share Class	Investments $	Unrealized appreciation (depreciation) $	Net Assets $	Shares Exchanged	Shares Exchanged Ratio
Fidelity Advisor Technology Fund	8,541,687,403	4,531,347,408
Class A			3,291,109,202	24,583,398	3.1951145585
Class M			953,228,699	8,014,030	2.8394604918
Class C			400,277,543	4,435,855	2.1546537727
Class I			2,829,006,042	18,279,015	3.6937470167
Class Z			1,218,708,398	7,876,972	3.6925513126

Acquiring Fund	Net Assets $	Total net assets after the acquisition $
Technology Portfolio	20,021,375,965	28,713,705,849

Pro forma results of operations of the combined entity for the entire period ended February 28, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net investment income (loss)	$(55,207,546)
Total net realized gain (loss)	3,007,595,973
Total change in net unrealized appreciation (depreciation)	3,111,912,243
Net increase (decrease) in net assets resulting from operations	$6,064,300,670

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in Technology Portfolio's Statement of Operations since November 14, 2025.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Enterprise Technology Services Portfolio

Semiconductors Portfolio

Software and IT Services Portfolio

Tech Hardware Portfolio

Technology Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board voted to continue each fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on the funds in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of the management fee and total expense ratio of the fund or, for Technology Portfolio, a representative class generally determined by selecting the largest non-12b-1 class by asset total in a given fund category; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that the Investment Advisers' analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under separate agreements.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. For each of Enterprise Technology Services Portfolio and Software & IT Services Portfolio, the fund underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2026, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that each fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund, or each class of the fund, as applicable, receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of each fund (or the retail class for Technology Portfolio), the Board considered the effective management fee rate for the fund or the retail class, as applicable, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees (for Technology Portfolio). The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. For each fund, the data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) of the fund or, for Technology Portfolio, the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the fund or, for Technology Portfolio, the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund or, for Technology Portfolio, the retail class of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons of the fund or, for Technology Portfolio, the retail class of each fund relative to the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that the management fee rate of the fund (or the retail class for Technology Portfolio) ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of each fund (or the retail class for Technology Portfolio) ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025.

For Technology Portfolio, the Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the funds, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the management fee of each class of each fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing funds at scale from inception. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.

The Board recognized that each fund's management contract incorporates a variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total net assets of specified Fidelity funds in the same asset class as the funds, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through July 31, 2027.

1.813673.121

SELTEC-SANN-1026

Fidelity® Select Portfolios®

Industrials Sector

Defense and Aerospace Portfolio

Transportation Portfolio

Semi-Annual Report

August 31, 2026

Contents

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. © 2026 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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Defense and Aerospace Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares	Value ($)
CANADA - 1.5%
Industrials - 1.5%
Aerospace & Defense - 1.5%
Bombardier Inc Class B (a)	256,300	55,448,603
GERMANY - 0.1%
Industrials - 0.1%
Aerospace & Defense - 0.1%
Hensoldt AG	35,600	3,548,721
UNITED KINGDOM - 3.8%
Industrials - 3.8%
Aerospace & Defense - 3.6%
BAE Systems PLC	1,163,700	31,926,918
Rolls-Royce Holdings PLC	4,825,100	98,066,144
		129,993,062
Electrical Equipment - 0.2%
DPC Holdings PLC (b)	201,700	8,463,332
TOTAL UNITED KINGDOM		138,456,394
UNITED STATES - 94.1%
Industrials - 94.1%
Aerospace & Defense - 93.5%
Arxis Inc Class A	11,200	579,824
ATI Inc (a)	451,700	92,237,140
Axon Enterprise Inc (a)	184,000	104,247,040
Beta Technologies Inc Class A (a)	17,400	349,740
Boeing Co (a)	1,889,900	392,683,422
Carpenter Technology Corp	234,200	111,577,564
Curtiss-Wright Corp	176,700	102,933,051
FTAI Aviation Ltd	147,700	28,077,770
GE Aerospace	2,556,300	858,175,473
General Dynamics Corp	418,100	155,261,435
Hawkeye 360 Inc	6,500	123,240
HEICO Corp Class A	675,100	164,839,167
Howmet Aerospace Inc	722,500	176,976,375
Huntington Ingalls Industries Inc	216,000	62,899,200
Karman Holdings Inc (a)(b)	427,500	17,719,875
L3Harris Technologies Inc	202,200	53,835,750
Leonardo DRS Inc	710,200	26,987,600
Lockheed Martin Corp	102,200	57,357,706
Mercury Systems Inc (a)(b)	391,500	34,189,695
Moog Inc Class A	37,600	13,968,400
Northrop Grumman Corp	77,400	41,772,780
Rocket Lab Corp (a)	1,162,700	74,319,784
RTX Corp	2,735,800	568,307,734
StandardAero Inc (a)	1,133,400	27,756,966
Textron Inc	978,300	78,811,848
TransDigm Group Inc	88,100	103,230,294
Woodward Inc	278,900	94,775,798
		3,443,994,671
Professional Services - 0.6%
CACI International Inc (a)	36,600	22,802,166
TOTAL UNITED STATES		3,466,796,837
TOTAL COMMON STOCKS  (Cost $2,085,886,659)		3,664,250,555

Money Market Funds - 0.7%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	16,496,750	16,500,049
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	9,636,036	9,637,000
TOTAL MONEY MARKET FUNDS  (Cost $26,136,743)			26,137,049

TOTAL INVESTMENT IN SECURITIES - 100.2%  (Cost $2,112,023,402)	3,690,387,604
NET OTHER ASSETS (LIABILITIES) - (0.2)%	(7,785,826)
NET ASSETS - 100.0%	3,682,601,778

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	17,553,133	318,168,467	319,220,604	306,772	(1,253)	306	16,500,049	16,496,750
Fidelity Securities Lending Cash Central Fund	41,731,958	183,539,929	215,634,887	18,589	-	-	9,637,000	9,636,036
	59,285,091	501,708,396	534,855,491	325,361	(1,253)	306	26,137,049

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Industrials	3,664,250,555	3,530,708,772	133,541,783	-
Money Market Funds	26,137,049	26,137,049	-	-
Total Investments in Securities:	3,690,387,604	3,556,845,821	133,541,783	-

Defense and Aerospace Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	3,664,250,555
Investments in securities, at value - affiliated issuers		26,137,049
Receivable for fund shares sold		4,315,595
Dividends receivable		3,027,841
Distributions receivable from affiliated funds		78,228
Prepaid expenses		4,041
Other receivables		189,277
Total assets		3,698,002,586
Liabilities
Payable for fund shares redeemed		3,556,116
Accrued management fee		1,990,542
Other payables and accrued expenses		217,150
Collateral on securities loaned		9,637,000
Total liabilities		15,400,808
Net Assets	$	3,682,601,778
Net assets consist of:
Paid in capital		2,070,717,862
Total accumulated earnings (loss)		1,611,883,916
Net Assets	$	3,682,601,778
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($3,682,601,778/133,169,014 shares)	$	27.65
Other Information
Unaffiliated issuers, cost		2,085,886,659
Affiliated issuers, cost		26,136,743
Securities loaned, market value		26,954,862

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	22,351,677
Dividends - affiliated issuers		325,361
Security lending income - unaffiliated issuers		2,391
Total investment income		22,679,429
Expenses
Management fee		11,644,912
Custodian fees and expenses		11,336
Independent trustees' fees and expenses		5,450
Registration fees		147,821
Audit		28,868
Legal		1,494
Interest		2,959
Commitment fee		2,342
Miscellaneous		3,375
Total expenses		11,848,557
Expense reductions		(57)
Total expenses after reductions		11,848,500
Net investment income (loss)		10,830,929
Net realized gain (loss)
Investments - unaffiliated issuers		33,653,891
Investments - affiliated issuers		(1,253)
Foreign currency transactions		(15,301)
Net realized gain (loss)		33,637,337
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(250,150,920)
Investments - affiliated issuers		306
Assets and liabilities in foreign currencies		2,539
Total change in net unrealized appreciation (depreciation)		(250,148,075)
Net gain (loss)		(216,510,738)
Net increase (decrease) in net assets resulting from operations	$	(205,679,809)
Other Information
Income from securities lending - Affiliated Issuers		18,589

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	10,830,929	$	2,561,152
Net realized gain (loss)		33,637,337		181,014,369
Change in net unrealized appreciation (depreciation)		(250,148,075)		1,069,845,570
Net increase (decrease) in net assets resulting from operations	$	(205,679,809)	$	1,253,421,091
Distributions to shareholders
Distributions to shareholders		(11,653,486)		(125,944,660)
Total distributions		(11,653,486)		(125,944,660)
Net increase (decrease) in net assets resulting from share transactions		(208,774,685)		1,144,424,980
Total increase (decrease) in net assets		(426,107,980)		2,271,901,411
Net Assets
Beginning of period		4,108,709,758		1,836,808,347
End of period	$	3,682,601,778	$	4,108,709,758

Financial Highlights

 

Defense and Aerospace Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	29.10	$	19.57	$	16.88	$	15.91	$	17.08	$	16.28
Income from Investment Operations
Net investment income (loss) B, C		.08		.02		.06 D		.10 E		.09 F		.01
Net realized and unrealized gain (loss)		(1.45)		10.67		4.03		1.97		.12		2.12
Total from investment operations		(1.37)		10.69		4.09		2.07		.21		2.13
Distributions
Distributions from net investment income		-		-		(.14)		(.11)		(.07)		-
Distributions from net realized gain		(.08)		(1.16)		(1.25)		(.99)		(1.31)		(1.33)
Total distributions		(.08)		(1.16)		(1.40) G		(1.10)		(1.38)		(1.33)
Net asset value, end of period	$	27.65	$	29.10	$	19.57	$	16.88	$	15.91	$	17.08
Total Return H, I		(4.70)%		56.98%		24.99%		13.11%		1.54%		14.06%
Ratios and Supplemental Data C, J, K
Ratio of expenses to average net assets before reductions		.60% L		.63%		.66%		.74%		.75%		.74%
Ratio of expenses to average net assets net of fee waivers, if any		.60% L		.63%		.65%		.73%		.74%		.74%
Ratio of expenses to average net assets net of all reductions, if any		.60% L		.63%		.65%		.73%		.74%		.74%
Ratio of net investment income (loss) to average net assets		.55% L		.09%		.32% D		.63% E		.58% F		.06%
Net assets, end of period	$	3,682,601,778	$	4,108,709,758	$	1,836,808,347	$	1,570,100,832	$	1,573,774,372	$	1,536,531,129
Portfolio turnover rate M		16% L		18% N		33%		16%		15%		52%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.19%.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.45%.

FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.44%.

GTotal distributions per share do not sum due to rounding.

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

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

JExpense 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.

KFees 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.

LAnnualized.

MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

NPortfolio turnover rate excludes securities received or delivered in-kind.

Transportation Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares	Value ($)
CANADA - 2.2%
Industrials - 1.4%
Ground Transportation - 1.4%
Canadian Pacific Kansas City Ltd	66,000	6,114,031
TFI International Inc	7,900	1,061,465
TOTAL INDUSTRIALS		7,175,496
Information Technology - 0.8%
Software - 0.8%
Descartes Systems Group Inc/The (a)	50,900	4,096,018
TOTAL CANADA		11,271,514
DENMARK - 0.9%
Industrials - 0.9%
Air Freight & Logistics - 0.9%
DSV A/S	21,900	4,601,766
PANAMA - 1.1%
Industrials - 1.1%
Passenger Airlines - 1.1%
Copa Holdings SA Class A	43,471	5,496,908
UNITED STATES - 92.0%
Consumer Discretionary - 1.2%
Broadline Retail - 1.2%
Amazon.com Inc (a)	23,890	6,205,905
Industrials - 90.0%
Aerospace & Defense - 0.7%
Boeing Co (a)	19,900	4,134,821
Air Freight & Logistics - 16.9%
CH Robinson Worldwide Inc	160,961	24,089,423
Expeditors International of Washington Inc	27,066	5,133,067
FedEx Corp	76,109	24,918,087
GXO Logistics Inc (a)(b)	146,802	7,006,859
United Parcel Service Inc Class B	241,326	25,153,409
		86,300,845
Ground Transportation - 50.0%
Avis Budget Group Inc (a)(b)	17,700	2,610,573
CSX Corp	621,801	31,407,169
Fedex Freight Holding Co Inc	19,654	2,628,526
Knight-Swift Transportation Holdings Inc	193,569	13,261,412
Lyft Inc Class A (a)	268,284	4,534,000
Norfolk Southern Corp	33,350	11,432,047
Old Dominion Freight Line Inc	154,193	30,832,432
RXO Inc (a)(b)	96,860	2,058,275
Saia Inc (a)	8,877	3,152,489
Schneider National Inc Class B	203,425	7,020,197
Uber Technologies Inc (a)	792,966	59,987,878
Union Pacific Corp	190,435	57,258,091
Werner Enterprises Inc	158,650	6,215,907
XPO Inc (a)(b)	120,165	23,310,808
		255,709,804
Machinery - 1.5%
PACCAR Inc	36,400	4,518,332
Westinghouse Air Brake Technologies Corp	11,460	3,276,758
		7,795,090
Marine Transportation - 1.8%
Kirby Corp (a)	64,046	9,085,566
Passenger Airlines - 19.1%
Alaska Air Group Inc (a)	180,643	7,465,975
Delta Air Lines Inc	512,776	39,996,529
Joby Aviation Inc Class A (a)(b)	486,500	3,327,660
SkyWest Inc (a)	72,024	6,817,792
Southwest Airlines Co	206,825	7,968,967
United Airlines Holdings Inc (a)	297,158	32,090,092
		97,667,015
TOTAL INDUSTRIALS		460,693,141
Information Technology - 0.8%
Software - 0.8%
Samsara Inc Class A (a)	100,200	4,093,170
TOTAL UNITED STATES		470,992,216
TOTAL COMMON STOCKS  (Cost $267,115,317)		492,362,404

Money Market Funds - 4.3%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	18,563,698	18,567,411
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	3,498,396	3,498,745
TOTAL MONEY MARKET FUNDS  (Cost $22,065,839)			22,066,156

TOTAL INVESTMENT IN SECURITIES - 100.5%  (Cost $289,181,156)	514,428,560
NET OTHER ASSETS (LIABILITIES) - (0.5)%	(2,688,928)
NET ASSETS - 100.0%	511,739,632

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	22,558,873	64,348,418	68,340,117	177,695	(80)	317	18,567,411	18,563,698
Fidelity Securities Lending Cash Central Fund	3,749,145	157,572,623	157,823,023	7,096	-	-	3,498,745	3,498,396
	26,308,018	221,921,041	226,163,140	184,791	(80)	317	22,066,156

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Consumer Discretionary	6,205,905	6,205,905	-	-
Industrials	477,967,311	473,365,545	4,601,766	-
Information Technology	8,189,188	8,189,188	-	-
Money Market Funds	22,066,156	22,066,156	-	-
Total Investments in Securities:	514,428,560	509,826,794	4,601,766	-

Transportation Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	492,362,404
Investments in securities, at value - affiliated issuers		22,066,156
Receivable for investments sold		262,095
Receivable for fund shares sold		343,421
Dividends receivable		909,741
Distributions receivable from affiliated funds		38,176
Prepaid expenses		521
Other receivables		3,849
Total assets		515,986,363
Liabilities
Payable for investments purchased		291,626
Payable for fund shares redeemed		146,942
Accrued management fee		285,662
Other payables and accrued expenses		23,151
Collateral on securities loaned		3,499,350
Total liabilities		4,246,731
Net Assets	$	511,739,632
Net assets consist of:
Paid in capital		253,104,215
Total accumulated earnings (loss)		258,635,417
Net Assets	$	511,739,632
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($511,739,632/4,279,175 shares)	$	119.59
Other Information
Unaffiliated issuers, cost		267,115,317
Affiliated issuers, cost		22,065,839
Securities loaned, market value		6,327,920

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	3,091,018
Dividends - affiliated issuers		184,791
Security lending income - unaffiliated issuers		1,845
Total investment income		3,277,654
Expenses
Management fee		1,652,757
Custodian fees and expenses		3,533
Independent trustees' fees and expenses		711
Registration fees		19,260
Audit		28,973
Legal		153
Commitment fee		298
Miscellaneous		431
Total expenses		1,706,116
Expense reductions		(51)
Total expenses after reductions		1,706,065
Net investment income (loss)		1,571,589
Net realized gain (loss)
Investments - unaffiliated issuers		32,019,111
Investments - affiliated issuers		(80)
Foreign currency transactions		(7,336)
Net realized gain (loss)		32,011,695
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(11,826,656)
Investments - affiliated issuers		317
Assets and liabilities in foreign currencies		143
Total change in net unrealized appreciation (depreciation)		(11,826,196)
Net gain (loss)		20,185,499
Net increase (decrease) in net assets resulting from operations	$	21,757,088
Other Information
Income from securities lending - Affiliated Issuers		7,096

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,571,589	$	4,415,092
Net realized gain (loss)		32,011,695		54,691,467
Change in net unrealized appreciation (depreciation)		(11,826,196)		23,007,015
Net increase (decrease) in net assets resulting from operations	$	21,757,088	$	82,113,574
Distributions to shareholders
Distributions to shareholders		(33,111,007)		(21,025,263)
Total distributions		(33,111,007)		(21,025,263)
Net increase (decrease) in net assets resulting from share transactions		6,410,135		(65,911,668)
Total increase (decrease) in net assets		(4,943,784)		(4,823,357)
Net Assets
Beginning of period		516,683,416		521,506,773
End of period	$	511,739,632	$	516,683,416

Financial Highlights

 

Transportation Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	122.78	$	108.14	$	110.59	$	97.00	$	105.82	$	98.97
Income from Investment Operations
Net investment income (loss) B, C		.37		.98		1.35		1.80		1.24		.64
Net realized and unrealized gain (loss)		4.47		18.27		3.49		14.59		(2.12)		19.26
Total from investment operations		4.84		19.25		4.84		16.39		(.88)		19.90
Distributions
Distributions from net investment income		(.19)		(1.11)		(1.48)		(1.75)		(1.16)		(1.03)
Distributions from net realized gain		(7.84)		(3.50)		(5.81)		(1.05)		(6.78)		(12.03)
Total distributions		(8.03)		(4.61)		(7.29)		(2.80)		(7.94)		(13.05) D
Net asset value, end of period	$	119.59	$	122.78	$	108.14	$	110.59	$	97.00	$	105.82
Total Return E, F		4.57%		19.08%		4.55%		17.13%		(.46)%		20.35%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.66% I		.68%		.69%		.76%		.76%		.77%
Ratio of expenses to average net assets net of fee waivers, if any		.66% I		.68%		.69%		.75%		.76%		.77%
Ratio of expenses to average net assets net of all reductions, if any		.66% I		.68%		.69%		.75%		.76%		.77%
Ratio of net investment income (loss) to average net assets		.61% I		.93%		1.23%		1.82%		1.28%		.60%
Net assets, end of period	$	511,739,632	$	516,683,416	$	521,506,773	$	610,528,904	$	587,107,022	$	679,302,709
Portfolio turnover rate J		40% I		40% K		22%		33%		23%		66% L

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal distributions per share do not sum due to rounding.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

LThe portfolio turnover rate does not include the assets acquired in the merger.

Notes to Financial Statements

 (Unaudited)

For the period ended August 31, 2026

• 1. Organization.

Defense and Aerospace Portfolio and Transportation Portfolio (the Funds) are funds of Fidelity Select Portfolios (the Trust) and are 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 following Funds are non-diversified: Defense and Aerospace Portfolio and Transportation Portfolio.

• 2. 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. Each Fund operates as a single operating segment. Each Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with each Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each 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 designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 

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 - unadjusted 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 service 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 any 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 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 period end 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 investment holdings and net asset value (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.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Certain distributions received represent a return of capital or capital gain. Components of these distributions are determined 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. If actual amounts are not available, the Fund estimates the components of these distributions. When estimates are used, the Fund adjusts the components of these distributions as necessary once the issuers provide information about the actual composition of the distributions.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable, as applicable.

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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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, 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. These differences may result 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: deferred Trustee compensation, foreign currency transactions, losses deferred due to excise tax regulations, net operating losses, passive foreign investment companies (PFIC), redemptions in-kind, 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:

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Defense and Aerospace Portfolio	2,115,171,231	1,634,024,530	(58,808,157)	1,575,216,373
Transportation Portfolio	289,266,204	229,590,885	(4,428,529)	225,162,356

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2025 to February 28, 2026, and/or ordinary losses recognized during the period January 1, 2026 to February 28, 2026. Loss deferrals were as follows:

	Capital losses ($)	Ordinary losses ($)
Defense and Aerospace Portfolio	(3,662,488)	-

• 3. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Defense and Aerospace Portfolio	306,324,441	514,369,490
Transportation Portfolio	98,559,273	116,648,905

Prior Fiscal Year Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss 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. There was no gain or loss for federal income tax purposes.

	Shares	Net realized gain or loss on Affiliated Issuers ($)	Net realized gain or loss on Unaffiliated Issuers ($)	Total net realized gain or loss on Investments ($)	Total Proceeds ($)
Defense and Aerospace Portfolio	6,374,808	-	82,145,684	82,145,684	162,557,604
Transportation Portfolio	236,100	-	15,106,174	15,106,174	23,201,523

• 4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide each Fund with investment management related services for which each Fund pays a monthly management fee.

Any reference to "class" in this note shall mean each "Fund" as each Fund currently offers only one class of shares.

Each Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee.

Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.

When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Defense and Aerospace Portfolio	0.70
Transportation Portfolio	0.70

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class.

For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Defense and Aerospace Portfolio	0.59
Transportation Portfolio	0.64

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 affiliated mutual funds, are marked-to-market and remain in a 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 the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Defense and Aerospace Portfolio $178,699

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 ($)
Defense and Aerospace Portfolio	2,288
Transportation Portfolio	386

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds.

At period end, Defense and Aerospace Portfolio and Transportation 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 ($)	Weighted Average Interest Rate (%)	Interest expense ($)
Defense and Aerospace Portfolio	Borrower	13,775,000	3.87	2,959

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Defense and Aerospace Portfolio	15,833,153	11,627,057	4,096,068
Transportation Portfolio	4,848,756	4,333,752	738,530

• 5. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Statement of Operations.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  

The line of credit agreement will expire in March 2027 unless extended or renewed.

• 6. Security Lending.

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 investment adviser. 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. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in dividends - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Defense and Aerospace Portfolio	2,261	124	-
Transportation Portfolio	917	288	-

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

	Amount ($)
Defense and Aerospace Portfolio	19,866,175
Transportation Portfolio	2,936,501

• 7. Expense Reductions.

Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.

	Custodian Credits ($)
Defense and Aerospace Portfolio	57
Transportation Portfolio	51

• 8. Distributions to Shareholders. 

Distributions to shareholders of each class were as follows:

	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026
Defense and Aerospace Portfolio
Defense and Aerospace Portfolio	11,653,486	125,944,660
Total	11,653,486	125,944,660
Transportation Portfolio
Transportation Portfolio	33,111,007	21,025,263
Total	33,111,007	21,025,263

• 9. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Six months ended	Year ended	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026	August 31, 2026	February 28, 2026
Defense and Aerospace Portfolio
Shares sold	20,288,738	83,407,760	571,077,545	2,050,612,992
Reinvestment of distributions	397,361	5,413,325	10,859,897	117,232,982
Shares redeemed	(28,717,079)	(41,492,483)	(790,712,127)	(1,023,420,994)
Net increase (decrease)	(8,030,980)	47,328,602	(208,774,685)	1,144,424,980
Transportation Portfolio
Shares sold	203,932	494,064	24,521,346	50,241,991
Reinvestment of distributions	282,321	207,227	30,795,559	19,660,035
Shares redeemed	(415,408)	(1,315,642)	(48,906,770)	(135,813,694)
Net increase (decrease)	70,845	(614,351)	6,410,135	(65,911,668)

• 10. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

• 11. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Defense and Aerospace Portfolio

Transportation Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board of Trustees voted to continue each fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on the funds in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that the Investment Advisers' analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under separate agreements.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The Defense & Aerospace Portfolio underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2026, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that each fund's management fee is based on tiered schedules and subject to a maximum rate (the management fee). The Board also considered that in exchange for the variable management fee, each fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of each fund's management fee and total expense ratio, the Board considered the effective management fee rate for each fund, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) relative to the funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the total peer group; and (iv) total expense comparisons of each fund relative to funds and classes in the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. 

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the funds, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar investment mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect the funds and of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing funds at scale from inception. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.

The Board recognized that each fund's management contract incorporates a variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total net assets of specified Fidelity funds in the same asset class as the funds, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through July 31, 2027.

1.813660.121

SELCI-SANN-1026

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, 2026

Contents

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. © 2026 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.

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Biotechnology Portfolio

Consolidated Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares	Value ($)
BELGIUM - 3.7%
Health Care - 3.7%
Biotechnology - 2.4%
Argenx SE ADR (b)	141,444	145,922,117
Neurona Therapeutics Inc (e)(f)	1,618,100	48,543
Neurona Therapeutics Inc (e)(f)	1,618,100	16
Neurona Therapeutics Inc escrow shares (e)(f)	1,618,100	242,715
Neurona Therapeutics Inc milestone 1 rights (b)(f)	1,618,100	485,430
Neurona Therapeutics Inc milestone 2 rights (b)(e)(f)	1,618,100	16,181
Neurona Therapeutics Inc milestone 3 rights (b)(e)(f)	1,618,100	16,181
Neurona Therapeutics Inc milestone 4 rights (b)(e)(f)	1,618,100	16,181
		146,747,364
Pharmaceuticals - 1.3%
UCB SA	308,874	77,243,740
TOTAL BELGIUM		223,991,104
CANADA - 0.4%
Health Care - 0.4%
Biotechnology - 0.4%
Xenon Pharmaceuticals Inc (b)	435,114	26,202,565
DENMARK - 2.7%
Health Care - 2.7%
Biotechnology - 2.5%
Ascendis Pharma A/S (b)	480,401	126,364,679
Genmab A/S (b)	43,800	14,474,608
Zealand Pharma A/S (b)	377,990	17,620,679
		158,459,966
Life Sciences Tools & Services - 0.2%
Gubra A/S (b)	166,002	9,786,597
TOTAL DENMARK		168,246,563
FRANCE - 0.3%
Health Care - 0.3%
Biotechnology - 0.3%
Abivax SA ADR (b)	146,015	16,314,256
Sensorion SA (b)(c)	17,132,230	5,353,084
TOTAL FRANCE		21,667,340
GERMANY - 0.3%
Health Care - 0.3%
Biotechnology - 0.3%
BioNTech SE ADR (b)	211,500	21,490,515
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
Health Care - 0.0%
Biotechnology - 0.0%
BridgeBio Oncology Therapeutics Inc (b)(c)	240,300	2,114,639
IRELAND - 0.1%
Health Care - 0.1%
Biotechnology - 0.0%
Prothena Corp PLC (b)	472,617	4,418,969
Pharmaceuticals - 0.1%
GH Research PLC (b)(c)	178,400	4,813,232
TOTAL IRELAND		9,232,201
NETHERLANDS - 0.6%
Health Care - 0.6%
Biotechnology - 0.5%
Newamsterdam Pharma Co NV (b)	523,700	13,270,558
uniQure NV (b)	388,842	18,928,829
		32,199,387
Pharmaceuticals - 0.1%
Pharvaris NV (b)	147,914	5,119,303
TOTAL NETHERLANDS		37,318,690
SWEDEN - 0.2%
Health Care - 0.2%
Biotechnology - 0.2%
Hansa Biopharma AB (b)	3,189,555	14,386,491
SWITZERLAND - 0.8%
Health Care - 0.8%
Biotechnology - 0.2%
Idorsia Ltd (b)	2,174,283	13,287,509
Pharmaceuticals - 0.6%
Galderma Group AG	168,890	35,019,719
TOTAL SWITZERLAND		48,307,228
UNITED KINGDOM - 0.7%
Health Care - 0.7%
Biotechnology - 0.7%
Immunocore Holdings PLC ADR (b)	287,200	10,431,104
Silence Therapeutics PLC ADR (b)	2,042,900	27,640,437
Zura Bio Ltd Class A (b)(c)	509,657	2,823,500
TOTAL UNITED KINGDOM		40,895,041
UNITED STATES - 89.3%
Consumer Staples - 0.0%
Consumer Staples Distribution & Retail - 0.0%
MedAvail Holdings Inc (b)(f)	55	0
Health Care - 89.3%
Biotechnology - 78.8%
AbbVie Inc	2,549,717	653,798,434
Absci Corp (b)(c)	1,574,696	14,235,252
Aktis Oncology Inc (c)	283,355	7,341,728
Allogene Therapeutics Inc (b)	10,044,893	20,089,786
Alnylam Pharmaceuticals Inc (b)	398,141	95,828,557
Amgen Inc	1,020,981	438,899,313
AnaptysBio Inc (b)	23,300	1,328,799
Annexon Inc (b)	6,174,755	30,503,290
Antares Therapeutics Inc (b)(e)(f)	325,500	478,485
Arcturus Therapeutics Holdings Inc (b)(c)	20,905	308,558
Arcus Biosciences Inc (b)	852,700	24,967,056
ArriVent Biopharma Inc (b)	1,321,003	39,696,140
Arrowhead Pharmaceuticals Inc (b)	409,378	33,728,653
ARS Pharmaceuticals Inc (b)(c)	335,156	2,010,936
Attovia Therapeutics Inc	700,000	14,980,000
aTyr Pharma Inc (b)(c)	1,754,594	932,918
Avalo Therapeutics Inc (b)	132,200	2,556,748
Axcella Health Inc (b)(f)	66,454	0
Beam Therapeutics Inc (b)	244,914	7,207,819
BeOne Medicines Ltd ADR (b)	26,098	9,384,319
Bicara Therapeutics Inc (b)(c)	848,500	19,617,320
Biogen Inc (b)	456,335	98,864,978
Biohaven Ltd (b)	2,180,096	33,290,066
Biomea Fusion Inc (b)	452,663	760,474
Biomea Fusion Inc warrants 12/20/2026 (b)	46,134	945
Bridgebio Pharma Inc (b)	895,543	68,589,638
CAMP4 Therapeutics Corp (b)(c)	1,326,208	5,251,784
CAMP4 Therapeutics Corp (e)	1,226,606	4,857,359
Candel Therapeutics Inc (b)(c)(d)	4,864,753	63,582,322
Capricor Therapeutics Inc (b)	23,050	228,426
Cartesian Therapeutics Inc (b)	366,554	3,401,622
Cartesian Therapeutics Inc rights (b)(f)	5,385,728	1,615,718
Celcuity Inc (b)(c)	479,203	42,677,819
Celldex Therapeutics Inc (b)	778,500	30,851,955
CG oncology Inc (b)	381,828	28,698,192
Chinook Therapeutics Inc rights (b)(f)	115,821	1
Climb Bio Inc (b)	721,300	9,903,449
Cogent Biosciences Inc (b)	1,604,794	56,167,790
Crescent Biopharma Inc (b)	190,421	3,160,989
Crescent Biopharma Inc (b)(e)	149,142	2,475,757
Cyclerion Therapeutics Inc (b)(e)	4,740	17,443
Cytokinetics Inc (b)	11,492	814,898
CytomX Therapeutics Inc (b)	2,782,240	9,348,326
Damora Therapeutics Inc (b)	454,559	12,809,473
Denali Therapeutics Inc (b)	205,263	4,877,049
Design Therapeutics Inc (b)(c)	534,931	8,072,109
Dianthus Therapeutics Inc (b)(c)	420,518	44,410,906
Disc Medicine Inc (b)	454,774	35,767,975
Dyne Therapeutics Inc (b)	2,061,459	52,422,902
Eikon Therapeutics Inc (b)(c)	1,172,133	12,260,511
Epicrispr Biotechnologies Inc warrants 8/10/2028 (b)(f)	7,348,400	73
Erasca Inc (b)	2,494,680	44,604,878
First Tracks Biotherapeutics Inc	87,500	3,661,000
Foghorn Therapeutics Inc (b)	351,578	2,018,058
Foghorn Therapeutics Inc warrants 12/31/2030 (b)	372,579	137,258
Foghorn Therapeutics Inc warrants 6/30/2027 (b)	372,579	10,501
Generate Biomedicines Inc	21,800	332,886
Geron Corp (b)	5,452,212	8,123,796
Gilead Sciences Inc	5,445	796,821
Hemab Therapeutics Holdings Inc (c)	439,476	20,097,237
Ideaya Biosciences Inc (b)	637,957	25,582,076
Immuneering Corp (b)(c)	1,095,798	5,468,032
Immunome Inc (b)(c)	2,131,664	58,428,910
Immunovant Inc (b)	272,221	11,112,061
Inhibikase Therapeutics Inc (b)	56,270	129,984
Insmed Inc (b)	1,243,301	151,458,928
Intellia Therapeutics Inc (b)(c)	1,914,833	24,375,824
Ionis Pharmaceuticals Inc (b)	476,377	28,754,116
Jade Biosciences Inc (b)	482,450	10,305,132
Janux Therapeutics Inc (b)	169,970	3,096,853
Kailera Therapeutics Inc (b)	631,999	9,732,785
Kiniksa Pharmaceuticals International Plc Class A (b)	637,600	50,134,488
Korro Bio Inc (b)(e)	32,866	410,496
Krystal Biotech Inc (b)(d)	1,802,622	647,790,243
Kymera Therapeutics Inc (b)(c)	556,441	66,110,755
Legend Biotech Corp ADR (b)	163,910	3,406,050
Madrigal Pharmaceuticals Inc (b)	98,095	52,974,243
MannKind Corp (b)	4,522,701	18,136,031
Mineralys Therapeutics Inc (b)	342,400	8,789,408
Mirum Pharmaceuticals Inc (b)	176,300	17,286,215
Moderna Inc (b)	1,564,429	219,551,966
MoonLake Immunotherapeutics Class A (b)	143,558	2,160,548
MYOS Corp Adjustment Escrow (e)(f)	33,334	1,667
MYOS Corp Shareholder Representative Escrow (e)(f)	33,334	0
Natera Inc (b)	335,132	107,899,099
Neurogene Inc (b)	51,100	1,851,864
Nurix Therapeutics Inc (b)	334,946	8,634,908
Odyssey Therapeutics Inc (b)(c)	341,200	8,366,224
Olema Pharmaceuticals Inc (b)	628,100	6,551,083
Oruka Therapeutics Inc (b)	562,683	52,115,699
Palvella Therapeutics Inc (b)	17,700	2,700,843
Parabilis Medicines Inc (c)	436,412	17,024,432
Parabilis Medicines Inc (g)(h)	319,448	11,838,583
Praxis Precision Medicines Inc (b)	411,429	144,123,579
Protagonist Therapeutics Inc (b)	607,713	89,789,596
PTC Therapeutics Inc (b)	176,211	12,253,713
Regeneron Pharmaceuticals Inc	1,000	799,080
Relay Therapeutics Inc (b)	1,640,567	30,153,621
Replimune Group Inc (b)	527,345	8,068,379
Revolution Medicines Inc (b)	735,072	151,108,751
Rhythm Pharmaceuticals Inc (b)	103,203	10,952,934
Roivant Sciences Ltd (b)	2,030,119	70,323,322
Sana Biotechnology Inc (b)	1,263,152	4,888,398
Scholar Rock Holding Corp (b)	1,650,449	93,745,503
Shattuck Labs Inc (b)	391,662	2,745,551
Solid Biosciences Inc (b)(c)	2,606,779	24,972,943
Spyre Therapeutics Inc (b)	403,153	36,013,657
Stoke Therapeutics Inc (b)	1,483,181	46,275,247
Summit Therapeutics Inc (b)(c)	1,067,669	14,541,652
Tango Therapeutics Inc (b)	2,500,062	57,101,416
Taysha Gene Therapies Inc (b)	940,476	5,351,308
Tectonic Therapeutic Inc (b)(c)	405,389	12,137,347
TG Therapeutics Inc (b)(c)	222,981	12,107,868
Travere Therapeutics Inc (b)	798,843	52,947,314
Tubulis GmbH escrow shares (e)(f)	9,200	32,108
Tubulis GmbH escrow shares (e)(f)	9,200	184
Tubulis GmbH milestone 1 rights (b)(e)(f)	101,200	3,347,972
Twist Bioscience Corp (b)	468,834	65,167,926
Tyra Biosciences Inc (b)	337,000	8,435,110
Ultragenyx Pharmaceutical Inc (b)	144,589	3,645,089
United Therapeutics Corp (b)	82,591	42,152,795
Upstream Bio Inc (b)	234,657	1,553,429
Vaxcyte Inc (b)	979,696	59,506,735
Vera Therapeutics Inc Class A (b)	73,563	2,507,027
Vertex Pharmaceuticals Inc (b)	8,056	4,386,653
Viking Therapeutics Inc (b)	419,157	13,739,966
Viridian Therapeutics Inc (b)	1,308,304	30,300,321
Vor BioPharma Inc (b)	1,399,605	31,463,120
vTv Therapeutics Inc Class A (b)(d)	260,391	8,332,512
X4 Pharmaceuticals Inc (b)	1,428,500	5,771,140
Zenas Biopharma Inc (b)	380,400	12,294,528
Zenas Biopharma Inc (e)	263,137	8,504,588
Zymeworks Inc (b)	113,023	3,324,006
		4,949,903,429
Health Care Equipment & Supplies - 0.0%
Novocure Ltd (b)	11,113	196,144
Health Care Providers & Services - 0.1%
Blue Marlin Therapeutics, Inc. (e)(f)	1,636	102,250
Scorpion Therapeutics Inc (b)(e)(f)	5,166,448	52
Scorpion Therapeutics Inc rights (b)(e)(f)	5,166,448	4,288,152
		4,390,454
Health Care Technology - 0.0%
Candid Therapeutics Adjustment Escrow shares (e)(f)	1,666,667	16,667
Candid Therapeutics milestone 1 rights (b)(e)(f)	1,666,667	116,667
Candid Therapeutics milestone 2 rights (b)(e)(f)	1,666,667	66,667
Candid Therapeutics Shareholder Rep Escrow shares (e)(f)	1,666,667	16
		200,017
Pharmaceuticals - 10.4%
Aclaris Therapeutics Inc (b)	776,700	4,699,035
Adimab LLC (b)(e)(f)(i)	1,954,526	23,043,862
Adimab LLC (b)(e)(f)(i)	1,954,526	9,401,270
Alumis Inc (b)	596,600	13,011,846
Amylyx Pharmaceuticals Inc (b)	1,476,517	49,832,449
Apnimed Inc	92,400	2,425,500
Atea Pharmaceuticals Inc (b)	287,662	1,538,992
Avalyn Pharma Inc	18,300	635,559
Axsome Therapeutics Inc (b)	284,480	56,474,970
Belite Bio Inc ADR (b)	3,100	482,701
Blossomhill Therapeutics Inc (c)	347,400	6,357,420
Braveheart Bio Inc	347,205	8,853,728
Corcept Therapeutics Inc (b)	506,746	57,439,659
Definium Therapeutics Inc (b)	594,800	23,625,456
Edgewise Therapeutics Inc (b)	699,425	29,214,982
Enliven Therapeutics Inc (b)	618,915	35,828,989
Harmony Biosciences Holdings Inc (b)	17,525	690,135
Jazz Pharmaceuticals PLC (b)	411,152	103,067,583
Kardigan Inc (h)	149,103	3,005,916
Kardigan Inc (b)	135,400	2,729,664
Latigo Biotherapeutics Inc (c)	480,800	10,587,216
LB Pharmaceuticals Inc (b)	197,231	9,321,137
LB Pharmaceuticals Inc (e)	39,100	1,663,079
Lexicon Pharmaceuticals Inc (b)	5,708,045	12,843,101
Maze Therapeutics Inc (b)	787,460	20,922,812
MBX Biosciences Inc (b)	240,900	14,839,440
Nuvation Bio Inc Class A (b)(c)	1,758,533	11,711,830
Ocular Therapeutix Inc (b)	784,000	8,224,160
Optinose Inc warrants 11/23/2027 (b)(f)	91,712	1
Rapport Therapeutics Inc (b)(c)	428,273	20,844,047
Seaport Therapeutics Inc (b)(c)	12,700	300,736
Septerna Inc (b)	19,400	740,110
Structure Therapeutics Inc ADR (b)(c)	542,038	24,884,965
Tarsus Pharmaceuticals Inc	178,571	11,931,400
Tarsus Pharmaceuticals Inc (b)	68,000	5,048,320
Trevi Therapeutics Inc (b)	2,374,785	39,421,431
VeraDermics Inc (c)	94,800	9,329,268
Viatris Inc	1,225,166	20,227,491
		655,200,260
TOTAL HEALTH CARE		5,609,890,304
TOTAL UNITED STATES		5,609,890,304
TOTAL COMMON STOCKS  (Cost $3,116,619,781)		6,223,742,681

Convertible Corporate Bonds - 0.0%
	Principal Amount (a)	Value ($)
AUSTRALIA - 0.0%
Health Care - 0.0%
Biotechnology - 0.0%
Advancell Pty Ltd 0% 12/31/2199 (e)(f)   (Cost $2,581,825)	2,581,825	2,596,542

Convertible Preferred Stocks - 0.7%
	Shares	Value ($)
AUSTRALIA - 0.1%
Health Care - 0.1%
Biotechnology - 0.1%
Advancell Pty Ltd Series D (e)(f)	1,841,661	5,156,651
UNITED KINGDOM - 0.0%
Health Care - 0.0%
Biotechnology - 0.0%
CellCentric Ltd Series D (e)(f)	417,101	2,214,806
UNITED STATES - 0.6%
Health Care - 0.6%
Biotechnology - 0.6%
Cardurion Pharmaceuticals Inc Series B (b)(e)(f)	1,020,908	6,053,984
City Therapeutics Inc Series B (e)(f)	684,300	9,997,623
ElevateBio LLC Series C (b)(e)(f)	216,600	398,544
Epicrispr Biotechnologies Inc Series C (e)(f)	11,022,600	835,272
National Resilience LLC Series B (b)(e)(f)	732,064	3,243,044
Souffle Therapeutics Inc Series B (e)(f)	2,135,300	5,765,310
Triveni Bio Inc Series B (b)(e)(f)	7,167,431	8,744,266
Triveni Bio Inc Series C (e)(f)	2,388,534	2,985,667
		38,023,710
Pharmaceuticals - 0.0%
Afferent Pharmaceuticals Inc Series C (b)(e)(f)	8,274,568	83
TOTAL UNITED STATES		38,023,793
TOTAL CONVERTIBLE PREFERRED STOCKS  (Cost $50,187,668)		45,395,250

Money Market Funds - 3.4%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (j)	3.69	9,077,642	9,079,457
Fidelity Securities Lending Cash Central Fund (j)(k)	3.72	206,402,112	206,422,752
TOTAL MONEY MARKET FUNDS  (Cost $215,489,778)			215,502,209

TOTAL INVESTMENT IN SECURITIES - 103.2%  (Cost $3,384,879,052)	6,487,236,682
NET OTHER ASSETS (LIABILITIES) - (3.2)%	(198,216,589)
NET ASSETS - 100.0%	6,289,020,093

Legend

(a) Amount is stated in United States dollars unless otherwise noted.  

(b) Non-income producing.  

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

(d) Affiliated company.  

(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 $107,156,350 or 1.7% of net assets.  

(f) Level 3 security.  

(g) 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 $11,838,583 or 0.2% of net assets.  

(h) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $14,844,499 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.  

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

(j) 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.  

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Adimab LLC	9/17/2014 - 6/5/2015	7,867,206
Adimab LLC	9/17/2014 - 6/5/2015	23,546,682
Advancell Pty Ltd 0% 12/31/2199	7/10/2026	2,581,825
Advancell Pty Ltd Series D	7/10/2026	5,163,649
Afferent Pharmaceuticals Inc Series C	7/1/2015	0
Antares Therapeutics Inc	3/5/2025	929,961
Blue Marlin Therapeutics, Inc.	10/23/2025	189,866
CAMP4 Therapeutics Corp	9/9/2025	1,876,707
Candid Therapeutics Adjustment Escrow shares	6/17/2026	16,666
Candid Therapeutics milestone 1 rights	6/17/2026	116,667
Candid Therapeutics milestone 2 rights	6/17/2026	66,667
Candid Therapeutics Shareholder Rep Escrow shares	6/17/2026	16
Cardurion Pharmaceuticals Inc Series B	7/10/2024	4,999,999
CellCentric Ltd Series D	5/1/2026	1,999,999
City Therapeutics Inc Series B	5/20/2026	10,010,967
Crescent Biopharma Inc	10/28/2024 - 12/4/2025	1,988,079
Cyclerion Therapeutics Inc	4/2/2019	1,404,026
ElevateBio LLC Series C	3/9/2021	908,637
Epicrispr Biotechnologies Inc Series C	8/10/2026	835,270
Korro Bio Inc	7/14/2023	1,854,573
LB Pharmaceuticals Inc	7/29/2026	1,366,154
MYOS Corp Adjustment Escrow	7/29/2026	1,667
MYOS Corp Shareholder Representative Escrow	7/29/2026	0
National Resilience LLC Series B	12/1/2020	9,999,994
Neurona Therapeutics Inc	6/1/2026	0
Neurona Therapeutics Inc	6/1/2026	48,543
Neurona Therapeutics Inc escrow shares	6/1/2026	242,715
Neurona Therapeutics Inc milestone 2 rights	6/1/2026	16,181
Neurona Therapeutics Inc milestone 3 rights	6/1/2026	16,181
Neurona Therapeutics Inc milestone 4 rights	6/1/2026	16,181
Scorpion Therapeutics Inc	3/5/2025	0
Scorpion Therapeutics Inc rights	3/5/2025	2,841,546
Souffle Therapeutics Inc Series B	7/22/2026	5,769,154
Triveni Bio Inc Series B	9/19/2024	7,500,000
Triveni Bio Inc Series C	5/28/2026	2,999,999
Tubulis GmbH escrow shares	5/21/2026	184
Tubulis GmbH escrow shares	5/21/2026	31,832
Tubulis GmbH milestone 1 rights	5/21/2026	3,328,100
Zenas Biopharma Inc	10/8/2025	4,999,603

Additional information on each lock-up restriction is as follows:
Security	Restriction Expiration Date
Kardigan Inc	12/15/2026
Parabilis Medicines Inc	12/7/2026

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	4,867,694	295,383,649	291,173,370	126,762	1,483	1	9,079,457	9,077,642
Fidelity Securities Lending Cash Central Fund	145,720,574	781,353,287	720,651,108	606,477	-	(1)	206,422,752	206,402,112
	150,588,268	1,076,736,936	1,011,824,478	733,239	1,483	-	215,502,209

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income 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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Candel Therapeutics Inc	31,037,743	-	7,395,348	-	(1,075,811)	41,015,738	63,582,322	4,864,753
Krystal Biotech Inc	497,949,724	-	1,071,111	-	778,611	150,133,019	647,790,243	1,802,622
vTv Therapeutics Inc Class A	9,936,521	-	-	-	-	(1,604,009)	8,332,512	260,391
Total	538,923,988	-	8,466,459	-	(297,200)	189,544,748	719,705,077

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Consumer Staples	-	-	-	-
Health Care	6,223,742,681	6,102,323,613	78,082,009	43,337,059
Convertible Corporate Bonds
Health Care	2,596,542	-	-	2,596,542
Convertible Preferred Stocks
Health Care	45,395,250	-	-	45,395,250
Money Market Funds	215,502,209	215,502,209	-	-
Total Investments in Securities:	6,487,236,682	6,317,825,822	78,082,009	91,328,851
Net Unrealized Appreciation on Unfunded Commitments	11,224,346	-	-	11,224,346
Total	11,224,346	-	-	11,224,346

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

	Beginning Balance ($)	Net Realized Gain (Loss) on Investment Securities ($)	Net Unrealized Gain (Loss) on Investment Securities ($)	Cost of Purchases ($)	Proceeds of Sales ($)	Amortization/ Accretion ($)	Transfers into Level 3 ($)	Transfers out of Level 3 ($)	Ending Balance ($)	The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2026 ($)
Common Stocks	41,111,165	17,823,263	2,783,418	4,428,827	(22,809,614)	-	-	-	43,337,059	2,855,966
Convertible Preferred Stocks	27,801,018	6,373,458	1,178,906	26,779,038	(16,737,170)	-	-	-	45,395,250	1,668,035
Convertible Corporate Bonds	-	-	14,717	2,581,825	-	-	-	-	2,596,542	14,717
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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.

