# EDGAR Filing Document

**Accession Number:** 0000320351
**File Stem:** 0000320351-25-000319
**Filing Date:** 2025-10
**Character Count:** 1724168
**Document Hash:** 680a7e3012bb0328ce5d493a66408388
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000320351-25-000319.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000320351-25-000319

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 208

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**EFFECTIVENESS DATE**: 20251023

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SELECT PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000320351

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03114
- **FILM NUMBER:** 251411928

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Consumer Discretionary Portfolio (Series ID: S000007454)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000020428 | Consumer Discretionary Portfolio | FSCPX           |

### Industrials Portfolio (Series ID: S000007455)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000020429 | Industrials Portfolio | FCYIX           |

### Defense and Aerospace Portfolio (Series ID: S000007456)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000020430 | Defense and Aerospace Portfolio | FSDAX           |

### Semiconductors Portfolio (Series ID: S000007458)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000020432 | Semiconductors Portfolio | FSELX           |

### Energy Portfolio (Series ID: S000007459)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000020433 | Energy Portfolio | FSENX           |

### Fidelity Environment and Alternative Energy Fund (Series ID: S000007461)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000020435 | Fidelity Environment and Alternative Energy Fund | FSLEX           |

### Financials Portfolio (Series ID: S000007462)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000020436 | Financials Portfolio | FIDSX           |

### Consumer Staples Portfolio (Series ID: S000007463)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000020437 | Consumer Staples Portfolio                      | FDFAX           |
| C000040616 | Fidelity Advisor Consumer Staples Fund: Class A | FDAGX           |
| C000040618 | Fidelity Advisor Consumer Staples Fund: Class C | FDCGX           |
| C000040619 | Fidelity Advisor Consumer Staples Fund: Class M | FDTGX           |
| C000040620 | Fidelity Advisor Consumer Staples Fund: Class I | FDIGX           |
| C000205042 | Fidelity Advisor Consumer Staples Fund: Class Z | FIJCX           |

### Automotive Portfolio (Series ID: S000007464)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000020438 | Automotive Portfolio | FSAVX           |

### Gold Portfolio (Series ID: S000007465)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000020439 | Gold Portfolio                      | FSAGX           |
| C000040621 | Fidelity Advisor Gold Fund: Class I | FGDIX           |
| C000040622 | Fidelity Advisor Gold Fund: Class A | FGDAX           |
| C000040624 | Fidelity Advisor Gold Fund: Class C | FGDCX           |
| C000040625 | Fidelity Advisor Gold Fund: Class M | FGDTX           |
| C000205043 | Fidelity Advisor Gold Fund: Class Z | FIJDX           |

### Health Care Portfolio (Series ID: S000007466)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000020440 | Health Care Portfolio | FSPHX           |

### Fintech Portfolio (Series ID: S000007467)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000020441 | Fintech Portfolio | FSVLX           |

### Materials Portfolio (Series ID: S000007469)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000020443 | Materials Portfolio                      | FSDPX           |
| C000040626 | Fidelity Advisor Materials Fund: Class A | FMFAX           |
| C000040628 | Fidelity Advisor Materials Fund: Class C | FMFCX           |
| C000040629 | Fidelity Advisor Materials Fund: Class M | FMFTX           |
| C000040630 | Fidelity Advisor Materials Fund: Class I | FMFEX           |
| C000205044 | Fidelity Advisor Materials Fund: Class Z | FIJFX           |

### Insurance Portfolio (Series ID: S000007470)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020444 | Insurance Portfolio | FSPCX           |

### Leisure Portfolio (Series ID: S000007471)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000020445 | Leisure Portfolio | FDLSX           |

### Health Care Services Portfolio (Series ID: S000007472)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000020446 | Health Care Services Portfolio | FSHCX           |

### Medical Technology and Devices Portfolio (Series ID: S000007473)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000020447 | Medical Technology and Devices Portfolio | FSMEX           |