Biotechnology Portfolio

Consolidated Financial Statements (Unaudited)

Consolidated Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	5,552,029,396
Investments in securities, at value - affiliated issuers		935,207,286
Foreign currency held at value		82,732
Receivable for investments sold		5,561,554
Unrealized appreciation on unfunded commitments		11,296,302
Receivable for fund shares sold		5,060,779
Dividends receivable		3,521,276
Distributions receivable from affiliated funds		174,037
Prepaid expenses		5,604
Other receivables		1,705,294
Total assets		6,514,644,260
Liabilities
Payable for investments purchased		7,118,709
Unrealized depreciation on unfunded commitments		71,956
Payable for fund shares redeemed		3,766,537
Accrued management fee		3,068,267
Deferred taxes		3,623,414
Other payables and accrued expenses		1,714,194
Collateral on securities loaned		206,261,090
Total liabilities		225,624,167
Commitments and contingent liabilities (see Significant Accounting Policies note)
Net Assets	$	6,289,020,093
Net assets consist of:
Paid in capital		2,763,387,404
Total accumulated earnings (loss)		3,525,632,689
Net Assets	$	6,289,020,093
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($6,289,020,093/207,094,771 shares)	$	30.37
Other Information
Unaffiliated issuers, cost		3,069,509,984
Affiliated issuers, cost		315,369,068
Foreign currency holdings, cost		82,253
Securities loaned, market value		256,272,803

Consolidated Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	18,245,281
Dividends - affiliated issuers		733,239
Security lending income - unaffiliated issuers		151,517
Interest		11
Total investment income		19,130,048
Expenses
Management fee		16,439,279
Custodian fees and expenses		84,775
Independent trustees' fees and expenses		7,566
Registration fees		52,233
Audit		52,483
Legal		3,094
Interest		4,311
Commitment fee		3,154
Miscellaneous		6,194
Total expenses		16,653,089
Expense reductions		(914)
Total expenses after reductions		16,652,175
Net investment income (loss)		2,477,873
Net realized gain (loss)
Investments - unaffiliated issuers		499,231,040
Investments - affiliated issuers		(295,717)
Foreign currency transactions		15,192
Net realized gain (loss)		498,950,515
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		381,709,015
Investments - affiliated issuers		189,544,748
Unfunded commitments		11,224,346
Assets and liabilities in foreign currencies		(8,988)
Total change in net unrealized appreciation (depreciation)		582,469,121
Net gain (loss)		1,081,419,636
Net increase (decrease) in net assets resulting from operations	$	1,083,897,509
Other Information
Income from securities lending - Affiliated Issuers		606,477
Change in unrealized gain loss on  foreign taxes		(1,063,593)

Consolidated Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,477,873	$	19,801,422
Net realized gain (loss)		498,950,515		513,033,380
Change in net unrealized appreciation (depreciation)		582,469,121		901,721,342
Net increase (decrease) in net assets resulting from operations	$	1,083,897,509	$	1,434,556,144
Distributions to shareholders
Distributions to shareholders		(214,637,259)		(127,305,386)
Total distributions		(214,637,259)		(127,305,386)
Net increase (decrease) in net assets resulting from share transactions		69,728,633		(230,151,940)
Total increase (decrease) in net assets		938,988,883		1,077,098,818
Net Assets
Beginning of period		5,350,031,210		4,272,932,392
End of period	$	6,289,020,093	$	5,350,031,210

Consolidated Financial Highlights

 

Biotechnology Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	26.12	$	19.63	$	19.53	$	15.96	$	15.78	$	25.52
Income from Investment Operations
Net investment income (loss) B, C		.01		.10		.07		.03		(.01)		(.03)
Net realized and unrealized gain (loss)		5.30		7.01		.26 D		3.62		.19		(6.91)
Total from investment operations		5.31		7.11		.33		3.65		.18		(6.94)
Distributions
Distributions from net investment income		-		(.50)		(.23)		(.08)		-		(.03)
Distributions from net realized gain		(1.06)		(.12)		-		-		-		(2.77)
Total distributions		(1.06)		(.62)		(.23)		(.08)		-		(2.80)
Net asset value, end of period	$	30.37	$	26.12	$	19.63	$	19.53	$	15.96	$	15.78
Total Return E, F		21.26%		36.48%		1.72% D		22.99%		1.14%		(29.49)%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.60% I		.62%		.63%		.71%		.72%		.69%
Ratio of expenses to average net assets net of fee waivers, if any		.60% I		.62%		.63%		.71%		.71%		.69%
Ratio of expenses to average net assets net of all reductions, if any		.60% I		.62%		.63%		.71%		.71%		.69%
Ratio of net investment income (loss) to average net assets		.09% I		.45%		.34%		.15%		(.05)%		(.14)%
Net assets, end of period	$	6,289,020,093	$	5,350,031,210	$	4,272,932,392	$	4,914,531,399	$	4,969,107,086	$	5,280,691,967
Portfolio turnover rate J		60% I		45%		38%		52% K		51%		46%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $0.02 per share. Excluding these litigation proceeds, the total return would have been 1.62%.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

Health Care Portfolio

Consolidated Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares	Value ($)
BELGIUM - 3.5%
Health Care - 3.5%
Biotechnology - 2.3%
Argenx SE ADR (b)	150,000	154,749,000
Pharmaceuticals - 1.2%
UCB SA	328,000	82,026,803
TOTAL BELGIUM		236,775,803
CANADA - 0.8%
Health Care - 0.8%
Biotechnology - 0.8%
Xenon Pharmaceuticals Inc (b)	860,000	51,789,200
DENMARK - 1.9%
Health Care - 1.9%
Biotechnology - 1.9%
Ascendis Pharma A/S (b)	500,000	131,520,000
FRANCE - 1.0%
Health Care - 1.0%
Life Sciences Tools & Services - 1.0%
Sartorius Stedim Biotech	285,000	64,884,183
NETHERLANDS - 0.8%
Health Care - 0.8%
Biotechnology - 0.4%
Newamsterdam Pharma Co NV (b)(c)	980,000	24,833,200
Pharmaceuticals - 0.4%
Pharvaris NV (b)	800,000	27,688,000
TOTAL NETHERLANDS		52,521,200
UNITED KINGDOM - 0.4%
Health Care - 0.4%
Biotechnology - 0.4%
Immunocore Holdings PLC ADR (b)	500,000	18,160,000
Silence Therapeutics PLC ADR (b)	500,000	6,765,000
TOTAL UNITED KINGDOM		24,925,000
UNITED STATES - 89.7%
Health Care - 89.7%
Biotechnology - 31.7%
AbbVie Inc	745,000	191,032,901
Alnylam Pharmaceuticals Inc (b)	550,000	132,379,500
Annexon Inc (b)	1,200,000	5,928,000
BeOne Medicines Ltd ADR (b)	90,000	32,362,200
Biogen Inc (b)	200,000	43,330,000
Caris Life Sciences Inc (b)	1,934,572	49,312,240
CG oncology Inc (b)(c)	460,000	34,573,600
Climb Bio Inc (b)	449,122	6,166,445
Cogent Biosciences Inc (b)	1,850,000	64,750,000
Crescent Biopharma Inc (b)	308,246	5,116,884
Cyclerion Therapeutics Inc (b)(c)	37,455	137,834
CytomX Therapeutics Inc (b)	6,000,000	20,160,000
Damora Therapeutics Inc (b)	500,000	14,090,000
Dianthus Therapeutics Inc (b)(c)	450,000	47,524,500
Disc Medicine Inc (b)	380,000	29,887,000
Epicrispr Biotechnologies Inc warrants 8/10/2028 (b)(f)	15,044,733	150
First Tracks Biotherapeutics Inc	400,000	16,736,000
Freenome Inc (d)	320,567	4,741,186
Gilead Sciences Inc	480,000	70,243,200
Hemab Therapeutics Holdings Inc	65,000	2,972,450
Immunome Inc (b)	75,737	2,075,951
Insmed Inc (b)	425,000	51,773,500
Jade Biosciences Inc (b)	1,000,000	21,360,000
Kiniksa Pharmaceuticals International Plc Class A (b)	970,000	76,271,100
Kymera Therapeutics Inc (b)(c)	480,000	57,028,800
Legend Biotech Corp ADR (b)	2,280,000	47,378,400
Mineralys Therapeutics Inc (b)	1,180,000	30,290,600
Mirum Pharmaceuticals Inc (b)(c)	285,000	27,944,250
Moderna Inc (b)	760,000	106,658,400
Natera Inc (b)	595,000	191,566,201
Olema Pharmaceuticals Inc (b)(c)	1,680,000	17,522,400
Oruka Therapeutics Inc (b)	880,000	81,505,600
Parabilis Medicines Inc (g)(h)	564,689	20,927,092
Praxis Precision Medicines Inc (b)	140,000	49,042,000
Relay Therapeutics Inc (b)	2,080,000	38,230,400
Revolution Medicines Inc (b)	505,000	103,812,850
Roivant Sciences Ltd (b)	1,280,000	44,339,200
Scholar Rock Holding Corp (b)	499,300	28,360,240
Spyre Therapeutics Inc (b)	686,904	61,361,134
Stoke Therapeutics Inc (b)	628,000	19,593,600
Summit Therapeutics Inc (b)(c)	750,000	10,215,000
Tubulis GmbH escrow shares (d)(f)	12,300	42,927
Tubulis GmbH escrow shares (d)(f)	12,300	246
Tubulis GmbH milestone 1 rights (b)(d)(f)	135,300	4,476,093
Twist Bioscience Corp (b)	318,000	44,202,000
Tyra Biosciences Inc (b)	280,000	7,008,400
Upstream Bio Inc (b)	800,000	5,296,000
Vaxcyte Inc (b)	1,280,000	77,747,200
Veracyte Inc (b)	1,000,000	43,190,000
Viking Therapeutics Inc (b)(c)	540,000	17,701,200
Viridian Therapeutics Inc (b)	1,500,000	34,740,000
Zenas Biopharma Inc (b)(c)	1,080,000	34,905,600
Zenas Biopharma Inc (d)	160,865	5,199,157
		2,133,209,631
Health Care Equipment & Supplies - 2.5%
Boston Scientific Corp (b)	1,500,000	72,450,000
Edwards Lifesciences Corp (b)	275,000	24,956,250
Intuitive Surgical Inc (b)	28,000	10,552,080
iRhythm Technologies Inc (b)	160,000	19,030,400
Kestra Medical Technologies Ltd (b)(c)	1,000,000	25,750,000
Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(d)(f)	15,815	352,832
Outset Medical Inc (b)(i)	1,520,000	5,806,400
Saluda Medical Inc (d)(h)	338,168	1,126,840
Shoulder Innovations Inc (b)	545,286	11,429,195
		171,453,997
Health Care Providers & Services - 7.9%
Alignment Healthcare Inc (b)	2,000,000	26,800,000
BrightSpring Health Services Inc (b)	1,000,000	58,400,000
Cencora Inc	80,000	25,888,000
CVS Health Corp	330,000	30,990,300
Guardant Health Inc (b)	585,000	93,026,700
LifeStance Health Group Inc (b)	5,000,000	61,800,000
Privia Health Group Inc (b)	1,022,530	20,951,640
UnitedHealth Group Inc	550,000	214,175,500
		532,032,140
Health Care Technology - 0.7%
Candid Therapeutics Adjustment Escrow shares (d)(f)	3,162,302	31,623
Candid Therapeutics milestone 1 rights (b)(d)(f)	3,162,302	221,361
Candid Therapeutics milestone 2 rights (b)(d)(f)	3,162,302	126,492
Candid Therapeutics Shareholder Rep Escrow shares (d)(f)	3,162,302	32
HeartFlow Inc (b)	950,000	47,870,500
		48,250,008
Life Sciences Tools & Services - 25.1%
10X Genomics Inc Class A (b)	1,632,090	101,924,021
10X Genomics Inc Class B (b)	500,000	31,225,000
Agilent Technologies Inc	800,000	122,848,000
Alamar Biosciences Inc	300,000	9,161,999
Bruker Corp (c)	917,499	53,224,117
Danaher Corp	2,100,000	448,476,000
Illumina Inc (b)	400,000	85,452,000
Repligen Corp (b)	570,000	103,158,600
Thermo Fisher Scientific Inc	730,000	450,483,000
Waters Corp (b)	280,000	116,096,400
West Pharmaceutical Services Inc	505,000	172,260,550
		1,694,309,687
Pharmaceuticals - 21.8%
Alumis Inc (b)	971,600	21,190,596
Amylyx Pharmaceuticals Inc (b)	1,600,000	54,000,000
Axsome Therapeutics Inc (b)	150,000	29,778,000
Braveheart Bio Inc	632,054	16,117,377
Contineum Therapeutics Inc Class A (b)	450,000	7,308,000
Eli Lilly & Co	415,000	480,042,950
Enliven Therapeutics Inc (b)(c)	1,280,000	74,099,200
Jazz Pharmaceuticals PLC (b)	400,000	100,272,000
Johnson & Johnson	780,000	207,363,000
Latigo Biotherapeutics Inc	212,500	4,679,250
MBX Biosciences Inc (b)	680,000	41,888,000
Merck & Co Inc	1,180,000	174,356,800
Ocular Therapeutix Inc (b)	494,535	5,187,672
Royalty Pharma PLC Class A	1,200,000	73,692,000
Structure Therapeutics Inc ADR (b)	500,000	22,955,000
Tarsus Pharmaceuticals Inc (b)	360,000	26,726,400
Trevi Therapeutics Inc (b)	950,000	15,770,000
Viatris Inc	7,000,000	115,570,000
		1,470,996,245
TOTAL UNITED STATES		6,050,251,708
TOTAL COMMON STOCKS  (Cost $4,305,397,513)		6,612,667,094

Convertible Corporate Bonds - 0.1%
	Principal Amount (a)	Value ($)
AUSTRALIA - 0.0%
Health Care - 0.0%
Biotechnology - 0.0%
Advancell Pty Ltd 0% 12/31/2199 (d)(f)	1,878,558	1,889,266
UNITED STATES - 0.1%
Health Care - 0.1%
Health Care Equipment & Supplies - 0.1%
Kardium Inc/US 10% 12/31/2026 (d)(f)	4,197,822	3,459,005
Health Care Technology - 0.0%
Allotera Therapeutics Inc 0% 12/31/2199 (d)(f)(k)	2,299,153	2,530,448
Pharmaceuticals - 0.0%
Galvanize Therapeutics 10% 2/28/2027 (d)(f)	1,035,085	1,352,545
TOTAL UNITED STATES		7,341,998
TOTAL CONVERTIBLE CORPORATE BONDS  (Cost $10,214,089)		9,231,264

Convertible Preferred Stocks - 1.5%
	Shares	Value ($)
AUSTRALIA - 0.1%
Health Care - 0.1%
Biotechnology - 0.1%
Advancell Pty Ltd Series D (d)(f)	1,340,008	3,752,022
CHINA - 0.0%
Health Care - 0.0%
Health Care Providers & Services - 0.0%
dMed Biopharmaceutical Co Ltd Series C (b)(d)(f)	330,316	3,048,817
ISRAEL - 0.1%
Health Care - 0.1%
Health Care Equipment & Supplies - 0.1%
InSightec Ltd Series G (b)(d)(f)	11,853,768	8,771,788
UNITED KINGDOM - 0.1%
Health Care - 0.1%
Biotechnology - 0.1%
CellCentric Ltd Series D (d)(f)	1,214,928	6,451,268
UNITED STATES - 1.2%
Health Care - 1.2%
Biotechnology - 0.7%
Asimov Inc Series B (b)(d)(f)	101,438	2,687,093
Cleerly Inc Series C (b)(d)(f)	1,285,367	16,414,137
Element Biosciences Inc Series C (b)(d)(f)	572,265	6,935,852
Element Biosciences Inc Series D (b)(d)(f)	413,355	3,430,846
Element Biosciences Inc Series D1 (b)(d)(f)	413,355	3,430,847
ElevateBio LLC Series C (b)(d)(f)	254,900	469,015
Endeavor BioMedicines Inc Series C (b)(d)(f)	1,366,212	8,907,702
Epicrispr Biotechnologies Inc Series C (d)(f)	22,567,100	1,710,092
		43,985,584
Health Care Equipment & Supplies - 0.3%
Kardium Inc/US Series D-7 (Aug 25 Closing) (b)(d)(f)	15,888,877	6,355,551
Kardium Inc/US Series D-7 (June 25 1st Closing) (b)(d)(f)	723,517	289,407
Kardium Inc/US Series D-7 (June 25 2nd Closing) (b)(d)(f)	3,477,566	1,391,026
Medical Microinstruments Inc/Italy Series C (b)(d)(f)	316,310	9,065,445
		17,101,429
Health Care Providers & Services - 0.0%
Thriveworks Topco LLC Class B (b)(d)(f)(j)	473,270	3,322,355
Health Care Technology - 0.2%
Aledade Inc Series B1 (b)(d)(f)	201,220	7,803,312
Aledade Inc Series E1 (b)(d)(f)	56,664	2,197,430
Allotera Therapeutics Inc Series B (b)(d)(f)	454,342	749,664
		10,750,406
Pharmaceuticals - 0.0%
Galvanize Therapeutics Series B (b)(d)(f)	3,696,429	2,661,428
Galvanize Therapeutics Series C-1 (b)(d)(f)	8,252,708	3,713,719
		6,375,147
TOTAL HEALTH CARE		81,534,921
Materials - 0.0%
Chemicals - 0.0%
Manus Bio Inc Series One-6 (b)(d)(f)	1,079,396	4,058,529
TOTAL UNITED STATES		85,593,450
TOTAL CONVERTIBLE PREFERRED STOCKS  (Cost $147,848,358)		107,617,345

Money Market Funds - 0.4%
	Yield (%)	Shares	Value ($)
Fidelity Securities Lending Cash Central Fund (l)(m)  (Cost $26,728,244)	3.72	26,727,321	26,729,994

TOTAL INVESTMENT IN SECURITIES - 100.1%  (Cost $4,490,188,204)	6,756,245,697
NET OTHER ASSETS (LIABILITIES) - (0.1)%	(7,101,297)
NET ASSETS - 100.0%	6,749,144,400

Legend

(a) Amount is stated in United States dollars unless otherwise noted.  

(b) Non-income producing.  

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

(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 $133,167,398 or 2.0% of net assets.  

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

(f) Level 3 security.  

(g) 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 $20,927,092 or 0.3% of net assets.  

(h) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $22,053,932 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.  

(i) Affiliated company.  

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

(k) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.  

(l) 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.  

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Advancell Pty Ltd 0% 12/31/2199	7/10/2026	1,878,558
Advancell Pty Ltd Series D	7/10/2026	3,757,114
Aledade Inc Series B1	5/7/2021	7,704,855
Aledade Inc Series E1	5/20/2022	2,822,683
Allotera Therapeutics Inc 0% 12/31/2199	6/14/2024	2,299,153
Allotera Therapeutics Inc Series B	7/9/2021	3,523,377
Asimov Inc Series B	10/29/2021	9,401,345
Candid Therapeutics Adjustment Escrow shares	6/17/2026	31,623
Candid Therapeutics milestone 1 rights	6/17/2026	221,361
Candid Therapeutics milestone 2 rights	6/17/2026	126,492
Candid Therapeutics Shareholder Rep Escrow shares	6/17/2026	31
CellCentric Ltd Series D	5/1/2026	5,825,580
Cleerly Inc Series C	7/8/2022	15,142,394
dMed Biopharmaceutical Co Ltd Series C	12/1/2020	4,691,527
Element Biosciences Inc Series C	6/21/2021	11,763,881
Element Biosciences Inc Series D	6/28/2024	3,242,067
Element Biosciences Inc Series D1	6/28/2024	3,242,067
ElevateBio LLC Series C	3/9/2021	1,069,306
Endeavor BioMedicines Inc Series C	4/22/2024	8,913,987
Epicrispr Biotechnologies Inc Series C	8/10/2026	1,710,090
Freenome Inc	12/5/2025	3,205,670
Galvanize Therapeutics 10% 2/28/2027	7/7/2025	1,322,528
Galvanize Therapeutics Series B	3/29/2022	6,399,572
Galvanize Therapeutics Series C-1	7/7/2025	3,474,490
InSightec Ltd Series G	6/17/2024	10,523,775
Kardium Inc/US 10% 12/31/2026	5/31/2024 - 6/30/2026	4,713,850
Kardium Inc/US Series D-7 (Aug 25 Closing)	5/31/2024 - 6/30/2025	7,156,596
Kardium Inc/US Series D-7 (June 25 1st Closing)	8/6/2024	112,555
Kardium Inc/US Series D-7 (June 25 2nd Closing)	8/6/2024	1,688,115
Manus Bio Inc Series One-6	3/30/2021	11,322,073
Medical Microinstruments Inc/Italy Series C	2/16/2024	10,543,783
Medical Microinstruments Inc/Italy warrants 2/16/2031	2/16/2024	0
Saluda Medical Inc	3/12/2023 - 10/30/2025	12,840,493
Thriveworks Topco LLC Class B	7/23/2021 - 2/25/2022	13,584,368
Tubulis GmbH escrow shares	5/21/2026	246
Tubulis GmbH escrow shares	5/21/2026	42,558
Tubulis GmbH milestone 1 rights	5/21/2026	4,449,525
Zenas Biopharma Inc	10/8/2025	3,056,435

Additional information on each lock-up restriction is as follows:
Security	Restriction Expiration Date
Parabilis Medicines Inc	12/7/2026
Saluda Medical Inc	3/31/2027

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	23,329,577	611,589,371	634,921,405	356,094	2,457	-	-	-
Fidelity Securities Lending Cash Central Fund	216,332,448	749,774,982	939,377,436	113,382	-	-	26,729,994	26,727,321
	239,662,025	1,361,364,353	1,574,298,841	469,476	2,457	-	26,729,994

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income 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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Outset Medical Inc	5,304,800	-	-	-	-	501,600	5,806,400	1,520,000
Total	5,304,800	-	-	-	-	501,600	5,806,400

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Health Care	6,612,667,094	6,586,488,246	20,927,092	5,251,756
Convertible Corporate Bonds
Health Care	9,231,264	-	-	9,231,264
Convertible Preferred Stocks
Health Care	103,558,816	-	-	103,558,816
Materials	4,058,529	-	-	4,058,529
Money Market Funds	26,729,994	26,729,994	-	-
Total Investments in Securities:	6,756,245,697	6,613,218,240	20,927,092	122,100,365
Net Unrealized Appreciation on Unfunded Commitments	12,438,494	-	-	12,438,494
Total	12,438,494	-	-	12,438,494

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

	Beginning Balance ($)	Net Realized Gain (Loss) on Investment Securities ($)	Net Unrealized Gain (Loss) on Investment Securities ($)	Cost of Purchases ($)	Proceeds of Sales ($)	Amortization/ Accretion ($)	Transfers into Level 3 ($)	Transfers out of Level 3 ($)	Ending Balance ($)	The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2026 ($)
Common Stocks	4,615,101	23,419,449	169,573	4,871,852	(27,824,219)	-	-	-	5,251,756	197,494
Convertible Preferred Stocks	101,004,849	8,834,140	3,559,306	12,204,816	(17,985,766)	-	-	-	107,617,345	3,595,795
Convertible Corporate Bonds	9,286,522	-	(1,247,124)	2,103,898	(912,032)	-	-	-	9,231,264	(1,247,124)
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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.

Health Care Portfolio

Consolidated Financial Statements (Unaudited)

Consolidated Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	6,723,709,303
Investments in securities, at value - affiliated issuers		32,536,394
Foreign currency held at value		70,397
Receivable for investments sold		15,981,901
Unrealized appreciation on unfunded commitments		12,519,470
Receivable for fund shares sold		2,528,116
Dividends receivable		4,937,988
Interest receivable		463,829
Distributions receivable from affiliated funds		66,599
Prepaid expenses		5,795
Other receivables		1,251,483
Total assets		6,794,071,275
Liabilities
Payable to custodian bank		1,900,452
Payable for investments purchased		8,504,848
Unrealized depreciation on unfunded commitments		80,976
Payable for fund shares redeemed		3,239,019
Accrued management fee		3,307,620
Other payables and accrued expenses		1,184,070
Collateral on securities loaned		26,709,890
Total liabilities		44,926,875
Commitments and contingent liabilities (see Significant Accounting Policies note)
Net Assets	$	6,749,144,400
Net assets consist of:
Paid in capital		3,792,319,177
Total accumulated earnings (loss)		2,956,825,223
Net Assets	$	6,749,144,400
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($6,749,144,400/228,640,083 shares)	$	29.52
Other Information
Unaffiliated issuers, cost		4,444,932,882
Affiliated issuers, cost		45,255,322
Foreign currency holdings, cost		70,170
Securities loaned, market value		98,321,904

Consolidated Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	20,976,300
Dividends - affiliated issuers		469,476
Security lending income - unaffiliated issuers		87,499
Interest		234,639
Total investment income		21,767,914
Expenses
Management fee		18,055,571
Custodian fees and expenses		137,381
Independent trustees' fees and expenses		8,610
Registration fees		40,021
Audit		53,706
Legal		3,204
Interest		33,733
Commitment fee		3,604
Miscellaneous		7,679
Total expenses		18,343,509
Net investment income (loss)		3,424,405
Net realized gain (loss)
Investments - unaffiliated issuers		725,113,283
Investments - affiliated issuers		2,457
Foreign currency transactions		65,760
Net realized gain (loss)		725,181,500
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		249,209,739
Investments - affiliated issuers		501,600
Unfunded commitments		12,438,494
Assets and liabilities in foreign currencies		(81,409)
Total change in net unrealized appreciation (depreciation)		262,068,424
Net gain (loss)		987,249,924
Net increase (decrease) in net assets resulting from operations	$	990,674,329
Other Information
Income from securities lending - Affiliated Issuers		113,382

Consolidated Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,424,405	$	(2,511,143)
Net realized gain (loss)		725,181,500		1,139,049,443
Change in net unrealized appreciation (depreciation)		262,068,424		(506,399,562)
Net increase (decrease) in net assets resulting from operations	$	990,674,329	$	630,138,738
Distributions to shareholders
Distributions to shareholders		(663,139,988)		(575,051,331)
Total distributions		(663,139,988)		(575,051,331)
Net increase (decrease) in net assets resulting from share transactions		227,508,499		(594,225,776)
Total increase (decrease) in net assets		555,042,840		(539,138,369)
Net Assets
Beginning of period		6,194,101,560		6,733,239,929
End of period	$	6,749,144,400	$	6,194,101,560

Consolidated Financial Highlights

 

Health Care Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	28.38	$	27.93	$	30.34	$	27.18	$	28.30	$	32.18
Income from Investment Operations
Net investment income (loss) B, C		.02		(.01)		(.03)		(.02)		(.03)		(.03)
Net realized and unrealized gain (loss)		4.20		3.12		.56		3.18		(.50)		(.92)
Total from investment operations		4.22		3.11		.53		3.16		(.53)		(.95)
Distributions
Distributions from net investment income		- D		(.13)		(.01)		-		-		(.04) E
Distributions from net realized gain		(3.07)		(2.53)		(2.93)		-		(.59)		(2.89) E
Total distributions		(3.08) F		(2.66)		(2.94)		-		(.59)		(2.93)
Net asset value, end of period	$	29.52	$	28.38	$	27.93	$	30.34	$	27.18	$	28.30
Total Return G, H		17.33%		11.42%		1.94%		11.63%		(2.05)%		(3.67)%
Ratios and Supplemental Data C, I, J
Ratio of expenses to average net assets before reductions		.60% K		.62%		.63%		.69%		.69%		.68%
Ratio of expenses to average net assets net of fee waivers, if any		.60% K		.62%		.63%		.68%		.68%		.67%
Ratio of expenses to average net assets net of all reductions, if any		.60% K		.62%		.63%		.68%		.68%		.67%
Ratio of net investment income (loss) to average net assets		.11% K		(.04)%		(.09)%		(.06)%		(.10)%		(.10)%
Net assets, end of period	$	6,749,144,400	$	6,194,101,560	$	6,733,239,929	$	7,912,942,332	$	8,153,464,403	$	8,999,208,789
Portfolio turnover rate L		89% K		69%		40%		46%		40%		31%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DAmount represents less than $.005 per share.

EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

FTotal distributions per share do not sum due to rounding.

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

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

IFees 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.

JExpense 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.

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Health Care Services Portfolio

Consolidated Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares	Value ($)
UNITED STATES - 96.8%
Health Care - 96.8%
Health Care Equipment & Supplies - 0.0%
Medline Inc Class A	1,100	38,533
Health Care Providers & Services - 96.8%
Acadia Healthcare Co Inc (a)(b)	281,999	7,771,892
Addus HomeCare Corp (a)	1,661	190,467
agilon health Inc (a)	23,700	2,082,993
Alignment Healthcare Inc (a)	1,974,900	26,463,660
Astrana Health Inc (a)(b)	402,890	15,354,138
BrightSpring Health Services Inc (a)	525,465	30,687,156
Cardinal Health Inc	56,786	13,323,131
Cencora Inc	134,968	43,675,645
CVS Health Corp	981,270	92,151,066
DaVita Inc (a)	34,900	6,142,749
Elevance Health Inc	106,880	41,954,675
Encompass Health Corp	253,900	30,521,319
GeneDx Holdings Corp Class A (a)(b)	1,000	84,810
Guardant Health Inc (a)	84,066	13,368,175
Guardian Pharmacy Services Inc Class A (a)	221,700	8,222,853
HCA Healthcare Inc	41,067	17,020,218
Henry Schein Inc (a)	400	35,920
Hims & Hers Health Inc Class A (a)(b)	70,100	2,073,558
Hinge Health Inc Class A (a)	1,000	92,560
Humana Inc	16,400	6,284,972
Labcorp Holdings Inc	111,800	37,191,388
LifeStance Health Group Inc (a)	1,850,031	22,866,383
Lumexa Imaging Holdings Inc (b)	150,838	1,760,279
McKesson Corp	91,270	80,803,156
Molina Healthcare Inc (a)	14,700	2,921,919
NeoGenomics Inc (a)	149,300	2,673,963
Option Care Health Inc (a)	364,700	8,552,215
PACS Group Inc (a)	225,500	9,540,905
Pediatrix Medical Group Inc (a)(b)	670,100	17,576,723
Privia Health Group Inc (a)	1,141,564	23,390,646
Surgery Partners Inc (a)(b)	410,057	5,695,692
Tenet Healthcare Corp (a)	137,150	36,469,557
UnitedHealth Group Inc	529,882	206,341,351
US Physical Therapy Inc (b)	141,408	10,993,058
		824,279,192
Health Care Technology - 0.0%
Waystar Holding Corp (a)	3,500	91,630
TOTAL UNITED STATES		824,409,355
TOTAL COMMON STOCKS  (Cost $492,162,194)		824,409,355

Convertible Preferred Stocks - 0.8%
	Shares	Value ($)
UNITED STATES - 0.8%
Health Care - 0.8%
Health Care Providers & Services - 0.1%
Thriveworks Topco LLC Class B (a)(c)(d)(e)	69,639	488,866
Health Care Technology - 0.7%
Aledade Inc Series B1 (a)(c)(d)	52,232	2,025,557
Aledade Inc Series E1 (a)(c)(d)	40,149	1,556,978
Aledade Inc Series F (a)(c)(d)	59,859	2,321,332
		5,903,867
TOTAL UNITED STATES		6,392,733
TOTAL CONVERTIBLE PREFERRED STOCKS  (Cost $9,224,203)		6,392,733

Money Market Funds - 0.8%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (f)	3.69	1,131,213	1,131,439
Fidelity Securities Lending Cash Central Fund (f)(g)	3.72	5,590,955	5,591,514
TOTAL MONEY MARKET FUNDS  (Cost $6,722,953)			6,722,953

TOTAL INVESTMENT IN SECURITIES - 98.4%  (Cost $508,109,350)	837,525,041
NET OTHER ASSETS (LIABILITIES) - 1.6%	13,776,693
NET ASSETS - 100.0%	851,301,734

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 $6,392,733 or 0.8% of net assets.  

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

(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 ($)
Aledade Inc Series B1	5/7/2021	2,000,000
Aledade Inc Series E1	5/20/2022	1,999,998
Aledade Inc Series F	6/7/2023	2,999,984
Thriveworks Topco LLC Class B	7/23/2021 - 2/25/2022	1,998,863

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	1,085,217	178,773,540	178,727,433	73,499	115	-	1,131,439	1,131,213
Fidelity Securities Lending Cash Central Fund	29,964,986	131,195,258	155,568,730	11,135	-	-	5,591,514	5,590,955
	31,050,203	309,968,798	334,296,163	84,634	115	-	6,722,953

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Health Care	824,409,355	824,409,355	-	-
Convertible Preferred Stocks
Health Care	6,392,733	-	-	6,392,733
Money Market Funds	6,722,953	6,722,953	-	-
Total Investments in Securities:	837,525,041	831,132,308	-	6,392,733

Health Care Services Portfolio

Consolidated Financial Statements (Unaudited)

Consolidated Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	830,802,088
Investments in securities, at value - affiliated issuers		6,722,953
Receivable for investments sold		20,511,040
Receivable for fund shares sold		58,283
Dividends receivable		145,709
Distributions receivable from affiliated funds		19,878
Prepaid expenses		822
Other receivables		144,009
Total assets		858,404,782
Liabilities
Payable for investments purchased		57,769
Payable for fund shares redeemed		835,966
Accrued management fee		469,837
Other payables and accrued expenses		152,632
Collateral on securities loaned		5,586,844
Total liabilities		7,103,048
Net Assets	$	851,301,734
Net assets consist of:
Paid in capital		469,454,091
Total accumulated earnings (loss)		381,847,643
Net Assets	$	851,301,734
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($851,301,734/7,437,471 shares)	$	114.46
Other Information
Unaffiliated issuers, cost		501,386,397
Affiliated issuers, cost		6,722,953
Securities loaned, market value		30,451,854

Consolidated Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	5,433,190
Dividends - affiliated issuers		84,634
Security lending income - unaffiliated issuers		8,981
Total investment income		5,526,805
Expenses
Management fee		2,707,417
Custodian fees and expenses		8,757
Independent trustees' fees and expenses		1,176
Registration fees		22,148
Audit		25,460
Legal		546
Commitment fee		488
Miscellaneous		1,555
Total expenses		2,767,547
Net investment income (loss)		2,759,258
Net realized gain (loss)
Investments - unaffiliated issuers		89,256,257
Investments - affiliated issuers		115
Net realized gain (loss)		89,256,372
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		8,963,448
Assets and liabilities in foreign currencies		(96)
Total change in net unrealized appreciation (depreciation)		8,963,352
Net gain (loss)		98,219,724
Net increase (decrease) in net assets resulting from operations	$	100,978,982
Other Information
Income from securities lending - Affiliated Issuers		11,135

Consolidated Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,759,258	$	6,704,934
Net realized gain (loss)		89,256,372		18,422,541
Change in net unrealized appreciation (depreciation)		8,963,352		(86,587,691)
Net increase (decrease) in net assets resulting from operations	$	100,978,982	$	(61,460,216)
Distributions to shareholders
Distributions to shareholders		-		(6,519,512)
Total distributions		-		(6,519,512)
Net increase (decrease) in net assets resulting from share transactions		(61,079,944)		(205,756,794)
Total increase (decrease) in net assets		39,899,038		(273,736,522)
Net Assets
Beginning of period		811,402,696		1,085,139,218
End of period	$	851,301,734	$	811,402,696

Consolidated Financial Highlights

 

Health Care Services Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	101.13	$	107.36	$	134.37	$	124.77	$	131.98	$	121.44
Income from Investment Operations
Net investment income (loss) B, C		.36		.73		.63		.52		.28		.29
Net realized and unrealized gain (loss)		12.97		(6.19)		(11.08)		9.84		(.47)		20.01
Total from investment operations		13.33		(5.46)		(10.45)		10.36		(.19)		20.30
Distributions
Distributions from net investment income		-		(.77)		(.70)		(.46)		(.31)		(.22) D
Distributions from net realized gain		-		-		(15.86)		(.30)		(6.71)		(9.55) D
Total distributions		-		(.77)		(16.56)		(.76)		(7.02)		(9.76) E
Net asset value, end of period	$	114.46	$	101.13	$	107.36	$	134.37	$	124.77	$	131.98
Total Return F, G		13.18%		(5.10)%		(7.23)%		8.32%		(.64)%		16.85%
Ratios and Supplemental Data C, H, I
Ratio of expenses to average net assets before reductions		.66% J		.67%		.67%		.73%		.73%		.71%
Ratio of expenses to average net assets net of fee waivers, if any		.66% J		.67%		.67%		.73%		.73%		.71%
Ratio of expenses to average net assets net of all reductions, if any		.66% J		.67%		.67%		.73%		.73%		.71%
Ratio of net investment income (loss) to average net assets		.65% J		.72%		.51%		.41%		.21%		.22%
Net assets, end of period	$	851,301,734	$	811,402,696	$	1,085,139,218	$	1,545,016,732	$	1,708,702,167	$	1,214,032,092
Portfolio turnover rate K		143% J		71% L		56%		32%		30%		35%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

ETotal distributions per share do not sum due to rounding.

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

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

HExpense 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.

IFees 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.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

LPortfolio turnover rate excludes securities received or delivered in-kind.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Medical Technology and Devices Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares	Value ($)
FRANCE - 2.2%
Health Care - 2.2%
Health Care Technology - 0.0%
DNA Script SAS (b)(d)(f)	1,220	7,198
DNA Script SAS seed shares (b)(d)(f)	4,668	27,599
		34,797
Life Sciences Tools & Services - 2.2%
Sartorius Stedim Biotech	328,000	74,673,727
TOTAL FRANCE		74,708,524
UNITED STATES - 95.4%
Health Care - 95.4%
Biotechnology - 5.3%
Caris Life Sciences Inc (b)	1,268,855	32,343,114
Natera Inc (b)	285,000	91,758,600
Twist Bioscience Corp (b)	200,000	27,800,000
Veracyte Inc (b)	600,000	25,914,000
		177,815,714
Health Care Equipment & Supplies - 23.1%
Abbott Laboratories	1,040,000	114,774,400
Boston Scientific Corp (b)	2,500,000	120,750,000
Ceribell Inc (b)	424,859	10,188,119
Edwards Lifesciences Corp (b)	1,140,000	103,455,000
Insulet Corp (b)	35,000	5,203,100
Intuitive Surgical Inc (b)	470,000	177,124,201
iRhythm Technologies Inc (b)	280,000	33,303,200
Kestra Medical Technologies Ltd (b)(c)	1,000,000	25,750,000
Medline Inc Class A (c)	450,000	15,763,500
MiniMed Group Inc (c)	1,850,000	37,481,000
Saluda Medical Inc (d)(e)	293,080	976,598
Saluda Medical Inc warrants (b)(d)(e)	5	0
Shoulder Innovations Inc (b)(c)	947,763	19,865,112
Stryker Corp	330,000	106,854,000
		771,488,230
Health Care Providers & Services - 3.4%
Conformal Medical Inc Adjustment Escrow shares (d)(f)	3,537,657	35,377
Conformal Medical Inc Shareholder Rep Escrow shares (d)(f)	3,537,657	70,753
Conformal Medical Inc Vizara Med Escrow shares (d)(f)	3,537,657	35
Guardant Health Inc (b)	400,000	63,608,000
LifeStance Health Group Inc (b)	4,000,000	49,440,000
		113,154,165
Health Care Technology - 2.2%
HeartFlow Inc (b)(c)	840,000	42,327,600
Prognomiq Inc (b)(d)(f)	445,310	17,812
Veeva Systems Inc Class A (b)	115,000	32,854,350
		75,199,762
Life Sciences Tools & Services - 61.4%
10X Genomics Inc Class A (b)(c)	2,000,000	124,900,000
10X Genomics Inc Class B (b)	392,772	24,528,611
Agilent Technologies Inc	850,000	130,526,000
Alamar Biosciences Inc	280,000	8,551,200
Bruker Corp (c)	798,632	46,328,642
Danaher Corp	2,185,000	466,628,600
Illumina Inc (b)	500,000	106,815,000
IQVIA Holdings Inc (b)	390,000	101,864,100
Medpace Holdings Inc (b)	35,000	20,789,650
Mettler-Toledo International Inc (b)	10,800	15,175,512
Repligen Corp (b)	500,000	90,490,000
Revvity Inc	360,000	46,321,200
Thermo Fisher Scientific Inc	954,000	588,713,401
Waters Corp (b)	345,000	143,047,350
West Pharmaceutical Services Inc	400,000	136,444,000
		2,051,123,266
TOTAL UNITED STATES		3,188,781,137
TOTAL COMMON STOCKS  (Cost $1,833,905,314)		3,263,489,661

Convertible Corporate Bonds - 0.0%
	Principal Amount (a)	Value ($)
UNITED STATES - 0.0%
Health Care - 0.0%
Pharmaceuticals - 0.0%
Galvanize Therapeutics 10% 2/28/2027 (d)(f)   (Cost $973,584)	761,982	995,681

Convertible Preferred Stocks - 2.2%
	Shares	Value ($)
CHINA - 0.1%
Health Care - 0.1%
Health Care Providers & Services - 0.1%
dMed Biopharmaceutical Co Ltd Series C (b)(d)(f)	268,502	2,478,273
FRANCE - 0.1%
Health Care - 0.1%
Health Care Technology - 0.1%
DNA Script SAS Series B (b)(d)(f)	59	475
DNA Script SAS Series C (b)(d)(f)	28,249	3,373,466
TOTAL FRANCE		3,373,941
UNITED STATES - 2.0%
Health Care - 1.9%
Biotechnology - 0.7%
Asimov Inc Series B (b)(d)(f)	97,985	2,595,623
Element Biosciences Inc Series B (b)(d)(f)	2,385,223	18,962,523
ElevateBio LLC Series C (b)(d)(f)	214,700	395,048
		21,953,194
Health Care Equipment & Supplies - 0.8%
Kardium Inc/US Series D-6 (b)(d)(f)	13,783,189	12,267,038
Kardium Inc/US Series D-6 (Issued June 2025) (b)(d)(f)	19,246,988	13,280,423
		25,547,461
Health Care Technology - 0.3%
Aledade Inc Series B1 (b)(d)(f)	175,232	6,795,497
Aledade Inc Series E1 (b)(d)(f)	58,567	2,271,228
		9,066,725
Pharmaceuticals - 0.1%
Galvanize Therapeutics Series B (b)(d)(f)	3,641,139	2,621,620
Galvanize Therapeutics Series C-1 (b)(d)(f)	6,075,267	2,733,870
		5,355,490
TOTAL HEALTH CARE		61,922,870
Materials - 0.1%
Chemicals - 0.1%
Manus Bio Inc Series One-5 (b)(d)(f)	1,716,040	6,452,310
TOTAL UNITED STATES		68,375,180
TOTAL CONVERTIBLE PREFERRED STOCKS  (Cost $120,957,418)		74,227,394

Money Market Funds - 0.8%
	Yield (%)	Shares	Value ($)
Fidelity Securities Lending Cash Central Fund (g)(h)  (Cost $25,572,691)	3.72	25,570,134	25,572,691

TOTAL INVESTMENT IN SECURITIES - 100.6%  (Cost $1,981,409,007)	3,364,285,427
NET OTHER ASSETS (LIABILITIES) - (0.6)%	(20,789,641)
NET ASSETS - 100.0%	3,343,495,786

Legend

(a) Amount is stated in United States dollars unless otherwise noted.  

(b) Non-income producing.  

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

(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 $76,358,447 or 2.3% of net assets.  

(e) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $976,598 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.  

(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 ($)
Aledade Inc Series B1	5/7/2021	6,709,756
Aledade Inc Series E1	5/20/2022	2,917,480
Asimov Inc Series B	10/29/2021	9,081,318
Conformal Medical Inc Adjustment Escrow shares	2/18/2026	35,377
Conformal Medical Inc Shareholder Rep Escrow shares	2/18/2026	70,753
Conformal Medical Inc Vizara Med Escrow shares	2/18/2026	35
dMed Biopharmaceutical Co Ltd Series C	12/1/2020	3,813,574
DNA Script SAS	12/17/2021	976,906
DNA Script SAS seed shares	12/17/2021	3,737,869
DNA Script SAS Series B	12/17/2021	47,244
DNA Script SAS Series C	10/1/2021	24,572,393
Element Biosciences Inc Series B	12/13/2019	12,500,000
ElevateBio LLC Series C	3/9/2021	900,667
Galvanize Therapeutics 10% 2/28/2027	7/7/2025	973,584
Galvanize Therapeutics Series B	3/29/2022	6,303,849
Galvanize Therapeutics Series C-1	7/7/2025	2,557,761
Kardium Inc/US Series D-6	12/30/2020	14,001,515
Kardium Inc/US Series D-6 (Issued June 2025)	12/30/2020	19,551,861
Manus Bio Inc Series One-5	11/13/2020	18,000,000
Prognomiq Inc	8/20/2020 - 2/16/2022	9,054,752
Saluda Medical Inc	1/20/2022 - 10/30/2025	20,276,646
Saluda Medical Inc warrants	1/20/2022	0

Additional information on each lock-up restriction is as follows:
Security	Restriction Expiration Date
Saluda Medical Inc	3/31/2027
Saluda Medical Inc warrants	3/31/2027

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	22,401,747	432,608,392	455,013,992	231,009	3,853	-	-	-
Fidelity Securities Lending Cash Central Fund	52,670,624	815,730,311	842,828,244	91,411	-	-	25,572,691	25,570,134
	75,072,371	1,248,338,703	1,297,842,236	322,420	3,853	-	25,572,691

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Health Care	3,263,489,661	3,263,330,887	-	158,774
Convertible Corporate Bonds
Health Care	995,681	-	-	995,681
Convertible Preferred Stocks
Health Care	67,775,084	-	-	67,775,084
Materials	6,452,310	-	-	6,452,310
Money Market Funds	25,572,691	25,572,691	-	-
Total Investments in Securities:	3,364,285,427	3,288,903,578	-	75,381,849

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

	Beginning Balance ($)	Net Realized Gain (Loss) on Investment Securities ($)	Net Unrealized Gain (Loss) on Investment Securities ($)	Cost of Purchases ($)	Proceeds of Sales ($)	Amortization/ Accretion ($)	Transfers into Level 3 ($)	Transfers out of Level 3 ($)	Ending Balance ($)	The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2026 ($)
Common Stocks	512,336	60,433	(105,926)	-	(308,069)	-	-	-	158,774	(105,926)
Convertible Preferred Stocks	88,608,995	-	9,946,994	671,397	(24,999,992)	-	-	-	74,227,394	(3,336,522)
Convertible Corporate Bonds	1,682,317	-	(15,239)	-	(671,397)	-	-	-	995,681	(15,239)
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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations.

Medical Technology and Devices Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	3,338,712,736
Investments in securities, at value - affiliated issuers		25,572,691
Foreign currency held at value		197,885
Receivable for investments sold		15,655,046
Receivable for fund shares sold		420,279
Dividends receivable		164,447
Interest receivable		87,826
Distributions receivable from affiliated funds		30,577
Prepaid expenses		2,528
Other receivables		402,520
Total assets		3,381,246,535
Liabilities
Payable to custodian bank		1,419,769
Payable for investments purchased		5,135,744
Payable for fund shares redeemed		3,569,189
Accrued management fee		1,666,974
Other payables and accrued expenses		394,498
Collateral on securities loaned		25,564,575
Total liabilities		37,750,749
Net Assets	$	3,343,495,786
Net assets consist of:
Paid in capital		1,705,202,828
Total accumulated earnings (loss)		1,638,292,958
Net Assets	$	3,343,495,786
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($3,343,495,786/63,051,339 shares)	$	53.03
Other Information
Unaffiliated issuers, cost		1,955,836,316
Affiliated issuers, cost		25,572,691
Foreign currency holdings, cost		197,627
Securities loaned, market value		107,066,326

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	6,388,566
Dividends - affiliated issuers		322,420
Security lending income - unaffiliated issuers		42,860
Interest		4,356
Total investment income		6,758,202
Expenses
Management fee		9,533,621
Custodian fees and expenses		23,313
Independent trustees' fees and expenses		4,850
Registration fees		19,816
Audit		20,372
Legal		1,167
Interest		4,421
Commitment fee		2,060
Miscellaneous		5,498
Total expenses		9,615,118
Net investment income (loss)		(2,856,916)
Net realized gain (loss)
Investments - unaffiliated issuers		266,095,030
Investments - affiliated issuers		3,853
Foreign currency transactions		6,437
Net realized gain (loss)		266,105,320
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(28,731,738)
Assets and liabilities in foreign currencies		(32,445)
Total change in net unrealized appreciation (depreciation)		(28,764,183)
Net gain (loss)		237,341,137
Net increase (decrease) in net assets resulting from operations	$	234,484,221
Other Information
Income from securities lending - Affiliated Issuers		91,411

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(2,856,916)	$	(13,164,266)
Net realized gain (loss)		266,105,320		657,897,785
Change in net unrealized appreciation (depreciation)		(28,764,183)		(937,932,451)
Net increase (decrease) in net assets resulting from operations	$	234,484,221	$	(293,198,932)
Distributions to shareholders
Distributions to shareholders		(415,400,655)		(324,017,408)
Total distributions		(415,400,655)		(324,017,408)
Net increase (decrease) in net assets resulting from share transactions		(123,138,852)		(728,956,587)
Total increase (decrease) in net assets		(304,055,286)		(1,346,172,927)
Net Assets
Beginning of period		3,647,551,072		4,993,723,999
End of period	$	3,343,495,786	$	3,647,551,072

Financial Highlights

 

Medical Technology and Devices Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	55.92	$	64.55	$	65.92	$	61.64	$	70.83	$	74.99
Income from Investment Operations
Net investment income (loss) B, C		(.04)		(.18)		(.24)		(.25)		(.24)		(.37)
Net realized and unrealized gain (loss)		3.69		(3.78)		4.83		4.53		(7.84)		2.97
Total from investment operations		3.65		(3.96)		4.59		4.28		(8.08)		2.60
Distributions
Distributions from net realized gain		(6.54)		(4.67)		(5.96)		-		(1.11)		(6.76)
Total distributions		(6.54)		(4.67)		(5.96)		-		(1.11)		(6.76)
Net asset value, end of period	$	53.03	$	55.92	$	64.55	$	65.92	$	61.64	$	70.83
Total Return D, E		9.00%		(6.28)%		7.21%		6.94%		(11.64)%		2.95%
Ratios and Supplemental Data C, F, G
Ratio of expenses to average net assets before reductions		.60% H		.62%		.63%		.70%		.70%		.68%
Ratio of expenses to average net assets net of fee waivers, if any		.60% H		.62%		.63%		.70%		.70%		.68%
Ratio of expenses to average net assets net of all reductions, if any		.60% H		.62%		.63%		.70%		.70%		.68%
Ratio of net investment income (loss) to average net assets		(.18)% H		(.31)%		(.37)%		(.40)%		(.38)%		(.46)%
Net assets, end of period	$	3,343,495,786	$	3,647,551,072	$	4,993,723,999	$	5,863,118,781	$	6,911,484,669	$	8,905,834,317
Portfolio turnover rate I		73% H		54%		31%		42%		37%		32%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FExpense 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.

GFees 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Pharmaceuticals Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares	Value ($)
BELGIUM - 5.1%
Health Care - 5.1%
Pharmaceuticals - 5.1%
AgomAb Therapeutics NV ADR (f)	332,858	4,383,740
AgomAb Therapeutics NV ADR	9,100	119,847
UCB SA	314,400	78,625,691
TOTAL BELGIUM		83,129,278
CANADA - 0.8%
Health Care - 0.8%
Biotechnology - 0.8%
Xenon Pharmaceuticals Inc (b)	226,000	13,609,720
DENMARK - 0.3%
Health Care - 0.3%
Biotechnology - 0.3%
Ascendis Pharma A/S (b)	18,300	4,813,632
GERMANY - 1.7%
Health Care - 1.7%
Biotechnology - 1.7%
BioNTech SE ADR (b)	275,553	27,998,940
NETHERLANDS - 0.2%
Health Care - 0.2%
Biotechnology - 0.2%
uniQure NV (b)	80,778	3,932,273
SWEDEN - 0.5%
Health Care - 0.5%
Biotechnology - 0.5%
Swedish Orphan Biovitrum AB B Shares (b)	170,200	7,993,188
UNITED KINGDOM - 12.9%
Health Care - 12.9%
Pharmaceuticals - 12.9%
Astrazeneca PLC (United States)	501,350	81,283,876
GSK PLC ADR	2,576,560	129,472,140
TOTAL UNITED KINGDOM		210,756,016
UNITED STATES - 76.9%
Consumer Staples - 0.0%
Consumer Staples Distribution & Retail - 0.0%
MedAvail Holdings Inc (b)(e)	66	0
Financials - 0.0%
Financial Services - 0.0%
Paragon Biosciences Emalex Capital Inc Adjustment Escrow (d)(e)	201,914	10,096
Paragon Biosciences Emalex Capital Inc Indemnity Escrow (e)	201,914	171,627
Paragon Biosciences Emalex Capital Inc Milestone 1 June 10, 2028 (d)(e)	201,914	173,646
Paragon Biosciences Emalex Capital Inc Milestone 2 (d)(e)	201,914	38,364
Paragon Biosciences Emalex Capital Inc ODT Royalty (d)(e)	201,914	2
Paragon Biosciences Emalex Capital Inc Ombakay Royalty (d)(e)	201,914	82,785
Paragon Biosciences Emalex Capital Inc Priority Review Voucher Sale (d)(e)	201,914	1
Paragon Biosciences Emalex Capital Inc Shareholder Representative Escrow (e)	201,914	2
TOTAL FINANCIALS		476,523
Health Care - 76.9%
Biotechnology - 15.1%
Annexon Inc (b)	1,003,800	4,958,772
Arrowhead Pharmaceuticals Inc (b)	65,400	5,388,306
Beam Therapeutics Inc (b)(c)	500,600	14,732,658
Climb Bio Inc (b)	255,342	3,505,846
Disc Medicine Inc (b)	53,800	4,231,370
Gilead Sciences Inc	499,200	73,052,928
Intellia Therapeutics Inc (b)(c)	1,165,300	14,834,269
Ionis Pharmaceuticals Inc (b)	40,100	2,420,436
Kymera Therapeutics Inc (b)(c)	84,500	10,039,445
Legend Biotech Corp ADR (b)(c)	2,591,700	53,855,526
Moderna Inc (b)	372,300	52,248,582
MYOS Corp Adjustment Escrow (d)(e)	40,000	2,000
MYOS Corp Shareholder Representative Escrow (d)(e)	40,000	0
PTC Therapeutics Inc (b)	98,700	6,863,598
		246,133,736
Pharmaceuticals - 61.8%
Amylyx Pharmaceuticals Inc (b)	257,800	8,700,750
Axsome Therapeutics Inc (b)	62,700	12,447,204
Bristol-Myers Squibb Co	1,128,100	75,368,361
Corcept Therapeutics Inc (b)	45,000	5,100,750
Definium Therapeutics Inc (b)	188,000	7,467,360
Edgewise Therapeutics Inc (b)	83,600	3,491,972
Elanco Animal Health Inc (b)	2,908,100	69,561,752
Eli Lilly & Co	345,601	399,767,046
Enliven Therapeutics Inc (b)	143,047	8,280,991
Harmony Biosciences Holdings Inc (b)	209,977	8,268,894
Jazz Pharmaceuticals PLC (b)	274,800	68,886,864
Johnson & Johnson	59,100	15,711,735
Merck & Co Inc	704,636	104,117,015
Ocular Therapeutix Inc (b)	1,331,717	13,969,711
Roche Holding AG	170,940	74,605,842
Royalty Pharma PLC Class A	692,000	42,495,720
Viatris Inc	5,401,100	89,172,161
		1,007,414,128
TOTAL HEALTH CARE		1,253,547,864
TOTAL UNITED STATES		1,254,024,387
TOTAL COMMON STOCKS  (Cost $919,236,502)		1,606,257,434

Convertible Corporate Bonds - 0.0%
	Principal Amount (a)	Value ($)
UNITED STATES - 0.0%
Information Technology - 0.0%
Software - 0.0%
Evozyne Inc 6% 9/13/2028 pay-in-kind (d)(e)   (Cost $1,038,846)	1,038,846	1,235,915

Convertible Preferred Stocks - 0.4%
	Shares	Value ($)
UNITED STATES - 0.4%
Health Care - 0.3%
Biotechnology - 0.3%
Castle Creek Biosciences Inc Series C (b)(d)(e)	200	35,706
Castle Creek Biosciences Inc Series D1 (b)(d)(e)	6,308	1,066,998
Castle Creek Biosciences Inc Series D2 (b)(d)(e)	85	12,477
Serif Biomedicines, Inc (d)(e)	1,886,792	4,452,829
TOTAL HEALTH CARE		5,568,010
Information Technology - 0.1%
Software - 0.1%
Evozyne Inc Series A (b)(d)(e)	5,900	95,875
Evozyne Inc Series B (b)(d)(e)	56,643	945,372
TOTAL INFORMATION TECHNOLOGY		1,041,247
TOTAL UNITED STATES		6,609,257
TOTAL CONVERTIBLE PREFERRED STOCKS  (Cost $7,463,451)		6,609,257

Money Market Funds - 1.3%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (g)	3.69	10,666,711	10,668,844
Fidelity Securities Lending Cash Central Fund (g)(h)	3.72	10,211,831	10,212,852
TOTAL MONEY MARKET FUNDS  (Cost $20,881,696)			20,881,696

TOTAL INVESTMENT IN SECURITIES - 100.1%  (Cost $948,620,495)	1,634,984,302
NET OTHER ASSETS (LIABILITIES) - (0.1)%	(2,114,756)
NET ASSETS - 100.0%	1,632,869,546

Legend

(a) Amount is stated in United States dollars unless otherwise noted.  

(b) Non-income producing.  

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

(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 $8,152,066 or 0.5% 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 $4,383,740 or 0.3% 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 ($)
Castle Creek Biosciences Inc Series C	12/9/2019	82,370
Castle Creek Biosciences Inc Series D1	4/19/2022	1,356,409
Castle Creek Biosciences Inc Series D2	6/28/2021	14,700
Evozyne Inc 6% 9/13/2028 pay-in-kind	9/14/2023 - 6/30/2026	1,038,846
Evozyne Inc Series A	4/9/2021	132,573
Evozyne Inc Series B	9/14/2023	877,400
MYOS Corp Adjustment Escrow	7/29/2026	1,999
MYOS Corp Shareholder Representative Escrow	7/29/2026	0
Paragon Biosciences Emalex Capital Inc Adjustment Escrow	6/10/2026	10,096
Paragon Biosciences Emalex Capital Inc Milestone 1 June 10, 2028	6/10/2026	173,646
Paragon Biosciences Emalex Capital Inc Milestone 2	6/10/2026	38,364
Paragon Biosciences Emalex Capital Inc ODT Royalty	6/10/2026	0
Paragon Biosciences Emalex Capital Inc Ombakay Royalty	6/10/2026	78,746
Paragon Biosciences Emalex Capital Inc Priority Review Voucher Sale	6/10/2026	0
Serif Biomedicines, Inc	3/31/2026	4,999,999

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	4,810,346	260,975,261	255,117,478	189,144	715	-	10,668,844	10,666,711
Fidelity Securities Lending Cash Central Fund	64,390,435	476,947,592	531,125,175	35,300	-	-	10,212,852	10,211,831
	69,200,781	737,922,853	786,242,653	224,444	715	-	20,881,696

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Consumer Staples	-	-	-	-
Financials	476,523	-	-	476,523
Health Care	1,605,780,911	1,605,778,911	-	2,000
Convertible Corporate Bonds
Information Technology	1,235,915	-	-	1,235,915
Convertible Preferred Stocks
Health Care	5,568,010	-	-	5,568,010
Information Technology	1,041,247	-	-	1,041,247
Money Market Funds	20,881,696	20,881,696	-	-
Total Investments in Securities:	1,634,984,302	1,626,660,607	-	8,323,695

Pharmaceuticals Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	1,614,102,606
Investments in securities, at value - affiliated issuers		20,881,696
Foreign currency held at value		972,588
Receivable for investments sold		2,450,419
Receivable for fund shares sold		1,850,315
Dividends receivable		3,463,584
Reclaims receivable		2,640,043
Interest receivable		9,961
Distributions receivable from affiliated funds		20,687
Prepaid expenses		1,612
Other receivables		500,056
Total assets		1,646,893,567
Liabilities
Payable for fund shares redeemed		2,701,742
Accrued management fee		845,972
Other payables and accrued expenses		265,337
Collateral on securities loaned		10,210,970
Total liabilities		14,024,021
Net Assets	$	1,632,869,546
Net assets consist of:
Paid in capital		951,176,956
Total accumulated earnings (loss)		681,692,590
Net Assets	$	1,632,869,546
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($1,632,869,546/46,599,770 shares)	$	35.04
Other Information
Unaffiliated issuers, cost		927,738,799
Affiliated issuers, cost		20,881,696
Foreign currency holdings, cost		967,627
Securities loaned, market value		41,138,498

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	10,808,831
Dividends - affiliated issuers		224,444
Security lending income - unaffiliated issuers		7,373
Interest		31,406
Total investment income		11,072,054
Expenses
Management fee		4,732,877
Custodian fees and expenses		50,540
Independent trustees' fees and expenses		2,068
Registration fees		48,105
Audit		21,182
Legal		2,189
Commitment fee		873
Miscellaneous		1,351
Total expenses		4,859,185
Net investment income (loss)		6,212,869
Net realized gain (loss)
Investments - unaffiliated issuers		27,340,915
Investments - affiliated issuers		715
Foreign currency transactions		32,110
Net realized gain (loss)		27,373,740
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		82,293,607
Assets and liabilities in foreign currencies		(90,743)
Total change in net unrealized appreciation (depreciation)		82,202,864
Net gain (loss)		109,576,604
Net increase (decrease) in net assets resulting from operations	$	115,789,473
Other Information
Income from securities lending - Affiliated Issuers		35,300

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	6,212,869	$	9,959,717
Net realized gain (loss)		27,373,740		37,671,286
Change in net unrealized appreciation (depreciation)		82,202,864		245,858,771
Net increase (decrease) in net assets resulting from operations	$	115,789,473	$	293,489,774
Distributions to shareholders
Distributions to shareholders		(35,123,644)		(77,801,972)
Total distributions		(35,123,644)		(77,801,972)
Net increase (decrease) in net assets resulting from share transactions		35,707,843		(18,015,265)
Total increase (decrease) in net assets		116,373,672		197,672,537
Net Assets
Beginning of period		1,516,495,874		1,318,823,337
End of period	$	1,632,869,546	$	1,516,495,874

Financial Highlights

 

Pharmaceuticals Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	33.29	$	27.86	$	26.94	$	21.77	$	22.53	$	23.92
Income from Investment Operations
Net investment income (loss) B, C		.14		.23		.21		.21		.23		.27
Net realized and unrealized gain (loss)		2.39		6.96		1.19		6.87		.19		.97
Total from investment operations		2.53		7.19		1.40		7.08		.42		1.24
Distributions
Distributions from net investment income		-		(.98)		(.31)		(.15)		(.30)		(.28)
Distributions from net realized gain		(.78)		(.78)		(.17)		(1.76)		(.88)		(2.35)
Total distributions		(.78)		(1.76)		(.48)		(1.91)		(1.18)		(2.63)
Net asset value, end of period	$	35.04	$	33.29	$	27.86	$	26.94	$	21.77	$	22.53
Total Return D, E		7.92%		27.72%		5.32%		34.35%		1.60%		5.15%
Ratios and Supplemental Data C, F, G
Ratio of expenses to average net assets before reductions		.64% H		.67%		.67%		.74%		.76%		.75%
Ratio of expenses to average net assets net of fee waivers, if any		.64% H		.67%		.67%		.74%		.76%		.75%
Ratio of expenses to average net assets net of all reductions, if any		.64% H		.67%		.67%		.74%		.76%		.75%
Ratio of net investment income (loss) to average net assets		.81% H		.83%		.73%		.88%		.99%		1.10%
Net assets, end of period	$	1,632,869,546	$	1,516,495,874	$	1,318,823,337	$	1,080,279,963	$	761,178,999	$	934,747,916
Portfolio turnover rate I		58% H		77%		51%		44%		45%		29%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FExpense 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.

GFees 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

 (Unaudited)

For the period ended August 31, 2026

• 1. Organization.

Biotechnology Portfolio, Health Care Portfolio, Health Care Services Portfolio, Medical Technology and Devices Portfolio, and Pharmaceuticals Portfolio (the Funds) are funds of Fidelity Select Portfolios (the Trust) and are 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 following Funds are non-diversified: Biotechnology Portfolio, Health Care Portfolio, Health Care Services Portfolio, Medical Technology and Devices Portfolio, and Pharmaceuticals Portfolio.

The financial statements for Biotechnology Portfolio, Health Care Portfolio, and Health Care Services Portfolio have been consolidated to include the Subsidiary accounts (see Consolidated Subsidiary note below).

• 2. 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. Each Fund operates as a single operating segment. Each Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with each Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each 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 designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 

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 - unadjusted 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 service 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 any 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.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Convertible Corporate Bonds are valued by pricing services 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 services. For any foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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.

Investments in open-end mutual 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.

Biotechnology Portfolio
Asset Type	Fair Value	Valuation Technique (s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input*
Common Stocks	$43,337,059	Discounted cash flow	Yield	3.8% - 5.3% / 5.1%	Decrease
			Discount rate	3.8% - 15.2% / 9.4%	Decrease
			Term	0.0 - 14.3 / 6.3	Increase
			Probability rate	2.5% - 95.0% / 36.3%	Increase
			Exit multiple	2.8 - 5.8 / 3.6	Increase
		Market approach	Transaction price	$0.00 - $62.50 / $11.58	Increase
			Premium rate	70.0%	Increase
		Recovery value	Recovery value	$0.00	Increase
		Black scholes	Discount rate	4.4%	Increase
			Term	5.0	Increase
			Volatility	85.0%	Increase
Convertible Preferred Stocks	$45,395,250	Market approach	Transaction price	$0.08 - $14.63 / $5.48	Increase
			Premium rate	10.0% - 25.0% / 21.0%	Increase
		Recovery value	Recovery value	$0.00	Increase
		Market comparable	Enterprise value/Revenue multiple (EV/R)	7.0 - 7.5 / 7.4	Increase
		Black scholes	Discount rate	4.1% - 4.3% / 4.3%	Increase
			Term	2.0 - 3.0 / 2.9	Increase
			Volatility	60.0% - 100.0% / 85.3%	Increase
Convertible Corporate Bonds	$2,596,542	Market approach	Transaction price	$100.00	Increase

* 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.

Health Care Portfolio
Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input*
Common Stocks	$5,251,756	Discounted cash flow	Yield	3.8% - 5.3% / 5.1%	Decrease
			Discount rate	4.6% - 5.4% / 5.1%	Decrease
			Term	0.0 - 6.4 / 4.0	Increase
			Probability rate	5.0% - 90.0% / 40.5%	Increase
		Market approach	Transaction price	$0.00 - $33.33 / $33.32	Increase
		Black scholes	Discount rate	4.4%	Increase
			Term	5.0	Increase
			Volatility	70.0%	Increase
Convertible Preferred Stocks	$107,617,345	Market Approach	Transaction price	$0.08 - $33.33 / $10.21	Increase
			Discount rate	10.0% - 30.0% / 17.4%	Decrease
			Premium rate	5.0% - 35.0% / 22.4%	Increase
		Market comparable	Enterprise value/Revenue multiple (EV/R)	1.5 - 10.0 / 4.3	Increase
			Enterprise value/EBITDA multiple  (EV/EBITDA)	16.5	Increase
		Black scholes	Discount rate	4.2% - 4.4% / 4.3%	Increase
			Term	2.0 - 5.0 / 3.1	Increase
			Volatility	45.0% - 110.0% / 70.0%	Increase
Convertible Corporate Bonds	$9,231,264	Market approach	Transaction price	$0.65 - $100.00 / $24.83	Increase
			Discount rate	30.0%	Decrease
			Premium rate	5.0%	Increase
		Market comparable	Enterprise value/Revenue multiple (EV/R)	10.0	Increase
		Black scholes	Discount rate	4.3%	Increase
			Term	3.0	Increase
			Volatility	60.0% - 110.0% / 78.2%	Increase
* 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.

Medical Technology and Devices Portfolio
Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input*
Common Stocks	$158,774	Discounted cash flow	Discount rate	3.8% - 4.4% / 3.9%	Decrease
			Term	0.1 - 5.8 / 0.3	Increase
			Probability rate	0.0% - 95.0% / 95.0%	Increase
		Market approach	Transaction price	$0.61	Increase
			Discount rate	60.0%	Decrease
		Market comparable	Enterprise value/Revenue multiple (EV/R)	8.0	Increase
		Black scholes	Discount rate	4.0% - 4.4% / 4.2%	Increase
			Term	1.0 - 4.0 / 3.0	Increase
			Volatility	70.0% - 75.0% / 71.7%	Increase
Convertible Preferred Stocks	$74,227,394	Market Approach	Transaction price	$0.65 - $9.51 / $4.49	Increase
			Discount rate	10.0% - 30.0% / 21.5%	Decrease
			Premium rate	35.0%	Increase
		Market comparable	Enterprise value/Revenue multiple (EV/R)	2.5 - 10.0 / 5.7	Increase
			Enterprise value/EBITDA multiple (EV/EBITDA)	16.5	Increase
		Black scholes	Discount rate	4.2% - 4.4% / 4.3%	Increase
			Term	3.0 - 4.0 / 3.1	Increase
			Volatility	60.0% - 85.0% / 70.8%	Increase
Convertible Corporate Bonds	$995,681	Market comparable	Enterprise value/Revenue multiple (EV/R)	10.0	Increase
		Black scholes	Discount rate	4.3%	Increase
			Term	3.0	Increase
			Volatility	65.0%	Increase
* 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 period end, as well as a roll forward of Level 3 instruments, 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 investment holdings and net asset value (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.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Certain distributions received represent a return of capital or capital gain. Components of these distributions are determined 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. If actual amounts are not available, the Fund estimates the components of these distributions. When estimates are used, the Fund adjusts the components of these distributions as necessary once the issuers provide information about the actual composition of the distributions.

Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable.

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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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, 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.

Each Fund is subject to a tax imposed on capital gains by certain countries in which each Fund invests. Any estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Funds' Statement of Assets and 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. These differences may result 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: capital loss carryforwards, contingent interest, deferred Trustee compensation, foreign currency transactions, losses deferred due to excise tax regulations, net operating losses, partnerships, passive foreign investment companies (PFIC), 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:

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Biotechnology Portfolio	3,447,212,774	3,191,250,248	(151,226,340)	3,040,023,908
Health Care Portfolio	4,523,653,890	2,457,568,744	(224,976,937)	2,232,591,807
Health Care Services Portfolio	509,387,886	353,750,596	(25,613,441)	328,137,155
Medical Technology and Devices Portfolio	1,986,833,814	1,473,996,523	(96,544,910)	1,377,451,613
Pharmaceuticals Portfolio	969,908,510	702,281,116	(37,205,324)	665,075,792

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 ($)	Long-term ($)	Total capital loss carryforward ($)
Health Care Services Portfolio	(28,429,974)	(3,642,529)	(32,072,503)

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2025 to February 28, 2026, and/or ordinary losses recognized during the period January 1, 2026 to February 28, 2026. Loss deferrals were as follows:

	Capital losses ($)	Ordinary losses ($)
Biotechnology Portfolio	-	(29,827,510)
Pharmaceuticals Portfolio	-	(12,155,396)
Medical Technology and Devices Portfolio	-	(2,695,965)

Restricted Securities (including Private Placements). 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 held at period end is included at the end of the Schedule of Investments, if applicable.

Special Purpose Acquisition Companies and Private Investment in Public Equity. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via reorganization, business combination, acquisition or other similar transactions within a designated time frame. 

Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At the current and/or prior period end, there were commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable. The total amount of commitments outstanding at the current period end is presented in the table below.

	Investment to be Acquired	Shares	Commitment Amount ($)
Biotechnology Portfolio	Ambros Therapeutics, Inc.	8,241,758	7,500,000
Biotechnology Portfolio	Avenzo Therapeutics, Inc.	3,816,794	5,000,000
Biotechnology Portfolio	Avere Therapeutics, Inc.	1,061,958	20,097,749
Biotechnology Portfolio	Caldera Therapeutics, Inc.	3,174,700	10,962,557
Biotechnology Portfolio	Korsana Biosciences, Inc.	248,400	587,416
Biotechnology Portfolio	Mentari Therapeutics, Inc.	1,297,700	3,565,904

	Investment to be Acquired	Shares	Commitment Amount ($)
Health Care Portfolio	Avenzo Therapeutics, Inc.	2,176,040	2,850,612
Health Care Portfolio	Avere Therapeutics, Inc.	1,364,466	27,727,644
Health Care Portfolio	Caldera Therapeutics, Inc.	3,432,800	11,853,802
Health Care Portfolio	Korsana Biosciences, Inc.	276,500	653,867
Health Care Portfolio	Mentari Therapeutics, Inc.	1,416,400	3,894,614

Consolidated Subsidiary.

Certain investments are held 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 Total Assets
Biotechnology Portfolio	28,821,718	0.44

	Amount ($)	% of Total Assets
Health Care Portfolio	3,322,355	0.05

	Amount ($)	% of Total Assets
Health Care Services Portfolio	488,866	0.06

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.

• 3. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Biotechnology Portfolio	1,672,185,016	1,818,694,772
Health Care Portfolio	2,720,349,109	3,148,226,542
Health Care Services Portfolio	580,859,942	659,968,372
Medical Technology and Devices Portfolio	1,168,554,346	1,619,291,868
Pharmaceuticals Portfolio	439,751,975	432,425,604

Prior Fiscal Year Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss 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. There was no gain or loss for federal income tax purposes.

	Shares	Net realized gain or loss on Affiliated Issuers ($)	Net realized gain or loss on Unaffiliated Issuers ($)	Total net realized gain or loss on Investments ($)	Total Proceeds ($)
Health Care Services Portfolio	473,332	-	35,694,003	35,694,003	45,619,740

• 4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide each Fund with investment management related services for which each Fund pays a monthly management fee.

Any reference to "class" in this note shall mean each "Fund" as each Fund currently offers only one class of shares.

Each Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee.

Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.

When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Biotechnology Portfolio	0.67
Health Care Portfolio	0.65
Health Care Services Portfolio	0.69
Medical Technology and Devices Portfolio	0.66
Pharmaceuticals Portfolio	0.70

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class.

For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Biotechnology Portfolio	0.59
Health Care Portfolio	0.59
Health Care Services Portfolio	0.64
Medical Technology and Devices Portfolio	0.60
Pharmaceuticals Portfolio	0.62

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 affiliated mutual funds, are marked-to-market and remain in a 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 the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Biotechnology Portfolio	$1,658,671
Health Care Portfolio	1,148,553
Health Care Services Portfolio	129,941
Medical Technology and Devices Portfolio	368,476
Pharmaceuticals Portfolio	241,212

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	26,374
Health Care Portfolio	48,478
Health Care Services Portfolio	5,846
Medical Technology and Devices Portfolio	23,449
Pharmaceuticals Portfolio	9,486

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds.

At period end, Biotechnology Portfolio, Health Care Portfolio, Health Care Services Portfolio, Medical Technology and Devices Portfolio, and Pharmaceuticals 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 ($)	Weighted Average Interest Rate (%)	Interest expense ($)
Biotechnology Portfolio	Borrower	13,404,000	3.86	4,311
Health Care Portfolio	Borrower	18,441,824	3.87	33,733
Medical Technology and Devices Portfolio	Borrower	8,210,600	3.88	4,421

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Biotechnology Portfolio	117,265,104	105,424,642	23,094,123
Health Care Portfolio	163,946,356	335,468,657	69,984,023
Health Care Services Portfolio	47,067,621	26,526,064	8,284,104
Medical Technology and Devices Portfolio	43,692,812	147,476,368	(8,394,184)
Pharmaceuticals Portfolio	54,650,143	44,355,877	5,420,147

• 5. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Statement of Operations.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  

The line of credit agreement will expire in March 2027 unless extended or renewed.

• 6. Security Lending.

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 investment adviser. 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. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in dividends - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Biotechnology Portfolio	81,032	6,949	1,188
Health Care Portfolio	20,873	75	-
Health Care Services Portfolio	2,065	-	-
Medical Technology and Devices Portfolio	14,384	1,993	-
Pharmaceuticals Portfolio	4,450	-	-

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

	Amount ($)
Biotechnology Portfolio	57,928,644
Health Care Portfolio	73,124,972
Health Care Services Portfolio	25,720,355
Medical Technology and Devices Portfolio	82,468,940
Pharmaceuticals Portfolio	31,059,784

• 7. Expense Reductions.

Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.

	Custodian Credits ($)
Biotechnology Portfolio	914

• 8. Distributions to Shareholders. 

Distributions to shareholders of each class were as follows:

	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026
Biotechnology Portfolio
Biotechnology Portfolio	214,637,259	127,305,386
Total	214,637,259	127,305,386
Health Care Portfolio
Health Care Portfolio	663,139,988	575,051,331
Total	663,139,988	575,051,331
Health Care Services Portfolio
Health Care Services Portfolio	-	6,519,512
Total		6,519,512
Medical Technology and Devices Portfolio
Medical Technology and Devices Portfolio	415,400,655	324,017,408
Total	415,400,655	324,017,408
Pharmaceuticals Portfolio
Pharmaceuticals Portfolio	35,123,644	77,801,972
Total	35,123,644	77,801,972

• 9. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Six months ended	Year ended	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026	August 31, 2026	February 28, 2026
Biotechnology Portfolio
Shares sold	11,901,952	21,906,020	335,092,936	488,134,785
Reinvestment of distributions	7,975,152	4,842,748	197,704,022	117,224,124
Shares redeemed	(17,605,029)	(39,572,739)	(463,068,325)	(835,510,849)
Net increase (decrease)	2,272,075	(12,823,971)	69,728,633	(230,151,940)
Health Care Portfolio
Shares sold	7,713,749	9,794,446	203,928,818	271,304,878
Reinvestment of distributions	25,049,158	18,628,849	601,931,300	521,111,685
Shares redeemed	(22,349,452)	(51,300,479)	(578,351,619)	(1,386,642,339)
Net increase (decrease)	10,413,455	(22,877,184)	227,508,499	(594,225,776)
Health Care Services Portfolio
Shares sold	379,546	1,829,528	43,022,024	187,868,319
Reinvestment of distributions	-	56,906	-	5,877,231
Shares redeemed	(965,101)	(3,970,631)	(104,101,968)	(399,502,344)
Net increase (decrease)	(585,555)	(2,084,197)	(61,079,944)	(205,756,794)
Medical Technology and Devices Portfolio
Shares sold	1,902,719	2,113,133	87,907,223	126,186,749
Reinvestment of distributions	8,624,019	5,089,155	377,732,034	295,260,465
Shares redeemed	(12,708,090)	(19,329,286)	(588,778,109)	(1,150,403,801)
Net increase (decrease)	(2,181,352)	(12,126,998)	(123,138,852)	(728,956,587)
Pharmaceuticals Portfolio
Shares sold	5,784,867	11,638,558	191,857,054	339,648,513
Reinvestment of distributions	1,047,141	2,782,724	32,314,753	71,616,674
Shares redeemed	(5,793,168)	(16,197,783)	(188,463,964)	(429,280,452)
Net increase (decrease)	1,038,840	(1,776,501)	35,707,843	(18,015,265)

• 10. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

• 11. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

• 12. Proposed Reorganization.

The Board of Trustees of Health Care Portfolio approved an Agreement and Plan of Reorganization (the Agreement) between Health Care Portfolio and Fidelity Advisor Health Care Fund. In addition, the Board approved the creation of additional classes of shares that will commence operations on January 14, 2027. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Health Care Fund in exchange for corresponding shares of Health Care Portfolio equal in value to the net assets of Fidelity Advisor Health Care Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Advisory Health Care Fund access to a larger portfolio with a similar investment objective.

A meeting of shareholders of Fidelity Advisor Health Care Fund is expected to be held during the fourth quarter of 2026 to vote on the reorganization.  If approved by shareholders, the reorganization is expected to become effective during January 2027.  The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
 

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Biotechnology Portfolio

Health Care Portfolio

Health Care Services Portfolio

Medical Technology and Devices Portfolio

Pharmaceuticals Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board voted to continue each fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on the funds in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that the Investment Advisers' analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under separate agreements.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. For Health Care Services Portfolio, the fund underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2026, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that each fund's management fee is based on tiered schedules and subject to a maximum rate (the management fee). The Board also considered that in exchange for the variable management fee, each fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of each fund's management fee and total expense ratio, the Board considered the effective management fee rate for each fund, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) relative to the funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the total peer group; and (iv) total expense comparisons of each fund relative to funds and classes in the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. 

With respect to Health Care Portfolio, the Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the fund, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar investment mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of each fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing funds at scale from inception. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.

The Board recognized that each fund's management contract incorporates a variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total net assets of specified Fidelity funds in the same asset class as the funds, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through July 31, 2027.

1.813645.121

SELHC-SANN-1026

Fidelity® Select Portfolios®

Financials Sector

Banking Portfolio

Brokerage and Investment Management Portfolio

Financials Portfolio

FinTech Portfolio

Insurance Portfolio

Semi-Annual Report

August 31, 2026

Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2026 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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Banking Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares	Value ($)
PUERTO RICO - 3.0%
Financials - 3.0%
Banks - 3.0%
Popular Inc	91,600	15,406,204
UNITED STATES - 96.9%
Financials - 96.9%
Banks - 95.1%
1st Source Corp	72,181	6,180,859
Associated Banc-Corp	514,800	15,758,028
Bank of America Corp	661,876	40,996,600
BankUnited Inc	45,100	2,056,560
Banner Corp	151,700	10,640,238
BOK Financial Corp	109,100	14,846,328
Citigroup Inc	224,200	29,509,204
Community Financial System Inc	60,800	3,815,200
Community Trust Bancorp Inc	83,776	6,377,867
Community West Bancshares (a)	298,000	7,727,140
East West Bancorp Inc	78,700	9,983,882
Eastern Bankshares Inc (a)	761,800	16,729,128
FB Financial Corp	164,300	9,358,528
First Bancorp/Southern Pines NC (a)	106,170	6,734,363
First Interstate BancSystem Inc Class A (a)	372,334	13,705,615
FNB Corp/PA	447,200	8,152,456
Huntington Bancshares Inc/OH	1,467,926	24,492,345
KeyCorp	997,500	21,555,975
M&T Bank Corp	98,260	22,986,944
Old National Bancorp/IN	747,701	19,126,192
Pinnacle Financial Partners Inc	27,700	2,769,169
Seacoast Banking Corp of Florida	169,400	5,751,977
Sierra Bancorp	127,700	5,059,474
SOUTHSTATE BANK CORP	104,320	10,942,125
TriCo Bancshares	126,387	6,746,538
Truist Financial Corp	421,000	20,873,180
UMB Financial Corp	131,880	18,678,164
United Community Banks Inc/GA (a)	297,000	10,347,480
Univest Financial Corp	252,659	10,490,402
US Bancorp	441,800	27,206,044
Wells Fargo & Co	436,492	37,708,544
WesBanco Inc	284,000	11,362,840
Western Alliance Bancorp	65,600	5,125,328
Wintrust Financial Corp (a)	60,600	9,111,816
Zions Bancorp NA (a)	138,100	9,209,889
		482,116,422
Capital Markets - 1.8%
State Street Corp	47,000	8,994,860
TOTAL UNITED STATES		491,111,282
TOTAL COMMON STOCKS  (Cost $301,935,221)		506,517,486

Money Market Funds - 0.6%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (b)	3.69	630,218	630,344
Fidelity Securities Lending Cash Central Fund (b)(c)	3.72	2,178,927	2,179,145
TOTAL MONEY MARKET FUNDS  (Cost $2,809,485)			2,809,489

TOTAL INVESTMENT IN SECURITIES - 100.5%  (Cost $304,744,706)	509,326,975
NET OTHER ASSETS (LIABILITIES) - (0.5)%	(2,384,911)
NET ASSETS - 100.0%	506,942,064

Legend

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

(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.  

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

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	1,069,355	38,731,614	39,170,552	25,781	(77)	4	630,344	630,218
Fidelity Securities Lending Cash Central Fund	13,130,440	111,778,221	122,729,516	4,671	-	-	2,179,145	2,178,927
	14,199,795	150,509,835	161,900,068	30,452	(77)	4	2,809,489

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Financials	506,517,486	506,517,486	-	-
Money Market Funds	2,809,489	2,809,489	-	-
Total Investments in Securities:	509,326,975	509,326,975	-	-

Banking Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	506,517,486
Investments in securities, at value - affiliated issuers		2,809,489
Receivable for investments sold		1,277,043
Receivable for fund shares sold		263,794
Dividends receivable		518,775
Distributions receivable from affiliated funds		8,274
Prepaid expenses		477
Other receivables		938
Total assets		511,396,276
Liabilities
Payable for investments purchased		1,288,319
Payable for fund shares redeemed		680,074
Accrued management fee		283,726
Other payables and accrued expenses		23,087
Collateral on securities loaned		2,179,006
Total liabilities		4,454,212
Net Assets	$	506,942,064
Net assets consist of:
Paid in capital		290,784,140
Total accumulated earnings (loss)		216,157,924
Net Assets	$	506,942,064
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($506,942,064/13,481,871 shares)	$	37.60
Other Information
Unaffiliated issuers, cost		301,935,221
Affiliated issuers, cost		2,809,485
Securities loaned, market value		13,265,042

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	6,325,878
Dividends - affiliated issuers		30,452
Security lending income - unaffiliated issuers		5,681
Total investment income		6,362,011
Expenses
Management fee		1,549,103
Custodian fees and expenses		2,806
Independent trustees' fees and expenses		664
Registration fees		18,955
Audit		20,807
Legal		579
Commitment fee		277
Miscellaneous		392
Total expenses		1,593,583
Net investment income (loss)		4,768,428
Net realized gain (loss)
Investments - unaffiliated issuers		7,829,099
Investments - affiliated issuers		(77)
Foreign currency transactions		(104)
Net realized gain (loss)		7,828,918
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		45,127,902
Investments - affiliated issuers		4
Total change in net unrealized appreciation (depreciation)		45,127,906
Net gain (loss)		52,956,824
Net increase (decrease) in net assets resulting from operations	$	57,725,252
Other Information
Income from securities lending - Affiliated Issuers		4,671

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,768,428	$	10,197,375
Net realized gain (loss)		7,828,918		39,325,182
Change in net unrealized appreciation (depreciation)		45,127,906		2,659,800
Net increase (decrease) in net assets resulting from operations	$	57,725,252	$	52,182,357
Distributions to shareholders
Distributions to shareholders		(10,327,108)		(39,787,559)
Total distributions		(10,327,108)		(39,787,559)
Net increase (decrease) in net assets resulting from share transactions		6,448,120		(67,371,193)
Total increase (decrease) in net assets		53,846,264		(54,976,395)
Net Assets
Beginning of period		453,095,800		508,072,195
End of period	$	506,942,064	$	453,095,800

Financial Highlights

 

Banking Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	33.92	$	32.40	$	24.82	$	26.24	$	31.37	$	26.31
Income from Investment Operations
Net investment income (loss) B, C		.36		.75		.72		.75		.61		.58
Net realized and unrealized gain (loss)		4.11		3.84		8.26		(.83) D		(4.24)		5.48
Total from investment operations		4.47		4.59		8.98		(.08)		(3.63)		6.06
Distributions
Distributions from net investment income		(.07)		(.83)		(.74)		(.74)		(.67)		(.54)
Distributions from net realized gain		(.72)		(2.24)		(.66)		(.60)		(.83)		(.46)
Total distributions		(.79)		(3.07)		(1.40)		(1.34)		(1.50)		(1.00)
Net asset value, end of period	$	37.60	$	33.92	$	32.40	$	24.82	$	26.24	$	31.37
Total Return E, F		13.38%		14.65%		36.51%		.38% D		(11.27)%		23.37%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.66% I		.69%		.71%		.77%		.75%		.73%
Ratio of expenses to average net assets net of fee waivers, if any		.66% I		.69%		.71%		.76%		.74%		.73%
Ratio of expenses to average net assets net of all reductions, if any		.66% I		.69%		.71%		.76%		.74%		.73%
Ratio of net investment income (loss) to average net assets		1.97% I		2.32%		2.44%		3.46%		2.29%		1.93%
Net assets, end of period	$	506,942,064	$	453,095,800	$	508,072,195	$	386,425,100	$	429,884,039	$	716,833,649
Portfolio turnover rate J		23% I		25%		31%		48%		21%		34%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $0.01 per share. Excluding these litigation proceeds, the total return would have been 0.32%.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Brokerage and Investment Management Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares	Value ($)
GRAND CAYMAN (UK OVERSEAS TER) - 0.5%
Financials - 0.5%
Capital Markets - 0.5%
Patria Investments Ltd Class A (a)	473,332	5,367,585
UNITED KINGDOM - 0.5%
Financials - 0.5%
Capital Markets - 0.5%
ICG PLC	183,324	5,022,729
UNITED STATES - 99.0%
Financials - 99.0%
Capital Markets - 96.0%
Ameriprise Financial Inc	21,668	11,984,787
Ares Management Corp Class A (a)	364,602	52,200,068
BGC Group Inc Class A	428,804	5,149,936
Blackrock Inc	45,800	52,926,938
Blackstone Inc	247,315	35,425,401
Blue Owl Capital Inc Class A (a)	4,241,000	51,909,840
Carlyle Group Inc/The	468,911	22,690,603
Cboe Global Markets Inc	52,645	15,804,029
Charles Schwab Corp/The	823,361	90,421,505
CME Group Inc Class A	67,221	19,191,596
Coinbase Global Inc Class A (b)	44,015	8,280,102
Evercore Inc Class A	71,848	20,579,423
Hamilton Lane Inc Class A	113,500	12,351,070
Houlihan Lokey Inc Class A	121,600	16,208,064
Interactive Brokers Group Inc Class A	321,493	31,278,054
Intercontinental Exchange Inc	353,251	56,767,436
KKR & Co Inc Class A	571,037	62,654,180
Lazard Inc	213,920	9,247,762
LPL Financial Holdings Inc	84,316	31,208,303
MarketAxess Holdings Inc	17,388	2,827,810
Moody's Corp	109,885	55,452,366
Morgan Stanley	155,984	33,274,507
MSCI Inc	30,855	17,607,097
Nasdaq Inc	283,756	27,981,179
Northern Trust Corp	71,968	13,354,382
Raymond James Financial Inc	130,150	23,188,826
Ridgepost Capital Inc Class A	177,283	1,524,633
Robinhood Markets Inc Class A (b)	269,481	28,244,304
S&P Global Inc	82,922	36,140,724
State Street Corp	267,500	51,194,150
StepStone Group Inc Class A (a)	303,000	15,834,780
Tradeweb Markets Inc Class A	123,898	13,343,815
Virtu Financial Inc Class A	365,947	24,020,761
		950,268,431
Financial Services - 3.0%
Apollo Global Management Inc	219,803	30,020,694
TOTAL UNITED STATES		980,289,125
TOTAL COMMON STOCKS  (Cost $576,507,667)		990,679,439

Money Market Funds - 0.4%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	1,389,216	1,389,493
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	2,966,327	2,966,624
TOTAL MONEY MARKET FUNDS  (Cost $4,356,117)			4,356,117

TOTAL INVESTMENT IN SECURITIES - 100.4%  (Cost $580,863,784)	995,035,556
NET OTHER ASSETS (LIABILITIES) - (0.4)%	(3,848,387)
NET ASSETS - 100.0%	991,187,169

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	1,674,027	92,761,439	93,047,726	55,967	1,753	-	1,389,493	1,389,216
Fidelity Securities Lending Cash Central Fund	66,086,496	364,600,503	427,720,375	77,735	-	-	2,966,624	2,966,327
	67,760,523	457,361,942	520,768,101	133,702	1,753	-	4,356,117

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Financials	990,679,439	990,679,439	-	-
Money Market Funds	4,356,117	4,356,117	-	-
Total Investments in Securities:	995,035,556	995,035,556	-	-

Brokerage and Investment Management Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	990,679,439
Investments in securities, at value - affiliated issuers		4,356,117
Foreign currency held at value		1
Receivable for investments sold		62,566
Receivable for fund shares sold		188,171
Dividends receivable		554,495
Distributions receivable from affiliated funds		25,215
Prepaid expenses		752
Other receivables		94,141
Total assets		995,960,897
Liabilities
Payable for fund shares redeemed		1,169,974
Accrued management fee		528,746
Other payables and accrued expenses		107,295
Collateral on securities loaned		2,967,713
Total liabilities		4,773,728
Net Assets	$	991,187,169
Net assets consist of:
Paid in capital		475,586,493
Total accumulated earnings (loss)		515,600,676
Net Assets	$	991,187,169
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($991,187,169/5,316,672 shares)	$	186.43
Other Information
Unaffiliated issuers, cost		576,507,667
Affiliated issuers, cost		4,356,117
Foreign currency holdings, cost		1
Securities loaned, market value		22,545,503

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	9,691,616
Dividends - affiliated issuers		133,702
Security lending income - unaffiliated issuers		17,054
Total investment income		9,842,372
Expenses
Management fee		3,094,781
Custodian fees and expenses		4,939
Independent trustees' fees and expenses		1,444
Registration fees		22,290
Audit		20,887
Legal		722
Interest		11,463
Commitment fee		609
Miscellaneous		1,793
Total expenses		3,158,928
Net investment income (loss)		6,683,444
Net realized gain (loss)
Investments - unaffiliated issuers		100,691,388
Investments - affiliated issuers		1,753
Foreign currency transactions		10,235
Net realized gain (loss)		100,703,376
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		20,102,777
Assets and liabilities in foreign currencies		(735)
Total change in net unrealized appreciation (depreciation)		20,102,042
Net gain (loss)		120,805,418
Net increase (decrease) in net assets resulting from operations	$	127,488,862
Other Information
Income from securities lending - Affiliated Issuers		77,735

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	6,683,444	$	6,194,736
Net realized gain (loss)		100,703,376		46,044,099
Change in net unrealized appreciation (depreciation)		20,102,042		(166,229,646)
Net increase (decrease) in net assets resulting from operations	$	127,488,862	$	(113,990,811)
Distributions to shareholders
Distributions to shareholders		(14,283,779)		(8,144,216)
Total distributions		(14,283,779)		(8,144,216)
Net increase (decrease) in net assets resulting from share transactions		(110,558,979)		(366,856,348)
Total increase (decrease) in net assets		2,646,104		(488,991,375)
Net Assets
Beginning of period		988,541,065		1,477,532,440
End of period	$	991,187,169	$	988,541,065

Financial Highlights

 

Brokerage and Investment Management Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	165.52	$	183.84	$	141.98	$	115.04	$	121.01	$	100.99
Income from Investment Operations
Net investment income (loss) B, C		1.19		.89		1.12		1.50		1.45		1.31
Net realized and unrealized gain (loss)		22.17		(17.93)		42.00		27.09		(5.19)		20.54
Total from investment operations		23.36		(17.04)		43.12		28.59		(3.74)		21.85
Distributions
Distributions from net investment income		-		(1.28)		(1.26)		(1.65)		(1.83)		(.83)
Distributions from net realized gain		(2.45)		-		-		-		(.41)		(1.01)
Total distributions		(2.45)		(1.28)		(1.26)		(1.65)		(2.23) D		(1.83) D
Net asset value, end of period	$	186.43	$	165.52	$	183.84	$	141.98	$	115.04	$	121.01
Total Return E, F		14.39%		(9.37)%		30.36%		24.95%		(2.98)%		21.70%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.66% I		.66%		.69%		.76%		.75%		.74%
Ratio of expenses to average net assets net of fee waivers, if any		.66% I		.66%		.68%		.75%		.74%		.74%
Ratio of expenses to average net assets net of all reductions, if any		.66% I		.66%		.68%		.75%		.74%		.74%
Ratio of net investment income (loss) to average net assets		1.39% I		.48%		.68%		1.28%		1.33%		1.06%
Net assets, end of period	$	991,187,169	$	988,541,065	$	1,477,532,440	$	836,424,781	$	812,972,945	$	1,209,721,808
Portfolio turnover rate J		52% I		10%		16%		36%		4%		3%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal distributions per share do not sum due to rounding.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Financials Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares	Value ($)
AUSTRALIA - 0.8%
Financials - 0.8%
Insurance - 0.8%
AUB Group Ltd	588,121	12,293,624
FRANCE - 0.5%
Financials - 0.5%
Capital Markets - 0.5%
Amundi SA (c)(d)	69,600	7,631,662
GRAND CAYMAN (UK OVERSEAS TER) - 0.7%
Financials - 0.7%
Capital Markets - 0.7%
Patria Investments Ltd Class A (b)	1,027,700	11,654,118
MEXICO - 0.6%
Financials - 0.6%
Capital Markets - 0.6%
Bolsa Mexicana de Valores SAB de CV	3,941,941	8,968,629
PUERTO RICO - 0.7%
Financials - 0.7%
Banks - 0.7%
Popular Inc	67,371	11,331,128
UNITED KINGDOM - 1.1%
Financials - 1.1%
Insurance - 1.1%
Hiscox Ltd	578,700	14,443,831
Lancashire Holdings Ltd	324,568	2,709,104
TOTAL UNITED KINGDOM		17,152,935
UNITED STATES - 95.3%
Financials - 94.3%
Banks - 33.1%
Associated Banc-Corp	465,947	14,262,638
Bank of America Corp	1,872,556	115,986,119
BOK Financial Corp (b)	90,400	12,301,632
Citigroup Inc	460,105	60,559,020
East West Bancorp Inc	101,600	12,888,976
Eastern Bankshares Inc (b)	599,000	13,154,040
First Interstate BancSystem Inc Class A	183,873	6,768,365
Huntington Bancshares Inc/OH	1,120,600	18,697,211
KeyCorp (b)	948,500	20,497,085
M&T Bank Corp	69,225	16,194,497
Old National Bancorp/IN	994,433	25,437,596
Truist Financial Corp	195,500	9,692,890
UMB Financial Corp	118,903	16,840,232
United Community Banks Inc/GA	238,700	8,316,308
US Bancorp	417,200	25,691,176
Wells Fargo & Co	1,244,418	107,505,271
WesBanco Inc	276,800	11,074,768
Wintrust Financial Corp	76,966	11,572,608
Zions Bancorp NA	132,100	8,809,749
		516,250,181
Capital Markets - 26.3%
Blue Owl Capital Inc Class A	1,478,600	18,098,064
Carlyle Group Inc/The	198,900	9,624,771
Charles Schwab Corp/The	655,000	71,932,100
Evercore Inc Class A	31,100	8,907,973
Intercontinental Exchange Inc	52,500	8,436,750
KKR & Co Inc Class A	340,400	37,348,688
Lazard Inc	348,244	15,054,588
Lincoln International Inc Class A	9,800	247,352
LPL Financial Holdings Inc	61,000	22,578,235
MarketAxess Holdings Inc	39,100	6,358,833
Moody's Corp	36,000	18,167,040
Morgan Stanley	181,500	38,717,580
Nasdaq Inc	189,580	18,694,484
Northern Trust Corp	71,400	13,248,984
Perella Weinberg Partners Class A	347,223	5,774,318
Raymond James Financial Inc	151,250	26,948,213
State Street Corp	307,000	58,753,660
Virtu Financial Inc Class A	485,960	31,898,414
		410,790,047
Consumer Finance - 4.5%
Capital One Financial Corp	169,603	36,381,540
FirstCash Holdings Inc	76,382	16,381,647
SLM Corp (b)	685,200	17,794,644
		70,557,831
Financial Services - 14.2%
Apollo Global Management Inc	246,945	33,727,748
Corebridge Financial Inc	496,000	16,139,840
Corpay Inc (a)	50,700	20,498,010
Mastercard Inc Class A	222,200	130,944,682
Voya Financial Inc	205,800	20,851,656
		222,161,936
Insurance - 16.2%
American Financial Group Inc/OH	112,400	16,022,620
Arthur J Gallagher & Co	112,900	29,596,735
Assurant Inc	69,400	19,561,084
Baldwin Insurance Group Inc/The Class A (a)(b)	719,015	22,181,613
Brown & Brown Inc	219,200	15,819,664
Chubb Ltd	104,000	35,214,400
First American Financial Corp	331,122	24,476,538
Reinsurance Group of America Inc	254,793	62,689,270
Selective Insurance Group Inc	169,600	15,482,784
Unum Group	123,400	11,503,348
		252,548,056
TOTAL FINANCIALS		1,472,308,051
Industrials - 1.0%
Professional Services - 1.0%
TransUnion	192,800	16,370,648
TOTAL UNITED STATES		1,488,678,699
TOTAL COMMON STOCKS  (Cost $969,836,290)		1,557,710,795

Money Market Funds - 1.5%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (e)	3.69	1,791,067	1,791,425
Fidelity Securities Lending Cash Central Fund (e)(f)	3.72	21,349,703	21,351,838
TOTAL MONEY MARKET FUNDS  (Cost $23,143,263)			23,143,263

TOTAL INVESTMENT IN SECURITIES - 101.2%  (Cost $992,979,553)	1,580,854,058
NET OTHER ASSETS (LIABILITIES) - (1.2)%	(19,160,733)
NET ASSETS - 100.0%	1,561,693,325

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 $7,631,662 or 0.5% of net assets.  

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $7,631,662 or 0.5% 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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	400,047	78,877,665	85,330,890	36,504	110	-	1,791,425	1,791,067
Fidelity Securities Lending Cash Central Fund	76,953,480	177,219,473	232,821,115	30,058	-	-	21,351,838	21,349,703
	77,353,527	256,097,138	318,152,005	66,562	110	-	23,143,263

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Financials	1,541,340,147	1,541,340,147	-	-
Industrials	16,370,648	16,370,648	-	-
Money Market Funds	23,143,263	23,143,263	-	-
Total Investments in Securities:	1,580,854,058	1,580,854,058	-	-

Financials Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	1,557,710,795
Investments in securities, at value - affiliated issuers		23,143,263
Receivable for investments sold		7,138,925
Receivable for fund shares sold		494,255
Dividends receivable		2,470,101
Distributions receivable from affiliated funds		22,013
Prepaid expenses		703
Other receivables		10,382
Total assets		1,590,990,437
Liabilities
Payable for investments purchased		3,574,932
Payable for fund shares redeemed		3,331,094
Accrued management fee		867,280
Distribution and service plan fees payable		127,124
Registration fee payable		4,155
Other payables and accrued expenses		38,927
Collateral on securities loaned		21,353,600
Total liabilities		29,297,112
Net Assets	$	1,561,693,325
Net assets consist of:
Paid in capital		921,487,965
Total accumulated earnings (loss)		640,205,360
Net Assets	$	1,561,693,325
Net Asset Value and Maximum Offering
Class A
Net Asset Value and redemption price per share ($279,649,271/15,854,112 shares) a	$	17.64
Maximum offering price per share (100/94.25 of $17.64)	$	18.72
Class M
Net Asset Value and redemption price per share ($98,937,894/5,609,535 shares) a	$	17.64
Maximum offering price per share (100/96.50 of $17.64)	$	18.28
Class C
Net Asset Value and offering price per share ($32,193,647/1,825,748 shares) a	$	17.63
Financials Portfolio
Net Asset Value, offering price and redemption price per share ($879,384,425/49,844,560 shares)	$	17.64
Class I
Net Asset Value, offering price and redemption price per share ($205,984,887/11,670,163 shares)	$	17.65
Class Z
Net Asset Value, offering price and redemption price per share ($65,543,201/3,713,162 shares)	$	17.65
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Other Information
Unaffiliated issuers, cost		969,836,290
Affiliated issuers, cost		23,143,263
Securities loaned, market value		45,468,307

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	9,732,897
Dividends - affiliated issuers		66,562
Security lending income - unaffiliated issuers		6,072
Total investment income		9,805,531
Expenses
Management fee		2,948,778
Distribution and service plan fees		67,315
Custodian fees and expenses		10,517
Independent trustees' fees and expenses		1,388
Registration fees		23,757
Audit		28,494
Legal		1,575
Interest		2,054
Commitment fee		551
Miscellaneous		1,676
Total expenses		3,086,105
Net investment income (loss)		6,719,426
Net realized gain (loss)
Investments - unaffiliated issuers		47,543,432
Investments - affiliated issuers		110
Foreign currency transactions		(9,175)
Net realized gain (loss)		47,534,367
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		58,163,418
Assets and liabilities in foreign currencies		1,769
Total change in net unrealized appreciation (depreciation)		58,165,187
Net gain (loss)		105,699,554
Net increase (decrease) in net assets resulting from operations	$	112,418,980
Other Information
Income from securities lending - Affiliated Issuers		30,058

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	6,719,426	$	16,601,622
Net realized gain (loss)		47,534,367		57,897,425
Change in net unrealized appreciation (depreciation)		58,165,187		(30,015,458)
Net increase (decrease) in net assets resulting from operations	$	112,418,980	$	44,483,589
Distributions to shareholders
Distributions to shareholders		(12,252,613)		(73,367,424)
Total distributions		(12,252,613)		(73,367,424)
Net increase (decrease) in net assets resulting from share transactions		489,793,890		(115,714,905)
Total increase (decrease) in net assets		589,960,257		(144,598,740)
Net Assets
Beginning of period		971,733,068		1,116,331,808
End of period	$	1,561,693,325	$	971,733,068

Financial Highlights

 

Fidelity Advisor® Financials Fund Class A

		Six months ended August 31, 2026 (Unaudited) A
Selected Per Share Data
Net asset value, beginning of period	$	17.55
Income from Investment Operations
Net investment income (loss) B, C		.01
Net realized and unrealized gain (loss)		.08
Total from investment operations		.09
Net asset value, end of period	$	17.64
Total Return D, E, F		.51%
Ratios and Supplemental Data B, G, H
Ratio of expenses to average net assets before reductions		.95% I
Ratio of expenses to average net assets net of fee waivers, if any		.95% I
Ratio of expenses to average net assets net of all reductions, if any		.95% I
Ratio of net investment income (loss) to average net assets		.40% I
Net assets, end of period	$	279,649,271
Portfolio turnover rate K		27% I, J

AFor the period August 6, 2026 (commencement of sale of shares) through August 31, 2026.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DTotal returns do not include the effect of the sales charges.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JThe portfolio turnover rate does not include the assets acquired in the reorganization.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Fidelity Advisor® Financials Fund Class M

		Six months ended August 31, 2026 (Unaudited) A
Selected Per Share Data
Net asset value, beginning of period	$	17.55
Income from Investment Operations
Net investment income (loss) C, D		- B
Net realized and unrealized gain (loss)		.09
Total from investment operations		.09
Net asset value, end of period	$	17.64
Total Return E, F, G		.51%
Ratios and Supplemental Data D, H, I
Ratio of expenses to average net assets before reductions		1.19% J
Ratio of expenses to average net assets net of fee waivers, if any		1.19% J
Ratio of expenses to average net assets net of all reductions, if any		1.19% J
Ratio of net investment income (loss) to average net assets		.25% J
Net assets, end of period	$	98,937,894
Portfolio turnover rate L		27% J, K

AFor the period August 6, 2026 (commencement of sale of shares) through August 31, 2026.

BAmount represents less than $.005 per share.

CCalculated based on average shares outstanding during the period.

DNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

ETotal returns do not include the effect of the sales charges.

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

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

HFees 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.

IExpense 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.

JAnnualized.

KThe portfolio turnover rate does not include the assets acquired in the reorganization.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Fidelity Advisor® Financials Fund Class C

		Six months ended August 31, 2026 (Unaudited) A
Selected Per Share Data
Net asset value, beginning of period	$	17.55
Income from Investment Operations
Net investment income (loss) B, C		(.01)
Net realized and unrealized gain (loss)		.09
Total from investment operations		.08
Net asset value, end of period	$	17.63
Total Return D, E, F		.46%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		1.69% I
Ratio of expenses to average net assets net of fee waivers, if any		1.69% I
Ratio of expenses to average net assets net of all reductions, if any		1.69% I
Ratio of net investment income (loss) to average net assets		(.52)% I
Net assets, end of period	$	32,193,647
Portfolio turnover rate K		27% I, J

AFor the period August 6, 2026 (commencement of sale of shares) through August 31, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

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

GExpense 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.

HFees 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.

IAnnualized.

JThe portfolio turnover rate does not include the assets acquired in the reorganization.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Financials Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	15.28	$	15.68	$	12.50	$	11.51	$	13.23	$	11.26
Income from Investment Operations
Net investment income (loss) B, C		.12		.25		.24		.26		.24		.25
Net realized and unrealized gain (loss)		2.47		.50		3.84		1.09		(.74)		2.26
Total from investment operations		2.59		.75		4.08		1.35		(.50)		2.51
Distributions
Distributions from net investment income		(.03)		(.28)		(.24)		(.25)		(.23)		(.26)
Distributions from net realized gain		(.20)		(.87)		(.66)		(.11)		(.98)		(.28)
Total distributions		(.23)		(1.15)		(.90)		(.36)		(1.22) D		(.54)
Net asset value, end of period	$	17.64	$	15.28	$	15.68	$	12.50	$	11.51	$	13.23
Total Return E, F		17.18%		4.77%		33.07%		12.15%		(3.30)%		22.47%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.66% I		.68%		.69%		.76%		.75%		.73%
Ratio of expenses to average net assets net of fee waivers, if any		.66% I		.68%		.69%		.76%		.75%		.72%
Ratio of expenses to average net assets net of all reductions, if any		.66% I		.68%		.69%		.76%		.75%		.72%
Ratio of net investment income (loss) to average net assets		1.54% I		1.59%		1.70%		2.43%		2.12%		1.89%
Net assets, end of period	$	879,384,425	$	971,733,068	$	1,116,331,808	$	698,310,533	$	731,159,439	$	819,909,732
Portfolio turnover rate K		27% I, J		37%		35%		66%		46%		53%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal distributions per share do not sum due to rounding.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JThe portfolio turnover rate does not include the assets acquired in the reorganization.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Fidelity Advisor® Financials Fund Class I

		Six months ended August 31, 2026 (Unaudited) A
Selected Per Share Data
Net asset value, beginning of period	$	17.55
Income from Investment Operations
Net investment income (loss) B, C		.01
Net realized and unrealized gain (loss)		.09
Total from investment operations		.10
Net asset value, end of period	$	17.65
Total Return D, E		.57%
Ratios and Supplemental Data B, F, G
Ratio of expenses to average net assets before reductions		.70% H
Ratio of expenses to average net assets net of fee waivers, if any		.70% H
Ratio of expenses to average net assets net of all reductions, if any		.70% H
Ratio of net investment income (loss) to average net assets		.70% H
Net assets, end of period	$	205,984,887
Portfolio turnover rate J		27% H, I

AFor the period August 6, 2026 (commencement of sale of shares) through August 31, 2026.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

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

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

FFees 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.

GExpense 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.

HAnnualized.

IThe portfolio turnover rate does not include the assets acquired in the reorganization.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Fidelity Advisor® Financials Fund Class Z

		Six months ended August 31, 2026 (Unaudited) A
Selected Per Share Data
Net asset value, beginning of period	$	17.55
Income from Investment Operations
Net investment income (loss) B, C		.01
Net realized and unrealized gain (loss)		.09
Total from investment operations		.10
Net asset value, end of period	$	17.65
Total Return D, E		.57%
Ratios and Supplemental Data C, F, G
Ratio of expenses to average net assets before reductions		.57% H
Ratio of expenses to average net assets net of fee waivers, if any		.57% H
Ratio of expenses to average net assets net of all reductions, if any		.57% H
Ratio of net investment income (loss) to average net assets		.76% H
Net assets, end of period	$	65,543,201
Portfolio turnover rate J		27% H, I

AFor the period August 6, 2026 (commencement of sale of shares) through August 31, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FExpense 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.

GFees 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.

HAnnualized.

IThe portfolio turnover rate does not include the assets acquired in the reorganization.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

FinTech Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value ($)
BERMUDA - 1.3%
Financials - 1.3%
Capital Markets - 1.3%
Marex Group Ltd	16,870	1,222,738
CANADA - 11.7%
Information Technology - 11.7%
IT Services - 11.7%
Shopify Inc Class A (a)	73,047	10,766,125
NETHERLANDS - 2.3%
Financials - 2.3%
Financial Services - 2.3%
Adyen NV (a)(c)(d)	1,768	2,141,515
NEW ZEALAND - 0.9%
Information Technology - 0.9%
Software - 0.9%
Xero Ltd (a)	14,015	832,276
SWITZERLAND - 0.3%
Information Technology - 0.3%
Software - 0.3%
Temenos AG	2,730	251,267
UNITED KINGDOM - 1.0%
Information Technology - 1.0%
Software - 1.0%
Sage Group PLC/The	65,500	969,177
UNITED STATES - 80.4%
Consumer Discretionary - 1.5%
Hotels, Restaurants & Leisure - 1.5%
Navan Inc Class A (a)	48,529	1,410,253
Financials - 70.6%
Capital Markets - 0.9%
Interactive Brokers Group Inc Class A	8,682	844,672
Consumer Finance - 15.4%
American Express Co	21,414	7,070,261
Capital One Financial Corp	14,473	3,104,603
Enova International Inc (a)	5,289	1,199,122
Figure Technology Solutions Inc Class A	23	844
Synchrony Financial	37,430	2,885,104
		14,259,934
Financial Services - 54.3%
Block Inc Class A (a)	72,758	5,967,611
Chime Financial Inc Class A (a)	46,000	1,523,060
Corpay Inc (a)	11,157	4,510,775
Fidelity National Information Services Inc	42,884	1,748,381
Fiserv Inc (a)	45,848	2,444,157
Global Payments Inc	40,834	3,717,936
Jack Henry & Associates Inc	5,229	878,001
Mastercard Inc Class A	12,863	7,580,295
Paymentus Holdings Inc Class A (a)	32,800	1,167,680
PayPal Holdings Inc	60,472	3,184,758
Remitly Global Inc (a)	73,926	1,976,781
Rocket Cos Inc Class A (a)(b)	52,682	706,465
Toast Inc Class A (a)	90,615	3,089,065
Visa Inc Class A	30,432	11,544,988
		50,039,953
TOTAL FINANCIALS		65,144,559
Industrials - 1.2%
Professional Services - 1.2%
SS&C Technologies Holdings Inc	13,713	1,137,768
Information Technology - 7.1%
Software - 7.1%
ACI Worldwide Inc (a)	5,327	283,822
Guidewire Software Inc (a)	13,101	2,682,430
Intuit Inc	7,565	2,718,105
Mitek Systems Inc (a)	46,564	859,571
TOTAL INFORMATION TECHNOLOGY		6,543,928
TOTAL UNITED STATES		74,236,508
URUGUAY - 1.5%
Financials - 1.5%
Financial Services - 1.5%
Dlocal Ltd/Uruguay Class A	91,353	1,354,765
TOTAL COMMON STOCKS  (Cost $63,880,963)		91,774,371

Money Market Funds - 0.5%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (e)  (Cost $471,771)	3.69	471,677	471,771

TOTAL INVESTMENT IN SECURITIES - 99.9%  (Cost $64,352,734)	92,246,142
NET OTHER ASSETS (LIABILITIES) - 0.1%	59,796
NET ASSETS - 100.0%	92,305,938

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 $2,141,515 or 2.3% of net assets.  

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $2,141,515 or 2.3% 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.  