### Banking Portfolio (Series ID: S000007475)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000020449 | Banking Portfolio | FSRBX           |

### Communication Services Portfolio (Series ID: S000007476)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000020450 | Communication Services Portfolio                      | FBMPX           |
| C000206306 | Fidelity Advisor Communication Services Fund: Class I | FGJMX           |
| C000206307 | Fidelity Advisor Communication Services Fund: Class Z | FGKMX           |
| C000206308 | Fidelity Advisor Communication Services Fund: Class A | FGDMX           |
| C000206309 | Fidelity Advisor Communication Services Fund: Class M | FGEMX           |
| C000206310 | Fidelity Advisor Communication Services Fund: Class C | FGHMX           |

### Fidelity Natural Resources Fund (Series ID: S000007478)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000020452 | Fidelity Natural Resources Fund | FNARX           |

### Pharmaceuticals Portfolio (Series ID: S000007481)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000020455 | Pharmaceuticals Portfolio | FPHAX           |

### Retailing Portfolio (Series ID: S000007482)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020456 | Retailing Portfolio | FSRPX           |

### Software and IT Services Portfolio (Series ID: S000007483)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000020457 | Software and IT Services Portfolio | FSCSX           |

### Technology Portfolio (Series ID: S000007484)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000020458 | Technology Portfolio | FSPTX           |

### Telecommunications Portfolio (Series ID: S000007485)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000020459 | Telecommunications Portfolio                      | FSTCX           |
| C000040631 | Fidelity Advisor Telecommunications Fund: Class A | FTUAX           |
| C000040633 | Fidelity Advisor Telecommunications Fund: Class C | FTUCX           |
| C000040634 | Fidelity Advisor Telecommunications Fund: Class M | FTUTX           |
| C000040635 | Fidelity Advisor Telecommunications Fund: Class I | FTUIX           |
| C000205045 | Fidelity Advisor Telecommunications Fund: Class Z | FIJGX           |

### Biotechnology Portfolio (Series ID: S000007486)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000020460 | Biotechnology Portfolio | FBIOX           |

### Transportation Portfolio (Series ID: S000007487)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000020461 | Transportation Portfolio | FSRFX           |

### Utilities Portfolio (Series ID: S000007488)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020462 | Utilities Portfolio | FSUTX           |

### Wireless Portfolio (Series ID: S000007489)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000020463 | Wireless Portfolio | FWRLX           |

### Brokerage and Investment Management Portfolio (Series ID: S000007490)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000020464 | Brokerage and Investment Management Portfolio | FSLBX           |

### Enterprise Technology Services Portfolio (Series ID: S000007491)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000020465 | Enterprise Technology Services Portfolio | FBSOX           |

### Chemicals Portfolio (Series ID: S000007492)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020466 | Chemicals Portfolio | FSCHX           |

### Tech Hardware Portfolio (Series ID: S000007493)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000020467 | Tech Hardware Portfolio | FDCPX           |

### Construction and Housing Portfolio (Series ID: S000007494)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000020468 | Construction and Housing Portfolio | FSHOX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-03114</u>

<u>Fidelity Select Portfolios</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;February 28 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;August 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Wireless Portfolio<br> **Wireless Portfolio : FWRLX** <br>|

---

This semi-annual shareholder report contains information about Wireless Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $36  | 0.70% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $307828841<br>|
| Number of Holdings | 52<br>|
| Portfolio Turnover | 14%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 22.2 |
| Technology Hardware, Storage & Peripherals | 18.6 |
| Wireless Telecommunication Services | 16.1 |
| Semiconductors & Semiconductor Equipment | 15.9 |
| Specialized REITs | 10.0 |
| Communications Equipment | 9.2 |
| Media | 2.6 |
| Interactive Media & Services | 1.2 |
| Oil, Gas & Consumable Fuels | 1.0 |
| Others | 1.6 |

---

Common Stocks 98.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img653_20250831_AA.jpg) <br>|