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	216,273	25,786,673	25,531,252	7,503	77	-	471,771	471,677
Fidelity Securities Lending Cash Central Fund	2,526,325	29,630,658	32,156,983	3,671	-	-	-	-
	2,742,598	55,417,331	57,688,235	11,174	77	-	471,771

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Consumer Discretionary	1,410,253	1,410,253	-	-
Financials	69,863,577	67,722,062	2,141,515	-
Industrials	1,137,768	1,137,768	-	-
Information Technology	19,362,773	19,362,773	-	-
Money Market Funds	471,771	471,771	-	-
Total Investments in Securities:	92,246,142	90,104,627	2,141,515	-

FinTech Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	91,774,371
Investments in securities, at value - affiliated issuers		471,771
Receivable for investments sold		161,623
Receivable for fund shares sold		101,486
Dividends receivable		35,714
Distributions receivable from affiliated funds		1,085
Prepaid expenses		72
Other receivables		8,892
Total assets		92,555,014
Liabilities
Payable for fund shares redeemed		175,738
Accrued management fee		50,181
Audit fee payable		22,647
Other payables and accrued expenses		510
Total liabilities		249,076
Net Assets	$	92,305,938
Net assets consist of:
Paid in capital		102,343,226
Total accumulated earnings (loss)		(10,037,288)
Net Assets	$	92,305,938
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($92,305,938/5,167,661 shares)	$	17.86
Other Information
Unaffiliated issuers, cost		63,880,963
Affiliated issuers, cost		471,771
Securities loaned, market value		705,366

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	276,595
Dividends - affiliated issuers		11,174
Security lending income - unaffiliated issuers		535
Total investment income		288,304
Expenses
Management fee		275,247
Custodian fees and expenses		6,266
Independent trustees' fees and expenses		123
Registration fees		15,340
Audit		20,847
Legal		1,381
Commitment fee		52
Miscellaneous		119
Total expenses		319,375
Net investment income (loss)		(31,071)
Net realized gain (loss)
Investments - unaffiliated issuers		959,792
Investments - affiliated issuers		77
Foreign currency transactions		4,320
Net realized gain (loss)		964,189
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		10,425,655
Total change in net unrealized appreciation (depreciation)		10,425,655
Net gain (loss)		11,389,844
Net increase (decrease) in net assets resulting from operations	$	11,358,773
Other Information
Income from securities lending - Affiliated Issuers		3,671

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(31,071)	$	(92,618)
Net realized gain (loss)		964,189		4,112,278
Change in net unrealized appreciation (depreciation)		10,425,655		(27,713,040)
Net increase (decrease) in net assets resulting from operations	$	11,358,773	$	(23,693,380)
Total distributions		-		-
Net increase (decrease) in net assets resulting from share transactions		(2,592,461)		(15,992,568)
Total increase (decrease) in net assets		8,766,312		(39,685,948)
Net Assets
Beginning of period		83,539,626		123,225,574
End of period	$	92,305,938	$	83,539,626

Financial Highlights

 

FinTech Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	15.69	$	19.96	$	17.03	$	13.73	$	16.06	$	19.37
Income from Investment Operations
Net investment income (loss) B, C		(.01)		(.02)		(.01)		- D		- D		.14 E
Net realized and unrealized gain (loss)		2.18		(4.25)		2.94		3.30		(2.33)		.04 F
Total from investment operations		2.17		(4.27)		2.93		3.30		(2.33)		.18
Distributions
Distributions from net investment income		-		-		-		-		-		(.25)
Distributions from net realized gain		-		-		-		-		-		(3.24)
Total distributions		-		-		-		-		-		(3.49)
Net asset value, end of period	$	17.86	$	15.69	$	19.96	$	17.03	$	13.73	$	16.06
Total Return G, H		13.83%		(21.39)%		17.20%		24.03%		(14.51)%		(.75)% F
Ratios and Supplemental Data C, I, J
Ratio of expenses to average net assets before reductions		.74% K		.74%		.75%		.87%		.87%		.81%
Ratio of expenses to average net assets net of fee waivers, if any		.74% K		.74%		.75%		.86%		.87%		.81%
Ratio of expenses to average net assets net of all reductions, if any		.74% K		.74%		.75%		.86%		.87%		.81%
Ratio of net investment income (loss) to average net assets		(.07)% K		(.09)%		(.05)%		(.03)%		(.03)%		.63% E
Net assets, end of period	$	92,305,938	$	83,539,626	$	123,225,574	$	111,737,467	$	107,578,332	$	161,851,279
Portfolio turnover rate L		514% K		239%		44%		43%		15%		164%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DAmount represents less than $.005 per share.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.4%.

FNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $0.01 per share. Excluding these litigation proceeds, the total return would have been -0.78%.

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

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

IExpense 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.

JFees 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.

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Insurance Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value ($)
UNITED KINGDOM - 1.7%
Financials - 1.7%
Insurance - 1.7%
Hiscox Ltd	426,990	10,657,286
UNITED STATES - 97.7%
Financials - 97.7%
Financial Services - 3.5%
Corebridge Financial Inc	504,949	16,431,041
Voya Financial Inc	52,688	5,338,348
		21,769,389
Insurance - 94.2%
Allstate Corp/The	78,300	20,185,740
American Financial Group Inc/OH	187,900	26,785,145
Aon PLC	83,000	26,686,160
Arch Capital Group Ltd (a)	288,600	28,303,002
Arthur J Gallagher & Co	206,700	54,186,405
Brown & Brown Inc	196,300	14,166,971
Chubb Ltd	239,605	81,130,253
Everest Group Ltd	48,500	18,170,525
Fidelity National Financial Inc	177,500	8,244,875
Hanover Insurance Group Inc/The	29,308	6,626,832
Hartford Insurance Group Inc/The	276,000	37,916,880
Marsh & McLennan Cos Inc	164,800	31,279,040
MetLife Inc	317,141	30,182,309
Neptune Insurance Holdings Inc Class A	41,200	1,372,371
Primerica Inc	53,361	15,349,292
Progressive Corp/The	263,200	57,398,656
Reinsurance Group of America Inc	163,600	40,252,144
Selective Insurance Group Inc	111,100	10,142,319
Travelers Companies Inc/The	84,000	30,738,120
Unum Group	209,900	19,566,878
Willis Towers Watson PLC	87,874	29,749,743
		588,433,660
TOTAL UNITED STATES		610,203,049
TOTAL COMMON STOCKS  (Cost $400,555,934)		620,860,335

Money Market Funds - 0.6%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (b)  (Cost $3,759,284)	3.69	3,758,532	3,759,284

TOTAL INVESTMENT IN SECURITIES - 100.0%  (Cost $404,315,218)	624,619,619
NET OTHER ASSETS (LIABILITIES) - 0.0%	(139,125)
NET ASSETS - 100.0%	624,480,494

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	3,541,787	63,315,912	63,098,723	30,567	308	-	3,759,284	3,758,532
Fidelity Securities Lending Cash Central Fund	336,299	6,568,919	6,905,218	31	-	-	-	-
	3,878,086	69,884,831	70,003,941	30,598	308	-	3,759,284

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Financials	620,860,335	620,860,335	-	-
Money Market Funds	3,759,284	3,759,284	-	-
Total Investments in Securities:	624,619,619	624,619,619	-	-

Insurance Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	620,860,335
Investments in securities, at value - affiliated issuers		3,759,284
Foreign currency held at value		15,386
Receivable for fund shares sold		522,534
Dividends receivable		666,508
Distributions receivable from affiliated funds		7,857
Prepaid expenses		473
Other receivables		1,966
Total assets		625,834,343
Liabilities
Payable for fund shares redeemed		987,779
Accrued management fee		343,011
Other payables and accrued expenses		23,059
Total liabilities		1,353,849
Net Assets	$	624,480,494
Net assets consist of:
Paid in capital		381,774,110
Total accumulated earnings (loss)		242,706,384
Net Assets	$	624,480,494
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($624,480,494/6,444,813 shares)	$	96.90
Other Information
Unaffiliated issuers, cost		400,555,934
Affiliated issuers, cost		3,759,284
Foreign currency holdings, cost		15,404

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	5,008,002
Dividends - affiliated issuers		30,598
Total investment income		5,038,600
Expenses
Management fee		2,019,194
Custodian fees and expenses		3,798
Independent trustees' fees and expenses		925
Registration fees		24,530
Audit		20,871
Legal		165
Commitment fee		386
Miscellaneous		1,132
Total expenses		2,071,001
Net investment income (loss)		2,967,599
Net realized gain (loss)
Investments - unaffiliated issuers		20,226,647
Investments - affiliated issuers		308
Foreign currency transactions		(3,289)
Net realized gain (loss)		20,223,666
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		32,131,712
Assets and liabilities in foreign currencies		(2,800)
Total change in net unrealized appreciation (depreciation)		32,128,912
Net gain (loss)		52,352,578
Net increase (decrease) in net assets resulting from operations	$	55,320,177
Other Information
Income from securities lending - Affiliated Issuers		31

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,967,599	$	12,987,961
Net realized gain (loss)		20,223,666		27,705,174
Change in net unrealized appreciation (depreciation)		32,128,912		(86,622,662)
Net increase (decrease) in net assets resulting from operations	$	55,320,177	$	(45,929,527)
Distributions to shareholders
Distributions to shareholders		(11,883,597)		(25,517,481)
Total distributions		(11,883,597)		(25,517,481)
Net increase (decrease) in net assets resulting from share transactions		(89,352,574)		(217,124,163)
Total increase (decrease) in net assets		(45,915,994)		(288,571,171)
Net Assets
Beginning of period		670,396,488		958,967,659
End of period	$	624,480,494	$	670,396,488

Financial Highlights

 

Insurance Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	89.87	$	96.70	$	85.17	$	75.40	$	69.86	$	61.17
Income from Investment Operations
Net investment income (loss) B, C		.43		1.37 D		1.14 E		.99		.63		.78
Net realized and unrealized gain (loss)		8.25		(5.18)		18.25		15.28		5.46		13.73
Total from investment operations		8.68		(3.81)		19.39		16.27		6.09		14.51
Distributions
Distributions from net investment income		(.63)		(1.13)		(1.02)		(.85)		(.55)		(.89)
Distributions from net realized gain		(1.02)		(1.90)		(6.84)		(5.66)		-		(4.93)
Total distributions		(1.65)		(3.02) F		(7.86)		(6.50) F		(.55)		(5.82)
Net asset value, end of period	$	96.90	$	89.87	$	96.70	$	85.17	$	75.40	$	69.86
Total Return G, H		9.92%		(3.96)%		23.96%		23.26%		8.75%		24.68%
Ratios and Supplemental Data C, I, J
Ratio of expenses to average net assets before reductions		.66% K		.68%		.69%		.80%		.81%		.78%
Ratio of expenses to average net assets net of fee waivers, if any		.66% K		.68%		.69%		.79%		.81%		.78%
Ratio of expenses to average net assets net of all reductions, if any		.66% K		.68%		.69%		.79%		.81%		.78%
Ratio of net investment income (loss) to average net assets		.94% K		1.48% D		1.25% E		1.32%		.90%		1.16%
Net assets, end of period	$	624,480,494	$	670,396,488	$	958,967,659	$	599,893,702	$	474,461,371	$	245,930,503
Portfolio turnover rate L		8% K		48%		55%		80%		48%		15%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.45 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1%.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.02%.

FTotal distributions per share do not sum due to rounding.

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

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

IExpense 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.

JFees 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.

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

 (Unaudited)

For the period ended August 31, 2026

• 1. Organization.

Banking Portfolio, Brokerage and Investment Management Portfolio, Financials Portfolio, FinTech Portfolio, and Insurance Portfolio (the Funds) are funds of Fidelity Select Portfolios (the Trust) and are 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 following Funds are non-diversified: Banking Portfolio, Brokerage and Investment Management Portfolio, FinTech Portfolio, and Insurance Portfolio.

The Funds offer the classes of shares listed below.

Fund Name	Class Name
Banking Portfolio	Banking Portfolio
Brokerage and Investment Management Portfolio	Brokerage and Investment Management Portfolio
Financials Portfolio	Class A, Class M, Class C, Financials Portfolio, Class I, and Class Z
FinTech Portfolio	FinTech Portfolio
Insurance Portfolio	Insurance Portfolio

Each class has equal rights as to assets and voting privileges, and exclusive voting rights with respect to matters that affect that class. Class A, Class M, Class C, Class I and Class Z, as applicable, are Fidelity Advisor classes.

Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

During the reporting period the class(es) listed below commenced sale of shares.

Fund Name	Class Name	Commencement Date
Financials Portfolio	Class A	8/6/2026
Financials Portfolio	Class M	8/6/2026
Financials Portfolio	Class C	8/6/2026
Financials Portfolio	Class I	8/6/2026
Financials Portfolio	Class Z	8/6/2026

• 2. 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. Each Fund operates as a single operating segment. Each Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with each Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each 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 designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 

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 - unadjusted 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 service 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 any 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 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 period end 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 investment holdings and net asset value (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.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Certain distributions received represent a return of capital or capital gain. Components of these distributions are determined 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. If actual amounts are not available, the Fund estimates the components of these distributions. When estimates are used, the Fund adjusts the components of these distributions as necessary once the issuers provide information about the actual composition of the distributions.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable, as applicable.

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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.  

For Financials Portfolio, investment income, realized and unrealized capital gains and losses, common expenses, 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. 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 may result 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: capital loss carryforwards, deferred Trustee compensation, foreign currency transactions, losses deferred due to excise tax regulations, net operating losses, partnerships, passive foreign investment companies (PFIC), 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:

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Banking Portfolio	305,691,675	206,544,504	(2,909,204)	203,635,300
Brokerage and Investment Management Portfolio	582,339,815	439,623,574	(26,927,833)	412,695,741
Financials Portfolio	996,212,084	613,771,698	(29,129,724)	584,641,974
FinTech Portfolio	68,548,295	25,446,122	(1,748,275)	23,697,847
Insurance Portfolio	405,261,730	231,219,636	(11,861,747)	219,357,889

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 ($)	Long-term ($)	Total capital loss carryforward ($)
FinTech Portfolio	(27,307,589)	(3,294,583)	(30,602,171)

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2025 to February 28, 2026, and/or ordinary losses recognized during the period January 1, 2026 to February 28, 2026. Loss deferrals were as follows:

	Capital losses ($)	Ordinary losses ($)
Brokerage and Investment Management Portfolio	-	(344,947)

Restricted Securities (including Private Placements). 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 held at period end is included at the end of the Schedule of Investments, if applicable.

• 3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, securities acquired in the reorganization and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
Banking Portfolio	55,230,651	53,379,880
Brokerage and Investment Management Portfolio	244,674,824	359,406,394
Financials Portfolio	122,103,672	312,183,878
FinTech Portfolio	216,380,485	219,114,489
Insurance Portfolio	25,246,422	124,201,895

• 4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide each Fund with investment management related services for which each Fund pays a monthly management fee.

Each Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee.

Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.

When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Banking Portfolio	0.69
Brokerage and Investment Management Portfolio	0.70
Financials Portfolio
Class A	0.72
Class M	0.71
Class C	0.71
Financials Portfolio	0.69
Class I	0.69
Class Z	0.56
FinTech Portfolio	0.72
Insurance Portfolio	0.72

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class.

For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Banking Portfolio	0.64
Brokerage and Investment Management Portfolio	0.64
Financials Portfolio
Class A	0.68
Class M	0.68
Class C	0.68
Financials Portfolio	0.64
Class I	0.68
Class Z	0.56
FinTech Portfolio	0.64
Insurance Portfolio	0.64

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, separate Distribution and Service Plans for each class of shares have been adopted by the Funds. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and or Service Fees, each of which is based on an annual percentage of each class's average net assets. In addition, FDC may pay financial intermediaries for selling shares 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 ($)	Retained by FDC ($)
Financials Portfolio
Class A	-	.25	30,663	-
Class M	.25	.25	22,524	-
Class C	.75	.25	14,128	-
			67,315	-

Sales Load. FDC may receive a front-end sales charge of up to a certain percentage for selling shares of certain classes, some of which is paid to financial intermediaries for selling shares. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on redemptions from certain classes. For the period, front-end sales charge rates, deferred sales charge rates and sales charge amounts retained by FDC were as follows:

	Front-End Sales Charge (%)	Deferred Sales Charge (%)	Retained by FDC ($)
Financials Portfolio
Class A A	5.75	-	453
Class M A	3.50	-	75
Class C B	-	1.00	30
			558

A  Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to the sales charge indicated. 

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

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 affiliated mutual funds, are marked-to-market and remain in a 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 the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Brokerage and Investment Management Portfolio $83,875

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	1,573
Brokerage and Investment Management Portfolio	6,338
Financials Portfolio	3,048
FinTech Portfolio	4,439
Insurance Portfolio	382

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds.

At period end, Banking Portfolio, Brokerage and Investment Management Portfolio, Financials Portfolio, FinTech Portfolio, and Insurance 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 ($)	Weighted Average Interest Rate (%)	Interest expense ($)
Brokerage and Investment Management Portfolio	Borrower	13,198,000	3.88	9,948
Financials Portfolio	Borrower	3,797,800	3.89	2,054

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Banking Portfolio	128,313	203,818	(11,867)
Brokerage and Investment Management Portfolio	880,691	20,094,460	5,662,647
Financials Portfolio	27,983,454	21,450,880	2,189,565
FinTech Portfolio	13,535,777	11,144,736	234,736
Insurance Portfolio	309,593	9,010,459	2,787,078

• 5. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Statement of Operations.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  

The line of credit agreement will expire in March 2027 unless extended or renewed.

• 6. Security Lending.

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 investment adviser. 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. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in dividends - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Banking Portfolio	1,060	-	-
Brokerage and Investment Management Portfolio	9,898	351	-
Financials Portfolio	3,758	44	-
FinTech Portfolio	363	-	-
Insurance Portfolio	3	-	-

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

	Amount ($)
Banking Portfolio	11,529,840
Brokerage and Investment Management Portfolio	19,882,920
Financials Portfolio	25,577,770
FinTech Portfolio	738,872

• 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 ($)	Weighted Average Interest Rate (%)	Interest expense ($)
Brokerage and Investment Management Portfolio	13,208,000	4.13	1,515

• 8. Distributions to Shareholders. 

Distributions to shareholders of each class were as follows:

	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026
Banking Portfolio
Banking Portfolio	10,327,108	39,787,559
Total	10,327,108	39,787,559
Brokerage and Investment Management Portfolio
Brokerage and Investment Management Portfolio	14,283,779	8,144,216
Total	14,283,779	8,144,216
Financials Portfolio
Financials Portfolio	12,252,613	73,367,424
Total	12,252,613	73,367,424
Insurance Portfolio
Insurance Portfolio	11,883,597	25,517,481
Total	11,883,597	25,517,481

• 9. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Six months ended	Year ended	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026	August 31, 2026	February 28, 2026
Banking Portfolio
Banking Portfolio
Shares sold	1,993,462	3,346,595	73,725,410	110,113,580
Reinvestment of distributions	272,131	1,115,623	9,429,351	36,373,933
Shares redeemed	(2,143,156)	(6,781,921)	(76,706,641)	(213,858,706)
Net increase (decrease)	122,437	(2,319,703)	6,448,120	(67,371,193)
Brokerage and Investment Management Portfolio
Brokerage and Investment Management Portfolio
Shares sold	218,676	1,441,736	36,581,591	268,781,826
Reinvestment of distributions	81,255	36,484	12,744,879	7,041,404
Shares redeemed	(955,607)	(3,543,007)	(159,885,449)	(642,679,578)
Net increase (decrease)	(655,676)	(2,064,787)	(110,558,979)	(366,856,348)
Financials Portfolio
Class A (Commencement of sale of shares August 6, 2026)
Shares sold	161,566	-	2,791,221	-
Issued in exchange for the shares of the Acquired Fund(s)	15,929,056	-	286,404,589	-
Shares redeemed	(236,510)	-	(4,212,950)	-
Net increase (decrease)	15,854,112	-	284,982,860	-
Class M (Commencement of sale of shares August 6, 2026)
Shares sold	1,212,604	-	21,562,651	-
Issued in exchange for the shares of the Acquired Fund(s)	4,464,840	-	80,277,741	-
Shares redeemed	(67,909)	-	(1,211,787)	-
Net increase (decrease)	5,609,535	-	100,628,605	-
Class C (Commencement of sale of shares August 6, 2026)
Shares sold	9,521	-	155,820	-
Issued in exchange for the shares of the Acquired Fund(s)	1,826,279	-	32,836,513	-
Shares redeemed	(10,052)	-	(178,142)	-
Net increase (decrease)	1,825,748	-	32,814,191	-
Financials Portfolio
Shares sold	4,200,313	16,169,390	68,406,876	251,268,739
Reinvestment of distributions	742,195	4,386,863	11,244,246	67,552,666
Shares redeemed	(18,678,316)	(28,193,146)	(284,914,173)	(434,536,310)
Net increase (decrease)	(13,735,808)	(7,636,893)	(205,263,051)	(115,714,905)
Class I (Commencement of sale of shares August 6, 2026)
Shares sold	480,074	-	8,499,479	-
Issued in exchange for the shares of the Acquired Fund(s)	11,635,164	-	209,316,698	-
Shares redeemed	(445,075)	-	(7,920,408)	-
Net increase (decrease)	11,670,163	-	209,895,769	-
Class Z (Commencement of sale of shares August 6, 2026)
Shares sold	368,099	-	6,516,698	-
Issued in exchange for the shares of the Acquired Fund(s)	3,550,267	-	63,869,368	-
Shares redeemed	(205,204)	-	(3,650,550)	-
Net increase (decrease)	3,713,162	-	66,735,516	-
FinTech Portfolio
FinTech Portfolio
Shares sold	798,830	1,535,494	12,871,296	28,538,720
Shares redeemed	(956,319)	(2,384,689)	(15,463,757)	(44,531,288)
Net increase (decrease)	(157,489)	(849,195)	(2,592,461)	(15,992,568)
Insurance Portfolio
Insurance Portfolio
Shares sold	357,266	3,453,924	32,809,321	323,286,469
Reinvestment of distributions	126,287	254,040	10,702,828	23,113,839
Shares redeemed	(1,498,382)	(6,165,275)	(132,864,723)	(563,524,471)
Net increase (decrease)	(1,014,829)	(2,457,311)	(89,352,574)	(217,124,163)

• 10. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

• 11. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

• 12. Reorganization Information.

On August 14, 2026, Financials Portfolio acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Financials Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees. The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on August 6, 2026. The acquisition was accomplished by an exchange of each class of the Financials Portfolio for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes.  The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

Acquired Fund and Share Class	Investments $	Unrealized appreciation (depreciation) $	Net Assets $	Shares Exchanged	Shares Exchanged Ratio
Fidelity Advisor Financials Fund	670,983,073	261,008,321
Class A			286,404,589	6,966,138	2.2866407119
Class M			80,277,741	1,983,339	2.2511735261
Class C			32,836,513	871,420	2.0957508343
Class I			209,316,698	4,886,704	2.3809838799
Class Z			63,869,368	1,492,852	2.3781767649

Acquiring Fund	Net Assets $	Total net assets after the acquisition $
Financials Portfolio	923,424,880	1,596,129,789

Pro forma results of operations of the combined entity for the entire period ended August 31, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net investment income (loss)	$10,920,166
Total net realized gain (loss)	75,009,697
Total change in net unrealized appreciation (depreciation)	137,358,874
Net increase (decrease) in net assets resulting from operations	$223,288,737

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in the Financials Portfolio accompanying Statement of Operations since August 14, 2026.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contract and Management Fees

Financials Portfolio

At its May 2026 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for each of the new classes of the fund: Class A, Class M, Class C, Class I and Class Z (each a New Class and together, the New Classes). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2025 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its May 2026 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the New Classes of the fund under the Amended Contract will continue to benefit the fund's shareholders.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of each New Class of the fund and the estimated total expense ratio of each New Class of the fund. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee and proposed maximum class-level management fee rate for each New Class of the fund is below the median of its competitor funds. The Board also considered that the estimated total net expense ratio of each New Class of the fund is below the median of those funds and classes used by the Board for management fee comparisons.

The Board noted that the difference in management fee rates between classes of the fund is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by Fidelity in providing services to the fund and the level of Fidelity's profitability. At its May 2025 meeting, the Board concluded that it was satisfied that the profitability of Fidelity in connection with the operation of the fund was not excessive.

Economies of Scale. The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the fund and of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2025 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable in light of all of the surrounding circumstances and that the fund's Amended Contract should be approved through July 31, 2026. The Board noted that it will consider the annual renewal of the Amended Contract for a one year period in July 2026, following its review of additional materials provided by FMR in connection with the annual contract renewal process.

Board Approval of Investment Advisory Contracts and Management Fees

Banking Portfolio

Brokerage and Investment Management Portfolio

Fintech Portfolio

Financials Portfolio

Insurance Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board voted to continue each fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on the funds in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of the management fee and total expense ratio of the fund or, for Financials Portfolio, a representative class generally determined by selecting the largest non-12b-1 class by asset total in a given fund category; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted the Investment Advisers' analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under separate agreements.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. Each of Brokerage & Investment Management Portfolio and Fintech Portfolio underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2026, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance. 

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that each fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund, or each class of the fund, as applicable, receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of each fund (or the retail class for Financials Portfolio), the Board considered the effective management fee rate for the fund or the retail class, as applicable, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees (for Financials Portfolio). The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. For each fund, the data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) of the fund or, for Financials Portfolio, the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the fund or, for Financials Portfolio, the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund or, for Financials Portfolio, the retail class of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons of the fund or, for Financials Portfolio, the retail class of each fund relative to the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that the management fee rate of the fund (or the retail class for Financials Portfolio) ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of each fund (or the retail class for Financials Portfolio) ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025.

For Financials Portfolio, the Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the funds, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the funds and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing funds at scale from inception. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.

The Board recognized that each fund's management contract incorporates a variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total net assets of specified Fidelity funds in the same asset class as the funds, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through July 31, 2027.

1.813666.121

SELFIN-SANN-1026

Fidelity® Select Portfolios®

Energy Sector

Energy Portfolio

Semi-Annual Report

August 31, 2026

Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2026 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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Energy Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares	Value ($)
CANADA - 7.8%
Energy - 7.8%
Energy Equipment & Services - 0.5%
CES Energy Solutions Corp	1,492,100	19,992,277
Oil, Gas & Consumable Fuels - 7.3%
Canadian Natural Resources Ltd	1,902,060	95,367,185
Cenovus Energy Inc	6,075,106	195,146,809
Imperial Oil Ltd	22,000	2,891,215
Tamarack Valley Energy Ltd	1,270,700	12,432,405
		305,837,614
TOTAL CANADA		325,829,891
FRANCE - 0.1%
Energy - 0.1%
Energy Equipment & Services - 0.1%
Vallourec SACA	287,000	6,243,394
NORWAY - 0.2%
Energy - 0.2%
Energy Equipment & Services - 0.2%
Odfjell Drilling Ltd	1,038,574	10,492,724
UNITED KINGDOM - 4.4%
Energy - 4.4%
Energy Equipment & Services - 4.4%
Subsea 7 SA	205,400	7,579,603
TechnipFMC PLC	2,298,672	179,641,217
TOTAL UNITED KINGDOM		187,220,820
UNITED STATES - 87.1%
Energy - 85.7%
Energy Equipment & Services - 12.7%
Baker Hughes Co Class A	2,287,300	145,357,915
Flowco Holdings Inc Class A	387,800	8,508,331
Halliburton Co	1,649,800	60,795,130
Kodiak Gas Services Inc	428,000	25,153,560
National Energy Services Reunited Corp (a)	2,644,842	92,860,403
Select Water Solutions Inc Class A	1,102,400	21,496,800
SLB Ltd	2,650,187	159,276,239
Weatherford International PLC	252,700	24,706,479
		538,154,857
Oil, Gas & Consumable Fuels - 73.0%
Antero Resources Corp (a)	1,145,100	44,063,448
California Resources Corp	236,900	12,562,807
Cheniere Energy Inc	572,012	166,850,180
Chevron Corp	2,285,765	471,187,597
ConocoPhillips	837,416	110,949,246
Diamondback Energy Inc	531,800	106,615,264
Energy Transfer LP	7,136,300	153,501,813
Expand Energy Corp	212,900	20,898,264
ExxonMobil Holdings Corp	6,097,343	981,367,357
Kinder Morgan Inc	2,053,800	66,214,512
Kinetik Holdings Inc Class A	354,000	19,409,820
Marathon Petroleum Corp	762,170	284,533,304
Ovintiv Inc	1,296,400	85,108,660
Permian Resources Holdings Inc/DE Class A	3,802,800	88,567,212
Range Resources Corp (b)	908,600	37,543,352
Targa Resources Corp	494,400	145,180,560
Valero Energy Corp	604,900	217,110,708
Williams Cos Inc/The	873,100	65,526,155
		3,077,190,259
TOTAL ENERGY		3,615,345,116
Utilities - 1.4%
Independent Power and Renewable Electricity Producers - 1.4%
Vistra Corp	437,900	60,154,323
TOTAL UNITED STATES		3,675,499,439
TOTAL COMMON STOCKS  (Cost $1,829,577,420)		4,205,286,268

Money Market Funds - 0.9%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	530,750	530,856
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	38,607,389	38,611,250
TOTAL MONEY MARKET FUNDS  (Cost $39,142,053)			39,142,106

TOTAL INVESTMENT IN SECURITIES - 100.5%  (Cost $1,868,719,473)	4,244,428,374
NET OTHER ASSETS (LIABILITIES) - (0.5)%	(21,670,761)
NET ASSETS - 100.0%	4,222,757,613

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	25,083,041	382,888,593	407,442,325	195,060	1,494	53	530,856	530,750
Fidelity Securities Lending Cash Central Fund	12,463,311	761,636,757	735,488,818	47,863	-	-	38,611,250	38,607,389
	37,546,352	1,144,525,350	1,142,931,143	242,923	1,494	53	39,142,106

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income 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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
National Energy Services Reunited Corp	159,540,720	16,801,544	122,240,009	-	71,583,912	(32,825,764)	-	-
Total	159,540,720	16,801,544	122,240,009	-	71,583,912	(32,825,764)	-

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Energy	4,145,131,945	4,138,888,551	6,243,394	-
Utilities	60,154,323	60,154,323	-	-
Money Market Funds	39,142,106	39,142,106	-	-
Total Investments in Securities:	4,244,428,374	4,238,184,980	6,243,394	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	4,205,286,268
Investments in securities, at value - affiliated issuers		39,142,106
Foreign currency held at value		192,014
Receivable for investments sold		13,151
Receivable for fund shares sold		11,224,795
Dividends receivable		12,099,247
Distributions receivable from affiliated funds		36,771
Prepaid expenses		3,999
Other receivables		723,735
Total assets		4,268,722,086
Liabilities
Payable for fund shares redeemed		4,389,008
Accrued management fee		2,064,435
Distribution and service plan fees payable		209,271
Other payables and accrued expenses		690,509
Collateral on securities loaned		38,611,250
Total liabilities		45,964,473
Net Assets	$	4,222,757,613
Net assets consist of:
Paid in capital		2,462,779,403
Total accumulated earnings (loss)		1,759,978,210
Net Assets	$	4,222,757,613
Net Asset Value and Maximum Offering
Class A
Net Asset Value and redemption price per share ($479,454,922/5,176,034 shares) a	$	92.63
Maximum offering price per share (100/94.25 of $92.63)	$	98.28
Class M
Net Asset Value and redemption price per share ($152,757,655/1,651,298 shares) a	$	92.51
Maximum offering price per share (100/96.50 of $92.51)	$	95.86
Class C
Net Asset Value and offering price per share ($65,002,436/704,517 shares) a	$	92.27
Energy Portfolio
Net Asset Value, offering price and redemption price per share ($2,864,151,591/30,866,601 shares)	$	92.79
Class I
Net Asset Value, offering price and redemption price per share ($475,454,432/5,125,188 shares)	$	92.77
Class Z
Net Asset Value, offering price and redemption price per share ($185,936,577/2,003,166 shares)	$	92.82
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Other Information
Unaffiliated issuers, cost		1,829,577,420
Affiliated issuers, cost		39,142,053
Foreign currency holdings, cost		195,416
Securities loaned, market value		37,539,220

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	41,462,948
Dividends - affiliated issuers		242,923
Security lending income - unaffiliated issuers		900
Total investment income		41,706,771
Expenses
Management fee		11,731,362
Distribution and service plan fees		1,204,256
Custodian fees and expenses		19,608
Independent trustees' fees and expenses		5,131
Registration fees		157,698
Audit		38,094
Legal		985
Interest		26,573
Commitment fee		2,124
Miscellaneous		2,320
Total expenses		13,188,151
Net investment income (loss)		28,518,620
Net realized gain (loss)
Investments - unaffiliated issuers		140,542,305
Investments - affiliated issuers		71,585,406
Foreign currency transactions		(47,457)
Net realized gain (loss)		212,080,254
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		445,958,825
Investments - affiliated issuers		(32,825,711)
Assets and liabilities in foreign currencies		(7,139)
Total change in net unrealized appreciation (depreciation)		413,125,975
Net gain (loss)		625,206,229
Net increase (decrease) in net assets resulting from operations	$	653,724,849
Other Information
Income from securities lending - Affiliated Issuers		47,863

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	28,518,620	$	43,934,673
Net realized gain (loss)		212,080,254		87,230,827
Change in net unrealized appreciation (depreciation)		413,125,975		706,880,021
Net increase (decrease) in net assets resulting from operations	$	653,724,849	$	838,045,521
Distributions to shareholders
Distributions to shareholders		(10,076,078)		(38,779,166)
Total distributions		(10,076,078)		(38,779,166)
Net increase (decrease) in net assets resulting from share transactions		56,158,534		766,963,245
Total increase (decrease) in net assets		699,807,305		1,566,229,600
Net Assets
Beginning of period		3,522,950,308		1,956,720,708
End of period	$	4,222,757,613	$	3,522,950,308

Financial Highlights

 

Fidelity Advisor® Energy Fund Class A

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	78.27	$	61.27
Income from Investment Operations
Net investment income (loss) B, C		.52		.39
Net realized and unrealized gain (loss)		14.02		17.69
Total from investment operations		14.54		18.08
Distributions
Distributions from net investment income		(.18)		(1.08)
Total distributions		(.18)		(1.08)
Net asset value, end of period	$	92.63	$	78.27
Total Return D, E, F		18.61%		29.95%
Ratios and Supplemental Data B, G, H
Ratio of expenses to average net assets before reductions		.90% I		.93% I
Ratio of expenses to average net assets net of fee waivers, if any		.90% I		.92% I
Ratio of expenses to average net assets net of all reductions, if any		.90% I		.92% I
Ratio of net investment income (loss) to average net assets		1.24% I		1.83% I
Net assets, end of period	$	479,454,922	$	414,401,293
Portfolio turnover rate J		35% I		14% K

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DTotal returns do not include the effect of the sales charges.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Energy Fund Class M

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	78.23	$	61.27
Income from Investment Operations
Net investment income (loss) B, C		.42		.31
Net realized and unrealized gain (loss)		14.01		17.71
Total from investment operations		14.43		18.02
Distributions
Distributions from net investment income		(.15)		(1.06)
Total distributions		(.15)		(1.06)
Net asset value, end of period	$	92.51	$	78.23
Total Return D, E, F		18.48%		29.85%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		1.15% I		1.18% I
Ratio of expenses to average net assets net of fee waivers, if any		1.15% I		1.17% I
Ratio of expenses to average net assets net of all reductions, if any		1.15% I		1.17% I
Ratio of net investment income (loss) to average net assets		1.01% I		1.45% I
Net assets, end of period	$	152,757,655	$	129,370,806
Portfolio turnover rate J		35% I		14% K

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal returns do not include the effect of the sales charges.

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

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Energy Fund Class C

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	78.16	$	61.27
Income from Investment Operations
Net investment income (loss) B, C		.21		.22
Net realized and unrealized gain (loss)		13.99		17.68
Total from investment operations		14.20		17.90
Distributions
Distributions from net investment income		(.09)		(1.01)
Total distributions		(.09)		(1.01)
Net asset value, end of period	$	92.27	$	78.16
Total Return D, E, F		18.18%		29.64%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		1.64% I		1.68% I
Ratio of expenses to average net assets net of fee waivers, if any		1.64% I		1.67% I
Ratio of expenses to average net assets net of all reductions, if any		1.64% I		1.67% I
Ratio of net investment income (loss) to average net assets		.49% I		1.03% I
Net assets, end of period	$	65,002,436	$	60,420,798
Portfolio turnover rate J		35% I		14% K

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Energy Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	78.32	$	58.36	$	57.47	$	54.94	$	45.24	$	29.25
Income from Investment Operations
Net investment income (loss) B, C		.65		1.27		1.16		1.12		1.46		.96
Net realized and unrealized gain (loss)		14.04		19.89		.84		2.51		9.64		15.82
Total from investment operations		14.69		21.16		2.00		3.63		11.10		16.78
Distributions
Distributions from net investment income		(.22)		(1.20)		(1.11)		(1.10)		(1.40)		(.79)
Total distributions		(.22)		(1.20)		(1.11)		(1.10)		(1.40)		(.79)
Net asset value, end of period	$	92.79	$	78.32	$	58.36	$	57.47	$	54.94	$	45.24
Total Return D, E		18.79%		36.84%		3.55%		6.66%		24.63%		58.37%
Ratios and Supplemental Data C, F, G
Ratio of expenses to average net assets before reductions		.61% H		.65%		.65%		.74%		.73%		.77%
Ratio of expenses to average net assets net of fee waivers, if any		.61% H		.64%		.65%		.73%		.73%		.77%
Ratio of expenses to average net assets net of all reductions, if any		.61% H		.64%		.65%		.73%		.73%		.77%
Ratio of net investment income (loss) to average net assets		1.54% H		2.11%		1.90%		2.00%		2.75%		2.79%
Net assets, end of period	$	2,864,151,591	$	2,370,337,966	$	1,956,720,708	$	2,131,562,155	$	2,840,709,762	$	2,407,640,731
Portfolio turnover rate I		35% H		14% J		15%		17%		43%		56% K

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FExpense 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.

GFees 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

JThe portfolio turnover rate does not include the assets acquired in the reorganization.

KThe portfolio turnover rate does not include the assets acquired in the merger.

 

Fidelity Advisor® Energy Fund Class I

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	78.31	$	61.27
Income from Investment Operations
Net investment income (loss) B, C		.63		.44
Net realized and unrealized gain (loss)		14.04		17.69
Total from investment operations		14.67		18.13
Distributions
Distributions from net investment income		(.21)		(1.09)
Total distributions		(.21)		(1.09)
Net asset value, end of period	$	92.77	$	78.31
Total Return D, E		18.77%		30.06%
Ratios and Supplemental Data B, F, G
Ratio of expenses to average net assets before reductions		.66% H		.68% H
Ratio of expenses to average net assets net of fee waivers, if any		.66% H		.67% H
Ratio of expenses to average net assets net of all reductions, if any		.66% H		.67% H
Ratio of net investment income (loss) to average net assets		1.48% H		2.07% H
Net assets, end of period	$	475,454,432	$	420,523,378
Portfolio turnover rate I		35% H		14% J

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

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

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

FFees 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.

GExpense 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

JThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Energy Fund Class Z

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	78.32	$	61.27
Income from Investment Operations
Net investment income (loss) B, C		.72		.44
Net realized and unrealized gain (loss)		14.00		17.71
Total from investment operations		14.72		18.15
Distributions
Distributions from net investment income		(.22)		(1.10)
Total distributions		(.22)		(1.10)
Net asset value, end of period	$	92.82	$	78.32
Total Return D, E		18.84%		30.10%
Ratios and Supplemental Data C, F, G
Ratio of expenses to average net assets before reductions		.54% H		.56% H
Ratio of expenses to average net assets net of fee waivers, if any		.54% H		.55% H
Ratio of expenses to average net assets net of all reductions, if any		.54% H		.55% H
Ratio of net investment income (loss) to average net assets		1.69% H		2.09% H
Net assets, end of period	$	185,936,577	$	127,896,067
Portfolio turnover rate I		35% H		14% J

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FExpense 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.

GFees 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

JThe portfolio turnover rate does not include the assets acquired in the reorganization.

Notes to Financial Statements

 (Unaudited)

For the period ended August 31, 2026

• 1. Organization.

Energy 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 offers the classes of shares listed below.

Energy Portfolio Class A, Class M, Class C, Energy Portfolio, Class I, and Class Z  

Each class has equal rights as to assets and voting privileges, and exclusive voting rights with respect to matters that affect that class. Class A, Class M, Class C, Class I and Class Z, as applicable, are Fidelity Advisor classes.

Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

• 2. 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. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 

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 - unadjusted 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 service 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 any 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 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 period end 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 investment holdings and net asset value (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.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Certain distributions received represent a return of capital or capital gain. Components of these distributions are determined 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. If actual amounts are not available, the Fund estimates the components of these distributions. When estimates are used, the Fund adjusts the components of these distributions as necessary once the issuers provide information about the actual composition of the distributions.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable.  Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 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 may result 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: capital loss carryforwards, certain foreign taxes, deferred Trustee compensation, foreign currency transactions, partnerships, passive foreign investment companies (PFIC), 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:

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Energy Portfolio	1,872,226,586	2,387,229,432	(15,027,644)	2,372,201,788

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 ($)	Long-term ($)	Total capital loss carryforward ($)
Energy Portfolio	(603,551,610)	(235,580,638)	(839,132,248)

Due to a merger in a prior period, capital loss carryforwards will be subject to an annual limitation on their availability to offset future capital gains as follows:

	Acquired Fund	Capital Loss Carryforwards Subject to Limitation ($)	Approximate Annual Limitation ($)
Energy Portfolio	Select Natural Gas Portfolio	(384,526,279)	(2,077,904)

	Acquired Fund	Capital Loss Carryforwards Subject to Limitation ($)	Approximate Annual Limitation ($)
Energy Portfolio	Select Energy Service Portfolio	(313,242,043)	(3,367,549)

	Acquired Fund	Capital Loss Carryforwards Subject to Limitation ($)	Approximate Annual Limitation ($)
Energy Portfolio	Fidelity Advisor Energy Fund	(93,176,222)	(33,471,976)

Some of the Fund's unrealized capital losses are subject to an annual limitation on their availability to offset capital gains in future periods. If those capital losses are realized and the limitation prevents the use of any of those capital losses in a future period, those capital losses will be available to offset capital gains in subsequent periods to the extent provided by regulations and subject to applicable limits.

• 3. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Energy Portfolio	756,972,518	665,659,145

• 4. 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 Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.

When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Energy Portfolio
Class A	0.72
Class M	0.72
Class C	0.71
Energy Portfolio	0.70
Class I	0.69
Class Z	0.56

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.

For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Energy Portfolio
Class A	0.64
Class M	0.64
Class C	0.64
Energy Portfolio	0.59
Class I	0.64
Class Z	0.53

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, separate Distribution and Service Plans for each class of shares have been adopted by the Fund. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and or Service Fees, each of which is based on an annual percentage of each class's average net assets. In addition, FDC may pay financial intermediaries for selling shares 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 ($)	Retained by FDC ($)
Energy Portfolio
Class A	-	.25	552,229	7,279
Class M	.25	.25	345,438	4,550
Class C	.75	.25	306,589	26,472
			1,204,256	38,301

Sales Load. FDC may receive a front-end sales charge of up to a certain percentage for selling shares of certain classes, some of which is paid to financial intermediaries for selling shares. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on redemptions from certain classes. For the period, front-end sales charge rates, deferred sales charge rates and sales charge amounts retained by FDC were as follows:

	Front-End Sales Charge (%)	Deferred Sales Charge (%)	Retained by FDC ($)
Energy Portfolio
Class A A	5.75	1.00	104,705
Class M A	3.50	.25	3,373
Class C B	-	1.00	273
			108,351

A  Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to the sales charge indicated. 

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

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 affiliated mutual funds, are marked-to-market and remain in a 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 the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Energy Portfolio $691,764

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	9,745

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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	11,746,190	3.88	26,573

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Energy Portfolio	60,865,458	38,399,121	14,500,063

• 5. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Statement of Operations.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  

The line of credit agreement will expire in March 2027 unless extended or renewed.

• 6. Security Lending.

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 investment adviser. 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. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in dividends - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Energy Portfolio	5,140	673	-

• 7. Distributions to Shareholders. 

Distributions to shareholders of each class were as follows:

	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026
Energy Portfolio
Class A (Commencement of sale of shares November 6, 2025)	1,001,180	1,408,467
Class M (Commencement of sale of shares November 6, 2025)	259,710	401,222
Class C (Commencement of sale of shares November 6, 2025)	70,524	168,830
Energy Portfolio	7,190,993	34,766,690
Class I (Commencement of sale of shares November 6, 2025)	1,177,589	1,575,661
Class Z (Commencement of sale of shares November 6, 2025)	376,082	458,296
Total	10,076,078	38,779,166

• 8. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Six months ended	Year ended	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026	August 31, 2026	February 28, 2026
Energy Portfolio
Class A (Commencement of sale of shares November 6, 2025)
Shares sold	796,203	324,663	65,588,831	20,661,024
Issued in exchange for the shares of the Acquired Fund(s)	-	5,203,577	-	328,449,691
Reinvestment of distributions	11,939	22,198	970,560	1,361,149
Shares redeemed	(926,928)	(255,618)	(76,271,412)	(16,728,762)
Net increase (decrease)	(118,786)	5,294,820	(9,712,021)	333,743,102
Class M (Commencement of sale of shares November 6, 2025)
Shares sold	170,603	139,474	13,802,351	9,232,254
Issued in exchange for the shares of the Acquired Fund(s)	-	1,572,300	-	99,243,686
Reinvestment of distributions	3,137	6,393	254,877	392,084
Shares redeemed	(176,098)	(64,511)	(14,350,600)	(4,248,234)
Net increase (decrease)	(2,358)	1,653,656	(293,372)	104,619,790
Class C (Commencement of sale of shares November 6, 2025)
Shares sold	85,502	31,933	7,062,015	1,930,124
Issued in exchange for the shares of the Acquired Fund(s)	-	848,948	-	53,577,190
Reinvestment of distributions	846	2,649	68,664	162,416
Shares redeemed	(154,851)	(110,511)	(12,696,359)	(7,175,725)
Net increase (decrease)	(68,503)	773,019	(5,565,680)	48,494,005
Energy Portfolio
Shares sold	11,483,159	7,452,581	953,098,065	477,253,920
Reinvestment of distributions	82,248	526,621	6,690,097	32,143,082
Shares redeemed	(10,963,533)	(11,243,914)	(899,573,618)	(670,611,481)
Net increase (decrease)	601,874	(3,264,712)	60,214,544	(161,214,479)
Class I (Commencement of sale of shares November 6, 2025)
Shares sold	1,181,876	567,086	96,687,221	36,757,825
Issued in exchange for the shares of the Acquired Fund(s)	-	5,456,575	-	344,473,415
Reinvestment of distributions	13,180	23,072	1,071,899	1,415,030
Shares redeemed	(1,439,834)	(676,768)	(118,430,111)	(45,326,229)
Net increase (decrease)	(244,778)	5,369,965	(20,670,991)	337,320,041
Class Z (Commencement of sale of shares November 6, 2025)
Shares sold	1,075,999	349,566	90,187,526	23,656,616
Issued in exchange for the shares of the Acquired Fund(s)	-	1,446,166	-	91,296,450
Reinvestment of distributions	4,303	6,888	349,973	422,452
Shares redeemed	(710,040)	(169,716)	(58,351,445)	(11,374,732)
Net increase (decrease)	370,262	1,632,904	32,186,054	104,000,786

• 9. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

• 10. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

• 11. Prior Fiscal Year Reorganization Information.

On November 14, 2025, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Energy Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on November 6, 2025. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

Acquired Fund	Investments $	Unrealized appreciation (depreciation) $	Net Assets $	Shares Exchanged	Shares Exchanged Ratio
Fidelity Advisor Energy Fund	912,926,655	425,304,327
Class A			328,449,691	6,760,604	0.769691065
Class M			99,243,686	1,984,947	0.79211185
Class C			53,577,190	1,213,764	0.699434321
Class I			344,473,415	6,652,882	0.820182164
Class Z			91,296,450	1,766,867	0.818492001

Acquiring Fund	Net Assets $	Total net assets after the acquisition $
Energy Portfolio	1,841,988,325	2,759,028,757

Pro forma results of operations of the combined entity for the entire period ended February 28, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net investment income (loss)	$58,656,215
Total net realized gain (loss)	144,693,449
Total change in net unrealized appreciation (depreciation)	710,173,057
Net increase (decrease) in net assets resulting from operations	$913,522,721

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in the Fund's Statement of Operations since November 14, 2025.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Energy Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board voted to continue the fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class generally determined by selecting the largest non-12b-1 class by asset total in a given fund category; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.  

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that the fund has class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund, or each class of the fund, as applicable, receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the representative class (retail class), the Board considered the effective management fee rate for the retail class, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons of the retail class of the fund relative to the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that the management fee rate of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the fund, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total net assets of specified Fidelity funds in the same asset class as the funds, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2027.

1.813654.121

SELNR-SANN-1026

Fidelity® Select Portfolios®

Consumer Staples Sector

Consumer Staples Portfolio

Semi-Annual Report

August 31, 2026

Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2026 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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Consumer Staples Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.1%
	Shares	Value ($)
ITALY - 0.0%
Financials - 0.0%
Financial Services - 0.0%
Investindustrial Advisors SpA rights (a)(b)	192,216	365,210
UNITED KINGDOM - 6.4%
Consumer Staples - 6.4%
Beverages - 1.8%
Diageo PLC	980,506	22,541,706
Food Products - 0.8%
Nomad Foods Ltd	876,623	10,203,891
Tobacco - 3.8%
British American Tobacco PLC ADR	854,500	47,484,565
TOTAL UNITED KINGDOM		80,230,162
UNITED STATES - 93.7%
Consumer Discretionary - 1.2%
Broadline Retail - 1.2%
Amazon.com Inc (b)	57,900	15,040,683
Consumer Staples - 92.5%
Beverages - 24.9%
Boston Beer Co Inc/The Class A (b)	28,500	5,067,585
Brown-Forman Corp Class B (d)	122,300	3,249,511
Celsius Holdings Inc (b)(d)	352,500	11,086,125
Coca-Cola Co/The	1,708,218	151,467,690
Constellation Brands Inc Class A	283,684	37,054,804
Keurig Dr Pepper Inc	2,212,027	70,475,180
Monster Beverage Corp (b)	187,592	8,614,225
PepsiCo Inc	146,604	20,574,405
Primo Brands Corp Class A	214,600	4,897,172
		312,486,697
Consumer Staples Distribution & Retail - 31.1%
Albertsons Cos Inc Class A	848,700	10,481,445
BJ's Wholesale Club Holdings Inc (b)	297,200	26,941,180
Costco Wholesale Corp	122,650	115,768,109
Dollar Tree Inc (b)	85,800	10,861,422
Kroger Co/The	518,200	29,817,228
Performance Food Group Co (b)	110,300	10,938,451
Sprouts Farmers Market Inc (b)	142,741	11,710,472
Target Corp	263,200	42,343,616
US Foods Holding Corp (b)	172,400	18,074,416
Walmart Inc	1,076,600	112,903,042
		389,839,381
Food Products - 11.2%
Bunge Global SA	206,793	24,031,415
Darling Ingredients Inc (b)	53,600	3,552,072
Freshpet Inc (b)	144,700	10,108,742
Hershey Co/The	23,000	4,052,830
Hormel Foods Corp	58,300	1,273,855
JM Smucker Co	53,800	7,056,408
Lamb Weston Holdings Inc	100,953	5,504,967
McCormick & Co Inc/MD	213,800	11,592,236
Mondelez International Inc	893,597	55,465,566
Post Holdings Inc (b)	110,300	9,194,608
Simply Good Foods Co/The (b)	76,700	878,214
Tyson Foods Inc Class A	144,300	7,956,702
		140,667,615
Household Products - 15.4%
Energizer Holdings Inc (d)	913,366	19,893,111
Kimberly-Clark Corp (d)	258,800	27,937,460
Procter & Gamble Co/The	1,000,782	145,233,484
		193,064,055
Personal Care Products - 6.7%
BellRing Brands Inc (b)	289,500	3,117,915
elf Beauty Inc (b)	7,300	796,065
Estee Lauder Cos Inc/The Class A	190,055	19,442,627
Herbalife Ltd (b)	162,800	1,789,172
Kenvue Inc	3,113,100	58,775,328
		83,921,107
Tobacco - 3.2%
JUUL Labs Inc Class A (a)(b)(c)	3,694,166	7,683,865
Philip Morris International Inc	166,600	31,204,180
Turning Point Brands Inc	20,400	1,651,788
		40,539,833
TOTAL CONSUMER STAPLES		1,160,518,688
TOTAL UNITED STATES		1,175,559,371
TOTAL COMMON STOCKS  (Cost $977,172,696)		1,256,154,743

Money Market Funds - 2.3%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (e)	3.69	3,543,545	3,544,254
Fidelity Securities Lending Cash Central Fund (e)(f)	3.72	25,262,195	25,264,721
TOTAL MONEY MARKET FUNDS  (Cost $28,808,975)			28,808,975

TOTAL INVESTMENT IN SECURITIES - 102.4%  (Cost $1,005,981,671)	1,284,963,718
NET OTHER ASSETS (LIABILITIES) - (2.4)%	(29,907,380)
NET ASSETS - 100.0%	1,255,056,338

Legend

(a) Level 3 security.  

(b) Non-income producing.  

(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 $7,683,865 or 0.6% of net assets.  

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

(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 ($)
JUUL Labs Inc Class A	2/23/2024	3,749,467

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	1,814,218	78,437,178	76,707,261	35,361	119	-	3,544,254	3,543,545
Fidelity Securities Lending Cash Central Fund	8,337,544	176,610,478	159,683,301	6,470	-	-	25,264,721	25,262,195
	10,151,762	255,047,656	236,390,562	41,831	119	-	28,808,975

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Consumer Discretionary	15,040,683	15,040,683	-	-
Consumer Staples	1,240,748,850	1,210,523,279	22,541,706	7,683,865
Financials	365,210	-	-	365,210
Money Market Funds	28,808,975	28,808,975	-	-
Total Investments in Securities:	1,284,963,718	1,254,372,937	22,541,706	8,049,075

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	1,256,154,743
Investments in securities, at value - affiliated issuers		28,808,975
Receivable for investments sold		18,187,276
Receivable for fund shares sold		660,057
Dividends receivable		1,475,997
Distributions receivable from affiliated funds		11,198
Prepaid expenses		1,211
Other receivables		456,104
Total assets		1,305,755,561
Liabilities
Payable for investments purchased		23,371,018
Payable for fund shares redeemed		819,245
Accrued management fee		684,010
Distribution and service plan fees payable		90,241
Other payables and accrued expenses		469,904
Collateral on securities loaned		25,264,805
Total liabilities		50,699,223
Net Assets	$	1,255,056,338
Net assets consist of:
Paid in capital		959,041,257
Total accumulated earnings (loss)		296,015,081
Net Assets	$	1,255,056,338
Net Asset Value and Maximum Offering
Class A
Net Asset Value and redemption price per share ($248,337,523/2,667,528 shares) a	$	93.10
Maximum offering price per share (100/94.25 of $93.10)	$	98.78
Class M
Net Asset Value and redemption price per share ($47,485,716/517,811 shares) a	$	91.70
Maximum offering price per share (100/96.50 of $91.70)	$	95.03
Class C
Net Asset Value and offering price per share ($21,411,556/238,915 shares) a	$	89.62
Consumer Staples Portfolio
Net Asset Value, offering price and redemption price per share ($794,169,095/8,398,937 shares)	$	94.56
Class I
Net Asset Value, offering price and redemption price per share ($83,298,383/883,679 shares)	$	94.26
Class Z
Net Asset Value, offering price and redemption price per share ($60,354,065/641,767 shares)	$	94.04
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Other Information
Unaffiliated issuers, cost		977,172,696
Affiliated issuers, cost		28,808,975
Securities loaned, market value		38,379,978

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	15,246,750
Dividends - affiliated issuers		41,831
Security lending income - unaffiliated issuers		7,161
Total investment income		15,295,742
Expenses
Management fee		3,949,112
Distribution and service plan fees		535,804
Custodian fees and expenses		7,361
Independent trustees' fees and expenses		1,668
Registration fees		79,805
Audit		28,207
Legal		1,129
Commitment fee		695
Miscellaneous		1,391
Total expenses		4,605,172
Net investment income (loss)		10,690,570
Net realized gain (loss)
Investments - unaffiliated issuers		24,674,935
Investments - affiliated issuers		119
Foreign currency transactions		180
Net realized gain (loss)		24,675,234
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(35,295,910)
Assets and liabilities in foreign currencies		(2,018)
Total change in net unrealized appreciation (depreciation)		(35,297,928)
Net gain (loss)		(10,622,694)
Net increase (decrease) in net assets resulting from operations	$	67,876
Other Information
Income from securities lending - Affiliated Issuers		6,470

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	10,690,570	$	20,549,529
Net realized gain (loss)		24,675,234		19,068,713
Change in net unrealized appreciation (depreciation)		(35,297,928)		58,930,775
Net increase (decrease) in net assets resulting from operations	$	67,876	$	98,549,017
Distributions to shareholders
Distributions to shareholders		(9,260,840)		(49,554,529)
Total distributions		(9,260,840)		(49,554,529)
Net increase (decrease) in net assets resulting from share transactions		77,374,748		(130,198,225)
Total increase (decrease) in net assets		68,181,784		(81,203,737)
Net Assets
Beginning of period		1,186,874,554		1,268,078,291
End of period	$	1,255,056,338	$	1,186,874,554

Financial Highlights

 

Fidelity Advisor® Consumer Staples Fund Class A

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	94.29	$	89.83	$	91.15	$	91.25	$	95.55	$	89.40
Income from Investment Operations
Net investment income (loss) B, C		.71		1.38		1.62		1.68		1.38		1.40
Net realized and unrealized gain (loss)		(1.30)		6.66		4.42		2.68		(2.79)		14.98
Total from investment operations		(.59)		8.04		6.04		4.36		(1.41)		16.38
Distributions
Distributions from net investment income		(.60)		(1.49)		(1.70)		(1.50)		(1.36)		(1.55)
Distributions from net realized gain		-		(2.09)		(5.66)		(2.96)		(1.53)		(8.68)
Total distributions		(.60)		(3.58)		(7.36)		(4.46)		(2.89)		(10.23)
Net asset value, end of period	$	93.10	$	94.29	$	89.83	$	91.15	$	91.25	$	95.55
Total Return D, E, F		(.60)%		9.53%		6.74%		4.90%		(1.49)%		18.83%
Ratios and Supplemental Data B, G, H
Ratio of expenses to average net assets before reductions		.95% I		.97%		.97%		1.01%		1.01%		1.01%
Ratio of expenses to average net assets net of fee waivers, if any		.95% I		.97%		.97%		1.00%		1.01%		1.01%
Ratio of expenses to average net assets net of all reductions, if any		.95% I		.97%		.97%		1.00%		1.01%		1.01%
Ratio of net investment income (loss) to average net assets		1.55% I		1.61%		1.74%		1.80%		1.51%		1.45%
Net assets, end of period	$	248,337,523	$	259,996,732	$	282,127,530	$	290,687,393	$	297,850,131	$	293,276,437
Portfolio turnover rate J		53% I		52%		45%		54% K		46%		61%

AFor the year ended February 29.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DTotal returns do not include the effect of the sales charges.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

 

Fidelity Advisor® Consumer Staples Fund Class M

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	92.89	$	88.55	$	89.96	$	90.11	$	94.39	$	88.43
Income from Investment Operations
Net investment income (loss) B, C		.59		1.15		1.37		1.42		1.13		1.13
Net realized and unrealized gain (loss)		(1.29)		6.56		4.35		2.66		(2.76)		14.81
Total from investment operations		(.70)		7.71		5.72		4.08		(1.63)		15.94
Distributions
Distributions from net investment income		(.49)		(1.28)		(1.47)		(1.27)		(1.12)		(1.30)
Distributions from net realized gain		-		(2.09)		(5.66)		(2.96)		(1.53)		(8.68)
Total distributions		(.49)		(3.37)		(7.13)		(4.23)		(2.65)		(9.98)
Net asset value, end of period	$	91.70	$	92.89	$	88.55	$	89.96	$	90.11	$	94.39
Total Return D, E, F		(.73)%		9.26%		6.46%		4.63%		(1.74)%		18.51%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		1.19% I		1.22%		1.22%		1.27%		1.27%		1.28%
Ratio of expenses to average net assets net of fee waivers, if any		1.19% I		1.22%		1.22%		1.26%		1.27%		1.28%
Ratio of expenses to average net assets net of all reductions, if any		1.19% I		1.22%		1.22%		1.26%		1.27%		1.28%
Ratio of net investment income (loss) to average net assets		1.31% I		1.36%		1.49%		1.54%		1.25%		1.18%
Net assets, end of period	$	47,485,716	$	51,612,046	$	54,900,828	$	58,373,119	$	62,869,916	$	64,706,833
Portfolio turnover rate J		53% I		52%		45%		54% K		46%		61%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal returns do not include the effect of the sales charges.

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

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

 

Fidelity Advisor® Consumer Staples Fund Class C

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	90.79	$	86.58	$	88.04	$	88.22	$	92.48	$	86.73
Income from Investment Operations
Net investment income (loss) B, C		.36		.71		.89		.95		.67		.65
Net realized and unrealized gain (loss)		(1.25)		6.42		4.26		2.61		(2.69)		14.51
Total from investment operations		(.89)		7.13		5.15		3.56		(2.02)		15.16
Distributions
Distributions from net investment income		(.28)		(.83)		(.95)		(.78)		(.71)		(.79)
Distributions from net realized gain		-		(2.09)		(5.66)		(2.96)		(1.53)		(8.62)
Total distributions		(.28)		(2.92)		(6.61)		(3.74)		(2.24)		(9.41)
Net asset value, end of period	$	89.62	$	90.79	$	86.58	$	88.04	$	88.22	$	92.48
Total Return D, E, F		(.97)%		8.71%		5.94%		4.12%		(2.23)%		17.92%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		1.69% I		1.72%		1.72%		1.76%		1.77%		1.77%
Ratio of expenses to average net assets net of fee waivers, if any		1.69% I		1.72%		1.72%		1.75%		1.76%		1.76%
Ratio of expenses to average net assets net of all reductions, if any		1.69% I		1.72%		1.72%		1.75%		1.76%		1.76%
Ratio of net investment income (loss) to average net assets		.82% I		.86%		.99%		1.05%		.76%		.70%
Net assets, end of period	$	21,411,556	$	25,315,051	$	35,364,690	$	52,661,150	$	78,496,964	$	88,644,986
Portfolio turnover rate J		53% I		52%		45%		54% K		46%		61%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

 

Consumer Staples Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	95.76	$	91.17	$	92.39	$	92.43	$	96.75	$	90.40
Income from Investment Operations
Net investment income (loss) B, C		.86		1.66		1.93		1.96		1.66		1.69
Net realized and unrealized gain (loss)		(1.32)		6.76		4.47		2.73		(2.84)		15.16
Total from investment operations		(.46)		8.42		6.40		4.69		(1.18)		16.85
Distributions
Distributions from net investment income		(.74)		(1.74)		(1.95)		(1.77)		(1.61)		(1.81)
Distributions from net realized gain		-		(2.09)		(5.66)		(2.96)		(1.53)		(8.68)
Total distributions		(.74)		(3.83)		(7.62) D		(4.73)		(3.14)		(10.50) D
Net asset value, end of period	$	94.56	$	95.76	$	91.17	$	92.39	$	92.43	$	96.75
Total Return E, F		(.45)%		9.85%		7.05%		5.20%		(1.21)%		19.16%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.65% I		.68%		.68%		.73%		.73%		.73%
Ratio of expenses to average net assets net of fee waivers, if any		.65% I		.68%		.67%		.72%		.73%		.73%
Ratio of expenses to average net assets net of all reductions, if any		.65% I		.68%		.67%		.72%		.73%		.73%
Ratio of net investment income (loss) to average net assets		1.84% I		1.91%		2.03%		2.08%		1.79%		1.74%
Net assets, end of period	$	794,169,095	$	725,063,885	$	743,293,588	$	895,019,098	$	862,837,178	$	1,032,956,233
Portfolio turnover rate J		53% I		52%		45%		54% K		46%		61%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal distributions per share do not sum due to rounding.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

 

Fidelity Advisor® Consumer Staples Fund Class I

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	95.45	$	90.86	$	92.11	$	92.16	$	96.48	$	90.17
Income from Investment Operations
Net investment income (loss) B, C		.84		1.63		1.89		1.95		1.65		1.67
Net realized and unrealized gain (loss)		(1.33)		6.74		4.45		2.72		(2.83)		15.13
Total from investment operations		(.49)		8.37		6.34		4.67		(1.18)		16.80
Distributions
Distributions from net investment income		(.70)		(1.69)		(1.93)		(1.76)		(1.61)		(1.80)
Distributions from net realized gain		-		(2.09)		(5.66)		(2.96)		(1.53)		(8.68)
Total distributions		(.70)		(3.78)		(7.59)		(4.72)		(3.14)		(10.49) D
Net asset value, end of period	$	94.26	$	95.45	$	90.86	$	92.11	$	92.16	$	96.48
Total Return E, F		(.49)%		9.82%		7.01%		5.19%		(1.22)%		19.15%
Ratios and Supplemental Data B, G, H
Ratio of expenses to average net assets before reductions		.70% I		.71%		.71%		.74%		.74%		.74%
Ratio of expenses to average net assets net of fee waivers, if any		.70% I		.71%		.71%		.73%		.74%		.74%
Ratio of expenses to average net assets net of all reductions, if any		.70% I		.71%		.71%		.73%		.74%		.74%
Ratio of net investment income (loss) to average net assets		1.80% I		1.87%		2.00%		2.08%		1.78%		1.72%
Net assets, end of period	$	83,298,383	$	91,844,464	$	113,821,889	$	143,349,656	$	158,018,769	$	149,159,761
Portfolio turnover rate J		53% I		52%		45%		54% K		46%		61%

AFor the year ended February 29.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

 

Fidelity Advisor® Consumer Staples Fund Class Z

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	95.29	$	90.74	$	91.98	$	92.05	$	96.36	$	90.08
Income from Investment Operations
Net investment income (loss) B, C		.86		1.74		2.01		2.07		1.76		1.79
Net realized and unrealized gain (loss)		(1.29)		6.72		4.45		2.70		(2.82)		15.10
Total from investment operations		(.43)		8.46		6.46		4.77		(1.06)		16.89
Distributions
Distributions from net investment income		(.82)		(1.82)		(2.04)		(1.88)		(1.73)		(1.93)
Distributions from net realized gain		-		(2.09)		(5.66)		(2.96)		(1.53)		(8.68)
Total distributions		(.82)		(3.91)		(7.70)		(4.84)		(3.25) D		(10.61)
Net asset value, end of period	$	94.04	$	95.29	$	90.74	$	91.98	$	92.05	$	96.36
Total Return E, F		(.42)%		9.96%		7.15%		5.31%		(1.09)%		19.29%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.57% I		.58%		.58%		.61%		.61%		.61%
Ratio of expenses to average net assets net of fee waivers, if any		.57% I		.58%		.58%		.60%		.61%		.61%
Ratio of expenses to average net assets net of all reductions, if any		.57% I		.58%		.58%		.60%		.61%		.61%
Ratio of net investment income (loss) to average net assets		1.86% I		2.00%		2.13%		2.20%		1.91%		1.85%
Net assets, end of period	$	60,354,065	$	33,042,376	$	38,569,766	$	58,026,219	$	88,740,942	$	77,826,108
Portfolio turnover rate J		53% I		52%		45%		54% K		46%		61%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal distributions per share do not sum due to rounding.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

 (Unaudited)

For the period ended August 31, 2026

• 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 offers the classes of shares listed below.

Consumer Staples Portfolio Class A, Class M, Class C, Consumer Staples Portfolio, Class I, and Class Z  

Each class has equal rights as to assets and voting privileges, and exclusive voting rights with respect to matters that affect that class. Class A, Class M, Class C, Class I and Class Z, as applicable, are Fidelity Advisor classes.

Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

• 2. 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. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 

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 - unadjusted 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 service 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 any 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 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 period end 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 investment holdings and net asset value (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.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Certain distributions received represent a return of capital or capital gain. Components of these distributions are determined 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. If actual amounts are not available, the Fund estimates the components of these distributions. When estimates are used, the Fund adjusts the components of these distributions as necessary once the issuers provide information about the actual composition of the distributions.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable.  Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 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 may result 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: deferred Trustee compensation, foreign currency transactions, losses deferred due to excise tax regulations, 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:

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Consumer Staples Portfolio	1,013,550,655	317,392,223	(45,979,160)	271,413,063

The Fund elected to defer to the next fiscal year capital losses recognized during the period November 1, 2025 to February 28, 2026, and/or ordinary losses recognized during the period January 1, 2026 to February 28, 2026. Loss deferrals were as follows:

	Capital losses ($)	Ordinary losses ($)
Consumer Staples Portfolio	4,437,404	-

Restricted Securities (including Private Placements). 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 held at period end is included at the end of the Schedule of Investments, if applicable.

• 3. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Consumer Staples Portfolio	402,709,930	321,969,368

• 4. 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 Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.

When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Consumer Staples Portfolio
Class A	0.71
Class M	0.72
Class C	0.71
Consumer Staples Portfolio	0.68
Class I	0.69
Class Z	0.56

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.

For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Consumer Staples Portfolio
Class A	0.68
Class M	0.68
Class C	0.68
Consumer Staples Portfolio	0.63
Class I	0.68
Class Z	0.55

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, separate Distribution and Service Plans for each class of shares have been adopted by the Fund. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and or Service Fees, each of which is based on an annual percentage of each class's average net assets. In addition, FDC may pay financial intermediaries for selling shares 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 ($)	Retained by FDC ($)
Consumer Staples Portfolio
Class A	-	.25	305,924	871
Class M	.25	.25	117,908	-
Class C	.75	.25	111,972	5,369
			535,804	6,240

Sales Load. FDC may receive a front-end sales charge of up to a certain percentage for selling shares of certain classes, some of which is paid to financial intermediaries for selling shares. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on redemptions from certain classes. For the period, front-end sales charge rates, deferred sales charge rates and sales charge amounts retained by FDC were as follows:

	Front-End Sales Charge (%)	Deferred Sales Charge (%)	Retained by FDC ($)
Consumer Staples Portfolio
Class A A	5.75	1.00	16,867
Class M A	3.50	.25	1,313
Class C B	-	1.00	111
			18,291

A  Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to the sales charge indicated. 

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

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 affiliated mutual funds, are marked-to-market and remain in a 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 the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Consumer Staples Portfolio $443,111

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	10,289

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Consumer Staples Portfolio	21,494,893	33,323,559	3,955,293

• 5. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Statement of Operations.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  

The line of credit agreement will expire in March 2027 unless extended or renewed.

• 6. Security Lending.

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 investment adviser. 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. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in dividends - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Consumer Staples Portfolio	1,447	-	-

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

	Amount ($)
Consumer Staples Portfolio	14,866,581

• 7. Distributions to Shareholders. 

Distributions to shareholders of each class were as follows:

	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026
Consumer Staples Portfolio
Class A	1,620,123	10,617,409
Class M	260,073	1,965,297
Class C	71,088	1,008,241
Consumer Staples Portfolio	6,154,570	30,047,999
Class I	635,420	4,375,604
Class Z	519,566	1,539,979
Total	9,260,840	49,554,529

• 8. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Six months ended	Year ended	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026	August 31, 2026	February 28, 2026
Consumer Staples Portfolio
Class A
Shares sold	144,626	222,516	12,921,955	19,140,765
Reinvestment of distributions	17,523	123,340	1,568,794	10,299,721
Shares redeemed	(252,092)	(729,189)	(22,677,622)	(62,338,968)
Net increase (decrease)	(89,943)	(383,333)	(8,186,873)	(32,898,482)
Class M
Shares sold	20,614	51,311	1,828,687	4,387,719
Reinvestment of distributions	2,920	23,699	257,588	1,950,801
Shares redeemed	(61,327)	(139,377)	(5,373,445)	(11,687,097)
Net increase (decrease)	(37,793)	(64,367)	(3,287,170)	(5,348,577)
Class C
Shares sold	10,279	22,993	892,612	1,904,261
Reinvestment of distributions	814	12,398	70,323	999,000
Shares redeemed	(50,996)	(165,036)	(4,433,212)	(13,607,378)
Net increase (decrease)	(39,903)	(129,645)	(3,470,277)	(10,704,117)
Consumer Staples Portfolio
Shares sold	1,747,644	1,369,017	157,393,715	120,215,263
Reinvestment of distributions	61,564	322,976	5,592,643	27,371,671
Shares redeemed	(981,988)	(2,273,266)	(89,520,807)	(197,246,688)
Net increase (decrease)	827,220	(581,273)	73,465,551	(49,659,754)
Class I
Shares sold	60,030	259,430	5,510,930	22,943,619
Reinvestment of distributions	6,673	49,554	604,214	4,189,419
Shares redeemed	(145,290)	(599,437)	(13,187,829)	(51,983,410)
Net increase (decrease)	(78,587)	(290,453)	(7,072,685)	(24,850,372)
Class Z
Shares sold	338,153	73,168	29,837,828	6,367,030
Reinvestment of distributions	4,935	14,650	445,522	1,236,210
Shares redeemed	(48,067)	(166,121)	(4,357,148)	(14,340,163)
Net increase (decrease)	295,021	(78,303)	25,926,202	(6,736,923)

• 9. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

• 10. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Consumer Staples Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board voted to continue the fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class generally determined by selecting the largest non-12b-1 class by asset total in a given fund category; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that the Investment Advisers' analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2026, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the representative class (retail class), the Board considered the effective management fee rate for the retail class, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons of the retail class of the fund relative to the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that the management fee rate for the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the fund, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing funds at scale from inception. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the recent findings of the committee.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2027.

1.846045.119

SELCS-SANN-1026

Fidelity® Select Portfolios®

Utilities Sector

Utilities Portfolio

Semi-Annual Report

August 31, 2026

Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2026 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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Utilities Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares	Value ($)
CANADA - 0.2%
Energy - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Cameco Corp (United States)	56,000	5,530,560
GERMANY - 0.4%
Industrials - 0.4%
Electrical Equipment - 0.4%
Siemens Energy AG	79,900	13,160,139
UNITED STATES - 97.8%
Industrials - 5.2%
Commercial Services & Supplies - 3.5%
Republic Services Inc	303,300	67,005,036
Waste Connections Inc (United States)	336,300	55,597,116
		122,602,152
Construction & Engineering - 0.7%
Comfort Systems USA Inc	2,200	3,400,364
MasTec Inc (b)	33,600	8,056,608
Quanta Services Inc	22,400	13,598,816
Sterling Infrastructure Inc (b)	6,900	3,243,483
		28,299,271
Electrical Equipment - 1.0%
Bloom Energy Corp Class A (b)	26,400	5,446,320
GE Vernova Inc	15,100	13,567,803
Nextpower Inc (b)	186,709	15,315,739
		34,329,862
TOTAL INDUSTRIALS		185,231,285
Utilities - 92.6%
Electric Utilities - 67.5%
Alliant Energy Corp (a)	1,646,300	111,915,474
American Electric Power Co Inc	1,905,520	233,292,814
Constellation Energy Corp	815,852	224,171,654
Duke Energy Corp	1,702,281	204,120,515
Entergy Corp	1,716,699	182,502,271
Evergy Inc	1,396,454	113,140,703
FirstEnergy Corp	646,800	29,662,248
IDACORP Inc	396,500	53,987,440
NextEra Energy Inc	5,690,325	468,541,361
NRG Energy Inc	999,961	110,115,705
OGE Energy Corp	124,100	5,662,683
PG&E Corp	8,308,590	110,254,989
Pinnacle West Capital Corp (a)	517,105	50,490,132
PPL Corp	3,722,640	127,053,703
Southern Co/The	1,760,079	154,886,952
Xcel Energy Inc	2,388,597	180,792,907
		2,360,591,551
Independent Power and Renewable Electricity Producers - 4.7%
Fervo Energy Co Class A (a)(b)	371,348	5,711,332
Talen Energy Corp (b)	64,400	19,046,944
Vistra Corp	1,026,208	140,970,193
		165,728,469
Multi-Utilities - 17.8%
Ameren Corp	1,320,298	139,964,791
CenterPoint Energy Inc (a)	3,146,588	124,604,885
Dominion Energy Inc	1,372,330	90,587,503
NiSource Inc	2,377,578	97,290,492
Sempra	2,094,656	171,133,395
		623,581,066
Water Utilities - 2.6%
American Water Works Co Inc	661,200	91,397,676
TOTAL UTILITIES		3,241,298,762
TOTAL UNITED STATES		3,426,530,047
TOTAL COMMON STOCKS  (Cost $2,759,719,975)		3,445,220,746

Money Market Funds - 5.1%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	49,286,476	49,296,333
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	129,525,834	129,538,787
TOTAL MONEY MARKET FUNDS  (Cost $178,834,649)			178,835,120

TOTAL INVESTMENT IN SECURITIES - 103.5%  (Cost $2,938,554,624)	3,624,055,866
NET OTHER ASSETS (LIABILITIES) - (3.5)%	(121,971,546)
NET ASSETS - 100.0%	3,502,084,320

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	54,780,439	508,622,871	514,105,616	1,768,167	(1,831)	470	49,296,333	49,286,476
Fidelity Securities Lending Cash Central Fund	38,768,386	876,007,893	785,237,493	61,867	-	1	129,538,787	129,525,834
	93,548,825	1,384,630,764	1,299,343,109	1,830,034	(1,831)	471	178,835,120

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Energy	5,530,560	5,530,560	-	-
Industrials	198,391,424	185,231,285	13,160,139	-
Utilities	3,241,298,762	3,241,298,762	-	-
Money Market Funds	178,835,120	178,835,120	-	-
Total Investments in Securities:	3,624,055,866	3,610,895,727	13,160,139	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	3,445,220,746
Investments in securities, at value - affiliated issuers		178,835,120
Receivable for investments sold		6,345,594
Receivable for fund shares sold		2,648,120
Dividends receivable		12,476,802
Distributions receivable from affiliated funds		222,448
Prepaid expenses		4,294
Other receivables		32,072
Total assets		3,645,785,196
Liabilities
Payable for investments purchased		4,565,807
Payable for fund shares redeemed		7,448,687
Accrued management fee		1,881,932
Distribution and service plan fees payable		226,648
Other payables and accrued expenses		40,902
Collateral on securities loaned		129,536,900
Total liabilities		143,700,876
Net Assets	$	3,502,084,320
Net assets consist of:
Paid in capital		2,777,148,954
Total accumulated earnings (loss)		724,935,366
Net Assets	$	3,502,084,320
Net Asset Value and Maximum Offering
Class A
Net Asset Value and redemption price per share ($508,339,994/4,057,156 shares) a	$	125.29
Maximum offering price per share (100/94.25 of $125.29)	$	132.94
Class M
Net Asset Value and redemption price per share ($77,575,865/619,464 shares) a	$	125.23
Maximum offering price per share (100/96.50 of $125.23)	$	129.77
Class C
Net Asset Value and offering price per share ($97,410,005/778,832 shares) a	$	125.07
Utilities Portfolio
Net Asset Value, offering price and redemption price per share ($2,111,402,891/16,837,920 shares)	$	125.40
Class I
Net Asset Value, offering price and redemption price per share ($572,218,977/4,564,488 shares)	$	125.36
Class Z
Net Asset Value, offering price and redemption price per share ($135,136,588/1,077,630 shares)	$	125.40
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Other Information
Unaffiliated issuers, cost		2,759,719,975
Affiliated issuers, cost		178,834,649
Securities loaned, market value		130,070,134

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	45,929,857
Dividends - affiliated issuers		1,830,034
Security lending income - unaffiliated issuers		16,274
Total investment income		47,776,165
Expenses
Management fee		12,057,727
Distribution and service plan fees		1,422,924
Custodian fees and expenses		11,333
Independent trustees' fees and expenses		5,597
Registration fees		268,947
Audit		22,660
Legal		2,009
Commitment fee		2,346
Miscellaneous		2,733
Total expenses		13,796,276
Expense reductions		(1,646)
Total expenses after reductions		13,794,630
Net investment income (loss)		33,981,535
Net realized gain (loss)
Investments - unaffiliated issuers		38,454,487
Investments - affiliated issuers		(1,831)
Foreign currency transactions		(11,964)
Net realized gain (loss)		38,440,692
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(596,074,253)
Investments - affiliated issuers		471
Assets and liabilities in foreign currencies		(1,633)
Total change in net unrealized appreciation (depreciation)		(596,075,415)
Net gain (loss)		(557,634,723)
Net increase (decrease) in net assets resulting from operations	$	(523,653,188)
Other Information
Income from securities lending - Affiliated Issuers		61,867

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	33,981,535	$	44,314,575
Net realized gain (loss)		38,440,692		141,840,085
Change in net unrealized appreciation (depreciation)		(596,075,415)		376,267,095
Net increase (decrease) in net assets resulting from operations	$	(523,653,188)	$	562,421,755
Distributions to shareholders
Distributions to shareholders		(84,524,564)		(139,815,609)
Total distributions		(84,524,564)		(139,815,609)
Net increase (decrease) in net assets resulting from share transactions		21,477,203		1,689,460,665
Total increase (decrease) in net assets		(586,700,549)		2,112,066,811
Net Assets
Beginning of period		4,088,784,869		1,976,718,058
End of period	$	3,502,084,320	$	4,088,784,869

Financial Highlights

 

Fidelity Advisor® Utilities Fund Class A

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	146.76	$	141.73
Income from Investment Operations
Net investment income (loss) B, C		1.06		.76
Net realized and unrealized gain (loss)		(19.69)		7.40
Total from investment operations		(18.63)		8.16
Distributions
Distributions from net investment income		(.84)		(.54)
Distributions from net realized gain		(2.00)		(2.59)
Total distributions		(2.84)		(3.13)
Net asset value, end of period	$	125.29	$	146.76
Total Return D, E, F		(12.92)%		6.01%
Ratios and Supplemental Data B, G, H
Ratio of expenses to average net assets before reductions		.90% I		.93% I
Ratio of expenses to average net assets net of fee waivers, if any		.90% I		.92% I
Ratio of expenses to average net assets net of all reductions, if any		.90% I		.92% I
Ratio of net investment income (loss) to average net assets		1.51% I		1.43% I
Net assets, end of period	$	508,339,994	$	571,267,765
Portfolio turnover rate J		60% I		76% K

AFor the period October 9, 2025 (commencement of sale of shares) through February 28, 2026.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DTotal returns do not include the effect of the sales charges.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Utilities Fund Class M

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	146.69	$	141.73
Income from Investment Operations
Net investment income (loss) B, C		.88		.68
Net realized and unrealized gain (loss)		(19.67)		7.34
Total from investment operations		(18.79)		8.02
Distributions
Distributions from net investment income		(.67)		(.47)
Distributions from net realized gain		(2.00)		(2.59)
Total distributions		(2.67)		(3.06)
Net asset value, end of period	$	125.23	$	146.69
Total Return D, E, F		(13.02)%		5.90%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		1.15% I		1.18% I
Ratio of expenses to average net assets net of fee waivers, if any		1.15% I		1.18% I
Ratio of expenses to average net assets net of all reductions, if any		1.15% I		1.18% I
Ratio of net investment income (loss) to average net assets		1.26% I		1.28% I
Net assets, end of period	$	77,575,865	$	91,255,363
Portfolio turnover rate J		60% I		76% K

AFor the period October 9, 2025 (commencement of sale of shares) through February 28, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal returns do not include the effect of the sales charges.

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

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Utilities Fund Class C

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	146.55	$	141.73
Income from Investment Operations
Net investment income (loss) B, C		.54		.36
Net realized and unrealized gain (loss)		(19.66)		7.38
Total from investment operations		(19.12)		7.74
Distributions
Distributions from net investment income		(.36)		(.33)
Distributions from net realized gain		(2.00)		(2.59)
Total distributions		(2.36)		(2.92)
Net asset value, end of period	$	125.07	$	146.55
Total Return D, E, F		(13.24)%		5.69%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		1.64% I		1.69% I
Ratio of expenses to average net assets net of fee waivers, if any		1.64% I		1.68% I
Ratio of expenses to average net assets net of all reductions, if any		1.64% I		1.68% I
Ratio of net investment income (loss) to average net assets		.78% I		.68% I
Net assets, end of period	$	97,410,005	$	109,422,838
Portfolio turnover rate J		60% I		76% K

AFor the period October 9, 2025 (commencement of sale of shares) through February 28, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Utilities Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	146.86	$	124.30	$	99.55	$	97.31	$	100.38	$	86.55
Income from Investment Operations
Net investment income (loss) B, C		1.26		2.20		2.71		2.21		1.82		1.92
Net realized and unrealized gain (loss)		(19.69)		26.82		29.91		3.57		.04		14.72
Total from investment operations		(18.43)		29.02		32.62		5.78		1.86		16.64
Distributions
Distributions from net investment income		(1.04)		(2.32)		(2.44)		(2.13)		(1.75)		(1.71)
Distributions from net realized gain		(2.00)		(4.14)		(5.43)		(1.42)		(3.18)		(1.10)
Total distributions		(3.03) D		(6.46)		(7.87)		(3.54) D		(4.93)		(2.81)
Net asset value, end of period	$	125.40	$	146.86	$	124.30	$	99.55	$	97.31	$	100.38
Total Return E, F		(12.78)%		24.32%		33.87%		6.01%		1.46%		19.19%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.61% I		.64%		.66%		.74%		.74%		.74%
Ratio of expenses to average net assets net of fee waivers, if any		.61% I		.63%		.66%		.73%		.74%		.73%
Ratio of expenses to average net assets net of all reductions, if any		.61% I		.63%		.66%		.73%		.74%		.73%
Ratio of net investment income (loss) to average net assets		1.80% I		1.69%		2.30%		2.23%		1.74%		1.96%
Net assets, end of period	$	2,111,402,891	$	2,482,944,318	$	1,976,718,058	$	1,158,033,531	$	1,352,765,947	$	1,072,055,596
Portfolio turnover rate J		60% I		76% K		69%		83%		53%		37%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal distributions per share do not sum due to rounding.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Utilities Fund Class I

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	146.83	$	141.73
Income from Investment Operations
Net investment income (loss) B, C		1.22		.91
Net realized and unrealized gain (loss)		(19.69)		7.39
Total from investment operations		(18.47)		8.30
Distributions
Distributions from net investment income		(1.01)		(.61)
Distributions from net realized gain		(2.00)		(2.59)
Total distributions		(3.00) D		(3.20)
Net asset value, end of period	$	125.36	$	146.83
Total Return E, F		(12.81)%		6.11%
Ratios and Supplemental Data B, G, H
Ratio of expenses to average net assets before reductions		.66% I		.68% I
Ratio of expenses to average net assets net of fee waivers, if any		.66% I		.67% I
Ratio of expenses to average net assets net of all reductions, if any		.66% I		.67% I
Ratio of net investment income (loss) to average net assets		1.75% I		1.70% I
Net assets, end of period	$	572,218,977	$	667,704,796
Portfolio turnover rate J		60% I		76% K

AFor the period October 9, 2025 (commencement of sale of shares) through February 28, 2026.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Utilities Fund Class Z

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	146.86	$	141.73
Income from Investment Operations
Net investment income (loss) B, C		1.29		.98
Net realized and unrealized gain (loss)		(19.67)		7.38
Total from investment operations		(18.38)		8.36
Distributions
Distributions from net investment income		(1.08)		(.64)
Distributions from net realized gain		(2.00)		(2.59)
Total distributions		(3.08)		(3.23)
Net asset value, end of period	$	125.40	$	146.86
Total Return D, E		(12.75)%		6.16%
Ratios and Supplemental Data C, F, G
Ratio of expenses to average net assets before reductions		.54% H		.56% H
Ratio of expenses to average net assets net of fee waivers, if any		.54% H		.55% H
Ratio of expenses to average net assets net of all reductions, if any		.54% H		.55% H
Ratio of net investment income (loss) to average net assets		1.85% H		1.84% H
Net assets, end of period	$	135,136,588	$	166,189,789
Portfolio turnover rate I		60% H		76% J

AFor the period October 9, 2025 (commencement of sale of shares) through February 28, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FExpense 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.

GFees 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

JThe portfolio turnover rate does not include the assets acquired in the reorganization.

Notes to Financial Statements

 (Unaudited)

For the period ended August 31, 2026

• 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. 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 offers the classes of shares listed below.

Utilities Portfolio Class A, Class M, Class C, Utilities Portfolio, Class I, and Class Z  

Each class has equal rights as to assets and voting privileges, and exclusive voting rights with respect to matters that affect that class. Class A, Class M, Class C, Class I and Class Z, as applicable, are Fidelity Advisor classes.

Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

• 2. 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. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 

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 - unadjusted 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 service 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 any 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 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 period end 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 investment holdings and net asset value (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.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Certain distributions received represent a return of capital or capital gain. Components of these distributions are determined 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. If actual amounts are not available, the Fund estimates the components of these distributions. When estimates are used, the Fund adjusts the components of these distributions as necessary once the issuers provide information about the actual composition of the distributions.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable.  Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 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 may result 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, partnerships, 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:

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Utilities Portfolio	2,949,755,192	766,583,624	(92,282,950)	674,300,674

• 3. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Utilities Portfolio	1,142,460,647	1,169,971,831

• 4. 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 Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.

When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Utilities Portfolio
Class A	0.71
Class M	0.72
Class C	0.71
Utilities Portfolio	0.69
Class I	0.69
Class Z	0.57

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.

For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Utilities Portfolio
Class A	0.64
Class M	0.64
Class C	0.64
Utilities Portfolio	0.59
Class I	0.64
Class Z	0.53

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, separate Distribution and Service Plans for each class of shares have been adopted by the Fund. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and or Service Fees, each of which is based on an annual percentage of each class's average net assets. In addition, FDC may pay financial intermediaries for selling shares 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 ($)	Retained by FDC ($)
Utilities Portfolio
Class A	-	.25	680,226	23,024
Class M	.25	.25	214,505	-
Class C	.75	.25	528,193	122,934
			1,422,924	145,958

Sales Load. FDC may receive a front-end sales charge of up to a certain percentage for selling shares of certain classes, some of which is paid to financial intermediaries for selling shares. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on redemptions from certain classes. For the period, front-end sales charge rates, deferred sales charge rates and sales charge amounts retained by FDC were as follows:

	Front-End Sales Charge (%)	Deferred Sales Charge (%)	Retained by FDC ($)
Utilities Portfolio
Class A A	5.75	1.00	119,358
Class M A	3.50	.25	3,962
Class C B	-	1.00	940
			124,260

A  Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to the sales charge indicated. 

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

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	7,686

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Utilities Portfolio	31,173,793	40,044,179	(26,112)

• 5. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Statement of Operations.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  

The line of credit agreement will expire in March 2027 unless extended or renewed.

• 6. Security Lending.

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 investment adviser. 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. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in dividends - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Utilities Portfolio	8,356	-	-

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

	Amount ($)
Utilities Portfolio	3,201,762

• 7. Expense Reductions.

Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.

	Custodian Credits ($)
Utilities Portfolio	1,646

• 8. Distributions to Shareholders. 

Distributions to shareholders of each class were as follows:

	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026
Utilities Portfolio
Class A (Commencement of sale of shares October 9, 2025)	11,111,962	12,112,455
Class M (Commencement of sale of shares October 9, 2025)	1,651,038	1,867,816
Class C (Commencement of sale of shares October 9, 2025)	1,781,099	2,119,298
Utilities Portfolio	52,408,417	105,899,283
Class I (Commencement of sale of shares October 9, 2025)	13,981,641	14,343,360
Class Z (Commencement of sale of shares October 9, 2025)	3,590,407	3,473,397
Total	84,524,564	139,815,609

• 9. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Six months ended	Year ended	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026	August 31, 2026	February 28, 2026
Utilities Portfolio
Class A (Commencement of sale of shares October 9, 2025)
Shares sold	499,817	262,674	68,094,102	35,652,164
Issued in exchange for the shares of the Acquired Fund(s)	-	3,835,421	-	546,010,613
Reinvestment of distributions	76,639	89,771	10,866,171	11,845,270
Shares redeemed	(411,945)	(295,221)	(56,446,027)	(39,948,557)
Net increase (decrease)	164,511	3,892,645	22,514,246	553,559,490
Class M (Commencement of sale of shares October 9, 2025)
Shares sold	38,396	27,224	5,289,186	3,687,105
Issued in exchange for the shares of the Acquired Fund(s)	-	617,551	-	87,908,397
Reinvestment of distributions	11,418	13,929	1,620,123	1,837,952
Shares redeemed	(52,451)	(36,603)	(7,172,254)	(5,021,786)
Net increase (decrease)	(2,637)	622,101	(262,945)	88,411,668
Class C (Commencement of sale of shares October 9, 2025)
Shares sold	85,442	72,899	11,762,306	9,946,325
Issued in exchange for the shares of the Acquired Fund(s)	-	725,476	-	103,256,951
Reinvestment of distributions	12,497	16,003	1,775,916	2,111,491
Shares redeemed	(65,773)	(67,712)	(8,991,413)	(9,215,461)
Net increase (decrease)	32,166	746,666	4,546,809	106,099,306
Utilities Portfolio
Shares sold	2,427,990	5,923,150	336,384,461	774,836,453
Reinvestment of distributions	333,283	761,608	47,236,786	95,882,932
Shares redeemed	(2,830,331)	(5,680,404)	(385,989,215)	(736,309,172)
Net increase (decrease)	(69,058)	1,004,354	(2,367,968)	134,410,213
Class I (Commencement of sale of shares October 9, 2025)
Shares sold	721,025	634,221	99,766,980	86,781,686
Issued in exchange for the shares of the Acquired Fund(s)	-	4,518,782	-	643,338,648
Reinvestment of distributions	96,852	106,988	13,723,923	14,118,195
Shares redeemed	(800,965)	(712,415)	(109,253,600)	(97,781,954)
Net increase (decrease)	16,912	4,547,576	4,237,303	646,456,575
Class Z (Commencement of sale of shares October 9, 2025)
Shares sold	226,750	322,916	31,210,211	44,359,720
Issued in exchange for the shares of the Acquired Fund(s)	-	996,215	-	141,841,114
Reinvestment of distributions	22,642	23,321	3,209,596	3,077,506
Shares redeemed	(303,344)	(210,870)	(41,610,049)	(28,754,927)
Net increase (decrease)	(53,952)	1,131,582	(7,190,242)	160,523,413

• 10. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

• 11. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

• 12. Prior Fiscal Year Reorganization Information.

On October 17, 2025, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Utilities Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board).  The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on October 9, 2025. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes.  The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

Acquired Fund and Share Class	Investments $	Unrealized appreciation (depreciation) $	Net Assets $	Shares Exchanged	Shares Exchanged Ratio
Fidelity Advisor Utilities Fund	1,522,480,793	443,078,342
Class A			546,010,613	10,774,049	0.3559869345
Class M			87,908,397	1,727,213	0.3575419740
Class C			103,256,951	2,096,845	0.3459846835
Class I			643,338,648	12,347,944	0.3659542038
Class Z			141,841,114	2,723,628	0.3657676640

Acquiring Fund	Net Assets $	Total net assets after the acquisition $
Utilities Portfolio	2,317,405,905	3,839,761,628

Pro forma results of operations of the combined entity for the entire period ended February 28, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net investment income (loss)	$56,501,344
Total net realized gain (loss)	173,850,543
Total change in net unrealized appreciation (depreciation)	554,237,869
Net increase (decrease) in net assets resulting from operations	$784,589,756

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in the Fund's Statement of Operations since October 17, 2025.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Utilities Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board voted to continue the fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class generally determined by selecting the largest non-12b-1 class by asset total in a given fund category; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that the Investment Advisers' analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the fund over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the representative class (retail class), the Board considered the effective management fee rate for the retail class, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons of the retail class of the fund relative to the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the fund, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar investment mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.  

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the fund's business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total net assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2027.

1.813630.121

SELUTL-SANN-1026

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, 2026

Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2026 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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Automotive Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares	Value ($)
CANADA - 3.7%
Consumer Discretionary - 3.4%
Automobile Components - 3.4%
Linamar Corp	9,906	705,739
Magna International Inc (United States) (a)	18,277	1,198,423
TOTAL CONSUMER DISCRETIONARY		1,904,162
Industrials - 0.3%
Commercial Services & Supplies - 0.3%
BOYD GROUP SERVICES INC	2,100	182,415
TOTAL CANADA		2,086,577
CHINA - 3.0%
Consumer Discretionary - 3.0%
Automobile Components - 0.5%
Fuyao Glass Industry Group Co Ltd H Shares (c)(d)	38,400	269,196
Automobiles - 2.5%
BYD Co Ltd H Shares	48,442	534,695
NIO Inc Class A ADR (a)(b)	213,500	903,106
		1,437,801
TOTAL CHINA		1,706,997
ITALY - 7.3%
Consumer Discretionary - 7.3%
Automobiles - 7.3%
Ferrari NV (a)	9,828	4,153,313
JAPAN - 16.5%
Consumer Discretionary - 16.5%
Automobile Components - 0.1%
Sumitomo Electric Industries Ltd	3,700	51,237
Automobiles - 16.4%
Honda Motor Co Ltd ADR (a)	84,005	2,684,800
Toyota Motor Corp ADR (a)	33,624	6,608,461
		9,293,261
TOTAL JAPAN		9,344,498
KOREA (SOUTH) - 0.0%
Consumer Discretionary - 0.0%
Automobiles - 0.0%
Hyundai Motor Co	90	26,560
Kia Corp	10	958
TOTAL KOREA (SOUTH)		27,518
SWITZERLAND - 1.3%
Consumer Discretionary - 1.3%
Automobile Components - 1.3%
Garrett Motion Inc	27,394	738,268
UNITED STATES - 65.5%
Consumer Discretionary - 58.6%
Automobile Components - 4.6%
Aptiv PLC (b)	23,966	1,072,718
BorgWarner Inc	23,481	1,506,541
		2,579,259
Automobiles - 27.2%
Ford Motor Co	197,983	2,759,883
General Motors Co	75,245	6,495,149
Rivian Automotive Inc Class A (b)	102,369	1,644,046
Tesla Inc (b)	12,173	4,479,055
		15,378,133
Distributors - 1.8%
Genuine Parts Co	7,528	1,021,324
Hotels, Restaurants & Leisure - 0.4%
DoorDash Inc Class A (b)	900	208,566
Specialty Retail - 24.6%
AutoNation Inc (b)	4,694	944,668
AutoZone Inc (b)	497	1,486,646
CarMax Inc (b)	18,756	1,150,305
Carvana Co Class A (b)	36,910	2,711,409
Lithia Motors Inc	3,100	1,138,692
O'Reilly Automotive Inc (b)	73,464	6,523,603
		13,955,323
TOTAL CONSUMER DISCRETIONARY		33,142,605
Industrials - 6.9%
Commercial Services & Supplies - 5.4%
ACV Auctions Inc Class A (b)	34,094	239,681
Copart Inc (b)	77,087	2,543,100
OPENLANE Inc (b)	7,288	259,453
		3,042,234
Electrical Equipment - 1.5%
Sensata Technologies Holding PLC	20,908	857,855
TOTAL INDUSTRIALS		3,900,089
TOTAL UNITED STATES		37,042,694
TOTAL COMMON STOCKS  (Cost $30,775,520)		55,099,865

Convertible Preferred Stocks - 0.1%
	Shares	Value ($)
UNITED STATES - 0.1%
Information Technology - 0.1%
Electronic Equipment, Instruments & Components - 0.1%
Cellink Corp Series D (b)(e)(f)   (Cost $77,048)	3,700	48,211

Money Market Funds - 12.3%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (g)	3.69	165,043	165,076
Fidelity Securities Lending Cash Central Fund (g)(h)	3.72	6,803,749	6,804,429
TOTAL MONEY MARKET FUNDS  (Cost $6,969,498)			6,969,505

TOTAL INVESTMENT IN SECURITIES - 109.7%  (Cost $37,822,066)	62,117,581
NET OTHER ASSETS (LIABILITIES) - (9.7)%	(5,476,820)
NET ASSETS - 100.0%	56,640,761

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 $269,196 or 0.5% of net assets.  

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $269,196 or 0.5% of net assets.  

(e) Level 3 security.  

(f) 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 $48,211 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 ($)
Cellink Corp Series D	1/20/2022	77,048

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	-	9,869,007	9,703,927	4,638	(11)	7	165,076	165,043
Fidelity Securities Lending Cash Central Fund	14,353,804	62,019,223	69,568,598	13,424	-	-	6,804,429	6,803,749
	14,353,804	71,888,230	79,272,525	18,062	(11)	7	6,969,505

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Consumer Discretionary	51,017,361	50,431,429	585,932	-
Industrials	4,082,504	4,082,504	-	-
Convertible Preferred Stocks
Information Technology	48,211	-	-	48,211
Money Market Funds	6,969,505	6,969,505	-	-
Total Investments in Securities:	62,117,581	61,483,438	585,932	48,211

Automotive Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	55,148,076
Investments in securities, at value - affiliated issuers		6,969,505
Receivable for investments sold		1,381,690
Receivable for fund shares sold		6,314
Dividends receivable		49,550
Distributions receivable from affiliated funds		3,252
Prepaid expenses		55
Other receivables		3,807
Total assets		63,562,249
Liabilities
Payable for fund shares redeemed		63,737
Accrued management fee		30,742
Other payables and accrued expenses		23,359
Collateral on securities loaned		6,803,650
Total liabilities		6,921,488
Net Assets	$	56,640,761
Net assets consist of:
Paid in capital		29,342,704
Total accumulated earnings (loss)		27,298,057
Net Assets	$	56,640,761
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($56,640,761/1,033,079 shares)	$	54.83
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Other Information
Unaffiliated issuers, cost		30,852,568
Affiliated issuers, cost		6,969,498
Securities loaned, market value		7,526,271

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	344,423
Dividends - affiliated issuers		18,062
Security lending income - unaffiliated issuers		411
Total investment income		362,896
Foreign taxes withheld		(22,785)
Total investment income net of foreign taxes		340,111
Expenses
Management fee		192,061
Custodian fees and expenses		5,094
Independent trustees' fees and expenses		90
Registration fees		12,493
Audit		21,600
Legal		1,738
Commitment fee		38
Miscellaneous		90
Total expenses		233,204
Net investment income (loss)		106,907
Net realized gain (loss)
Investments - unaffiliated issuers		3,023,290
Investments - affiliated issuers		(11)
Foreign currency transactions		1,304
Net realized gain (loss)		3,024,583
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(6,082,772)
Investments - affiliated issuers		7
Assets and liabilities in foreign currencies		(210)
Total change in net unrealized appreciation (depreciation)		(6,082,975)
Net gain (loss)		(3,058,392)
Net increase (decrease) in net assets resulting from operations	$	(2,951,485)
Other Information
Income from securities lending - Affiliated Issuers		13,424

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	106,907	$	329,809
Net realized gain (loss)		3,024,583		9,736,027
Change in net unrealized appreciation (depreciation)		(6,082,975)		715,764
Net increase (decrease) in net assets resulting from operations	$	(2,951,485)	$	10,781,600
Distributions to shareholders
Distributions to shareholders		(3,443,844)		(5,478,308)
Total distributions		(3,443,844)		(5,478,308)
Net increase (decrease) in net assets resulting from share transactions		(2,761,341)		(7,637,733)
Total increase (decrease) in net assets		(9,156,670)		(2,334,441)
Net Assets
Beginning of period		65,797,431		68,131,872
End of period	$	56,640,761	$	65,797,431

Financial Highlights

 

Automotive Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	60.83	$	55.90	$	56.09	$	45.99	$	56.56	$	54.21
Income from Investment Operations
Net investment income (loss) B, C		.10		.29		.41		.41		.34 D		.23 E
Net realized and unrealized gain (loss)		(2.88)		9.45		(.13)		10.14		(9.86)		3.82
Total from investment operations		(2.78)		9.74		.28		10.55		(9.52)		4.05
Distributions
Distributions from net investment income		(.09)		(.31)		(.47)		(.45)		(.28)		(.29)
Distributions from net realized gain		(3.13)		(4.50)		-		-		(.77)		(1.40)
Total distributions		(3.22)		(4.81)		(.47)		(.45)		(1.05)		(1.70) F
Net asset value, end of period	$	54.83	$	60.83	$	55.90	$	56.09	$	45.99	$	56.56
Total Return G, H		(4.49)%		17.34%		.48%		23.02%		(16.92)%		7.20%
Ratios and Supplemental Data C, I, J
Ratio of expenses to average net assets before reductions		.78% K		.78%		.78%		.88%		.89%		.80%
Ratio of expenses to average net assets net of fee waivers, if any		.78% K		.78%		.78%		.87%		.88%		.80%
Ratio of expenses to average net assets net of all reductions, if any		.78% K		.78%		.78%		.87%		.88%		.80%
Ratio of net investment income (loss) to average net assets		.36% K		.48%		.77%		.83%		.73% D		.37% E
Net assets, end of period	$	56,640,761	$	65,797,431	$	68,131,872	$	98,540,635	$	106,479,171	$	165,175,587
Portfolio turnover rate L		127% K		112%		58%		60%		54%		69%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.54%.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.1 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.2%.

FTotal distributions per share do not sum due to rounding.

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

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

IExpense 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.

JFees 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.

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Communication Services Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.3%
	Shares	Value ($)
KOREA (SOUTH) - 0.2%
Communication Services - 0.2%
Interactive Media & Services - 0.2%
Webtoon Entertainment Inc (a)	460,400	4,852,616
TAIWAN - 0.5%
Information Technology - 0.5%
Semiconductors & Semiconductor Equipment - 0.5%
Taiwan Semiconductor Manufacturing Co Ltd ADR	30,200	12,542,664
UNITED STATES - 93.6%
Communication Services - 86.6%
Diversified Telecommunication Services - 7.1%
AT&T Inc	4,671,500	120,945,135
Lumen Technologies Inc (a)	961,000	6,006,250
Space Exploration Technologies Corp (b)	31,864	4,349,611
Space Exploration Technologies Corp - Lockup Released	6,500	887,286
Space Exploration Technologies Corp - October 9, 2026 Lockup Release (b)	3,458	496,880
Space Exploration Technologies Corp - September 24, 2026 Lockup Release (b)	4,190	602,061
Space Exploration Technologies Corp - September 9, 2026 Lockup Release (b)	4,190	602,061
Space Exploration Technologies Corp Class A	9,662	1,388,333
Verizon Communications Inc	844,200	42,226,884
		177,504,501
Entertainment - 21.0%
Liberty Media Corp-Liberty Formula One Class C (a)	440,000	43,978,000
Lionsgate Studios Corp (a)	2,752,323	31,183,820
Live Nation Entertainment Inc (a)(c)	373,700	67,224,893
Netflix Inc (a)	270,200	21,899,710
ROBLOX Corp Class A (a)	842,600	34,790,954
Spotify Technology SA (a)	25,700	13,971,034
Take-Two Interactive Software Inc (a)	351,600	77,246,520
TKO Group Holdings Inc Class A	179,700	32,815,017
Walt Disney Co/The	1,137,800	122,370,390
Warner Bros Discovery Inc (a)	2,737,100	78,089,463
		523,569,801
Interactive Media & Services - 51.5%
Alphabet Inc Class A	1,818,400	617,074,040
Alphabet Inc Class C	8,500	2,850,985
Meta Platforms Inc Class A	1,083,277	620,002,758
Pinterest Inc Class A (a)	1,024,600	22,244,066
Reddit Inc Class A (a)(c)	166,400	24,595,584
		1,286,767,433
Media - 7.0%
AppLovin Corp Class A (a)	42,200	13,168,932
Charter Communications Inc Class A (a)(c)	121,100	18,460,484
Fox Corp Class A	687,700	46,316,595
Fox Corp Class B	443,800	26,725,636
Magnite Inc (a)	1,288,863	30,275,392
New York Times Co/The Class A	187,400	12,606,398
Omnicom Group Inc (c)	254,100	22,241,373
Paramount Skydance Corp Class B (c)	589,800	6,434,718
		176,229,528
TOTAL COMMUNICATION SERVICES		2,164,071,263
Consumer Discretionary - 5.3%
Broadline Retail - 4.5%
Amazon.com Inc (a)	433,600	112,636,272
Specialty Retail - 0.8%
Warby Parker Inc Class A (a)(c)	782,407	19,247,212
TOTAL CONSUMER DISCRETIONARY		131,883,484
Information Technology - 1.7%
Semiconductors & Semiconductor Equipment - 0.7%
Cerebras Systems Inc B - 180 Day Lockup Final Release (b)	1,012	186,451
Cerebras Systems Inc B - Lockup Released	1,804	332,369
Cerebras Systems Inc B - October 14, 2026 Lockup Release (b)	418	77,012
Cerebras Systems Inc B - October 28, 2026 Lockup Release (b)	418	77,012
Cerebras Systems Inc B - September 16, 2026 Lockup Release (b)	315	58,036
Cerebras Systems Inc B - September 2, 2026 Lockup Release (b)	315	58,036
Cerebras Systems Inc B - September 30, 2026 Lockup Release (b)	418	77,012
Cerebras Systems Inc Class A (a)	93,000	17,134,320
		18,000,248
Technology Hardware, Storage & Peripherals - 1.0%
Apple Inc	82,000	25,981,700
TOTAL INFORMATION TECHNOLOGY		43,981,948
TOTAL UNITED STATES		2,339,936,695
TOTAL COMMON STOCKS  (Cost $1,550,994,334)		2,357,331,975

Convertible Preferred Stocks - 1.3%
	Shares	Value ($)
UNITED STATES - 1.3%
Consumer Discretionary - 0.1%
Automobiles - 0.1%
Waymo LLC Series C2 (a)(d)(e)	21,234	3,489,171
Industrials - 0.1%
Air Freight & Logistics - 0.1%
Zipline International Inc Series H (d)(e)	46,300	3,338,692
Information Technology - 1.1%
Communications Equipment - 0.1%
Astranis Space Technologies Corp Series E (d)(e)	127,900	2,450,564
Software - 1.0%
Anthropic PBC Series G (d)(e)	4,100	3,187,873
Anthropic PBC Series H (d)(e)	16,300	12,673,739
Databricks Inc Series L (d)(e)	7,000	1,771,000
OpenAI Group Pbc Series A-2 (d)(e)	4,894	3,365,555
OpenAI Group Pbc Series A-3 (d)(e)	1,146	788,093
OpenAI Group Pbc Series C (d)(e)	1,800	1,237,842
		23,024,102
TOTAL INFORMATION TECHNOLOGY		25,474,666
TOTAL UNITED STATES		32,302,529
TOTAL CONVERTIBLE PREFERRED STOCKS  (Cost $21,228,004)		32,302,529

Money Market Funds - 3.7%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (f)	3.69	74,350,351	74,365,222
Fidelity Securities Lending Cash Central Fund (f)(g)	3.72	17,706,455	17,708,225
TOTAL MONEY MARKET FUNDS  (Cost $92,073,446)			92,073,447

TOTAL INVESTMENT IN SECURITIES - 99.3%  (Cost $1,664,295,784)	2,481,707,951
NET OTHER ASSETS (LIABILITIES) - 0.7%	17,141,307
NET ASSETS - 100.0%	2,498,849,258

Legend

(a) Non-income producing.  

(b) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $6,584,172 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.  

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

(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 $32,302,529 or 1.3% 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 ($)
Anthropic PBC Series G	1/27/2026	1,062,459
Anthropic PBC Series H	5/28/2026	9,600,856
Astranis Space Technologies Corp Series E	2/10/2026	2,459,992
Databricks Inc Series L	12/18/2025	1,330,000
OpenAI Group Pbc Series A-2	9/30/2024	919,400
OpenAI Group Pbc Series A-3	8/4/2025	351,900
OpenAI Group Pbc Series C	3/27/2026	1,237,836
Waymo LLC Series C2	10/18/2024	1,660,526
Zipline International Inc Series H	12/3/2025	2,605,035

Additional information on each lock-up restriction is as follows:
Security	Restriction Expiration Date
Cerebras Systems Inc B - 180 Day Lockup Final Release	11/9/2026
Cerebras Systems Inc B - October 14, 2026 Lockup Release	10/14/2026
Cerebras Systems Inc B - October 28, 2026 Lockup Release	10/28/2026
Cerebras Systems Inc B - September 16, 2026 Lockup Release	9/16/2026
Cerebras Systems Inc B - September 2, 2026 Lockup Release	9/2/2026
Cerebras Systems Inc B - September 30, 2026 Lockup Release	9/30/2026
Space Exploration Technologies Corp	12/8/2026
Space Exploration Technologies Corp - October 9, 2026 Lockup Release	10/9/2026
Space Exploration Technologies Corp - September 24, 2026 Lockup Release	9/24/2026
Space Exploration Technologies Corp - September 9, 2026 Lockup Release	9/9/2026

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	2,693,999	784,372,039	712,706,086	344,480	5,269	1	74,365,222	74,350,351
Fidelity Securities Lending Cash Central Fund	213,922,211	376,189,093	572,403,079	412,894	-	-	17,708,225	17,706,455
	216,616,210	1,160,561,132	1,285,109,165	757,374	5,269	1	92,073,447

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Communication Services	2,168,923,879	2,161,985,980	6,937,899	-
Consumer Discretionary	131,883,484	131,883,484	-	-
Information Technology	56,524,612	55,991,053	533,559	-
Convertible Preferred Stocks
Consumer Discretionary	3,489,171	-	-	3,489,171
Industrials	3,338,692	-	-	3,338,692
Information Technology	25,474,666	-	-	25,474,666
Money Market Funds	92,073,447	92,073,447	-	-
Total Investments in Securities:	2,481,707,951	2,441,933,964	7,471,458	32,302,529

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

	Beginning Balance ($)	Net Realized Gain (Loss) on Investment Securities ($)	Net Unrealized Gain (Loss) on Investment Securities ($)	Cost of Purchases ($)	Proceeds of Sales ($)	Amortization/ Accretion ($)	Transfers into Level 3 ($)	Transfers out of Level 3 ($)	Ending Balance ($)	The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2026 ($)
Common Stocks	6,560,258	-	944,532	2,725,092	(3,669,624)	-	-	(6,560,258)	-	-
Convertible Preferred Stocks	15,483,450	-	6,398,761	10,838,691	(418,373)	-	-	-	32,302,529	6,398,782
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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations.

Communication Services Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	2,389,634,504
Investments in securities, at value - affiliated issuers		92,073,447
Foreign currency held at value		14,901
Receivable for investments sold		41,525,330
Receivable for fund shares sold		1,402,128
Distributions receivable from affiliated funds		56,408
Prepaid expenses		2,836
Other receivables		70,947
Total assets		2,524,780,501
Liabilities
Payable for investments purchased		4,716,005
Payable for fund shares redeemed		2,123,733
Accrued management fee		1,300,995
Distribution and service plan fees payable		44,191
Other payables and accrued expenses		36,569
Collateral on securities loaned		17,709,750
Total liabilities		25,931,243
Net Assets	$	2,498,849,258
Net assets consist of:
Paid in capital		1,456,828,638
Total accumulated earnings (loss)		1,042,020,620
Net Assets	$	2,498,849,258
Net Asset Value and Maximum Offering
Class A
Net Asset Value and redemption price per share ($107,812,361/802,475 shares) a	$	134.35
Maximum offering price per share (100/94.25 of $134.35)	$	142.55
Class M
Net Asset Value and redemption price per share ($16,492,349/124,583 shares) a	$	132.38
Maximum offering price per share (100/96.50 of $132.38)	$	137.18
Class C
Net Asset Value and offering price per share ($16,687,829/131,090 shares) a	$	127.30
Communication Services Portfolio
Net Asset Value, offering price and redemption price per share ($2,066,881,524/15,117,273 shares)	$	136.72
Class I
Net Asset Value, offering price and redemption price per share ($145,418,867/1,067,298 shares)	$	136.25
Class Z
Net Asset Value, offering price and redemption price per share ($145,556,328/1,056,367 shares)	$	137.79
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Other Information
Unaffiliated issuers, cost		1,572,222,338
Affiliated issuers, cost		92,073,446
Foreign currency holdings, cost		14,774
Securities loaned, market value		62,616,952

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	9,168,313
Dividends - affiliated issuers		757,374
Security lending income - unaffiliated issuers		63,738
Total investment income		9,989,425
Expenses
Management fee		8,117,725
Distribution and service plan fees		271,923
Custodian fees and expenses		17,202
Independent trustees' fees and expenses		3,824
Registration fees		115,177
Audit		23,605
Legal		1,122
Interest		44,470
Commitment fee		1,624
Miscellaneous		3,036
Total expenses		8,599,708
Net investment income (loss)		1,389,717
Net realized gain (loss)
Investments - unaffiliated issuers		240,218,618
Investments - affiliated issuers		5,269
Foreign currency transactions		(510,392)
Net realized gain (loss)		239,713,495
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(100,210,913)
Investments - affiliated issuers		1
Assets and liabilities in foreign currencies		729
Total change in net unrealized appreciation (depreciation)		(100,210,183)
Net gain (loss)		139,503,312
Net increase (decrease) in net assets resulting from operations	$	140,893,029
Other Information
Income from securities lending - Affiliated Issuers		412,894

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,389,717	$	(1,958,014)
Net realized gain (loss)		239,713,495		355,300,784
Change in net unrealized appreciation (depreciation)		(100,210,183)		168,478,892
Net increase (decrease) in net assets resulting from operations	$	140,893,029	$	521,821,662
Distributions to shareholders
Distributions to shareholders		(175,675,716)		(171,618,917)
Total distributions		(175,675,716)		(171,618,917)
Net increase (decrease) in net assets resulting from share transactions		(186,483,716)		482,103,833
Total increase (decrease) in net assets		(221,266,403)		832,306,578
Net Assets
Beginning of period		2,720,115,661		1,887,809,083
End of period	$	2,498,849,258	$	2,720,115,661

Financial Highlights

 

Fidelity Advisor® Communication Services Fund Class A

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	137.05	$	114.17	$	94.42	$	62.24	$	78.37	$	87.31
Income from Investment Operations
Net investment income (loss) B, C		(.12)		(.46)		(.34)		(.40) D		(.48)		(.60)
Net realized and unrealized gain (loss)		6.72		32.50		25.16		32.58		(15.65)		(3.18)
Total from investment operations		6.60		32.04		24.82		32.18		(16.13)		(3.78)
Distributions
Distributions from net realized gain		(9.30)		(9.16)		(5.07)		-		-		(5.16)
Total distributions		(9.30)		(9.16)		(5.07)		-		-		(5.16)
Net asset value, end of period	$	134.35	$	137.05	$	114.17	$	94.42	$	62.24	$	78.37
Total Return E, F, G		5.14%		28.72%		26.91%		51.70%		(20.58)%		(5.05)%
Ratios and Supplemental Data B, H, I
Ratio of expenses to average net assets before reductions		.91% J		.94%		.96%		1.05%		1.07%		1.03%
Ratio of expenses to average net assets net of fee waivers, if any		.91% J		.94%		.96%		1.04%		1.07%		1.03%
Ratio of expenses to average net assets net of all reductions, if any		.91% J		.94%		.96%		1.04%		1.07%		1.03%
Ratio of net investment income (loss) to average net assets		(.17)% J		(.36)%		(.33)%		(.51)% D		(.74)%		(.65)%
Net assets, end of period	$	107,812,361	$	112,640,873	$	78,618,918	$	56,157,356	$	24,285,213	$	33,678,712
Portfolio turnover rate K		141% J		147%		83%		45% L		45%		57%

AFor the year ended February 29.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.57%.

ETotal returns do not include the effect of the sales charges.

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

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

HExpense 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.

IFees 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.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

LPortfolio turnover rate excludes securities received or delivered in-kind.

 

Fidelity Advisor® Communication Services Fund Class M

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	135.28	$	112.65	$	93.45	$	61.75	$	77.94	$	86.94
Income from Investment Operations
Net investment income (loss) B, C		(.28)		(.77)		(.59)		(.59) D		(.63)		(.82)
Net realized and unrealized gain (loss)		6.63		32.10		24.86		32.29		(15.56)		(3.15)
Total from investment operations		6.35		31.33		24.27		31.70		(16.19)		(3.97)
Distributions
Distributions from net realized gain		(9.25)		(8.70)		(5.07)		-		-		(5.03)
Total distributions		(9.25)		(8.70)		(5.07)		-		-		(5.03)
Net asset value, end of period	$	132.38	$	135.28	$	112.65	$	93.45	$	61.75	$	77.94
Total Return E, F, G		5.02%		28.39%		26.60%		51.34%		(20.77)%		(5.28)%
Ratios and Supplemental Data C, H, I
Ratio of expenses to average net assets before reductions		1.16% J		1.19%		1.21%		1.30%		1.31%		1.27%
Ratio of expenses to average net assets net of fee waivers, if any		1.16% J		1.19%		1.21%		1.29%		1.31%		1.27%
Ratio of expenses to average net assets net of all reductions, if any		1.16% J		1.19%		1.21%		1.29%		1.31%		1.27%
Ratio of net investment income (loss) to average net assets		(.41)% J		(.61)%		(.58)%		(.76)% D		(.98)%		(.88)%
Net assets, end of period	$	16,492,349	$	18,306,466	$	13,596,797	$	9,724,986	$	3,499,049	$	5,816,800
Portfolio turnover rate K		141% J		147%		83%		45% L		45%		57%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.82%.

ETotal returns do not include the effect of the sales charges.

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

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

HFees 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.

IExpense 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.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

LPortfolio turnover rate excludes securities received or delivered in-kind.

 

Fidelity Advisor® Communication Services Fund Class C

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	130.67	$	109.28	$	91.23	$	60.57	$	76.81	$	86.05
Income from Investment Operations
Net investment income (loss) B, C		(.60)		(1.36)		(1.06)		(.93) D		(.90)		(1.27)
Net realized and unrealized gain (loss)		6.39		31.14		24.18		31.59		(15.34)		(3.07)
Total from investment operations		5.79		29.78		23.12		30.66		(16.24)		(4.34)
Distributions
Distributions from net realized gain		(9.16)		(8.39)		(5.07)		-		-		(4.90)
Total distributions		(9.16)		(8.39)		(5.07)		-		-		(4.90)
Net asset value, end of period	$	127.30	$	130.67	$	109.28	$	91.23	$	60.57	$	76.81
Total Return E, F, G		4.75%		27.76%		25.97%		50.62%		(21.14)%		(5.76)%
Ratios and Supplemental Data C, H, I
Ratio of expenses to average net assets before reductions		1.65% J		1.69%		1.71%		1.77%		1.78%		1.78%
Ratio of expenses to average net assets net of fee waivers, if any		1.65% J		1.69%		1.71%		1.77%		1.78%		1.78%
Ratio of expenses to average net assets net of all reductions, if any		1.65% J		1.69%		1.71%		1.77%		1.78%		1.78%
Ratio of net investment income (loss) to average net assets		(.91)% J		(1.11)%		(1.07)%		(1.24)% D		(1.45)%		(1.39)%
Net assets, end of period	$	16,687,829	$	16,694,413	$	12,596,284	$	13,073,516	$	7,478,221	$	8,937,832
Portfolio turnover rate K		141% J		147%		83%		45% L		45%		57%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -1.3%.

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

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

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

HExpense 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.

IFees 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.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

LPortfolio turnover rate excludes securities received or delivered in-kind.

 

Communication Services Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	139.17	$	115.98	$	95.69	$	62.90	$	78.98	$	87.88
Income from Investment Operations
Net investment income (loss) B, C		.09		(.09)		(.03)		(.18) D		(.30)		(.34)
Net realized and unrealized gain (loss)		6.82		32.96		25.54		32.97		(15.78)		(3.22)
Total from investment operations		6.91		32.87		25.51		32.79		(16.08)		(3.56)
Distributions
Distributions from net realized gain		(9.36)		(9.68)		(5.22)		-		-		(5.34)
Total distributions		(9.36)		(9.68)		(5.22)		-		-		(5.34)
Net asset value, end of period	$	136.72	$	139.17	$	115.98	$	95.69	$	62.90	$	78.98
Total Return E, F		5.30%		29.10%		27.28%		52.13%		(20.36)%		(4.79)%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.62% I		.64%		.67%		.77%		.80%		.75%
Ratio of expenses to average net assets net of fee waivers, if any		.62% I		.64%		.67%		.76%		.79%		.74%
Ratio of expenses to average net assets net of all reductions, if any		.62% I		.64%		.67%		.76%		.79%		.74%
Ratio of net investment income (loss) to average net assets		.12% I		(.07)%		(.03)%		(.23)% D		(.47)%		(.36)%
Net assets, end of period	$	2,066,881,524	$	2,270,284,171	$	1,599,903,426	$	1,359,432,160	$	710,710,435	$	958,303,686
Portfolio turnover rate J		141% I		147%		83%		45% K		45%		57%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.29%.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

 

Fidelity Advisor® Communication Services Fund Class I

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	138.75	$	115.89	$	95.69	$	62.89	$	78.93	$	87.86
Income from Investment Operations
Net investment income (loss) B, C		.05		(.15)		(.08)		(.17) D		(.28)		(.34)
Net realized and unrealized gain (loss)		6.81		32.85		25.53		32.97		(15.76)		(3.22)
Total from investment operations		6.86		32.70		25.45		32.80		(16.04)		(3.56)
Distributions
Distributions from net realized gain		(9.36)		(9.84)		(5.25)		-		-		(5.37)
Total distributions		(9.36)		(9.84)		(5.25)		-		-		(5.37)
Net asset value, end of period	$	136.25	$	138.75	$	115.89	$	95.69	$	62.89	$	78.93
Total Return E, F		5.28%		29.04%		27.22%		52.15%		(20.32)%		(4.79)%
Ratios and Supplemental Data B, G, H
Ratio of expenses to average net assets before reductions		.67% I		.69%		.71%		.76%		.76%		.75%
Ratio of expenses to average net assets net of fee waivers, if any		.67% I		.69%		.71%		.75%		.75%		.75%
Ratio of expenses to average net assets net of all reductions, if any		.67% I		.69%		.71%		.75%		.75%		.75%
Ratio of net investment income (loss) to average net assets		.07% I		(.11)%		(.07)%		(.22)% D		(.43)%		(.37)%
Net assets, end of period	$	145,418,867	$	149,445,783	$	75,661,342	$	43,534,079	$	11,960,813	$	32,089,046
Portfolio turnover rate J		141% I		147%		83%		45% K		45%		57%

AFor the year ended February 29.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.28%.

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

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

 

Fidelity Advisor® Communication Services Fund Class Z

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	140.17	$	116.62	$	96.26	$	63.18	$	79.20	$	88.04
Income from Investment Operations
Net investment income (loss) B, C		.14		.01		.06		(.07) D		(.19)		(.22)
Net realized and unrealized gain (loss)		6.88		33.24		25.72		33.15		(15.83)		(3.23)
Total from investment operations		7.02		33.25		25.78		33.08		(16.02)		(3.45)
Distributions
Distributions from net investment income		- E		-		- E		-		-		-
Distributions from net realized gain		(9.39)		(9.70)		(5.42)		-		-		(5.39)
Total distributions		(9.40) F		(9.70)		(5.42)		-		-		(5.39)
Net asset value, end of period	$	137.79	$	140.17	$	116.62	$	96.26	$	63.18	$	79.20
Total Return G, H		5.34%		29.19%		27.41%		52.36%		(20.23)%		(4.65)%
Ratios and Supplemental Data C, I, J
Ratio of expenses to average net assets before reductions		.55% K		.57%		.58%		.62%		.62%		.62%
Ratio of expenses to average net assets net of fee waivers, if any		.55% K		.57%		.58%		.61%		.62%		.61%
Ratio of expenses to average net assets net of all reductions, if any		.55% K		.57%		.58%		.61%		.62%		.61%
Ratio of net investment income (loss) to average net assets		.19% K		.01%		.05%		(.08)% D		(.29)%		(.23)%
Net assets, end of period	$	145,556,328	$	152,743,955	$	107,432,316	$	34,324,921	$	3,314,282	$	6,476,735
Portfolio turnover rate L		141% K		147%		83%		45% M		45%		57%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.14%.

EAmount represents less than $.005 per share.

FTotal distributions per share do not sum due to rounding.

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

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

IExpense 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.

JFees 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.

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

MPortfolio turnover rate excludes securities received or delivered in-kind.

Construction and Housing Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares	Value ($)
UNITED STATES - 100.0%
Consumer Discretionary - 39.2%
Household Durables - 9.9%
Blu Homes Inc (a)(c)(d)	11,990,913	3,716
Cavco Industries Inc (a)	11,020	6,161,613
DR Horton Inc	29,376	4,246,595
Installed Building Products Inc (b)	18,750	4,553,063
KB Home	53,590	2,856,346
Meritage Homes Corp	59,300	4,117,199
PulteGroup Inc	119,085	15,042,817
Somnigroup International Inc (b)	183,878	11,906,101
Toll Brothers Inc	75,300	10,801,785
		59,689,235
Specialty Retail - 29.3%
Bob's Discount Furniture Inc (b)	112,100	1,886,643
Floor & Decor Holdings Inc Class A (a)(b)	191,950	9,649,327
Home Depot Inc/The	265,500	87,038,865
Lowe's Cos Inc	355,675	72,806,673
RH (a)	18,100	2,699,615
Wayfair Inc Class A (a)	900	89,342
Williams-Sonoma Inc	13,290	3,033,443
		177,203,908
TOTAL CONSUMER DISCRETIONARY		236,893,143
Industrials - 40.8%
Building Products - 22.1%
AAON Inc (b)	35,770	2,717,447
Armstrong World Industries Inc	53,490	9,231,304
Builders FirstSource Inc (a)	107,225	7,119,740
Carlisle Cos Inc	24,960	8,650,637
Carrier Global Corp	142,520	8,297,514
Hayward Holdings Inc (a)	209,010	2,936,591
Johnson Controls International plc	286,181	39,561,661
Madison Air Solutions Corp Class A	30,600	807,840
Masterbrand Inc (a)	181,434	1,496,831
Modine Manufacturing Co (a)	21,720	3,875,500
Simpson Manufacturing Co Inc	61,200	11,175,732
Trane Technologies PLC	84,860	37,711,784
		133,582,581
Construction & Engineering - 18.2%
AECOM	83,440	5,626,359
API Group Corp (a)	103,800	4,074,150
Cardinal Infrastructure Group Inc Class A	44,900	1,660,402
Comfort Systems USA Inc	14,440	22,318,753
EMCOR Group Inc	19,670	14,448,402
Granite Construction Inc	54,570	6,578,959
IES Holdings Inc (a)	28,400	8,605,200
MasTec Inc (a)	6,400	1,534,592
Quanta Services Inc	58,899	35,756,994
Sterling Infrastructure Inc (a)	6,560	3,083,659
WillScot Holdings Corp	299,490	6,199,443
		109,886,913
Trading Companies & Distributors - 0.5%
Herc Holdings Inc	19,500	2,970,630
TOTAL INDUSTRIALS		246,440,124
Materials - 10.8%
Chemicals - 0.4%
Sherwin-Williams Co/The	7,370	2,497,029
Construction Materials - 10.4%
CRH PLC	249,070	23,484,811
Eagle Materials Inc	27,190	5,281,929
James Hardie Industries PLC depository receipt (a)	314,563	9,352,503
Martin Marietta Materials Inc	43,170	22,392,280
Vulcan Materials Co	9,206	2,481,753
		62,993,276
TOTAL MATERIALS		65,490,305
Real Estate - 9.2%
Real Estate Management & Development - 0.7%
Compass Inc Class A (a)	393,780	4,158,316
Residential REITs - 8.5%
Camden Property Trust	103,850	10,987,330
Invitation Homes Inc	631,770	18,409,778
Sun Communities Inc	107,210	13,017,438
Vivmark Residential	137,340	8,946,328
		51,360,874
TOTAL REAL ESTATE		55,519,190
TOTAL UNITED STATES		604,342,762
TOTAL COMMON STOCKS  (Cost $324,240,714)		604,342,762

Money Market Funds - 2.6%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (e)	3.69	421,867	421,951
Fidelity Securities Lending Cash Central Fund (e)(f)	3.72	15,315,002	15,316,534
TOTAL MONEY MARKET FUNDS  (Cost $15,738,485)			15,738,485

TOTAL INVESTMENT IN SECURITIES - 102.6%  (Cost $339,979,199)	620,081,247
NET OTHER ASSETS (LIABILITIES) - (2.6)%	(15,943,986)
NET ASSETS - 100.0%	604,137,261

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 $3,716 or 0.0% 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.  

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Blu Homes Inc	5/21/2020	20,738

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	3,334,127	74,578,265	77,490,749	51,071	308	-	421,951	421,867
Fidelity Securities Lending Cash Central Fund	8,813,530	136,919,208	130,416,204	10,034	-	-	15,316,534	15,315,002
	12,147,657	211,497,473	207,906,953	61,105	308	-	15,738,485

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Consumer Discretionary	236,893,143	236,889,427	-	3,716
Industrials	246,440,124	246,440,124	-	-
Materials	65,490,305	65,490,305	-	-
Real Estate	55,519,190	55,519,190	-	-
Money Market Funds	15,738,485	15,738,485	-	-
Total Investments in Securities:	620,081,247	620,077,531	-	3,716

Construction and Housing Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	604,342,762
Investments in securities, at value - affiliated issuers		15,738,485
Receivable for fund shares sold		158,269
Dividends receivable		168,125
Distributions receivable from affiliated funds		9,472
Prepaid expenses		646
Other receivables		2,034
Total assets		620,419,793
Liabilities
Payable for fund shares redeemed		593,485
Accrued management fee		348,860
Other payables and accrued expenses		22,837
Collateral on securities loaned		15,317,350
Total liabilities		16,282,532
Net Assets	$	604,137,261
Net assets consist of:
Paid in capital		292,603,640
Total accumulated earnings (loss)		311,533,621
Net Assets	$	604,137,261
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($604,137,261/5,181,579 shares)	$	116.59
Other Information
Unaffiliated issuers, cost		324,240,714
Affiliated issuers, cost		15,738,485
Securities loaned, market value		18,079,963

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	5,043,734
Dividends - affiliated issuers		61,105
Security lending income - unaffiliated issuers		541
Total investment income		5,105,380
Expenses
Management fee		2,181,721
Custodian fees and expenses		3,470
Independent trustees' fees and expenses		994
Registration fees		22,961
Audit		20,423
Legal		196
Commitment fee		422
Miscellaneous		937
Total expenses		2,231,124
Expense reductions		(229)
Total expenses after reductions		2,230,895
Net investment income (loss)		2,874,485
Net realized gain (loss)
Investments - unaffiliated issuers		30,585,396
Investments - affiliated issuers		308
Foreign currency transactions		(1,890)
Net realized gain (loss)		30,583,814
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(109,673,880)
Total change in net unrealized appreciation (depreciation)		(109,673,880)
Net gain (loss)		(79,090,066)
Net increase (decrease) in net assets resulting from operations	$	(76,215,581)
Other Information
Income from securities lending - Affiliated Issuers		10,034

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,874,485	$	6,566,276
Net realized gain (loss)		30,583,814		37,798,600
Change in net unrealized appreciation (depreciation)		(109,673,880)		72,351,131
Net increase (decrease) in net assets resulting from operations	$	(76,215,581)	$	116,716,007
Distributions to shareholders
Distributions to shareholders		(23,980,364)		(22,280,896)
Total distributions		(23,980,364)		(22,280,896)
Net increase (decrease) in net assets resulting from share transactions		(45,146,629)		(127,091,763)
Total increase (decrease) in net assets		(145,342,574)		(32,656,652)
Net Assets
Beginning of period		749,479,835		782,136,487
End of period	$	604,137,261	$	749,479,835

Financial Highlights

 

Construction and Housing Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	135.13	$	118.45	$	115.78	$	88.48	$	89.80	$	77.53
Income from Investment Operations
Net investment income (loss) B, C		.53		1.10		.89		.90		.76		.57
Net realized and unrealized gain (loss)		(14.67)		19.47		6.60		27.28		(1.42)		17.59
Total from investment operations		(14.14)		20.57		7.49		28.18		(.66)		18.16
Distributions
Distributions from net investment income		-		(1.18)		(.85)		(.88)		(.66)		(.53)
Distributions from net realized gain		(4.40)		(2.71)		(3.97)		-		-		(5.36)
Total distributions		(4.40)		(3.89)		(4.82)		(.88)		(.66)		(5.89)
Net asset value, end of period	$	116.59	$	135.13	$	118.45	$	115.78	$	88.48	$	89.80
Total Return D, E		(10.63)%		17.84%		6.47%		31.93%		(.70)%		22.95%
Ratios and Supplemental Data C, F, G
Ratio of expenses to average net assets before reductions		.66% H		.68%		.69%		.77%		.77%		.75%
Ratio of expenses to average net assets net of fee waivers, if any		.66% H		.68%		.69%		.76%		.76%		.75%
Ratio of expenses to average net assets net of all reductions, if any		.66% H		.68%		.69%		.76%		.76%		.75%
Ratio of net investment income (loss) to average net assets		.85% H		.90%		.73%		.93%		.90%		.60%
Net assets, end of period	$	604,137,261	$	749,479,835	$	782,136,487	$	742,430,938	$	498,696,921	$	713,338,298
Portfolio turnover rate I		19% H		16%		36%		27%		20%		70%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FExpense 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.

GFees 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Consumer Discretionary Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares	Value ($)
BRAZIL - 1.3%
Consumer Discretionary - 1.3%
Broadline Retail - 1.3%
MercadoLibre Inc (a)	4,685	9,071,097
CANADA - 2.4%
Consumer Discretionary - 2.4%
Hotels, Restaurants & Leisure - 1.0%
Restaurant Brands International Inc (b)	94,275	7,348,409
Specialty Retail - 1.4%
Aritzia Inc Subordinate Voting Shares (a)	100,500	9,576,850
TOTAL CANADA		16,925,259
FINLAND - 0.3%
Consumer Discretionary - 0.3%
Textiles, Apparel & Luxury Goods - 0.3%
Amer Sports Inc (a)	75,700	2,312,635
FRANCE - 0.3%
Consumer Discretionary - 0.3%
Textiles, Apparel & Luxury Goods - 0.3%
LVMH Moet Hennessy Louis Vuitton SE	4,010	2,102,334
MEXICO - 0.5%
Consumer Discretionary - 0.5%
Automobile Components - 0.5%
Dauch Corp (a)	554,210	3,469,355
SWITZERLAND - 0.1%
Consumer Discretionary - 0.1%
Textiles, Apparel & Luxury Goods - 0.1%
On Holding AG Class A (a)	41,987	1,196,629
UNITED STATES - 95.1%
Consumer Discretionary - 92.1%
Automobile Components - 1.4%
Aptiv PLC (a)	93,650	4,191,774
LCI Industries	29,498	2,968,384
Versigent PLC	59,596	2,824,850
		9,985,008
Automobiles - 16.5%
General Motors Co	160,250	13,832,780
Tesla Inc (a)	281,671	103,640,844
		117,473,624
Broadline Retail - 26.1%
Amazon.com Inc (a)	658,619	171,089,458
Etsy Inc (a)	58,120	4,726,900
Ollie's Bargain Outlet Holdings Inc (a)	133,405	10,061,405
		185,877,763
Distributors - 0.8%
Genuine Parts Co	42,550	5,772,759
Hotels, Restaurants & Leisure - 17.1%
Aramark	77,873	4,385,029
Booking Holdings Inc	65,175	12,975,691
Carnival Corp Ltd	434,080	10,370,171
Chipotle Mexican Grill Inc (a)	266,360	10,129,671
Churchill Downs Inc	63,976	5,596,620
Domino's Pizza Inc	32,918	11,259,931
Hilton Worldwide Holdings Inc	57,596	18,216,463
Marriott International Inc/MD Class A1	15,978	5,460,641
McDonald's Corp	89,256	23,522,526
Red Rock Resorts Inc Class A	90,780	5,098,205
Royal Caribbean Cruises Ltd	19,770	5,312,990
Starbucks Corp	60,360	6,413,250
Wyndham Hotels & Resorts Inc	44,090	3,247,669
		121,988,857
Household Durables - 5.3%
Cavco Industries Inc (a)	10,120	5,658,396
Meritage Homes Corp	38,180	2,650,837
PulteGroup Inc	78,670	9,937,594
Somnigroup International Inc (b)	299,698	19,405,446
		37,652,273
Specialty Retail - 22.4%
Academy Sports & Outdoors Inc (b)	218,760	9,397,930
Bath & Body Works Inc	155,720	2,997,610
Bob's Discount Furniture Inc (b)	188,230	3,167,911
Dick's Sporting Goods Inc	64,166	8,668,827
Floor & Decor Holdings Inc Class A (a)(b)	214,215	10,768,588
Group 1 Automotive Inc	14,980	4,037,709
Home Depot Inc/The	91,504	29,997,756
Lithia Motors Inc	20,670	7,592,504
Lowe's Cos Inc	135,373	27,710,853
O'Reilly Automotive Inc (a)	26,955	2,393,604
RH (a)(b)	26,800	3,997,220
Ross Stores Inc	73,800	16,866,252
Sally Beauty Holdings Inc (a)(b)	209,649	3,434,051
TJX Cos Inc/The	133,226	17,840,294
Wayfair Inc Class A (a)	45,516	4,518,373
Williams-Sonoma Inc	25,920	5,916,240
		159,305,722
Textiles, Apparel & Luxury Goods - 2.5%
Capri Holdings Ltd (a)	118,590	1,571,318
Deckers Outdoor Corp (a)	61,824	5,383,634
NIKE Inc Class B	33,134	1,294,213
PVH Corp	62,757	4,654,059
Tapestry Inc	39,512	4,875,386
		17,778,610
TOTAL CONSUMER DISCRETIONARY		655,834,616
Consumer Staples - 1.9%
Consumer Staples Distribution & Retail - 1.9%
Dollar Tree Inc (a)	89,654	11,349,300
Performance Food Group Co (a)	20,030	1,986,375
TOTAL CONSUMER STAPLES		13,335,675
Materials - 1.1%
Construction Materials - 1.1%
James Hardie Industries PLC depository receipt (a)	254,973	7,580,789
TOTAL UNITED STATES		676,751,080
TOTAL COMMON STOCKS  (Cost $328,043,406)		711,828,389

Money Market Funds - 3.4%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	1,602,048	1,602,368
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	22,749,358	22,751,633
TOTAL MONEY MARKET FUNDS  (Cost $24,354,001)			24,354,001

TOTAL INVESTMENT IN SECURITIES - 103.4%  (Cost $352,397,407)	736,182,390
NET OTHER ASSETS (LIABILITIES) - (3.4)%	(24,381,291)
NET ASSETS - 100.0%	711,801,099

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	2,957,250	77,141,453	78,496,439	40,042	104	-	1,602,368	1,602,048
Fidelity Securities Lending Cash Central Fund	12,071,785	220,363,911	209,684,063	18,654	-	-	22,751,633	22,749,358
	15,029,035	297,505,364	288,180,502	58,696	104	-	24,354,001

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Consumer Discretionary	690,911,925	688,809,591	2,102,334	-
Consumer Staples	13,335,675	13,335,675	-	-
Materials	7,580,789	7,580,789	-	-
Money Market Funds	24,354,001	24,354,001	-	-
Total Investments in Securities:	736,182,390	734,080,056	2,102,334	-

Consumer Discretionary Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	711,828,389
Investments in securities, at value - affiliated issuers		24,354,001
Receivable for fund shares sold		126,654
Dividends receivable		224,384
Distributions receivable from affiliated funds		8,391
Prepaid expenses		970
Other receivables		19,260
Total assets		736,562,049
Liabilities
Payable for fund shares redeemed		1,519,422
Accrued management fee		413,688
Distribution and service plan fees payable		72,688
Other payables and accrued expenses		2,654
Collateral on securities loaned		22,752,498
Total liabilities		24,760,950
Net Assets	$	711,801,099
Net assets consist of:
Paid in capital		201,106,846
Total accumulated earnings (loss)		510,694,253
Net Assets	$	711,801,099
Net Asset Value and Maximum Offering
Class A
Net Asset Value and redemption price per share ($193,325,310/3,021,822 shares) a	$	63.98
Maximum offering price per share (100/94.25 of $63.98)	$	67.88
Class M
Net Asset Value and redemption price per share ($31,556,073/494,228 shares) a	$	63.85
Maximum offering price per share (100/96.50 of $63.85)	$	66.17
Class C
Net Asset Value and offering price per share ($20,039,041/315,172 shares) a	$	63.58
Consumer Discretionary Portfolio
Net Asset Value, offering price and redemption price per share ($303,718,884/4,736,757 shares)	$	64.12
Class I
Net Asset Value, offering price and redemption price per share ($133,063,130/2,075,861 shares)	$	64.10
Class Z
Net Asset Value, offering price and redemption price per share ($30,098,661/469,147 shares)	$	64.16
Other Information
Unaffiliated issuers, cost		328,043,406
Affiliated issuers, cost		24,354,001
Securities loaned, market value		29,197,370

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	3,491,258
Dividends - affiliated issuers		58,696
Security lending income - unaffiliated issuers		2,290
Total investment income		3,552,244
Expenses
Management fee		2,868,566
Distribution and service plan fees		449,265
Custodian fees and expenses		7,121
Independent trustees' fees and expenses		1,343
Registration fees		43,146
Audit		32,383
Legal		2,157
Interest		4,976
Commitment fee		562
Miscellaneous		640
Total expenses		3,410,159
Net investment income (loss)		142,085
Net realized gain (loss)
Investments - unaffiliated issuers		128,842,712
Investments - affiliated issuers		104
Foreign currency transactions		(723)
Net realized gain (loss)		128,842,093
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(143,162,734)
Assets and liabilities in foreign currencies		(1,062)
Total change in net unrealized appreciation (depreciation)		(143,163,796)
Net gain (loss)		(14,321,703)
Net increase (decrease) in net assets resulting from operations	$	(14,179,618)
Other Information
Income from securities lending - Affiliated Issuers		18,654

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	142,085	$	(81,559)
Net realized gain (loss)		128,842,093		66,368,373
Change in net unrealized appreciation (depreciation)		(143,163,796)		(7,211,533)
Net increase (decrease) in net assets resulting from operations	$	(14,179,618)	$	59,075,281
Distributions to shareholders
Distributions to shareholders		(42,891,037)		(24,752,290)
Total distributions		(42,891,037)		(24,752,290)
Net increase (decrease) in net assets resulting from share transactions		(191,294,958)		376,379,279
Total increase (decrease) in net assets		(248,365,613)		410,702,270
Net Assets
Beginning of period		960,166,712		549,464,442
End of period	$	711,801,099	$	960,166,712

Financial Highlights

 

Fidelity Advisor® Consumer Discretionary Fund Class A

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	68.06	$	70.59
Income from Investment Operations
Net investment income (loss) B, C		(.05)		(.07)
Net realized and unrealized gain (loss)		(.81)		.35
Total from investment operations		(.86)		.28
Distributions
Distributions from net investment income		-		(.01)
Distributions from net realized gain		(3.22)		(2.80)
Total distributions		(3.22)		(2.81)
Net asset value, end of period	$	63.98	$	68.06
Total Return D, E, F		(1.20)%		.34%
Ratios and Supplemental Data B, G, H
Ratio of expenses to average net assets before reductions		.96% I		.99% I
Ratio of expenses to average net assets net of fee waivers, if any		.96% I		.96% I
Ratio of expenses to average net assets net of all reductions, if any		.96% I		.96% I
Ratio of net investment income (loss) to average net assets		(.16)% I		(.31)% I
Net assets, end of period	$	193,325,310	$	213,529,254
Portfolio turnover rate J		23% I		21% K

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DTotal returns do not include the effect of the sales charges.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Consumer Discretionary Fund Class M

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	68.02	$	70.59
Income from Investment Operations
Net investment income (loss) B, C		(.13)		(.12)
Net realized and unrealized gain (loss)		(.82)		.35
Total from investment operations		(.95)		.23
Distributions
Distributions from net realized gain		(3.22)		(2.80)
Total distributions		(3.22)		(2.80)
Net asset value, end of period	$	63.85	$	68.02
Total Return D, E, F		(1.34)%		.27%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		1.21% I		1.25% I
Ratio of expenses to average net assets net of fee waivers, if any		1.21% I		1.22% I
Ratio of expenses to average net assets net of all reductions, if any		1.21% I		1.22% I
Ratio of net investment income (loss) to average net assets		(.41)% I		(.57)% I
Net assets, end of period	$	31,556,073	$	34,995,913
Portfolio turnover rate J		23% I		21% K

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal returns do not include the effect of the sales charges.

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

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Consumer Discretionary Fund Class C

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	67.91	$	70.59
Income from Investment Operations
Net investment income (loss) B, C		(.29)		(.23)
Net realized and unrealized gain (loss)		(.82)		.35
Total from investment operations		(1.11)		.12
Distributions
Distributions from net realized gain		(3.22)		(2.80)
Total distributions		(3.22)		(2.80)
Net asset value, end of period	$	63.58	$	67.91
Total Return D, E, F		(1.59)%		.11%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		1.70% I		1.74% I
Ratio of expenses to average net assets net of fee waivers, if any		1.70% I		1.71% I
Ratio of expenses to average net assets net of all reductions, if any		1.70% I		1.71% I
Ratio of net investment income (loss) to average net assets		(.89)% I		(1.05)% I
Net assets, end of period	$	20,039,041	$	25,437,909
Portfolio turnover rate J		23% I		21% K

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Consumer Discretionary Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	68.11	$	64.85	$	62.00	$	47.54	$	63.23	$	68.01
Income from Investment Operations
Net investment income (loss) B, C		.05		.04		.01		.03		.01		(.16)
Net realized and unrealized gain (loss)		(.82)		6.63		7.89		15.70		(9.85)		1.92
Total from investment operations		(.77)		6.67		7.90		15.73		(9.84)		1.76
Distributions
Distributions from net investment income		-		(.03)		(.05)		(.02)		(.02)		-
Distributions from net realized gain		(3.22)		(3.38)		(5.01)		(1.25)		(5.83)		(6.54)
Total distributions		(3.22)		(3.41)		(5.05) D		(1.27)		(5.85)		(6.54)
Net asset value, end of period	$	64.12	$	68.11	$	64.85	$	62.00	$	47.54	$	63.23
Total Return E, F		(1.07)%		10.48%		12.37%		33.59%		(16.87)%		1.88%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.66% I		.69%		.70%		.75%		.76%		.73%
Ratio of expenses to average net assets net of fee waivers, if any		.66% I		.68%		.69%		.74%		.76%		.73%
Ratio of expenses to average net assets net of all reductions, if any		.66% I		.68%		.69%		.74%		.76%		.73%
Ratio of net investment income (loss) to average net assets		.16% I		.05%		.01%		.05%		.02%		(.22)%
Net assets, end of period	$	303,718,884	$	481,012,476	$	549,464,442	$	555,322,904	$	424,791,347	$	418,674,564
Portfolio turnover rate J		23% I		21% K		30%		33%		46%		38%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal distributions per share do not sum due to rounding.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Consumer Discretionary Fund Class I

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	68.10	$	70.59
Income from Investment Operations
Net investment income (loss) B, C		.03		(.01)
Net realized and unrealized gain (loss)		(.81)		.35
Total from investment operations		(.78)		.34
Distributions
Distributions from net investment income		-		(.03)
Distributions from net realized gain		(3.22)		(2.80)
Total distributions		(3.22)		(2.83)
Net asset value, end of period	$	64.10	$	68.10
Total Return D, E		(1.08)%		.43%
Ratios and Supplemental Data B, F, G
Ratio of expenses to average net assets before reductions		.70% H		.73% H
Ratio of expenses to average net assets net of fee waivers, if any		.70% H		.70% H
Ratio of expenses to average net assets net of all reductions, if any		.70% H		.70% H
Ratio of net investment income (loss) to average net assets		.10% H		(.03)% H
Net assets, end of period	$	133,063,130	$	144,832,442
Portfolio turnover rate I		23% H		21% J

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

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

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

FFees 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.

GExpense 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

JThe portfolio turnover rate does not include the assets acquired in the reorganization.

 

Fidelity Advisor® Consumer Discretionary Fund Class Z

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026 A
Selected Per Share Data
Net asset value, beginning of period	$	68.12	$	70.59
Income from Investment Operations
Net investment income (loss) B, C		.09		.02
Net realized and unrealized gain (loss)		(.83)		.35
Total from investment operations		(.74)		.37
Distributions
Distributions from net investment income		-		(.04)
Distributions from net realized gain		(3.22)		(2.80)
Total distributions		(3.22)		(2.84)
Net asset value, end of period	$	64.16	$	68.12
Total Return D, E		(1.02)%		.47%
Ratios and Supplemental Data C, F, G
Ratio of expenses to average net assets before reductions		.57% H		.60% H
Ratio of expenses to average net assets net of fee waivers, if any		.57% H		.58% H
Ratio of expenses to average net assets net of all reductions, if any		.57% H		.58% H
Ratio of net investment income (loss) to average net assets		.27% H		.08% H
Net assets, end of period	$	30,098,661	$	60,358,718
Portfolio turnover rate I		23% H		21% J

AFor the period November 6, 2025 (commencement of sale of shares) through February 28, 2026.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FExpense 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.

GFees 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

JThe portfolio turnover rate does not include the assets acquired in the reorganization.

Leisure Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares	Value ($)
UNITED STATES - 98.5%
Communication Services - 0.0%
Entertainment - 0.0%
Sphere Entertainment Co Class A (a)	400	54,520
Consumer Discretionary - 91.8%
Hotels, Restaurants & Leisure - 91.8%
Airbnb Inc Class A (a)	126,700	23,213,974
Aramark	50,700	2,854,917
Booking Holdings Inc	217,156	43,233,588
Carnival Corp Ltd	972,000	23,221,080
Cava Group Inc (a)	62,100	4,083,075
Chipotle Mexican Grill Inc (a)	563,050	21,412,792
Churchill Downs Inc	52,800	4,618,944
DoorDash Inc Class A (a)	101,500	23,521,610
Expedia Group Inc Class A	124,100	39,354,592
Hilton Worldwide Holdings Inc	128,032	40,493,961
Hyatt Hotels Corp Class A (b)	30,200	5,042,494
Las Vegas Sands Corp	145,300	6,365,593
Lindblad Expeditions Holdings Inc (a)(b)	549,600	14,597,376
Marriott International Inc/MD Class A1	92,625	31,655,520
McDonald's Corp	192,869	50,828,696
Royal Caribbean Cruises Ltd	33,900	9,110,286
Rush Street Interactive Inc Class A (a)	146,430	3,772,037
Starbucks Corp	320,356	34,037,825
Viking Holdings Ltd (a)	226,200	19,484,868
Wingstop Inc	23,336	2,554,825
Wynn Resorts Ltd	209,400	19,114,032
Yum! Brands Inc	121,900	18,688,489
TOTAL CONSUMER DISCRETIONARY		441,260,574
Consumer Staples - 6.3%
Consumer Staples Distribution & Retail - 6.3%
Performance Food Group Co (a)	75,900	7,527,003
US Foods Holding Corp (a)	219,400	23,001,896
TOTAL CONSUMER STAPLES		30,528,899
Industrials - 0.4%
Passenger Airlines - 0.4%
United Airlines Holdings Inc (a)	16,600	1,792,634
TOTAL UNITED STATES		473,636,627
TOTAL COMMON STOCKS  (Cost $313,109,435)		473,636,627

Money Market Funds - 2.3%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	1,344,685	1,344,954
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	9,893,527	9,894,516
TOTAL MONEY MARKET FUNDS  (Cost $11,239,470)			11,239,470

TOTAL INVESTMENT IN SECURITIES - 100.8%  (Cost $324,348,905)	484,876,097
NET OTHER ASSETS (LIABILITIES) - (0.8)%	(3,622,972)
NET ASSETS - 100.0%	481,253,125

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	3,697,394	80,559,287	82,911,910	45,405	183	-	1,344,954	1,344,685
Fidelity Securities Lending Cash Central Fund	6,616,000	108,667,254	105,388,738	5,837	-	-	9,894,516	9,893,527
	10,313,394	189,226,541	188,300,648	51,242	183	-	11,239,470

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Communication Services	54,520	54,520	-	-
Consumer Discretionary	441,260,574	441,260,574	-	-
Consumer Staples	30,528,899	30,528,899	-	-
Industrials	1,792,634	1,792,634	-	-
Money Market Funds	11,239,470	11,239,470	-	-
Total Investments in Securities:	484,876,097	484,876,097	-	-

Leisure Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	473,636,627
Investments in securities, at value - affiliated issuers		11,239,470
Cash		918,104
Foreign currency held at value		558
Receivable for investments sold		7,158,245
Receivable for fund shares sold		137,013
Dividends receivable		169,214
Distributions receivable from affiliated funds		5,528
Prepaid expenses		418
Other receivables		8,825
Total assets		493,274,002
Liabilities
Payable for investments purchased		918,105
Payable for fund shares redeemed		913,319
Accrued management fee		271,784
Other payables and accrued expenses		23,153
Collateral on securities loaned		9,894,516
Total liabilities		12,020,877
Net Assets	$	481,253,125
Net assets consist of:
Paid in capital		299,469,004
Total accumulated earnings (loss)		181,784,121
Net Assets	$	481,253,125
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($481,253,125/28,818,104 shares)	$	16.70
Other Information
Unaffiliated issuers, cost		313,109,435
Affiliated issuers, cost		11,239,470
Foreign currency holdings, cost		542
Securities loaned, market value		8,925,530

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	2,643,035
Dividends - affiliated issuers		51,242
Security lending income - unaffiliated issuers		2,277
Total investment income		2,696,554
Expenses
Management fee		1,603,004
Custodian fees and expenses		3,428
Independent trustees' fees and expenses		737
Registration fees		15,166
Audit		20,865
Legal		500
Commitment fee		312
Miscellaneous		804
Total expenses		1,644,816
Expense reductions		(1,237)
Total expenses after reductions		1,643,579
Net investment income (loss)		1,052,975
Net realized gain (loss)
Investments - unaffiliated issuers		25,247,027
Investments - affiliated issuers		183
Foreign currency transactions		(1,462)
Net realized gain (loss)		25,245,748
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(11,095,734)
Assets and liabilities in foreign currencies		(11)
Total change in net unrealized appreciation (depreciation)		(11,095,745)
Net gain (loss)		14,150,003
Net increase (decrease) in net assets resulting from operations	$	15,202,978
Other Information
Income from securities lending - Affiliated Issuers		5,837

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,052,975	$	3,053,715
Net realized gain (loss)		25,245,748		92,429,889
Change in net unrealized appreciation (depreciation)		(11,095,745)		(156,902,296)
Net increase (decrease) in net assets resulting from operations	$	15,202,978	$	(61,418,692)
Distributions to shareholders
Distributions to shareholders		(26,456,293)		(89,400,381)
Total distributions		(26,456,293)		(89,400,381)
Net increase (decrease) in net assets resulting from share transactions		(40,700,557)		(38,028,665)
Total increase (decrease) in net assets		(51,953,872)		(188,847,738)
Net Assets
Beginning of period		533,206,997		722,054,735
End of period	$	481,253,125	$	533,206,997

Financial Highlights

 

Leisure Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	17.04	$	21.82	$	19.24	$	15.85	$	16.38	$	18.94
Income from Investment Operations
Net investment income (loss) B, C		.03		.09		.08		.09		.07		.01
Net realized and unrealized gain (loss)		.50		(1.97)		4.02		3.60		(.12)		1.41
Total from investment operations		.53		(1.88)		4.10		3.69		(.05)		1.42
Distributions
Distributions from net investment income		- D		(.10)		(.11)		(.07)		(.05)		(.02)
Distributions from net realized gain		(.87)		(2.80)		(1.41)		(.23)		(.42)		(3.96)
Total distributions		(.87)		(2.90)		(1.52)		(.30)		(.48) E		(3.98)
Net asset value, end of period	$	16.70	$	17.04	$	21.82	$	19.24	$	15.85	$	16.38
Total Return F, G		3.44%		(8.96)%		21.91%		23.47%		(.22)%		7.53%
Ratios and Supplemental Data C, H, I
Ratio of expenses to average net assets before reductions		.66% J		.68%		.69%		.73%		.74%		.73%
Ratio of expenses to average net assets net of fee waivers, if any		.66% J		.68%		.69%		.73%		.74%		.73%
Ratio of expenses to average net assets net of all reductions, if any		.66% J		.68%		.69%		.73%		.74%		.73%
Ratio of net investment income (loss) to average net assets		.42% J		.48%		.39%		.51%		.45%		.05%
Net assets, end of period	$	481,253,125	$	533,206,997	$	722,054,735	$	676,697,240	$	563,380,676	$	646,800,262
Portfolio turnover rate K		106% J		65%		43%		39%		46%		79%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DAmount represents less than $.005 per share.

ETotal distributions per share do not sum due to rounding.

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

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

HFees 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.

IExpense 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.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Retailing Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares	Value ($)
BRAZIL - 2.8%
Consumer Discretionary - 2.8%
Broadline Retail - 2.8%
MercadoLibre Inc (a)	31,613	61,209,091
CANADA - 0.8%
Consumer Discretionary - 0.5%
Specialty Retail - 0.3%
Aritzia Inc Subordinate Voting Shares (a)	60,937	5,806,811
Textiles, Apparel & Luxury Goods - 0.2%
Gildan Activewear Inc (b)	84,900	4,428,313
TOTAL CONSUMER DISCRETIONARY		10,235,124
Consumer Staples - 0.3%
Consumer Staples Distribution & Retail - 0.3%
Alimentation Couche-Tard Inc	113,700	6,847,678
TOTAL CANADA		17,082,802
FINLAND - 0.6%
Consumer Discretionary - 0.6%
Textiles, Apparel & Luxury Goods - 0.6%
Amer Sports Inc (a)	460,439	14,066,411
FRANCE - 0.3%
Consumer Discretionary - 0.3%
Textiles, Apparel & Luxury Goods - 0.3%
Kering SA	19,700	5,805,054
GERMANY - 0.7%
Consumer Discretionary - 0.7%
Textiles, Apparel & Luxury Goods - 0.7%
Adidas AG	86,300	15,115,215
UNITED STATES - 93.9%
Consumer Discretionary - 65.7%
Broadline Retail - 28.6%
Amazon.com Inc (a)	2,085,447	541,736,567
eBay Inc	479,000	49,605,240
Etsy Inc (a)(b)	312,579	25,422,050
Ollie's Bargain Outlet Holdings Inc (a)(b)	106,500	8,032,230
		624,796,087
Household Durables - 0.4%
Somnigroup International Inc	134,541	8,711,530
Specialty Retail - 31.5%
American Eagle Outfitters Inc (b)	728,892	12,121,474
Bath & Body Works Inc	1,024,675	19,724,994
Bob's Discount Furniture Inc (b)	188,900	3,179,186
Boot Barn Holdings Inc (a)(b)	107,800	16,237,914
Burlington Stores Inc (a)	107,000	27,794,320
Carvana Co Class A (a)	176,145	12,939,612
Five Below Inc (a)	120,100	29,645,484
Floor & Decor Holdings Inc Class A (a)(b)	426,124	21,421,253
Group 1 Automotive Inc	74,538	20,090,973
Home Depot Inc/The (b)	90,202	29,570,922
Lithia Motors Inc	66,300	24,353,316
Lowe's Cos Inc	649,803	133,014,674
O'Reilly Automotive Inc (a)	736,170	65,371,896
RH (a)(b)	109,549	16,339,233
Ross Stores Inc	318,332	72,751,595
Signet Jewelers Ltd (b)	182,100	14,983,188
TJX Cos Inc/The	422,972	56,640,181
Ulta Beauty Inc (a)	24,831	13,336,730
Urban Outfitters Inc (a)(b)	259,811	20,964,150
Victoria's Secret & Co (a)	212,700	18,166,707
Warby Parker Inc Class A (a)(b)	516,867	12,714,928
Wayfair Inc Class A (a)	132,381	13,141,462
Williams-Sonoma Inc	142,175	32,451,444
		686,955,636
Textiles, Apparel & Luxury Goods - 5.2%
Carter's Inc (b)	118,300	3,831,736
Crocs Inc (a)	77,000	9,269,260
Deckers Outdoor Corp (a)	262,258	22,837,427
Kontoor Brands Inc (b)	267,200	20,149,552
NIKE Inc Class B (b)	477,314	18,643,885
PVH Corp (b)	149,572	11,092,260
Ralph Lauren Corp Class A	50,900	17,657,210
VF Corp (b)	713,700	9,592,128
		113,073,458
TOTAL CONSUMER DISCRETIONARY		1,433,536,711
Consumer Staples - 28.2%
Consumer Staples Distribution & Retail - 28.2%
BJ's Wholesale Club Holdings Inc (a)(b)	488,600	44,291,590
Casey's General Stores Inc	36,869	27,733,230
Costco Wholesale Corp	162,400	153,287,736
Dollar Tree Inc (a)	512,096	64,826,233
Kroger Co/The	332,800	19,149,312
Sprouts Farmers Market Inc (a)(b)	332,800	27,302,912
Target Corp	496,575	79,888,986
Walmart Inc	1,898,379	199,083,006
TOTAL CONSUMER STAPLES		615,563,005
TOTAL UNITED STATES		2,049,099,716
TOTAL COMMON STOCKS  (Cost $1,200,910,629)		2,162,378,289

Money Market Funds - 4.4%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	19,926,608	19,930,594
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	77,500,657	77,508,407
TOTAL MONEY MARKET FUNDS  (Cost $97,439,001)			97,439,001

TOTAL INVESTMENT IN SECURITIES - 103.5%  (Cost $1,298,349,630)	2,259,817,290
NET OTHER ASSETS (LIABILITIES) - (3.5)%	(77,112,205)
NET ASSETS - 100.0%	2,182,705,085

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	788,126	261,870,083	242,727,336	105,488	(279)	-	19,930,594	19,926,608
Fidelity Securities Lending Cash Central Fund	74,753,822	634,370,561	631,615,976	170,594	-	-	77,508,407	77,500,657
	75,541,948	896,240,644	874,343,312	276,082	(279)	-	97,439,001

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Consumer Discretionary	1,539,967,606	1,519,047,337	20,920,269	-
Consumer Staples	622,410,683	622,410,683	-	-
Money Market Funds	97,439,001	97,439,001	-	-
Total Investments in Securities:	2,259,817,290	2,238,897,021	20,920,269	-

Retailing Portfolio

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	2,162,378,289
Investments in securities, at value - affiliated issuers		97,439,001
Receivable for investments sold		2,210,494
Receivable for fund shares sold		157,190
Dividends receivable		1,811,258
Distributions receivable from affiliated funds		27,222
Prepaid expenses		2,108
Other receivables		21,038
Total assets		2,264,046,600
Liabilities
Payable for fund shares redeemed		2,637,611
Accrued management fee		1,165,542
Other payables and accrued expenses		23,956
Collateral on securities loaned		77,514,406
Total liabilities		81,341,515
Net Assets	$	2,182,705,085
Net assets consist of:
Paid in capital		968,795,321
Total accumulated earnings (loss)		1,213,909,764
Net Assets	$	2,182,705,085
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($2,182,705,085/125,515,613 shares)	$	17.39
Other Information
Unaffiliated issuers, cost		1,200,910,629
Affiliated issuers, cost		97,439,001
Securities loaned, market value		93,061,615

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	9,402,275
Dividends - affiliated issuers		276,082
Security lending income - unaffiliated issuers		50,835
Total investment income		9,729,192
Expenses
Management fee		7,096,940
Custodian fees and expenses		13,902
Independent trustees' fees and expenses		3,409
Registration fees		20,346
Audit		20,947
Legal		1,447
Interest		14,529
Commitment fee		1,443
Miscellaneous		3,357
Total expenses		7,176,320
Net investment income (loss)		2,552,872
Net realized gain (loss)
Investments - unaffiliated issuers		258,680,730
Investments - affiliated issuers		(279)
Foreign currency transactions		21,538
Net realized gain (loss)		258,701,989
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(251,183,237)
Assets and liabilities in foreign currencies		(481)
Total change in net unrealized appreciation (depreciation)		(251,183,718)
Net gain (loss)		7,518,271
Net increase (decrease) in net assets resulting from operations	$	10,071,143
Other Information
Income from securities lending - Affiliated Issuers		170,594

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,552,872	$	4,938,127
Net realized gain (loss)		258,701,989		479,129,625
Change in net unrealized appreciation (depreciation)		(251,183,718)		(374,532,589)
Net increase (decrease) in net assets resulting from operations	$	10,071,143	$	109,535,163
Distributions to shareholders
Distributions to shareholders		(149,463,518)		(398,855,195)
Total distributions		(149,463,518)		(398,855,195)
Net increase (decrease) in net assets resulting from share transactions		(120,410,721)		(270,000,490)
Total increase (decrease) in net assets		(259,803,096)		(559,320,522)
Net Assets
Beginning of period		2,442,508,181		3,001,828,703
End of period	$	2,182,705,085	$	2,442,508,181

Financial Highlights

 

Retailing Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	18.48	$	20.71	$	20.77	$	16.75	$	19.92	$	23.50
Income from Investment Operations
Net investment income (loss) B, C		.02		.04		.03		.05		.05		(.02)
Net realized and unrealized gain (loss)		.04		.81		2.45		5.36		(2.76)		.11
Total from investment operations		.06		.85		2.48		5.41		(2.71)		.09
Distributions
Distributions from net investment income		-		(.03)		(.03)		(.06)		(.06)		-
Distributions from net realized gain		(1.15)		(3.05)		(2.51)		(1.33)		(.41)		(3.67)
Total distributions		(1.15)		(3.08)		(2.54)		(1.39)		(.46) D		(3.67)
Net asset value, end of period	$	17.39	$	18.48	$	20.71	$	20.77	$	16.75	$	19.92
Total Return E, F		.42%		5.04%		12.77%		33.23%		(13.86)%		(1.23)%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.61% I		.63%		.64%		.72%		.72%		.70%
Ratio of expenses to average net assets net of fee waivers, if any		.61% I		.63%		.64%		.71%		.72%		.70%
Ratio of expenses to average net assets net of all reductions, if any		.61% I		.63%		.64%		.71%		.72%		.70%
Ratio of net investment income (loss) to average net assets		.22% I		.19%		.13%		.28%		.31%		(.07)%
Net assets, end of period	$	2,182,705,085	$	2,442,508,181	$	3,001,828,703	$	3,078,717,443	$	2,774,090,386	$	3,704,190,829
Portfolio turnover rate J		38% I		46%		39%		49%		32%		33%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal distributions per share do not sum due to rounding.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

 (Unaudited)

For the period ended August 31, 2026

• 1. Organization.

Automotive Portfolio, Communication Services Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Leisure Portfolio, and Retailing Portfolio (the Funds) are funds of Fidelity Select Portfolios (the Trust) and are 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 following Funds are non-diversified:Automotive Portfolio, Communication Services Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Leisure Portfolio, and Retailing Portfolio.

The Funds offer the classes of shares listed below.

Fund Name	Class Name
Automotive Portfolio	Automotive Portfolio
Communication Services Portfolio	Class A, Class M, Class C, Communication Services Portfolio, Class I, and Class Z
Construction and Housing Portfolio	Construction and Housing Portfolio
Consumer Discretionary Portfolio	Class A, Class M, Class C, Consumer Discretionary Portfolio, Class I, and Class Z
Leisure Portfolio	Leisure Portfolio
Retailing Portfolio	Retailing Portfolio

Each class has equal rights as to assets and voting privileges, and exclusive voting rights with respect to matters that affect that class. Class A, Class M, Class C, Class I and Class Z, as applicable, are Fidelity Advisor classes.

Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

• 2. 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. Each Fund operates as a single operating segment. Each Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with each Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each 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 designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 

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 - unadjusted 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 service 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 any 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.

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

Communication Services Portfolio

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.

Asset Type	Fair Value	Valuation Technique (s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input*
Convertible Preferred Stocks	$32,302,529	Market comparable	Enterprise value/Revenue multiple (EV/R)	9.6 - 30.1 / 21.1	Increase
		Black scholes	Discount rate	4.3%	Increase
			Term	3.0	Increase
			Volatility	80.0%	Increase

* 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 period end, as well as a roll forward of Level 3 instruments, 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 investment holdings and net asset value (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.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Certain distributions received represent a return of capital or capital gain. Components of these distributions are determined 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. If actual amounts are not available, the Fund estimates the components of these distributions. When estimates are used, the Fund adjusts the components of these distributions as necessary once the issuers provide information about the actual composition of the distributions.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable, as applicable.

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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.  

For Communication Services Portfolio and Consumer Discretionary Portfolio, investment income, realized and unrealized capital gains and losses, common expenses, 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. 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 may result 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: capital loss carryforwards, foreign currency transactions, losses deferred due to excise tax regulations, net operating losses, passive foreign investment companies (PFIC), 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:

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Automotive Portfolio	38,003,480	25,204,966	(1,090,865)	24,114,101
Communication Services Portfolio	1,705,451,007	871,604,248	(95,347,304)	776,256,944
Construction and Housing Portfolio	341,465,579	303,615,729	(25,000,061)	278,615,668
Consumer Discretionary Portfolio	352,947,522	395,230,400	(11,995,532)	383,234,868
Leisure Portfolio	325,700,025	173,095,938	(13,919,866)	159,176,072
Retailing Portfolio	1,302,134,010	1,035,362,088	(77,678,808)	957,683,280

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2025 to February 28, 2026, and/or ordinary losses recognized during the period January 1, 2026 to February 28, 2026. Loss deferrals were as follows:

	Capital losses ($)	Ordinary losses ($)
Consumer Discretionary Portfolio	-	(738,332)

Restricted Securities (including Private Placements). 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 held at period end is included at the end of the Schedule of Investments, if applicable.

• 3. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Automotive Portfolio	37,509,239	44,114,347
Communication Services Portfolio	1,836,920,956	2,281,913,422
Construction and Housing Portfolio	62,135,065	128,132,041
Consumer Discretionary Portfolio	98,457,312	330,113,038
Leisure Portfolio	257,837,829	321,573,234
Retailing Portfolio	432,653,808	709,230,412

• 4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide each Fund with investment management related services for which each Fund pays a monthly management fee.

Each Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee.

Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.

When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Automotive Portfolio	0.72
Communication Services Portfolio
Class A	0.72
Class M	0.72
Class C	0.71
Communication Services Portfolio	0.71
Class I	0.69
Class Z	0.56
Construction and Housing Portfolio	0.70
Consumer Discretionary Portfolio
Class A	0.70
Class M	0.72
Class C	0.71
Consumer Discretionary Portfolio	0.68
Class I	0.69
Class Z	0.56
Leisure Portfolio	0.68
Retailing Portfolio	0.68

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class.

For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Automotive Portfolio	0.64
Communication Services Portfolio
Class A	0.65
Class M	0.65
Class C	0.65
Communication Services Portfolio	0.60
Class I	0.65
Class Z	0.54
Construction and Housing Portfolio	0.64
Consumer Discretionary Portfolio
Class A	0.69
Class M	0.69
Class C	0.69
Consumer Discretionary Portfolio	0.64
Class I	0.68
Class Z	0.55
Leisure Portfolio	0.64
Retailing Portfolio	0.61

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, separate Distribution and Service Plans for each class of shares have been adopted by the Funds. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and or Service Fees, each of which is based on an annual percentage of each class's average net assets. In addition, FDC may pay financial intermediaries for selling shares 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	141,880	6,421
Class M	.25	.25	45,212	-
Class C	.75	.25	84,831	9,906
			271,923	16,327
Consumer Discretionary Portfolio
Class A	-	.25	253,148	1,052
Class M	.25	.25	82,965	-
Class C	.75	.25	113,152	4,254
			449,265	5,306

Sales Load. FDC may receive a front-end sales charge of up to a certain percentage for selling shares of certain classes, some of which is paid to financial intermediaries for selling shares. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on redemptions from certain classes. For the period, front-end sales charge rates, deferred sales charge rates and sales charge amounts retained by FDC were as follows:

	Front-End Sales Charge (%)	Deferred Sales Charge (%)	Retained by FDC ($)
Communication Services Portfolio
Class A A	5.75	1.00	18,644
Class M A	3.50	.25	545
Class C B	-	1.00	169
			19,358
Consumer Discretionary Portfolio
Class A A	5.75	1.00	7,394
Class M A	3.50	.25	760
Class C B	-	1.00	212
			8,366

A  Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to the sales charge indicated. 

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

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	716
Communication Services Portfolio	31,049
Construction and Housing Portfolio	884
Consumer Discretionary Portfolio	2,020
Leisure Portfolio	2,689
Retailing Portfolio	4,634

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds.

At period end, Automotive Portfolio, Communication Services Portfolio, Construction and Housing Portfolio, Consumer Discretionary Portfolio, Leisure Portfolio, and Retailing 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 ($)	Weighted Average Interest Rate (%)	Interest expense ($)
Communication Services Portfolio	Borrower	12,168,294	3.87	44,470
Consumer Discretionary Portfolio	Borrower	23,014,000	3.89	4,976
Retailing Portfolio	Borrower	6,201,778	3.87	6,007

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Automotive Portfolio	357,447	669,322	12,538
Communication Services Portfolio	131,056,951	200,014,591	50,235,528
Construction and Housing Portfolio	6,106,621	314,179	251,293
Consumer Discretionary Portfolio	2,658,370	112,314	(11,242)
Leisure Portfolio	13,211,094	22,845,362	411,885
Retailing Portfolio	62,912,985	32,092,738	7,062,029

• 5. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Statement of Operations.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  

The line of credit agreement will expire in March 2027 unless extended or renewed.

• 6. Security Lending.

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 investment adviser. 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. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in dividends - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Automotive Portfolio	1,429	-	-
Communication Services Portfolio	49,913	2,784	-
Construction and Housing Portfolio	1,099	120	-
Consumer Discretionary Portfolio	2,213	147	-
Leisure Portfolio	847	-	-
Retailing Portfolio	23,301	56	-

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

	Amount ($)
Automotive Portfolio	886,840
Communication Services Portfolio	47,551,372
Construction and Housing Portfolio	3,749,465
Consumer Discretionary Portfolio	7,741,127
Retailing Portfolio	19,442,143

• 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 ($)	Weighted Average Interest Rate (%)	Interest expense ($)
Retailing Portfolio	5,311,214	4.13	8,522

• 8. Expense Reductions.

Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.

	Custodian Credits ($)
Construction and Housing Portfolio	229
Leisure Portfolio	1,237

• 9. Distributions to Shareholders. 

Distributions to shareholders of each class were as follows:

	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026
Automotive Portfolio
Automotive Portfolio	3,443,844	5,478,308
Total	3,443,844	5,478,308
Communication Services Portfolio
Class A	7,563,160	7,010,268
Class M	1,242,004	1,092,264
Class C	1,156,954	979,077
Communication Services Portfolio	145,227,950	144,571,945
Class I	10,059,537	9,244,500
Class Z	10,426,111	8,720,863
Total	175,675,716	171,618,917
Construction and Housing Portfolio
Construction and Housing Portfolio	23,980,364	22,280,896
Total	23,980,364	22,280,896
Consumer Discretionary Portfolio
Class A (Commencement of sale of shares November 6, 2025)	9,913,721	20,113
Class M (Commencement of sale of shares November 6, 2025)	1,623,599	3,967
Class C (Commencement of sale of shares November 6, 2025)	1,145,841	3,967
Consumer Discretionary Portfolio	21,026,949	24,615,514
Class I (Commencement of sale of shares November 6, 2025)	6,740,049	69,135
Class Z (Commencement of sale of shares November 6, 2025)	2,440,878	39,594
Total	42,891,037	24,752,290
Leisure Portfolio
Leisure Portfolio	26,456,293	89,400,381
Total	26,456,293	89,400,381
Retailing Portfolio
Retailing Portfolio	149,463,518	398,855,195
Total	149,463,518	398,855,195

• 10. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Six months ended	Year ended	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026	August 31, 2026	February 28, 2026
Automotive Portfolio
Automotive Portfolio
Shares sold	94,405	250,993	5,150,505	15,530,193
Reinvestment of distributions	58,128	81,035	3,135,409	4,977,167
Shares redeemed	(201,062)	(469,340)	(11,047,255)	(28,145,093)
Net increase (decrease)	(48,529)	(137,312)	(2,761,341)	(7,637,733)
Communication Services Portfolio
Class A
Shares sold	81,619	290,902	11,114,029	37,629,527
Reinvestment of distributions	58,830	54,147	7,539,005	6,985,770
Shares redeemed	(159,876)	(211,775)	(21,755,542)	(26,643,318)
Net increase (decrease)	(19,427)	133,274	(3,102,508)	17,971,979
Class M
Shares sold	2,750	26,032	370,760	3,426,537
Reinvestment of distributions	9,811	8,548	1,240,151	1,089,856
Shares redeemed	(23,296)	(19,965)	(3,122,509)	(2,476,936)
Net increase (decrease)	(10,735)	14,615	(1,511,598)	2,039,457
Class C
Shares sold	6,117	31,586	797,962	3,993,431
Reinvestment of distributions	9,459	7,848	1,151,916	973,273
Shares redeemed	(12,251)	(26,938)	(1,569,378)	(3,130,579)
Net increase (decrease)	3,325	12,496	380,500	1,836,125
Communication Services Portfolio
Shares sold	1,139,799	6,934,541	158,334,958	935,408,940
Reinvestment of distributions	1,031,111	1,028,540	134,322,753	133,858,559
Shares redeemed	(3,366,527)	(5,444,579)	(465,180,426)	(701,978,291)
Net increase (decrease)	(1,195,617)	2,518,502	(172,522,715)	367,289,208
Class I
Shares sold	267,675	734,831	35,899,579	94,718,023
Reinvestment of distributions	73,661	68,384	9,564,092	8,878,487
Shares redeemed	(351,099)	(379,010)	(48,786,030)	(48,986,951)
Net increase (decrease)	(9,763)	424,205	(3,322,359)	54,609,559
Class Z
Shares sold	352,074	832,369	48,159,649	115,074,486
Reinvestment of distributions	20,263	17,379	2,659,552	2,289,392
Shares redeemed	(405,675)	(681,291)	(57,224,237)	(79,006,373)
Net increase (decrease)	(33,338)	168,457	(6,405,036)	38,357,505
Construction and Housing Portfolio
Construction and Housing Portfolio
Shares sold	292,553	818,142	36,269,452	102,300,184
Reinvestment of distributions	177,936	170,842	21,823,824	20,243,682
Shares redeemed	(835,147)	(2,046,110)	(103,239,905)	(249,635,629)
Net increase (decrease)	(364,658)	(1,057,126)	(45,146,629)	(127,091,763)
Consumer Discretionary Portfolio
Class A (Commencement of sale of shares November 6, 2025)
Shares sold	77,180	61,567	5,025,929	4,262,907
Issued in exchange for the shares of the Acquired Fund(s)	-	3,273,055	-	217,298,043
Reinvestment of distributions	151,920	223	9,583,142	15,598
Shares redeemed	(344,555)	(197,569)	(22,439,800)	(13,685,989)
Net increase (decrease)	(115,455)	3,137,276	(7,830,729)	207,890,559
Class M (Commencement of sale of shares November 6, 2025)
Shares sold	8,040	6,659	521,999	461,622
Issued in exchange for the shares of the Acquired Fund(s)	-	531,687	-	35,298,708
Reinvestment of distributions	25,252	-	1,591,359	-
Shares redeemed	(53,585)	(23,825)	(3,499,748)	(1,628,066)
Net increase (decrease)	(20,293)	514,521	(1,386,390)	34,132,264
Class C (Commencement of sale of shares November 6, 2025)
Shares sold	7,132	8,195	462,331	575,777
Issued in exchange for the shares of the Acquired Fund(s)	-	415,299	-	27,567,573
Reinvestment of distributions	18,098	-	1,137,982	-
Shares redeemed	(84,652)	(48,899)	(5,482,959)	(3,390,245)
Net increase (decrease)	(59,422)	374,595	(3,882,646)	24,753,105
Consumer Discretionary Portfolio
Shares sold	354,077	949,259	23,066,054	63,150,062
Reinvestment of distributions	305,138	344,066	19,269,471	22,732,712
Shares redeemed	(2,984,843)	(2,703,379)	(191,267,514)	(175,371,944)
Net increase (decrease)	(2,325,628)	(1,410,054)	(148,931,989)	(89,489,170)
Class I (Commencement of sale of shares November 6, 2025)
Shares sold	202,205	131,118	13,273,870	9,110,116
Issued in exchange for the shares of the Acquired Fund(s)	-	2,434,163	-	161,628,361
Reinvestment of distributions	100,229	860	6,328,436	60,133
Shares redeemed	(353,270)	(439,444)	(23,121,736)	(30,496,597)
Net increase (decrease)	(50,836)	2,126,697	(3,519,430)	140,302,013
Class Z (Commencement of sale of shares November 6, 2025)
Shares sold	157,914	86,445	10,326,243	5,999,377
Issued in exchange for the shares of the Acquired Fund(s)	-	899,453	-	59,723,637
Reinvestment of distributions	34,903	467	2,204,843	32,699
Shares redeemed	(609,786)	(100,249)	(38,274,860)	(6,965,205)
Net increase (decrease)	(416,969)	886,116	(25,743,774)	58,790,508
Leisure Portfolio
Leisure Portfolio
Shares sold	901,776	2,651,332	14,480,317	52,763,009
Reinvestment of distributions	1,539,343	4,502,499	24,121,497	81,299,686
Shares redeemed	(4,913,769)	(8,956,115)	(79,302,371)	(172,091,360)
Net increase (decrease)	(2,472,650)	(1,802,284)	(40,700,557)	(38,028,665)
Retailing Portfolio
Retailing Portfolio
Shares sold	2,132,209	4,081,530	37,509,126	77,985,846
Reinvestment of distributions	8,027,625	20,466,060	137,834,329	367,414,573
Shares redeemed	(16,803,692)	(37,355,691)	(295,754,176)	(715,400,909)
Net increase (decrease)	(6,643,858)	(12,808,101)	(120,410,721)	(270,000,490)

• 11. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

• 12. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

• 13. Prior Fiscal Year Reorganization Information.

On November 14, 2025, Consumer Discretionary Portfolio acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Consumer Discretionary Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board).  The securities held by the Acquired Fund were the primary assets acquired by Consumer Discretionary Portfolio. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on November 6, 2025. The acquisition was accomplished by an exchange of each class of Consumer Discretionary Portfolio for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by Consumer Discretionary Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Consumer Discretionary Portfolio's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes.  The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

Acquired Fund	Investments $	Unrealized appreciation (depreciation) $	Net Assets $	Shares Exchanged	Shares Exchanged Ratio
Fidelity Advisor Consumer Discretionary Fund	498,911,963	274,953,951
Class A			217,298,043	4,740,878	0.6903901190
Class M			35,298,708	858,450	0.6193568308
Class C			27,567,573	846,648	0.4905212413
Class I			161,628,361	3,140,257	0.7751475904
Class Z			59,723,637	1,150,791	0.7815948795

Acquiring Fund	Net Assets $	Total net assets after the acquisition $
Consumer Discretionary Portfolio	488,795,655	990,311,977

Pro forma results of operations of the combined entity for the entire period ended February 28, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net investment income (loss)	$(513,110)
Total net realized gain (loss)	82,096,890
Total change in net unrealized appreciation (depreciation)	15,164,210
Net increase (decrease) in net assets resulting from operations	$96,747,990

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in Consumer Discretionary Portfolio's Statement of Operations since November 14, 2025.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Automotive Portfolio

Communication Services Portfolio  

Construction and Housing Portfolio

Consumer Discretionary Portfolio

Leisure Portfolio

Retailing Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board voted to continue each fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on the funds in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of the management fee and total expense ratio of the fund or, for Communication Services Portfolio and Consumer Discretionary Portfolio, a representative class generally determined by selecting the largest non-12b-1 class by asset total in a given fund category; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that the Investment Advisers' analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under separate agreements.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. Each of Construction & Housing Portfolio and Retailing Portfolio underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2026, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that each fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund, or each class of the fund, as applicable, receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of each fund (or the retail class for Communication Services Portfolio and Consumer Discretionary Portfolio), the Board considered the effective management fee rate for the fund or the retail class, as applicable, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees (for Communication Services Portfolio and Consumer Discretionary Portfolio). The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. For each fund, the data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) of the fund or, for Communication Services Portfolio and Consumer Discretionary Portfolio, the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the fund or, for Communication Services Portfolio and Consumer Discretionary Portfolio, the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund or, for Communication Services Portfolio and Consumer Discretionary Portfolio, the retail class of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons of the fund or, for Communication Services Portfolio and Consumer Discretionary Portfolio, the retail class of each fund relative to the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that the management fee rate of the fund (or the retail class for Communication Services Portfolio and Consumer Discretionary Portfolio) ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of each fund (or the retail class for Communication Services Portfolio and Consumer Discretionary Portfolio) ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025.

For Communication Services Portfolio and Consumer Discretionary Portfolio, the Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Other Contractual Arrangements. The Board considered that Fidelity has contractually agreed to reimburse the Automotive Portfolio to the extent that total operating expenses to the extent that total operating expenses, with certain exceptions, exceed 0.90% through June 30, 2027.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the funds, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the management fee of each class of each fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the funds and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing funds at scale from inception. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.

The Board recognized that each fund's management contract incorporates a variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total net assets of specified Fidelity funds in the same asset class as the funds, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through July 31, 2027.

1.813637.121

SELCON-SANN-1026

Fidelity® Climate Fund

Fidelity® Natural Resources Fund

(Fidelity® Climate Fund  formerly Fidelity® Environment and Alternative Energy Fund)

Semi-Annual Report

August 31, 2026

Contents

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. © 2026 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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Climate Fund

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares	Value ($)
CANADA - 0.6%
Industrials - 0.6%
Ground Transportation - 0.6%
Canadian Pacific Kansas City Ltd	43,500	4,029,702
GERMANY - 2.7%
Industrials - 2.7%
Electrical Equipment - 2.7%
Innio NV	5,900	119,180
Siemens Energy AG	108,830	17,925,130
TOTAL GERMANY		18,044,310
NETHERLANDS - 3.4%
Information Technology - 3.4%
Semiconductors & Semiconductor Equipment - 3.4%
NXP Semiconductors NV	99,010	22,241,606
UNITED STATES - 92.6%
Consumer Discretionary - 10.0%
Automobiles - 9.8%
Rivian Automotive Inc Class A (b)	150,790	2,421,687
Tesla Inc (b)	168,020	61,822,959
		64,244,646
Household Durables - 0.2%
KB Home	30,360	1,618,188
TOTAL CONSUMER DISCRETIONARY		65,862,834
Energy - 0.7%
Energy Equipment & Services - 0.7%
Baker Hughes Co Class A	69,860	4,439,603
Oil, Gas & Consumable Fuels - 0.0%
Centrus Energy Corp Class A (b)	2,190	375,366
TOTAL ENERGY		4,814,969
Industrials - 41.0%
Aerospace & Defense - 0.7%
Woodward Inc	12,750	4,332,705
Building Products - 4.5%
Carrier Global Corp	29,880	1,739,614
Johnson Controls International plc	84,560	11,689,574
Madison Air Solutions Corp Class A	5,700	150,480
Tecnoglass Holdings Inc	40,236	1,597,369
Trane Technologies PLC	32,700	14,531,880
		29,708,917
Commercial Services & Supplies - 4.3%
Clean Harbors Inc (b)	18,190	5,734,398
Onterris Inc (a)(b)	476,388	7,965,207
Republic Services Inc	60,690	13,407,635
Tetra Tech Inc	28,080	1,014,811
		28,122,051
Construction & Engineering - 3.7%
Comfort Systems USA Inc	4,390	6,785,272
Construction Partners Inc Class A (b)	11,080	1,176,695
EMCOR Group Inc	10,140	7,448,236
WillScot Holdings Corp	445,270	9,217,089
		24,627,292
Electrical Equipment - 12.1%
Acuity Inc	49,160	16,310,796
Bloom Energy Corp Class A (b)	14,280	2,945,964
Eaton Corp PLC	56,200	22,585,656
Emerson Electric Co	17,380	2,649,407
Forgent Power Solutions Inc Class A	214,990	6,565,795
GE Vernova Inc	29,110	26,156,209
Nextpower Inc (b)	30,530	2,504,376
		79,718,203
Ground Transportation - 3.2%
CSX Corp	336,010	16,971,865
Union Pacific Corp	13,170	3,959,824
		20,931,689
Industrial Conglomerates - 1.1%
3M Co	41,670	7,160,156
Machinery - 8.8%
Cummins Inc	22,072	12,457,437
Dover Corp	17,110	3,323,274
Ingersoll Rand Inc	67,920	5,233,236
ITT Inc	40,220	8,055,664
Parker-Hannifin Corp	5,370	5,259,593
Pentair PLC	141,476	8,553,639
Watts Water Technologies Inc Class A	12,650	4,626,738
Westinghouse Air Brake Technologies Corp	37,890	10,833,888
		58,343,469
Professional Services - 1.5%
KBR Inc	261,160	9,793,500
Trading Companies & Distributors - 1.1%
Core & Main Inc Class A (b)	113,020	4,855,340
Ferguson Enterprises Inc	11,640	2,613,296
		7,468,636
TOTAL INDUSTRIALS		270,206,618
Information Technology - 28.1%
Communications Equipment - 9.1%
Arista Networks Inc (b)	157,110	30,744,856
Cisco Systems Inc	262,700	29,025,723
		59,770,579
Electronic Equipment, Instruments & Components - 1.4%
Coherent Corp (b)	13,890	3,859,059
Vontier Corp	193,390	6,229,092
		10,088,151
IT Services - 2.6%
DigitalOcean Holdings Inc (b)	10,490	1,161,138
IBM Corporation	67,353	15,751,846
		16,912,984
Semiconductors & Semiconductor Equipment - 4.3%
Analog Devices Inc	58,130	21,051,198
Cerebras Systems Inc Class A (b)	2,000	368,480
Enphase Energy Inc (b)	19,960	726,943
First Solar Inc (b)	31,300	6,319,470
		28,466,091
Software - 10.7%
Microsoft Corp	135,760	68,869,691
Zoom Communications Inc Class A (b)	17,310	1,673,531
		70,543,222
TOTAL INFORMATION TECHNOLOGY		185,781,027
Materials - 4.0%
Chemicals - 2.9%
Linde PLC	38,430	18,814,559
Construction Materials - 0.4%
Suncrete Inc Class A	145,300	2,491,895
Metals & Mining - 0.7%
Steel Dynamics Inc	20,730	4,822,213
TOTAL MATERIALS		26,128,667
Real Estate - 4.1%
Industrial REITs - 3.4%
Prologis Inc	161,890	22,651,649
Specialized REITs - 0.7%
Equinix Inc	4,370	4,574,166
TOTAL REAL ESTATE		27,225,815
Utilities - 4.7%
Electric Utilities - 4.1%
Entergy Corp	68,540	7,286,487
NextEra Energy Inc	235,870	19,421,536
		26,708,023
Independent Power and Renewable Electricity Producers - 0.6%
Fervo Energy Co Class A (a)(b)	75,340	1,158,729
Vistra Corp	22,480	3,088,078
		4,246,807
TOTAL UTILITIES		30,954,830
TOTAL UNITED STATES		610,974,760
TOTAL COMMON STOCKS  (Cost $446,921,444)		655,290,378

Convertible Preferred Stocks - 0.0%
	Shares	Value ($)
UNITED STATES - 0.0%
Information Technology - 0.0%
Electronic Equipment, Instruments & Components - 0.0%
Cellink Corp Series D (b)(c)(d)   (Cost $295,699)	14,200	185,026

Money Market Funds - 1.3%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (e)	3.69	6,146,717	6,147,946
Fidelity Securities Lending Cash Central Fund (e)(f)	3.72	2,366,190	2,366,426
TOTAL MONEY MARKET FUNDS  (Cost $8,514,228)			8,514,372

TOTAL INVESTMENT IN SECURITIES - 100.6%  (Cost $455,731,371)	663,989,776
NET OTHER ASSETS (LIABILITIES) - (0.6)%	(3,734,887)
NET ASSETS - 100.0%	660,254,889

Legend

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

(b) Non-income producing.  

(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 $185,026 or 0.0% 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 ($)
Cellink Corp Series D	1/20/2022	295,699

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	8,704,484	61,178,447	63,733,635	189,869	(1,494)	144	6,147,946	6,146,717
Fidelity Securities Lending Cash Central Fund	3,081,126	34,681,074	35,395,774	2,549	-	-	2,366,426	2,366,190
	11,785,610	95,859,521	99,129,409	192,418	(1,494)	144	8,514,372

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Consumer Discretionary	65,862,834	65,862,834	-	-
Energy	4,814,969	4,814,969	-	-
Industrials	292,280,630	274,355,500	17,925,130	-
Information Technology	208,022,633	208,022,633	-	-
Materials	26,128,667	26,128,667	-	-
Real Estate	27,225,815	27,225,815	-	-
Utilities	30,954,830	30,954,830	-	-
Convertible Preferred Stocks
Information Technology	185,026	-	-	185,026
Money Market Funds	8,514,372	8,514,372	-	-
Total Investments in Securities:	663,989,776	645,879,620	17,925,130	185,026

Fidelity® Climate Fund

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	655,475,404
Investments in securities, at value - affiliated issuers		8,514,372
Foreign currency held at value		4,817
Receivable for fund shares sold		310,013
Dividends receivable		707,032
Distributions receivable from affiliated funds		18,663
Prepaid expenses		720
Other receivables		2,845
Total assets		665,033,866
Liabilities
Payable for fund shares redeemed		2,018,735
Accrued management fee		367,791
Other payables and accrued expenses		26,126
Collateral on securities loaned		2,366,325
Total liabilities		4,778,977
Net Assets	$	660,254,889
Net assets consist of:
Paid in capital		423,345,003
Total accumulated earnings (loss)		236,909,886
Net Assets	$	660,254,889
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($660,254,889/12,863,193 shares)	$	51.33
Other Information
Unaffiliated issuers, cost		447,217,143
Affiliated issuers, cost		8,514,228
Foreign currency holdings, cost		5,508
Securities loaned, market value		5,908,266

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	3,434,748
Dividends - affiliated issuers		192,418
Security lending income - unaffiliated issuers		1,855
Total investment income		3,629,021
Expenses
Management fee		2,161,433
Custodian fees and expenses		3,083
Independent trustees' fees and expenses		920
Registration fees		34,771
Audit		30,744
Legal		482
Commitment fee		385
Miscellaneous		690
Total expenses		2,232,508
Net investment income (loss)		1,396,513
Net realized gain (loss)
Investments - unaffiliated issuers		27,446,908
Investments - affiliated issuers		(1,494)
Foreign currency transactions		(7,060)
Net realized gain (loss)		27,438,354
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(12,001,799)
Investments - affiliated issuers		144
Assets and liabilities in foreign currencies		(1,127)
Total change in net unrealized appreciation (depreciation)		(12,002,782)
Net gain (loss)		15,435,572
Net increase (decrease) in net assets resulting from operations	$	16,832,085
Other Information
Income from securities lending - Affiliated Issuers		2,549

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,396,513	$	2,442,182
Net realized gain (loss)		27,438,354		70,372,711
Change in net unrealized appreciation (depreciation)		(12,002,782)		88,332,847
Net increase (decrease) in net assets resulting from operations	$	16,832,085	$	161,147,740
Distributions to shareholders
Distributions to shareholders		(8,474,204)		(2,200,962)
Total distributions		(8,474,204)		(2,200,962)
Net increase (decrease) in net assets resulting from share transactions		6,867,497		(40,086,732)
Total increase (decrease) in net assets		15,225,378		118,860,046
Net Assets
Beginning of period		645,029,511		526,169,465
End of period	$	660,254,889	$	645,029,511

Financial Highlights

 

Fidelity® Climate Fund

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	50.66	$	38.10	$	34.47	$	27.85	$	30.97	$	30.16
Income from Investment Operations
Net investment income (loss) B, C		.11		.19		.16		.18		.15		.11
Net realized and unrealized gain (loss)		1.23		12.55		3.63		6.57		(3.09)		3.46
Total from investment operations		1.34		12.74		3.79		6.75		(2.94)		3.57
Distributions
Distributions from net investment income		(.02)		(.18)		(.16)		(.13)		(.18)		(.10)
Distributions from net realized gain		(.65)		-		-		-		-		(2.66)
Total distributions		(.67)		(.18)		(.16)		(.13)		(.18)		(2.76)
Net asset value, end of period	$	51.33	$	50.66	$	38.10	$	34.47	$	27.85	$	30.97
Total Return D, E		2.71%		33.45%		10.98%		24.26%		(9.46)%		11.02%
Ratios and Supplemental Data C, F, G
Ratio of expenses to average net assets before reductions		.66% H		.68%		.69%		.81%		.79%		.79%
Ratio of expenses to average net assets net of fee waivers, if any		.66% H		.68%		.69%		.80%		.79%		.79%
Ratio of expenses to average net assets net of all reductions, if any		.66% H		.68%		.69%		.80%		.79%		.79%
Ratio of net investment income (loss) to average net assets		.41% H		.43%		.43%		.60%		.52%		.33%
Net assets, end of period	$	660,254,889	$	645,029,511	$	526,169,465	$	523,776,551	$	472,603,830	$	755,741,700
Portfolio turnover rate I		25% H		50% J		38%		35%		34%		89%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FExpense 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.

GFees 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

JPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity® Natural Resources Fund

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares	Value ($)
AUSTRALIA - 0.0%
Energy - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
3D Energi Ltd (a)(b)	6,307,152	180,788
3D Energi Ltd warrants 2/27/2028 (a)(b)	3,713,632	27
TOTAL AUSTRALIA		180,815
BRAZIL - 2.8%
Materials - 2.8%
Metals & Mining - 2.8%
Wheaton Precious Metals Corp (United States) (c)	191,250	28,846,238
CANADA - 30.7%
Energy - 16.0%
Oil, Gas & Consumable Fuels - 16.0%
Athabasca Oil Corp (a)	5,798,066	44,470,177
Greenfire Resources Ltd (a)	115,702	712,724
Greenfire Resources Ltd rights 9/15/2026 (a)	9,800	10,878
Imperial Oil Ltd	383,819	50,441,064
Sintana Energy Inc (a)	1,451,382	408,412
South Bow Corp (United States)	401,600	15,168,432
Suncor Energy Inc (United States)	769,500	51,417,990
TOTAL ENERGY		162,629,677
Materials - 14.7%
Chemicals - 0.7%
Nutrien Ltd (United States)	104,200	7,870,226
Metals & Mining - 14.0%
AbraSilver Resource Corp (a)	217,600	2,466,536
Agnico Eagle Mines Ltd/CA (United States)	159,400	32,375,734
Altius Minerals Corp	712,400	33,107,748
Barrick Mining Corp (United States)	441,400	19,787,962
Franco-Nevada Corp	52,500	13,810,726
McEwen Inc (a)(c)	167,600	3,378,816
Metalla Royalty & Streaming Ltd (a)	1,019,500	10,623,191
Pan American Silver Corp (United States) (c)	152,800	7,933,376
Teck Resources Ltd Class B (United States)	273,400	18,624,008
		142,108,097
TOTAL MATERIALS		149,978,323
TOTAL CANADA		312,608,000
PORTUGAL - 1.3%
Energy - 1.3%
Oil, Gas & Consumable Fuels - 1.3%
Galp Energia SGPS SA	524,200	13,119,223
UNITED KINGDOM - 0.4%
Energy - 0.4%
Energy Equipment & Services - 0.4%
TechnipFMC PLC	51,300	4,009,095
UNITED STATES - 63.4%
Energy - 46.4%
Energy Equipment & Services - 1.3%
National Energy Services Reunited Corp (a)	197,900	6,948,269
Tenaris SA ADR	115,500	6,452,985
		13,401,254
Oil, Gas & Consumable Fuels - 45.1%
Chevron Corp	91,200	18,799,968
ConocoPhillips	483,900	64,111,911
Expand Energy Corp	57,700	5,663,832
ExxonMobil Holdings Corp	1,178,359	189,656,881
Phillips 66	178,700	44,063,846
Shell PLC ADR	665,700	60,878,265
Sunococorp LLC (c)	171,300	13,310,010
Valero Energy Corp	171,800	61,662,456
		458,147,169
TOTAL ENERGY		471,548,423
Materials - 17.0%
Chemicals - 2.6%
Albemarle Corp	196,300	26,494,611
Construction Materials - 2.9%
Amrize Ltd (United States)	65,900	2,879,830
CRH PLC	126,200	11,899,398
Martin Marietta Materials Inc	29,400	15,249,780
		30,029,008
Containers & Packaging - 2.3%
Ball Corp	152,200	9,584,034
Packaging Corp of America	9,900	2,316,006
Smurfit Westrock PLC	247,800	11,621,820
		23,521,860
Metals & Mining - 9.2%
Freeport-McMoRan Inc	490,200	37,127,748
Hecla Mining Co	290,700	5,776,209
Newmont Corp	275,300	34,704,318
Royal Gold Inc	30,400	7,948,688
Uranium Royalty Corp (c)	1,769,200	7,448,332
		93,005,295
TOTAL MATERIALS		173,050,774
TOTAL UNITED STATES		644,599,197
ZAMBIA - 0.6%
Materials - 0.6%
Metals & Mining - 0.6%
First Quantum Minerals Ltd (a)	191,500	6,369,746
TOTAL COMMON STOCKS  (Cost $605,984,244)		1,009,732,314

Money Market Funds - 3.6%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (d)	3.69	2,631,479	2,632,005
Fidelity Securities Lending Cash Central Fund (d)(e)	3.72	34,313,403	34,316,834
TOTAL MONEY MARKET FUNDS  (Cost $36,948,729)			36,948,839

TOTAL INVESTMENT IN SECURITIES - 102.8%  (Cost $642,932,973)	1,046,681,153
NET OTHER ASSETS (LIABILITIES) - (2.8)%	(28,096,851)
NET ASSETS - 100.0%	1,018,584,302

Legend

(a) Non-income producing.  

(b) Level 3 security.  

(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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	4,028,463	111,272,552	112,668,958	80,690	(162)	110	2,632,005	2,631,479
Fidelity Securities Lending Cash Central Fund	76,523,466	360,510,415	402,717,047	77,060	-	-	34,316,834	34,313,403
	80,551,929	471,782,967	515,386,005	157,750	(162)	110	36,948,839

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Energy	651,487,233	638,187,195	13,119,223	180,815
Materials	358,245,081	358,245,081	-	-
Money Market Funds	36,948,839	36,948,839	-	-
Total Investments in Securities:	1,046,681,153	1,033,381,115	13,119,223	180,815

Fidelity® Natural Resources Fund

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	1,009,732,314
Investments in securities, at value - affiliated issuers		36,948,839
Foreign currency held at value		5
Receivable for investments sold		4,356,455
Receivable for fund shares sold		3,209,511
Dividends receivable		2,892,249
Distributions receivable from affiliated funds		25,953
Prepaid expenses		1,011
Other receivables		151,155
Total assets		1,057,317,492
Liabilities
Payable for investments purchased		2,432,284
Payable for fund shares redeemed		1,293,939
Accrued management fee		531,641
Other payables and accrued expenses		160,348
Collateral on securities loaned		34,314,978
Total liabilities		38,733,190
Net Assets	$	1,018,584,302
Net assets consist of:
Paid in capital		650,655,589
Total accumulated earnings (loss)		367,928,713
Net Assets	$	1,018,584,302
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($1,018,584,302/14,279,250 shares)	$	71.33
Other Information
Unaffiliated issuers, cost		605,984,244
Affiliated issuers, cost		36,948,729
Securities loaned, market value		34,514,271

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	10,170,460
Dividends - affiliated issuers		157,750
Security lending income - unaffiliated issuers		3,526
Total investment income		10,331,736
Expenses
Management fee		3,198,007
Custodian fees and expenses		18,805
Independent trustees' fees and expenses		1,342
Registration fees		46,878
Audit		28,260
Legal		266
Interest		4,578
Commitment fee		570
Miscellaneous		730
Total expenses		3,299,436
Net investment income (loss)		7,032,300
Net realized gain (loss)
Investments - unaffiliated issuers		44,457,132
Investments - affiliated issuers		(162)
Foreign currency transactions		21,795
Net realized gain (loss)		44,478,765
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		30,344,382
Investments - affiliated issuers		110
Assets and liabilities in foreign currencies		(1,476)
Total change in net unrealized appreciation (depreciation)		30,343,016
Net gain (loss)		74,821,781
Net increase (decrease) in net assets resulting from operations	$	81,854,081
Other Information
Income from securities lending - Affiliated Issuers		77,060

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	7,032,300	$	12,707,966
Net realized gain (loss)		44,478,765		62,836,833
Change in net unrealized appreciation (depreciation)		30,343,016		239,547,970
Net increase (decrease) in net assets resulting from operations	$	81,854,081	$	315,092,769
Distributions to shareholders
Distributions to shareholders		(3,593,367)		(13,123,469)
Total distributions		(3,593,367)		(13,123,469)
Net increase (decrease) in net assets resulting from share transactions		(49,792,360)		116,291,189
Total increase (decrease) in net assets		28,468,354		418,260,489
Net Assets
Beginning of period		990,115,948		571,855,459
End of period	$	1,018,584,302	$	990,115,948

Financial Highlights

 

Fidelity® Natural Resources Fund

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	65.49	$	43.01	$	41.94	$	39.98	$	34.22	$	23.21
Income from Investment Operations
Net investment income (loss) B, C		.47		.97		.76		.65		.83		.51
Net realized and unrealized gain (loss)		5.60		22.50		.94		1.96		5.87		10.91
Total from investment operations		6.07		23.47		1.70		2.61		6.70		11.42
Distributions
Distributions from net investment income		(.23)		(.99)		(.63)		(.65)		(.94)		(.41)
Total distributions		(.23)		(.99)		(.63)		(.65)		(.94)		(.41)
Net asset value, end of period	$	71.33	$	65.49	$	43.01	$	41.94	$	39.98	$	34.22
Total Return D, E		9.29%		55.20%		4.11%		6.57%		19.78%		49.71%
Ratios and Supplemental Data C, F, G
Ratio of expenses to average net assets before reductions		.66% H		.69%		.69%		.77%		.77%		.82%
Ratio of expenses to average net assets net of fee waivers, if any		.66% H		.69%		.69%		.76%		.77%		.81%
Ratio of expenses to average net assets net of all reductions, if any		.66% H		.69%		.69%		.76%		.77%		.81%
Ratio of net investment income (loss) to average net assets		1.41% H		1.94%		1.66%		1.60%		2.21%		1.84%
Net assets, end of period	$	1,018,584,302	$	990,115,948	$	571,855,459	$	588,242,470	$	812,429,080	$	598,033,530
Portfolio turnover rate I		69% H		81%		68%		50%		74%		98%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FExpense 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.

GFees 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

 (Unaudited)

For the period ended August 31, 2026

• 1. Organization.

Fidelity® Climate Fund and Fidelity® Natural Resources Fund (the Funds) are funds of Fidelity Select Portfolios (the Trust) and are 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 following Funds are non-diversified: Fidelity® Climate Fund and Fidelity® Natural Resources Fund.

During or after the reporting period the name change(s) listed below occurred.

Fund name	New Name	Old Name	Effective Date
Fidelity® Climate Fund	Fidelity® Climate Fund	Fidelity® Environment and Alternative Energy Fund	10/1/2026

• 2. 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. Each Fund operates as a single operating segment. Each Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with each Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each 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 designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 

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 - unadjusted 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 service 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 any 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 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 period end 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 investment holdings and net asset value (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.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Certain distributions received represent a return of capital or capital gain. Components of these distributions are determined 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. If actual amounts are not available, the Fund estimates the components of these distributions. When estimates are used, the Fund adjusts the components of these distributions as necessary once the issuers provide information about the actual composition of the distributions.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable, as applicable.

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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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, 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. These differences may result 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: capital loss carryforwards, deferred Trustee compensation, foreign currency transactions, partnerships, passive foreign investment companies (PFIC), redemptions in-kind, 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:

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Fidelity® Climate Fund	455,882,797	232,502,208	(24,395,229)	208,106,979
Fidelity® Natural Resources Fund	648,115,731	413,073,976	(14,508,554)	398,565,422

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 ($)	Total capital loss carryforward ($)
Fidelity® Natural Resources Fund	(82,158,053)	(82,158,053)

Restricted Securities (including Private Placements). 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 held at period end is included at the end of the Schedule of Investments, if applicable.

• 3. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity® Climate Fund	86,449,440	82,078,405
Fidelity® Natural Resources Fund	337,256,289	383,419,376

Prior Fiscal Year Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss 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. There was no gain or loss for federal income tax purposes.

	Shares	Net realized gain or loss on Affiliated Issuers ($)	Net realized gain or loss on Unaffiliated Issuers ($)	Total net realized gain or loss on Investments ($)	Total Proceeds ($)
Fidelity® Climate Fund	634,728	-	13,639,515	13,639,515	25,750,900

• 4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide each Fund with investment management related services for which each Fund pays a monthly management fee.

Any reference to "class" in this note shall mean each "Fund" as each Fund currently offers only one class of shares.

Each Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee.

Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.

When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Fidelity® Climate Fund	0.72
Fidelity® Natural Resources Fund	0.71

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class.

For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Fidelity® Climate Fund	0.64
Fidelity® Natural Resources Fund	0.64

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 affiliated mutual funds, are marked-to-market and remain in a 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 the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity® Natural Resources Fund $135,440

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 ($)
Fidelity® Climate Fund	482
Fidelity® Natural Resources Fund	6,846

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds.

At period end, Fidelity® Climate Fund and Fidelity® Natural Resources Fund 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 ($)	Weighted Average Interest Rate (%)	Interest expense ($)
Fidelity® Natural Resources Fund	Borrower	3,666,000	3.87	3,550

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity® Climate Fund	1,316,851	1,996,203	1,306,260
Fidelity® Natural Resources Fund	23,186,834	37,449,635	5,244,141

• 5. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Statement of Operations.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  

The line of credit agreement will expire in March 2027 unless extended or renewed.

• 6. Security Lending.

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 investment adviser. 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. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in dividends - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Fidelity® Climate Fund	445	123	-
Fidelity® Natural Resources Fund	8,243	-	-

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

	Amount ($)
Fidelity® Climate Fund	3,728,329
Fidelity® Natural Resources Fund	1,564,144

• 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 ($)	Weighted Average Interest Rate (%)	Interest expense ($)
Fidelity® Natural Resources Fund	1,791,000	4.13	1,028

• 8. Distributions to Shareholders. 

Distributions to shareholders of each class were as follows:

	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026
Fidelity® Climate Fund
Fidelity® Climate Fund	8,474,204	2,200,962
Total	8,474,204	2,200,962
Fidelity® Natural Resources Fund
Fidelity® Natural Resources Fund	3,593,367	13,123,469
Total	3,593,367	13,123,469

• 9. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Six months ended	Year ended	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026	August 31, 2026	February 28, 2026
Fidelity® Climate Fund
Shares sold	1,450,930	2,715,412	75,354,625	119,918,282
Reinvestment of distributions	159,054	41,611	7,753,899	2,007,311
Shares redeemed	(1,479,135)	(3,835,144)	(76,241,027)	(162,012,325)
Net increase (decrease)	130,849	(1,078,121)	6,867,497	(40,086,732)
Fidelity® Natural Resources Fund
Shares sold	3,544,950	5,438,239	233,656,862	291,742,583
Reinvestment of distributions	49,997	234,263	3,335,827	12,087,171
Shares redeemed	(4,434,709)	(3,848,561)	(286,785,049)	(187,538,565)
Net increase (decrease)	(839,762)	1,823,941	(49,792,360)	116,291,189

• 10. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

• 11. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Environment and Alternative Energy

FundFidelity Natural Resources Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other U.S. registered fund (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board voted to continue each fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on the funds in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in that fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that the Investment Advisers' analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that each fund's management fee is based on tiered schedules and subject to a maximum rate (the management fee). The Board also considered that in exchange for the variable management fee, each fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of each fund's management fee and total expense ratio, the Board considered the effective management fee rate for each fund, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) relative to the funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the total peer group; and (iv) total expense comparisons of each fund relative to funds and classes in the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the fund such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar investment mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing funds at scale from inception. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.

The Board recognized that each fund's management contract incorporates a variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total net assets of specified Fidelity funds in the same asset class as the funds, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through July 31, 2027.

1.9901476.105

EAE-NRF-SANN-1026

Fidelity® Select Portfolios®

Materials Sector

Chemicals Portfolio

Semi-Annual Report

August 31, 2026

Contents

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. © 2026 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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Chemicals Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares	Value ($)
GERMANY - 0.2%
Materials - 0.2%
Chemicals - 0.2%
Orion SA	124,326	775,794
UNITED STATES - 99.1%
Materials - 99.1%
Chemicals - 99.1%
Air Products and Chemicals Inc	65,911	20,396,818
Avient Corp	111,200	4,899,472
Axalta Coating Systems Ltd (b)	175,700	6,398,994
Cabot Corp	97,300	8,047,683
Celanese Corp	38,000	1,728,240
CF Industries Holdings Inc	99,817	12,979,205
Chemours Co/The	175,859	2,736,366
Corteva Inc	244,693	20,708,369
Dow Inc	116,900	3,567,788
Eastman Chemical Co	116,900	8,468,236
Ecolab Inc	71,100	20,135,520
Element Solutions Inc	670,043	23,813,328
FMC Corp	43,300	499,249
Huntsman Corp	87,400	837,292
Ingevity Corp (b)	216,300	14,987,427
International Flavors & Fragrances Inc (a)	161,116	13,909,144
Linde PLC	213,116	104,337,332
LyondellBasell Industries NV Class A1	215,700	14,037,756
Mosaic Co/The	277,500	6,693,300
Olin Corp (a)	179,400	3,121,560
PPG Industries Inc	165,200	18,530,484
Scotts Miracle-Gro Co/The	311,200	18,609,760
Sensient Technologies Corp	60,000	8,096,400
Sherwin-Williams Co/The	189,999	64,373,561
Solstice Advanced Materials Inc	211,100	13,381,629
Tronox Holdings PLC	102,039	539,786
Westlake Corp	71,856	5,394,230
TOTAL UNITED STATES		421,228,929
TOTAL COMMON STOCKS  (Cost $248,803,752)		422,004,723

Money Market Funds - 4.5%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	3,379,916	3,380,592
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	15,847,935	15,849,520
TOTAL MONEY MARKET FUNDS  (Cost $19,229,940)			19,230,112

TOTAL INVESTMENT IN SECURITIES - 103.8%  (Cost $268,033,692)	441,234,835
NET OTHER ASSETS (LIABILITIES) - (3.8)%	(16,079,141)
NET ASSETS - 100.0%	425,155,694

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	5,430,982	35,131,820	37,182,329	67,259	(53)	172	3,380,592	3,379,916
Fidelity Securities Lending Cash Central Fund	17,306,327	137,208,119	138,664,926	4,662	-	-	15,849,520	15,847,935
	22,737,309	172,339,939	175,847,255	71,921	(53)	172	19,230,112

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Materials	422,004,723	422,004,723	-	-
Money Market Funds	19,230,112	19,230,112	-	-
Total Investments in Securities:	441,234,835	441,234,835	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	422,004,723
Investments in securities, at value - affiliated issuers		19,230,112
Receivable for investments sold		3,883,031
Receivable for fund shares sold		31,545
Dividends receivable		686,700
Reclaims receivable		357,276
Distributions receivable from affiliated funds		12,989
Prepaid expenses		431
Other receivables		233,146
Total assets		446,439,953
Liabilities
Payable for investments purchased		4,707,619
Payable for fund shares redeemed		241,106
Accrued management fee		231,758
Other payables and accrued expenses		254,256
Collateral on securities loaned		15,849,520
Total liabilities		21,284,259
Net Assets	$	425,155,694
Net assets consist of:
Paid in capital		237,137,372
Total accumulated earnings (loss)		188,018,322
Net Assets	$	425,155,694
Net Asset Value and Maximum Offering
Net Asset Value, offering price and redemption price per share ($425,155,694/30,369,157 shares)	$	14.00
Other Information
Unaffiliated issuers, cost		248,803,752
Affiliated issuers, cost		19,229,940
Securities loaned, market value		15,290,611

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	4,043,557
Dividends - affiliated issuers		71,921
Security lending income - unaffiliated issuers		706
Total investment income		4,116,184
Expenses
Management fee		1,441,456
Custodian fees and expenses		1,625
Independent trustees' fees and expenses		625
Registration fees		22,405
Audit		28,515
Legal		112
Commitment fee		263
Miscellaneous		403
Total expenses		1,495,404
Expense reductions		(27)
Total expenses after reductions		1,495,377
Net investment income (loss)		2,620,807
Net realized gain (loss)
Investments - unaffiliated issuers		14,193,272
Investments - affiliated issuers		(53)
Net realized gain (loss)		14,193,219
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(21,987,991)
Investments - affiliated issuers		172
Assets and liabilities in foreign currencies		(6,167)
Total change in net unrealized appreciation (depreciation)		(21,993,986)
Net gain (loss)		(7,800,767)
Net increase (decrease) in net assets resulting from operations	$	(5,179,960)
Other Information
Income from securities lending - Affiliated Issuers		4,662

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,620,807	$	4,736,895
Net realized gain (loss)		14,193,219		7,885,045
Change in net unrealized appreciation (depreciation)		(21,993,986)		5,277,181
Net increase (decrease) in net assets resulting from operations	$	(5,179,960)	$	17,899,121
Distributions to shareholders
Distributions to shareholders		(8,131,421)		(8,878,171)
Total distributions		(8,131,421)		(8,878,171)
Net increase (decrease) in net assets resulting from share transactions		(25,755,537)		(55,667,544)
Total increase (decrease) in net assets		(39,066,918)		(46,646,594)
Net Assets
Beginning of period		464,222,612		510,869,206
End of period	$	425,155,694	$	464,222,612

Financial Highlights

 

Chemicals Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	14.40	$	13.90	$	15.33	$	15.43	$	16.94	$	14.67
Income from Investment Operations
Net investment income (loss) B, C		.08		.14		.14		.17		.15		.15
Net realized and unrealized gain (loss)		(.23)		.63		(.46)		.71		.01		2.34
Total from investment operations		(.15)		.77		(.32)		.88		.16		2.49
Distributions
Distributions from net investment income		- D		(.15)		(.15)		(.18)		(.16)		(.14)
Distributions from net realized gain		(.25)		(.12)		(.96)		(.80)		(1.51)		(.08)
Total distributions		(.25)		(.27)		(1.11)		(.98)		(1.67)		(.22)
Net asset value, end of period	$	14.00	$	14.40	$	13.90	$	15.33	$	15.43	$	16.94
Total Return E, F		(1.02)%		5.91%		(2.22)%		5.75%		1.09%		16.90%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.67% I		.68%		.69%		.75%		.75%		.74%
Ratio of expenses to average net assets net of fee waivers, if any		.67% I		.68%		.69%		.74%		.75%		.74%
Ratio of expenses to average net assets net of all reductions, if any		.67% I		.68%		.69%		.74%		.75%		.74%
Ratio of net investment income (loss) to average net assets		1.17% I		1.10%		.92%		1.12%		.96%		.85%
Net assets, end of period	$	425,155,694	$	464,222,612	$	510,869,206	$	621,181,788	$	678,109,094	$	758,899,642
Portfolio turnover rate J		13% I		46%		6%		19%		54%		15%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DAmount represents less than $.005 per share.

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

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Financial Statements

 (Unaudited)

For the period ended August 31, 2026

• 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. 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.

• 2. 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. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 

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 - unadjusted 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 service 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 any 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 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 period end 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 investment holdings and net asset value (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.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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. These differences may result 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: 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:

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Chemicals Portfolio	269,603,205	187,772,722	(16,141,092)	171,631,630

• 3. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Chemicals Portfolio	28,059,980	56,653,408

• 4. 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.

Any reference to "class" in this note shall mean the "Fund" as the Fund currently offers only one class of shares.

The Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.

When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Chemicals Portfolio	0.69

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.

For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Chemicals Portfolio	0.64

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 affiliated mutual funds, are marked-to-market and remain in a 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 the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Chemicals Portfolio $231,588

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	459

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Chemicals Portfolio	860,265	2,417,189	1,007,832

• 5. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Statement of Operations.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  

The line of credit agreement will expire in March 2027 unless extended or renewed.

• 6. Security Lending.

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 investment adviser. 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. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in dividends - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Chemicals Portfolio	568	11	-

• 7. Expense Reductions.

Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.

	Custodian Credits ($)
Chemicals Portfolio	27

• 8. Distributions to Shareholders. 

Distributions to shareholders of each class were as follows:

	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026
Chemicals Portfolio
Chemicals Portfolio	8,131,421	8,878,171
Total	8,131,421	8,878,171

• 9. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Six months ended	Year ended	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026	August 31, 2026	February 28, 2026
Chemicals Portfolio
Shares sold	2,082,323	3,766,205	29,306,801	50,075,547
Reinvestment of distributions	539,784	687,747	7,594,768	8,277,413
Shares redeemed	(4,490,224)	(8,966,758)	(62,657,106)	(114,020,504)
Net increase (decrease)	(1,868,117)	(4,512,806)	(25,755,537)	(55,667,544)

• 10. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

• 11. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Chemicals Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board voted to continue the fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2026, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.  

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that the fund's management fee is based on tiered schedules and subject to a maximum rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the fund, the Board considered the effective management fee rate for the fund, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons of the fund relative to the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that the management fee rate of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the fund, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the fund's management fee fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides for breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total net assets of specified Fidelity funds in the same asset class as the funds, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2027.

1.9923461.100

CHE-SANN-1026

Fidelity® Select Portfolios®

Materials Sector

Gold Portfolio

Semi-Annual Report

August 31, 2026

Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2026 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.

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Gold Portfolio

Consolidated Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Commodities - 0.0%
	Troy Ounces	Value ($)
UNITED STATES - 0.0%
Materials - 0.0%
Metals & Mining - 0.0%
Gold Bullion   (Cost $433,532)	582	2,592,816

Common Stocks - 94.8%
	Shares	Value ($)
AUSTRALIA - 4.5%
Materials - 4.5%
Metals & Mining - 4.5%
Anglogold Ashanti Plc	1,131,182	127,054,363
OceanaGold Corp	1,106,967	32,563,256
Westgold Resources Ltd	8,992,546	41,048,652
TOTAL AUSTRALIA		200,666,271
BRAZIL - 9.2%
Materials - 9.2%
Metals & Mining - 9.2%
Wheaton Precious Metals Corp	2,707,582	408,086,009
BURKINA FASO - 3.4%
Materials - 3.4%
Metals & Mining - 3.4%
IAMGOLD Corp (b)	7,348,700	150,319,741
CANADA - 51.7%
Materials - 51.7%
Metals & Mining - 51.7%
Agnico Eagle Mines Ltd/CA	2,179,302	442,212,996
Artemis Gold Inc	362,000	10,917,854
Barrick Mining Corp	8,318,500	373,085,580
Centerra Gold Inc (a)	4,026,700	92,274,607
DPM Metals Inc	3,685,700	166,819,843
Equinox Gold Corp	9,142,252	118,075,191
Faraday Copper Corp (b)	2,899,180	11,651,526
Franco-Nevada Corp	1,167,578	307,144,748
G Mining Ventures Corp (b)	4,078,000	153,680,825
Hemlo Mining Corp (b)	2,566,447	14,258,553
Hudbay Minerals Inc	320,900	9,185,110
K92 Mining Inc (b)	4,614,500	97,553,916
Kinross Gold Corp	2,882,000	88,251,438
Mining Americas Inc (b)	4,978,800	22,021,028
Montage Gold Corp (a)(b)	8,621,100	121,048,094
Novagold Resources Inc (b)	1,857,400	15,974,752
Osisko Gold Group Inc warrants 5/27/2027 (b)	666,666	24
Rio2 Ltd (b)	3,317,600	8,282,331
Skeena Resources Ltd (b)	3,315,600	108,107,770
Ssr Mining Inc (a)	2,660,100	100,046,362
Talamore Mining Corp (b)	1,363,500	9,641,257
Wesdome Gold Mines Ltd (b)	795,800	19,074,625
TOTAL CANADA		2,289,308,430
CHINA - 1.0%
Materials - 1.0%
Metals & Mining - 1.0%
Zijin Mining Group Co Ltd H Shares	9,680,000	45,223,431
HONG KONG - 1.5%
Materials - 1.5%
Metals & Mining - 1.5%
Zijin Gold International Co Ltd	3,516,600	68,192,462
MEXICO - 0.1%
Materials - 0.1%
Metals & Mining - 0.1%
Sinda Ltd	412,900	6,445,368
MOROCCO - 2.3%
Materials - 2.3%
Metals & Mining - 2.3%
Aya Gold & Silver Inc (b)	3,711,934	103,541,519
SOUTH AFRICA - 0.8%
Materials - 0.8%
Metals & Mining - 0.8%
Gold Fields Ltd	760,500	35,321,310
TURKEY - 4.3%
Materials - 4.3%
Metals & Mining - 4.3%
Eldorado Gold Corp (a)	4,224,200	189,211,974
UNITED STATES - 14.3%
Materials - 14.3%
Metals & Mining - 14.3%
Coeur Mining Inc (a)	7,020,200	145,879,756
Newmont Corp	3,860,748	486,685,893
Sunshine Silver Mining & Refining Co (a)	145,000	2,541,850
TOTAL UNITED STATES		635,107,499
ZAMBIA - 1.7%
Materials - 1.7%
Metals & Mining - 1.7%
First Quantum Minerals Ltd (b)	2,306,700	76,726,339
TOTAL COMMON STOCKS  (Cost $2,019,395,566)		4,208,150,353

Money Market Funds - 3.9%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	10,285,672	10,287,728
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	162,366,143	162,382,380
TOTAL MONEY MARKET FUNDS  (Cost $172,670,108)			172,670,108

TOTAL INVESTMENT IN SECURITIES - 98.7%  (Cost $2,192,499,206)	4,383,413,277
NET OTHER ASSETS (LIABILITIES) - 1.3%	57,110,396
NET ASSETS - 100.0%	4,440,523,673

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	12,551,215	234,389,834	236,654,737	89,032	1,416	-	10,287,728	10,285,672
Fidelity Securities Lending Cash Central Fund	435,886,733	1,091,273,008	1,364,777,361	116,651	-	-	162,382,380	162,366,143
	448,437,948	1,325,662,842	1,601,432,098	205,683	1,416	-	172,670,108

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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:
Commodities
Materials	2,592,816	2,592,816	-	-
Common Stocks
Materials	4,208,150,353	4,172,829,019	35,321,334	-
Money Market Funds	172,670,108	172,670,108	-	-
Total Investments in Securities:	4,383,413,277	4,348,091,943	35,321,334	-

Consolidated Financial Statements (Unaudited)

Consolidated Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	4,208,150,353
Investments in securities, at value - affiliated issuers		172,670,108
Investments in securities, at value - commodities		2,592,816
Cash		18,081
Foreign currency held at value		216,279,831
Receivable for fund shares sold		8,396,492
Dividends receivable		4,473,642
Distributions receivable from affiliated funds		50,576
Prepaid expenses		4,034
Other receivables		264,957
Total assets		4,612,900,890
Liabilities
Payable for fund shares redeemed		7,438,376
Accrued management fee		2,115,601
Distribution and service plan fees payable		112,283
Other payables and accrued expenses		331,644
Collateral on securities loaned		162,379,313
Total liabilities		172,377,217
Net Assets	$	4,440,523,673
Net assets consist of:
Paid in capital		2,940,934,183
Total accumulated earnings (loss)		1,499,589,490
Net Assets	$	4,440,523,673
Net Asset Value and Maximum Offering
Class A
Net Asset Value and redemption price per share ($309,681,666/4,723,288 shares) a	$	65.56
Maximum offering price per share (100/94.25 of $65.56)	$	69.56
Class M
Net Asset Value and redemption price per share ($62,474,459/981,275 shares) a	$	63.67
Maximum offering price per share (100/96.50 of $63.67)	$	65.98
Class C
Net Asset Value and offering price per share ($34,344,943/578,536 shares) a	$	59.37
Gold Portfolio
Net Asset Value, offering price and redemption price per share ($3,703,993,446/54,302,825 shares)	$	68.21
Class I
Net Asset Value, offering price and redemption price per share ($231,092,911/3,385,788 shares)	$	68.25
Class Z
Net Asset Value, offering price and redemption price per share ($98,936,248/1,445,094 shares)	$	68.46
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Other Information
Unaffiliated issuers, cost		2,019,395,566
Affiliated issuers, cost		172,670,108
Commodities, cost		433,532
Foreign currency holdings, cost		216,332,258
Securities loaned, market value		152,904,617

Consolidated Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	25,976,173
Dividends - affiliated issuers		205,683
Security lending income - unaffiliated issuers		8,297
Interest		119,550
Total investment income		26,309,703
Foreign taxes withheld		(2,021,527)
Total investment income net of foreign taxes		24,288,176
Expenses
Management fee		12,757,200
Distribution and service plan fees		659,097
Custodian fees and expenses		165,293
Independent trustees' fees and expenses		6,407
Registration fees		172,212
Audit		39,206
Legal		1,200
Interest		265,133
Commitment fee		2,907
Miscellaneous		3,082
Total expenses		14,071,737
Net investment income (loss)		10,216,439
Net realized gain (loss)
Investments - unaffiliated issuers		317,243,080
Investments - affiliated issuers		1,416
Foreign currency transactions		(1,000,077)
Net realized gain (loss)		316,244,419
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(1,226,500,036)
Assets and liabilities in foreign currencies		(39,631)
Commodities		(470,262)
Total change in net unrealized appreciation (depreciation)		(1,227,009,929)
Net gain (loss)		(910,765,510)
Net increase (decrease) in net assets resulting from operations	$	(900,549,071)
Other Information
Income from securities lending - Affiliated Issuers		116,651

Consolidated Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	10,216,439	$	13,415,670
Net realized gain (loss)		316,244,419		800,032,927
Change in net unrealized appreciation (depreciation)		(1,227,009,929)		2,688,804,547
Net increase (decrease) in net assets resulting from operations	$	(900,549,071)	$	3,502,253,144
Distributions to shareholders
Distributions to shareholders		(119,766,265)		(88,206,952)
Total distributions		(119,766,265)		(88,206,952)
Net increase (decrease) in net assets resulting from share transactions		(596,439,803)		1,068,564,709
Total increase (decrease) in net assets		(1,616,755,139)		4,482,610,901
Net Assets
Beginning of period		6,057,278,812		1,574,667,911
End of period	$	4,440,523,673	$	6,057,278,812

Consolidated Financial Highlights

 

Fidelity Advisor® Gold Fund Class A

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	76.89	$	27.94	$	18.49	$	21.12	$	26.27	$	24.15
Income from Investment Operations
Net investment income (loss) B, C		.06		.08		.08		.07		.15		.27 D
Net realized and unrealized gain (loss)		(9.76)		50.05		10.20		(2.60)		(5.23)		2.20
Total from investment operations		(9.70)		50.13		10.28		(2.53)		(5.08)		2.47
Distributions
Distributions from net investment income		(1.63)		(1.18)		(.83)		(.10)		(.07)		(.35)
Total distributions		(1.63)		(1.18)		(.83)		(.10)		(.07)		(.35)
Net asset value, end of period	$	65.56	$	76.89	$	27.94	$	18.49	$	21.12	$	26.27
Total Return E, F, G		(12.61)%		180.88%		56.39%		(12.09)%		(19.42)%		10.37%
Ratios and Supplemental Data B, H, I
Ratio of expenses to average net assets before reductions		.92% J		.94%		.97%		1.07%		1.09%		1.07%
Ratio of expenses to average net assets net of fee waivers, if any		.92% J		.94%		.97%		1.06%		1.08%		1.07%
Ratio of expenses to average net assets net of all reductions, if any		.92% J		.94%		.97%		1.06%		1.08%		1.07%
Ratio of net investment income (loss) to average net assets		.22% J		.16%		.30%		.34%		.67%		1.02% D
Net assets, end of period	$	309,681,666	$	395,953,237	$	102,945,798	$	66,421,211	$	73,943,387	$	86,977,462
Portfolio turnover rate K		52% J		60%		17%		46%		46%		38%

AFor the year ended February 29.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.57%.

ETotal returns do not include the effect of the sales charges.

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

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

HExpense 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.

IFees 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.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Fidelity Advisor® Gold Fund Class M

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	74.78	$	27.21	$	18.03	$	20.55	$	25.63	$	23.57
Income from Investment Operations
Net investment income (loss) B, C		(.01)		(.04)		.01		.02		.09		.19 D
Net realized and unrealized gain (loss)		(9.50)		48.70		9.94		(2.54)		(5.11)		2.16
Total from investment operations		(9.51)		48.66		9.95		(2.52)		(5.02)		2.35
Distributions
Distributions from net investment income		(1.60)		(1.09)		(.77)		- E		(.06)		(.29)
Total distributions		(1.60)		(1.09)		(.77)		- E		(.06)		(.29)
Net asset value, end of period	$	63.67	$	74.78	$	27.21	$	18.03	$	20.55	$	25.63
Total Return F, G, H		(12.70)%		180.20%		55.91%		(12.25)%		(19.66)%		10.08%
Ratios and Supplemental Data C, I, J
Ratio of expenses to average net assets before reductions		1.17% K		1.19%		1.22%		1.33%		1.35%		1.36%
Ratio of expenses to average net assets net of fee waivers, if any		1.17% K		1.19%		1.22%		1.32%		1.35%		1.35%
Ratio of expenses to average net assets net of all reductions, if any		1.17% K		1.19%		1.22%		1.31%		1.35%		1.35%
Ratio of net investment income (loss) to average net assets		(.04)% K		(.09)%		.05%		.09%		.40%		.74% D
Net assets, end of period	$	62,474,459	$	77,823,321	$	25,723,193	$	17,184,986	$	21,586,448	$	26,200,671
Portfolio turnover rate L		52% K		60%		17%		46%		46%		38%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.29%.

EAmount represents less than $.005 per share.

FTotal returns do not include the effect of the sales charges.

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

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

IFees 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.

JExpense 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.

KAnnualized.

LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Fidelity Advisor® Gold Fund Class C

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	69.97	$	25.55	$	16.90	$	19.36	$	24.24	$	22.30
Income from Investment Operations
Net investment income (loss) B, C		(.14)		(.25)		(.10)		(.07)		(.01)		.08 D
Net realized and unrealized gain (loss)		(8.90)		45.61		9.33		(2.39)		(4.82)		2.05
Total from investment operations		(9.04)		45.36		9.23		(2.46)		(4.83)		2.13
Distributions
Distributions from net investment income		(1.56)		(.94)		(.58)		-		(.05)		(.19)
Total distributions		(1.56)		(.94)		(.58)		-		(.05)		(.19)
Net asset value, end of period	$	59.37	$	69.97	$	25.55	$	16.90	$	19.36	$	24.24
Total Return E, F, G		(12.92)%		178.81%		55.18%		(12.71)%		(20.00)%		9.62%
Ratios and Supplemental Data C, H, I
Ratio of expenses to average net assets before reductions		1.66% J		1.69%		1.72%		1.79%		1.79%		1.77%
Ratio of expenses to average net assets net of fee waivers, if any		1.66% J		1.69%		1.72%		1.78%		1.78%		1.77%
Ratio of expenses to average net assets net of all reductions, if any		1.66% J		1.69%		1.72%		1.78%		1.78%		1.77%
Ratio of net investment income (loss) to average net assets		(.53)% J		(.59)%		(.45)%		(.38)%		(.03)%		.32% D
Net assets, end of period	$	34,344,943	$	44,265,005	$	15,367,052	$	17,176,746	$	27,977,723	$	43,031,208
Portfolio turnover rate K		52% J		60%		17%		46%		46%		38%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been -0.12%.

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

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

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

HExpense 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.

IFees 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.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Gold Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	79.83	$	28.94	$	19.13	$	21.88	$	27.14	$	24.93
Income from Investment Operations
Net investment income (loss) B, C		.16		.22		.15		.14		.23		.36 D
Net realized and unrealized gain (loss)		(10.12)		51.94		10.55		(2.67)		(5.41)		2.27
Total from investment operations		(9.96)		52.16		10.70		(2.53)		(5.18)		2.63
Distributions
Distributions from net investment income		(1.66)		(1.27)		(.89)		(.22)		(.08)		(.42)
Total distributions		(1.66)		(1.27)		(.89)		(.22)		(.08)		(.42)
Net asset value, end of period	$	68.21	$	79.83	$	28.94	$	19.13	$	21.88	$	27.14
Total Return E, F		(12.46)%		181.75%		56.75%		(11.78)%		(19.17)%		10.71%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.62% I		.64%		.68%		.77%		.78%		.76%
Ratio of expenses to average net assets net of fee waivers, if any		.62% I		.64%		.68%		.76%		.78%		.76%
Ratio of expenses to average net assets net of all reductions, if any		.62% I		.64%		.68%		.76%		.77%		.76%
Ratio of net investment income (loss) to average net assets		.52% I		.46%		.59%		.64%		.97%		1.33% D
Net assets, end of period	$	3,703,993,446	$	5,095,981,175	$	1,279,975,186	$	858,204,252	$	1,229,415,990	$	1,330,601,545
Portfolio turnover rate J		52% I		60%		17%		46%		46%		38%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.89%.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Fidelity Advisor® Gold Fund Class I

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	79.89	$	28.96	$	19.14	$	21.88	$	27.15	$	24.93
Income from Investment Operations
Net investment income (loss) B, C		.14		.20		.14		.14		.23		.36 D
Net realized and unrealized gain (loss)		(10.13)		51.96		10.56		(2.67)		(5.42)		2.27
Total from investment operations		(9.99)		52.16		10.70		(2.53)		(5.19)		2.63
Distributions
Distributions from net investment income		(1.65)		(1.23)		(.88)		(.21)		(.08)		(.41)
Total distributions		(1.65)		(1.23)		(.88)		(.21)		(.08)		(.41)
Net asset value, end of period	$	68.25	$	79.89	$	28.96	$	19.14	$	21.88	$	27.15
Total Return E, F		(12.49)%		181.56%		56.70%		(11.75)%		(19.20)%		10.74%
Ratios and Supplemental Data B, G, H
Ratio of expenses to average net assets before reductions		.67% I		.69%		.72%		.76%		.77%		.76%
Ratio of expenses to average net assets net of fee waivers, if any		.67% I		.69%		.72%		.76%		.77%		.76%
Ratio of expenses to average net assets net of all reductions, if any		.67% I		.69%		.72%		.76%		.77%		.76%
Ratio of net investment income (loss) to average net assets		.46% I		.41%		.55%		.64%		.98%		1.33% D
Net assets, end of period	$	231,092,911	$	300,383,042	$	103,638,720	$	77,125,007	$	110,223,764	$	152,798,923
Portfolio turnover rate J		52% I		60%		17%		46%		46%		38%

AFor the year ended February 29.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 0.89%.

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

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

 

Fidelity Advisor® Gold Fund Class Z

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	80.09	$	29.02	$	19.16	$	21.92	$	27.16	$	24.94
Income from Investment Operations
Net investment income (loss) B, C		.19		.25		.18		.18		.26		.40 D
Net realized and unrealized gain (loss)		(10.16)		52.10		10.58		(2.68)		(5.41)		2.27
Total from investment operations		(9.97)		52.35		10.76		(2.50)		(5.15)		2.67
Distributions
Distributions from net investment income		(1.66)		(1.28)		(.90)		(.26)		(.09)		(.45)
Total distributions		(1.66)		(1.28)		(.90)		(.26)		(.09)		(.45)
Net asset value, end of period	$	68.46	$	80.09	$	29.02	$	19.16	$	21.92	$	27.16
Total Return E, F		(12.44)%		181.90%		56.95%		(11.67)%		(19.07)%		10.88%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		.56% I		.57%		.60%		.63%		.63%		.63%
Ratio of expenses to average net assets net of fee waivers, if any		.56% I		.57%		.60%		.62%		.63%		.62%
Ratio of expenses to average net assets net of all reductions, if any		.56% I		.57%		.60%		.62%		.63%		.62%
Ratio of net investment income (loss) to average net assets		.60% I		.53%		.67%		.78%		1.12%		1.47% D
Net assets, end of period	$	98,936,248	$	142,873,032	$	47,017,962	$	22,164,350	$	93,633,991	$	109,841,675
Portfolio turnover rate J		52% I		60%		17%		46%		46%		38%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.02%.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

Notes to Consolidated Financial Statements

 (Unaudited)

For the period ended August 31, 2026

• 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 offers the classes of shares listed below.

Gold Portfolio Class A, Class M, Class C, Gold Portfolio, Class I, and Class Z  

Each class has equal rights as to assets and voting privileges, and exclusive voting rights with respect to matters that affect that class. Class A, Class M, Class C, Class I and Class Z, as applicable, are Fidelity Advisor classes.

Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

• 2. Consolidated Subsidiary.

Commodity-related investments are held through a wholly owned subsidiary (Subsidiary). As of period end, investments in Subsidiaries were as follows:

	Subsidiary Name	Net Assets of Subsidiary ($)	% of Fund's Total Assets
Gold Portfolio	Fidelity Select Gold Cayman Ltd.	2,610,870	0.06

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

• 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 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. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's consolidated financial statements and consolidated financial highlights. 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 Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 

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 - unadjusted 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 service 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 any 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 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 period end 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 investment holdings and net asset value (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.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable.  Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 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. These differences may result in distribution reclassifications.

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, losses deferred due to excise tax regulations, 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:

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Gold Portfolio	2,314,867,395	2,094,010,851	(25,464,969)	2,068,545,882

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 ($)	Long-term ($)	Total capital loss carryforward ($)
Gold Portfolio	(119,816,753)	(717,856,116)	(837,672,869)

• 4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Gold Portfolio	1,119,426,628	2,043,019,421

• 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 Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.

When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Gold Portfolio
Class A	0.74
Class M	0.74
Class C	0.74
Gold Portfolio	0.72
Class I	0.71
Class Z	0.58

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.

For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Gold Portfolio
Class A	0.64
Class M	0.64
Class C	0.64
Gold Portfolio	0.59
Class I	0.64
Class Z	0.53

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, separate Distribution and Service Plans for each class of shares have been adopted by the Fund. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and or Service Fees, each of which is based on an annual percentage of each class's average net assets. In addition, FDC may pay financial intermediaries for selling shares 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 ($)	Retained by FDC ($)
Gold Portfolio
Class A	-	.25	354,122	11,087
Class M	.25	.25	144,380	408
Class C	.75	.25	160,595	26,209
			659,097	37,704

Sales Load. FDC may receive a front-end sales charge of up to a certain percentage for selling shares of certain classes, some of which is paid to financial intermediaries for selling shares. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on redemptions from certain classes. For the period, front-end sales charge rates, deferred sales charge rates and sales charge amounts retained by FDC were as follows:

	Front-End Sales Charge (%)	Deferred Sales Charge (%)	Retained by FDC ($)
Gold Portfolio
Class A A	5.75	1.00	109,057
Class M A	3.50	.25	1,593
Class C B	-	1.00	272
			110,922

A  Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to the sales charge indicated. 

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

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 affiliated mutual funds, are marked-to-market and remain in a 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 the accompanying Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Gold Portfolio $214,694.83

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	3,764

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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	10,655,266	3.86	227,561

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Gold Portfolio	36,386,149	42,725,644	563,355

• 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Consolidated Statement of Operations.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  

The line of credit agreement will expire in March 2027 unless extended or renewed.

• 7. Security Lending.

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 investment adviser. 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. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in dividends - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Gold Portfolio	12,174	-	-

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

	Amount ($)
Gold Portfolio	2,198,616

• 8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The 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 Consolidated 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 ($)	Weighted Average Interest Rate (%)	Interest expense ($)
Gold Portfolio	14,249,043	4.13	37,572

• 9. Distributions to Shareholders. 

Distributions to shareholders of each class were as follows:

	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026
Gold Portfolio
Class A	7,969,648	5,553,921
Class M	1,650,249	1,109,865
Class C	974,008	607,225
Gold Portfolio	100,593,173	74,237,236
Class I	6,056,267	4,537,662
Class Z	2,522,920	2,161,043
Total	119,766,265	88,206,952

• 10. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Six months ended	Year ended	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026	August 31, 2026	February 28, 2026
Gold Portfolio
Class A
Shares sold	815,360	3,001,456	48,881,310	138,749,316
Reinvestment of distributions	121,546	96,498	7,917,469	5,513,901
Shares redeemed	(1,363,522)	(1,632,879)	(77,789,563)	(73,707,164)
Net increase (decrease)	(426,616)	1,465,075	(20,990,784)	70,556,053
Class M
Shares sold	109,554	422,324	6,182,409	18,417,074
Reinvestment of distributions	25,908	19,833	1,640,242	1,102,728
Shares redeemed	(194,914)	(346,772)	(10,899,591)	(15,595,231)
Net increase (decrease)	(59,452)	95,385	(3,076,940)	3,924,571
Class C
Shares sold	85,286	323,493	4,733,579	12,726,143
Reinvestment of distributions	16,466	11,604	973,995	604,227
Shares redeemed	(155,878)	(303,862)	(8,271,876)	(13,133,188)
Net increase (decrease)	(54,126)	31,235	(2,564,302)	197,182
Gold Portfolio
Shares sold	12,393,437	54,215,708	774,547,258	2,611,152,073
Reinvestment of distributions	1,404,534	1,184,188	95,072,904	70,210,507
Shares redeemed	(23,330,419)	(35,787,793)	(1,398,296,419)	(1,702,417,242)
Net increase (decrease)	(9,532,448)	19,612,103	(528,676,257)	978,945,338
Class I
Shares sold	576,873	1,903,982	35,139,639	84,794,682
Reinvestment of distributions	87,538	75,026	5,929,849	4,452,047
Shares redeemed	(1,038,460)	(1,798,084)	(62,002,058)	(83,594,179)
Net increase (decrease)	(374,049)	180,924	(20,932,570)	5,652,550
Class Z
Shares sold	316,503	1,987,524	19,559,690	92,988,896
Reinvestment of distributions	34,464	34,651	2,340,818	2,061,070
Shares redeemed	(689,764)	(1,858,585)	(42,099,458)	(85,760,951)
Net increase (decrease)	(338,797)	163,590	(20,198,950)	9,289,015

• 11. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

• 12. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Gold Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board voted to continue the fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class generally determined by selecting the largest non-12b-1 class by asset total in a given fund category; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that the Investment Advisers' analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2026, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the representative class (retail class), the Board considered the effective management fee rate for the retail class, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons of the retail class of the fund relative to the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that the management fee rate for the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the fund, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing funds at scale from inception. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the recent findings of the committee.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2027.

1.9923463.100

GOL-SANN-1026

Fidelity® Select Portfolios®

Materials Sector

Materials Portfolio

Semi-Annual Report

August 31, 2026

Includes Fidelity and Fidelity Advisor share classes

Contents

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. © 2026 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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Materials Portfolio

Schedule of Investments August 31, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares	Value ($)
BRAZIL - 1.2%
Materials - 1.2%
Metals & Mining - 1.2%
Wheaton Precious Metals Corp	63,400	9,555,630
CANADA - 9.0%
Materials - 9.0%
Chemicals - 1.7%
Nutrien Ltd (United States)	174,200	13,157,326
Metals & Mining - 7.3%
AbraSilver Resource Corp (a)	175,100	1,984,790
Agnico Eagle Mines Ltd/CA	27,300	5,539,579
Altius Minerals Corp	576,200	26,778,053
Major Drilling Group International Inc (a)	218,900	2,680,279
McEwen Inc (a)(b)	158,200	3,189,312
Metalla Royalty & Streaming Ltd (a)(b)	840,000	8,752,801
Teck Resources Ltd Class B (United States)	132,600	9,032,712
		57,957,526
TOTAL CANADA		71,114,852
UNITED STATES - 88.7%
Materials - 88.7%
Chemicals - 45.4%
Air Products and Chemicals Inc	102,700	31,781,542
Albemarle Corp	218,300	29,463,951
Balchem Corp	6,700	1,178,463
CF Industries Holdings Inc	53,000	6,891,590
Chemours Co/The	48,261	750,941
Corteva Inc	430,911	36,467,998
Dow Inc	224,800	6,860,896
Ecolab Inc	172,400	48,823,680
Ecovyst Inc (a)	151,400	1,539,738
Element Solutions Inc	108,900	3,870,306
HB Fuller Co	45,900	2,522,205
Huntsman Corp	132,400	1,268,392
Ingevity Corp (a)	35,100	2,432,079
Linde PLC	254,686	124,689,173
LyondellBasell Industries NV Class A1	230,700	15,013,956
Quaker Chemical Corp (b)	18,000	2,984,400
Sherwin-Williams Co/The	76,400	25,885,084
Solstice Advanced Materials Inc	216,900	13,749,291
Tronox Holdings PLC	259,200	1,371,168
Westlake Corp	24,000	1,801,680
		359,346,533
Construction Materials - 9.1%
Amrize Ltd (United States)	142,700	6,235,990
CRH PLC	257,500	24,279,675
Martin Marietta Materials Inc	37,900	19,658,730
Vulcan Materials Co	81,100	21,862,938
		72,037,333
Containers & Packaging - 6.4%
Avery Dennison Corp	35,100	6,111,261
Ball Corp	92,900	5,849,913
Crown Holdings Inc	84,359	9,818,544
International Paper Co	172,200	6,531,546
Packaging Corp of America	20,700	4,842,558
Smurfit Westrock PLC	364,300	17,085,670
		50,239,492
Metals & Mining - 27.8%
Alcoa Corp	107,700	5,379,615
Cleveland-Cliffs Inc (a)	420,400	4,855,620
Coeur Mining Inc	443,200	9,209,696
Commercial Metals Co	85,000	5,734,950
Freeport-McMoRan Inc	841,000	63,697,340
Hecla Mining Co	447,000	8,881,890
Newmont Corp	501,700	63,244,302
Nucor Corp	141,800	35,398,952
Steel Dynamics Inc	84,000	19,540,080
Uranium Royalty Corp	915,453	3,854,057
		219,796,502
TOTAL UNITED STATES		701,419,860
ZAMBIA - 0.7%
Materials - 0.7%
Metals & Mining - 0.7%
First Quantum Minerals Ltd (a)	169,300	5,631,321
TOTAL COMMON STOCKS  (Cost $508,341,971)		787,721,663

Money Market Funds - 0.9%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	3.69	1,523,226	1,523,530
Fidelity Securities Lending Cash Central Fund (c)(d)	3.72	5,629,269	5,629,832
TOTAL MONEY MARKET FUNDS  (Cost $7,153,337)			7,153,362

TOTAL INVESTMENT IN SECURITIES - 100.5%  (Cost $515,495,308)	794,875,025
NET OTHER ASSETS (LIABILITIES) - (0.5)%	(4,220,191)
NET ASSETS - 100.0%	790,654,834

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 Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Fidelity Cash Central Fund	9,077,607	83,037,233	90,591,195	72,216	(140)	25	1,523,530	1,523,226
Fidelity Securities Lending Cash Central Fund	20,328,482	108,646,298	123,344,948	5,243	-	-	5,629,832	5,629,269
	29,406,089	191,683,531	213,936,143	77,459	(140)	25	7,153,362

Amounts in the dividend 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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2026, 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
Materials	787,721,663	787,721,663	-	-
Money Market Funds	7,153,362	7,153,362	-	-
Total Investments in Securities:	794,875,025	794,875,025	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of August 31, 2026 (Unaudited)
Assets
Investments in securities, at value - unaffiliated issuers	$	787,721,663
Investments in securities, at value - affiliated issuers		7,153,362
Foreign currency held at value		18,580
Receivable for investments sold		1,270,842
Receivable for fund shares sold		269,309
Dividends receivable		941,759
Distributions receivable from affiliated funds		17,189
Prepaid expenses		812
Other receivables		292,784
Total assets		797,686,300
Liabilities
Payable for investments purchased		222,258
Payable for fund shares redeemed		394,057
Accrued management fee		433,969
Distribution and service plan fees payable		41,423
Other payables and accrued expenses		309,884
Collateral on securities loaned		5,629,875
Total liabilities		7,031,466
Net Assets	$	790,654,834
Net assets consist of:
Paid in capital		490,097,386
Total accumulated earnings (loss)		300,557,448
Net Assets	$	790,654,834
Net Asset Value and Maximum Offering
Class A
Net Asset Value and redemption price per share ($100,866,211/983,915 shares) a	$	102.52
Maximum offering price per share (100/94.25 of $102.52)	$	108.77
Class M
Net Asset Value and redemption price per share ($33,278,260/330,143 shares) a	$	100.80
Maximum offering price per share (100/96.50 of $100.80)	$	104.46
Class C
Net Asset Value and offering price per share ($8,117,815/83,712 shares) a	$	96.97
Materials Portfolio
Net Asset Value, offering price and redemption price per share ($473,947,932/4,579,619 shares)	$	103.49
Class I
Net Asset Value, offering price and redemption price per share ($117,198,112/1,134,889 shares)	$	103.27
Class Z
Net Asset Value, offering price and redemption price per share ($57,246,504/555,641 shares)	$	103.03
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Other Information
Unaffiliated issuers, cost		508,341,971
Affiliated issuers, cost		7,153,337
Foreign currency holdings, cost		18,642
Securities loaned, market value		5,455,493

Statement of Operations
Six months ended August 31, 2026 (Unaudited)
Investment Income
Dividends - unaffiliated issuers	$	5,780,213
Dividends - affiliated issuers		77,459
Security lending income - unaffiliated issuers		778
Total investment income		5,858,450
Expenses
Management fee		2,650,828
Distribution and service plan fees		248,623
Custodian fees and expenses		7,312
Independent trustees' fees and expenses		1,134
Registration fees		66,472
Audit		26,929
Legal		205
Interest		6,593
Commitment fee		482
Miscellaneous		936
Total expenses		3,009,514
Net investment income (loss)		2,848,936
Net realized gain (loss)
Investments - unaffiliated issuers		24,675,453
Investments - affiliated issuers		(140)
Foreign currency transactions		7,174
Net realized gain (loss)		24,682,487
Change in net unrealized appreciation (depreciation)
Investments - unaffiliated issuers		(45,994,224)
Investments - affiliated issuers		25
Assets and liabilities in foreign currencies		(5,132)
Total change in net unrealized appreciation (depreciation)		(45,999,331)
Net gain (loss)		(21,316,844)
Net increase (decrease) in net assets resulting from operations	$	(18,467,908)
Other Information
Income from securities lending - Affiliated Issuers		5,243

Statement of Changes in Net Assets
		Six months ended August 31, 2026 (Unaudited)		Year ended February 28, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,848,936	$	5,426,066
Net realized gain (loss)		24,682,487		29,866,950
Change in net unrealized appreciation (depreciation)		(45,999,331)		136,639,282
Net increase (decrease) in net assets resulting from operations	$	(18,467,908)	$	171,932,298
Distributions to shareholders
Distributions to shareholders		(25,273,614)		(12,946,152)
Total distributions		(25,273,614)		(12,946,152)
Net increase (decrease) in net assets resulting from share transactions		(11,876,232)		(69,714,678)
Total increase (decrease) in net assets		(55,617,754)		89,271,468
Net Assets
Beginning of period		846,272,588		757,001,120
End of period	$	790,654,834	$	846,272,588

Financial Highlights

 

Fidelity Advisor® Materials Fund Class A

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	108.00	$	87.38	$	97.67	$	99.98	$	102.68	$	87.03
Income from Investment Operations
Net investment income (loss) B, C		.24		.47		.58		1.01		.79		.46
Net realized and unrealized gain (loss)		(2.55)		21.71		(.69)		1.70		(.54)		15.77
Total from investment operations		(2.31)		22.18		(.11)		2.71		.25		16.23
Distributions
Distributions from net investment income		(.17)		(.95)		(.70)		(1.06)		(.80)		(.58)
Distributions from net realized gain		(3.00)		(.61)		(9.48)		(3.96)		(2.15)		-
Total distributions		(3.17)		(1.56)		(10.18)		(5.02)		(2.95)		(.58)
Net asset value, end of period	$	102.52	$	108.00	$	87.38	$	97.67	$	99.98	$	102.68
Total Return D, E, F		(2.17)%		25.67%		(.06)%		2.88%		.39%		18.64%
Ratios and Supplemental Data B, G, H
Ratio of expenses to average net assets before reductions		.97% I		.99%		.99%		1.03%		1.03%		1.03%
Ratio of expenses to average net assets net of fee waivers, if any		.97% I		.99%		.99%		1.02%		1.03%		1.03%
Ratio of expenses to average net assets net of all reductions, if any		.97% I		.99%		.99%		1.02%		1.03%		1.03%
Ratio of net investment income (loss) to average net assets		.47% I		.52%		.60%		1.07%		.81%		.46%
Net assets, end of period	$	100,866,211	$	105,391,756	$	95,276,799	$	109,696,465	$	124,776,777	$	138,218,611
Portfolio turnover rate J		54% I		56%		65%		51% K		47%		43%

AFor the year ended February 29.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DTotal returns do not include the effect of the sales charges.

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

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

GExpense 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.

HFees 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

 

Fidelity Advisor® Materials Fund Class M

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	106.34	$	86.10	$	96.39	$	98.77	$	101.52	$	86.14
Income from Investment Operations
Net investment income (loss) B, C		.11		.24		.34		.77		.54		.20
Net realized and unrealized gain (loss)		(2.52)		21.37		(.67)		1.67		(.53)		15.59
Total from investment operations		(2.41)		21.61		(.33)		2.44		.01		15.79
Distributions
Distributions from net investment income		(.13)		(.76)		(.48)		(.86)		(.61)		(.41)
Distributions from net realized gain		(3.00)		(.61)		(9.48)		(3.96)		(2.15)		-
Total distributions		(3.13)		(1.37)		(9.96)		(4.82)		(2.76)		(.41)
Net asset value, end of period	$	100.80	$	106.34	$	86.10	$	96.39	$	98.77	$	101.52
Total Return D, E, F		(2.30)%		25.36%		(.30)%		2.63%		.15%		18.32%
Ratios and Supplemental Data C, G, H
Ratio of expenses to average net assets before reductions		1.21% I		1.24%		1.24%		1.27%		1.28%		1.29%
Ratio of expenses to average net assets net of fee waivers, if any		1.21% I		1.24%		1.24%		1.27%		1.28%		1.29%
Ratio of expenses to average net assets net of all reductions, if any		1.21% I		1.24%		1.24%		1.27%		1.28%		1.29%
Ratio of net investment income (loss) to average net assets		.22% I		.27%		.35%		.82%		.56%		.20%
Net assets, end of period	$	33,278,260	$	34,074,485	$	30,143,934	$	33,181,937	$	38,569,794	$	37,100,042
Portfolio turnover rate J		54% I		56%		65%		51% K		47%		43%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal returns do not include the effect of the sales charges.

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

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

 

Fidelity Advisor® Materials Fund Class C

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	102.60	$	83.09	$	93.33	$	95.85	$	98.63	$	83.76
Income from Investment Operations
Net investment income (loss) B, C		(.13)		(.20)		(.13)		.29		.06		(.28)
Net realized and unrealized gain (loss)		(2.44)		20.61		(.63)		1.60		(.53)		15.15
Total from investment operations		(2.57)		20.41		(.76)		1.89		(.47)		14.87
Distributions
Distributions from net investment income		(.05)		(.29)		-		(.45)		(.16)		-
Distributions from net realized gain		(3.00)		(.61)		(9.48)		(3.96)		(2.15)		-
Total distributions		(3.06) D		(.90)		(9.48)		(4.41)		(2.31)		-
Net asset value, end of period	$	96.97	$	102.60	$	83.09	$	93.33	$	95.85	$	98.63
Total Return E, F, G		(2.55)%		24.74%		(.80)%		2.11%		(.36)%		17.75%
Ratios and Supplemental Data C, H, I
Ratio of expenses to average net assets before reductions		1.71% J		1.74%		1.74%		1.78%		1.78%		1.78%
Ratio of expenses to average net assets net of fee waivers, if any		1.71% J		1.74%		1.74%		1.77%		1.78%		1.78%
Ratio of expenses to average net assets net of all reductions, if any		1.71% J		1.74%		1.74%		1.77%		1.78%		1.78%
Ratio of net investment income (loss) to average net assets		(.26)% J		(.23)%		(.15)%		.32%		.06%		(.29)%
Net assets, end of period	$	8,117,815	$	8,695,710	$	9,580,883	$	13,268,724	$	17,052,876	$	21,260,872
Portfolio turnover rate K		54% J		56%		65%		51% L		47%		43%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DTotal distributions per share do not sum due to rounding.

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

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

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

HExpense 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.

IFees 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.

JAnnualized.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

LPortfolio turnover rate excludes securities received or delivered in-kind.

 

Materials Portfolio

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	108.89	$	88.03	$	98.34	$	100.63	$	103.29	$	87.46
Income from Investment Operations
Net investment income (loss) B, C		.40		.75		.88		1.28		1.07		.75
Net realized and unrealized gain (loss)		(2.58)		21.89		(.72)		1.72		(.55)		15.86
Total from investment operations		(2.18)		22.64		.16		3.00		.52		16.61
Distributions
Distributions from net investment income		(.22)		(1.17)		(.99)		(1.33)		(1.03)		(.78)
Distributions from net realized gain		(3.00)		(.61)		(9.48)		(3.96)		(2.15)		-
Total distributions		(3.22)		(1.78)		(10.47)		(5.29)		(3.18)		(.78)
Net asset value, end of period	$	103.49	$	108.89	$	88.03	$	98.34	$	100.63	$	103.29
Total Return D, E		(2.03)%		26.05%		.24%		3.17%		.67%		18.98%
Ratios and Supplemental Data C, F, G
Ratio of expenses to average net assets before reductions		.67% H		.69%		.70%		.76%		.76%		.75%
Ratio of expenses to average net assets net of fee waivers, if any		.67% H		.69%		.69%		.75%		.75%		.74%
Ratio of expenses to average net assets net of all reductions, if any		.67% H		.69%		.69%		.75%		.75%		.74%
Ratio of net investment income (loss) to average net assets		.77% H		.82%		.90%		1.34%		1.09%		.75%
Net assets, end of period	$	473,947,932	$	515,103,522	$	446,689,744	$	516,428,211	$	603,330,274	$	645,773,122
Portfolio turnover rate I		54% H		56%		65%		51% J		47%		43%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FExpense 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.

GFees 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

JPortfolio turnover rate excludes securities received or delivered in-kind.

 

Fidelity Advisor® Materials Fund Class I

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	108.69	$	87.84	$	98.13	$	100.42	$	103.07	$	87.29
Income from Investment Operations
Net investment income (loss) B, C		.37		.71		.85		1.28		1.06		.74
Net realized and unrealized gain (loss)		(2.57)		21.85		(.71)		1.71		(.54)		15.83
Total from investment operations		(2.20)		22.56		.14		2.99		.52		16.57
Distributions
Distributions from net investment income		(.21)		(1.10)		(.95)		(1.32)		(1.02)		(.79)
Distributions from net realized gain		(3.00)		(.61)		(9.48)		(3.96)		(2.15)		-
Total distributions		(3.22) D		(1.71)		(10.43)		(5.28)		(3.17)		(.79)
Net asset value, end of period	$	103.27	$	108.69	$	87.84	$	98.13	$	100.42	$	103.07
Total Return E, F		(2.06)%		26.01%		.21%		3.16%		.66%		18.97%
Ratios and Supplemental Data B, G, H
Ratio of expenses to average net assets before reductions		.72% I		.72%		.72%		.75%		.76%		.75%
Ratio of expenses to average net assets net of fee waivers, if any		.72% I		.72%		.72%		.75%		.76%		.75%
Ratio of expenses to average net assets net of all reductions, if any		.72% I		.72%		.72%		.75%		.76%		.75%
Ratio of net investment income (loss) to average net assets		.71% I		.78%		.87%		1.34%		1.08%		.74%
Net assets, end of period	$	117,198,112	$	120,867,050	$	123,038,670	$	144,811,372	$	208,630,149	$	238,281,586
Portfolio turnover rate J		54% I		56%		65%		51% K		47%		43%

AFor the year ended February 29.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CCalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

KPortfolio turnover rate excludes securities received or delivered in-kind.

 

Fidelity Advisor® Materials Fund Class Z

		Six months ended August 31, 2026 (Unaudited)		Years ended February 28, 2026		2025		2024 A		2023		2022
Selected Per Share Data
Net asset value, beginning of period	$	108.39	$	87.63	$	97.99	$	100.27	$	102.92	$	87.14
Income from Investment Operations
Net investment income (loss) B, C		.45		.84		.98		1.41		1.20		.88
Net realized and unrealized gain (loss)		(2.57)		21.79		(.71)		1.72		(.54)		15.81
Total from investment operations		(2.12)		22.63		.27		3.13		.66		16.69
Distributions
Distributions from net investment income		(.24)		(1.26)		(1.15)		(1.45)		(1.16)		(.91)
Distributions from net realized gain		(3.00)		(.61)		(9.48)		(3.96)		(2.15)		-
Total distributions		(3.24)		(1.87)		(10.63)		(5.41)		(3.31)		(.91)
Net asset value, end of period	$	103.03	$	108.39	$	87.63	$	97.99	$	100.27	$	102.92
Total Return D, E		(1.99)%		26.18%		.35%		3.32%		.81%		19.14%
Ratios and Supplemental Data C, F, G
Ratio of expenses to average net assets before reductions		.58% H		.58%		.59%		.61%		.62%		.62%
Ratio of expenses to average net assets net of fee waivers, if any		.58% H		.58%		.58%		.61%		.61%		.62%
Ratio of expenses to average net assets net of all reductions, if any		.58% H		.58%		.58%		.61%		.61%		.62%
Ratio of net investment income (loss) to average net assets		.87% H		.92%		1.01%		1.48%		1.23%		.88%
Net assets, end of period	$	57,246,504	$	62,140,065	$	52,271,090	$	52,204,323	$	104,940,316	$	73,789,506
Portfolio turnover rate I		54% H		56%		65%		51% J		47%		43%

AFor the year ended February 29.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

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

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

FExpense 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.

GFees 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.

HAnnualized.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.

JPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

 (Unaudited)

For the period ended August 31, 2026

• 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 offers the classes of shares listed below.

Materials Portfolio Class A, Class M, Class C, Materials Portfolio, Class I, and Class Z  

Each class has equal rights as to assets and voting privileges, and exclusive voting rights with respect to matters that affect that class. Class A, Class M, Class C, Class I and Class Z, as applicable, are Fidelity Advisor classes.

Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

• 2. 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. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 

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 - unadjusted 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 service 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 any 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 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 period end 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 investment holdings and net asset value (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.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.

Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable.  Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 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 may result 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: deferred Trustee compensation, foreign currency transactions, passive foreign investment companies (PFIC), 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:

	Tax Cost ($)	Gross unrealized appreciation ($)	Gross unrealized depreciation ($)	Net unrealized appreciation (depreciation) ($)
Materials Portfolio	520,853,524	292,457,657	(18,436,156)	274,021,501

• 3. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Materials Portfolio	215,494,095	244,428,692

• 4. 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 Fund's management contract incorporates a basic fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month.

When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Materials Portfolio
Class A	0.72
Class M	0.72
Class C	0.72
Materials Portfolio	0.70
Class I	0.70
Class Z	0.56

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.

For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Materials Portfolio
Class A	0.69
Class M	0.69
Class C	0.69
Materials Portfolio	0.64
Class I	0.69
Class Z	0.55

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, separate Distribution and Service Plans for each class of shares have been adopted by the Fund. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and or Service Fees, each of which is based on an annual percentage of each class's average net assets. In addition, FDC may pay financial intermediaries for selling shares 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 ($)	Retained by FDC ($)
Materials Portfolio
Class A	-	.25	125,701	2,180
Class M	.25	.25	81,802	-
Class C	.75	.25	41,120	5,546
			248,623	7,726

Sales Load. FDC may receive a front-end sales charge of up to a certain percentage for selling shares of certain classes, some of which is paid to financial intermediaries for selling shares. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on redemptions from certain classes. For the period, front-end sales charge rates, deferred sales charge rates and sales charge amounts retained by FDC were as follows:

	Front-End Sales Charge (%)	Deferred Sales Charge (%)	Retained by FDC ($)
Materials Portfolio
Class A A	5.75	1.00	13,389
Class M A	3.50	.25	264
Class C B	-	1.00	-
			13,653

A  Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to the sales charge indicated. 

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

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 affiliated mutual funds, are marked-to-market and remain in a 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 the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Materials Portfolio $283,000

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	4,266

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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 ($)	Weighted Average Interest Rate (%)	Interest expense ($)
Materials Portfolio	Borrower	6,067,714	3.87	4,571

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Materials Portfolio	14,660,909	6,823,481	1,045,826

• 5. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit.

The commitment fees are presented in the Statement of Operations.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  

The line of credit agreement will expire in March 2027 unless extended or renewed.

• 6. Security Lending.

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 investment adviser. 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. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in dividends - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Materials Portfolio	603	-	-

• 7. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The 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 ($)	Weighted Average Interest Rate (%)	Interest expense ($)
Materials Portfolio	2,522,714	4.12	2,022

• 8. Distributions to Shareholders. 

Distributions to shareholders of each class were as follows:

	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026
Materials Portfolio
Class A	3,094,733	1,518,559
Class M	1,007,640	429,277
Class C	261,854	76,644
Materials Portfolio	15,413,680	8,024,209
Class I	3,629,754	1,860,569
Class Z	1,865,953	1,036,894
Total	25,273,614	12,946,152

• 9. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

	Shares	Shares	Dollars	Dollars
	Six months ended	Year ended	Six months ended ($)	Year ended ($)
	August 31, 2026	February 28, 2026	August 31, 2026	February 28, 2026
Materials Portfolio
Class A
Shares sold	84,437	93,163	8,592,025	8,652,208
Reinvestment of distributions	29,012	15,942	3,008,240	1,477,548
Shares redeemed	(105,351)	(223,649)	(10,646,765)	(20,192,510)
Net increase (decrease)	8,098	(114,544)	953,500	(10,062,754)
Class M
Shares sold	26,341	32,923	2,611,747	3,050,026
Reinvestment of distributions	9,831	4,678	1,003,366	427,072
Shares redeemed	(26,449)	(67,288)	(2,627,124)	(5,987,574)
Net increase (decrease)	9,723	(29,687)	987,989	(2,510,476)
Class C
Shares sold	9,419	8,707	908,698	814,003
Reinvestment of distributions	2,604	838	256,122	73,880
Shares redeemed	(13,065)	(40,093)	(1,240,297)	(3,443,798)
Net increase (decrease)	(1,042)	(30,548)	(75,477)	(2,555,915)
Materials Portfolio
Shares sold	434,449	631,709	44,553,569	60,988,779
Reinvestment of distributions	135,759	78,575	14,193,639	7,338,940
Shares redeemed	(720,895)	(1,054,068)	(73,288,799)	(96,022,045)
Net increase (decrease)	(150,687)	(343,784)	(14,541,591)	(27,694,326)
Class I
Shares sold	230,592	248,597	23,629,511	23,152,209
Reinvestment of distributions	32,619	18,710	3,403,836	1,744,317
Shares redeemed	(240,396)	(555,940)	(24,502,769)	(49,930,168)
Net increase (decrease)	22,815	(288,633)	2,530,578	(25,033,642)
Class Z
Shares sold	31,765	117,430	3,264,222	10,850,168
Reinvestment of distributions	15,879	9,931	1,652,232	923,124
Shares redeemed	(65,311)	(150,564)	(6,647,685)	(13,630,857)
Net increase (decrease)	(17,667)	(23,203)	(1,731,231)	(1,857,565)

• 10. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

• 11. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Materials Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

Approval of Stub Period Continuation. At its May 2026 meeting, the Board voted to continue the fund's Advisory Contracts, without modification, for two months from June 1, 2026 through July 31, 2026. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board would consider the annual renewal for a full one year period in July 2026.

At its July 2026 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class generally determined by selecting the largest non-12b-1 class by asset total in a given fund category; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that the Investment Advisers' analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2026, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the representative class (retail class), the Board considered the effective management fee rate for the retail class, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons of the retail class of the fund relative to the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.

The information provided to the Board indicated that the management fee rate for the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2025.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the fund, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing funds at scale from inception. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the recent findings of the committee.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2027.

1.9923465.100

AMF-SANN-1026

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

See Item 7.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies

See Item 7.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

See Item 7.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract

See Item 7.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14.  

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15.

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 Portfolios’s Board of Trustees.

Item 16.

Controls and Procedures

(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Select Portfolios’s (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 Trust’s 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 Trust’s internal control over financial reporting.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 18.

Recovery of Erroneously Awarded Compensation

(a)

Not applicable.

(b)

Not applicable.

Item 19.

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 (Principal Executive Officer)
Date:	October 23, 2026

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 (Principal Executive Officer)
Date:	October 23, 2026

By:	/s/Stephanie Caron
	Stephanie Caron
	Chief Financial Officer (Principal Financial Officer)
Date:	October 23, 2026