---

Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.6 <br>

---

| | |
|:---|:---|
| United States | 77.7 |
| Canada | 4.4 |
| Netherlands | 2.8 |
| United Kingdom | 2.6 |
| Korea (South) | 2.2 |
| Spain | 2.2 |
| Finland | 1.7 |
| Mexico | 1.7 |
| Singapore | 1.5 |
| Others | 3.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img653_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 77.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Apple Inc | 16.4<br>|
| Verizon Communications Inc | 8.1<br>|
| American Tower Corp | 7.5<br>|
| T-Mobile US Inc | 7.2<br>|
| Motorola Solutions Inc | 5.3<br>|
| QUALCOMM Inc | 4.8<br>|
| Marvell Technology Inc | 4.7<br>|
| AT&T Inc | 3.6<br>|
| NXP Semiconductors NV | 2.6<br>|
| Array Digital Infrastructure Inc | 2.3<br>|
|  | 62.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img653_20250831_1.jpg)<br>| ![](img113876_2.jpg) | 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**<br> 1.9914560.101 963-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Utilities Portfolio<br> **Utilities Portfolio : FSUTX** <br>|

---

This semi-annual shareholder report contains information about Utilities Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $34  | 0.65% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2070607901<br>|
| Number of Holdings | 31<br>|
| Portfolio Turnover | 154%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Electric Utilities | 64.3 |
| Multi-Utilities | 17.2 |
| Independent Power and Renewable Electricity Producers | 9.1 |
| Oil, Gas & Consumable Fuels | 1.9 |
| Electrical Equipment | 1.8 |
| Gas Utilities | 1.5 |
| Construction & Engineering | 1.5 |
| Semiconductors & Semiconductor Equipment | 1.0 |

---

Common Stocks 98.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img65_20250831_AA.jpg) <br>|

---

Common Stocks - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.7 <br>

United States 97.5 <br> Canada 2.5

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img65_20250831_GD.jpg) <br>|

---

United States - 97.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Canada - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NextEra Energy Inc | 11.7<br>|
| Constellation Energy Corp | 8.3<br>|
| Duke Energy Corp | 8.1<br>|
| Sempra | 6.6<br>|
| Vistra Corp | 6.5<br>|
| Exelon Corp | 5.3<br>|
| Entergy Corp | 4.8<br>|
| PPL Corp | 4.1<br>|
| NRG Energy Inc | 4.1<br>|
| Xcel Energy Inc | 4.0<br>|
|  | 63.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img65_20250831_1.jpg)<br>| ![](img113877_2.jpg) | 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**<br> 1.9914501.101 65-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Transportation Portfolio<br> **Transportation Portfolio : FSRFX** <br>|

---

This semi-annual shareholder report contains information about Transportation Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $35  | 0.69% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $481480303<br>|
| Number of Holdings | 38<br>|
| Portfolio Turnover | 56%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Ground Transportation | 54.3 |
| Passenger Airlines | 22.0 |
| Air Freight & Logistics | 19.1 |
| Marine Transportation | 1.5 |
| Broadline Retail | 0.6 |
| Machinery | 0.4 |
| Hotels, Restaurants & Leisure | 0.3 |

---

Common Stocks 98.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img512_20250831_AA.jpg) <br>|

---

Common Stocks - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.8 <br>

---

| | |
|:---|:---|
| United States | 98.6 |
| Canada | 0.6 |
| Panama | 0.5 |
| Germany | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img512_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Panama - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Uber Technologies Inc | 18.0<br>|
| Union Pacific Corp | 14.9<br>|
| Delta Air Lines Inc | 8.2<br>|
| United Parcel Service Inc Class B | 7.4<br>|
| Norfolk Southern Corp | 4.9<br>|
| United Airlines Holdings Inc | 4.9<br>|
| FedEx Corp | 4.9<br>|
| Old Dominion Freight Line Inc | 4.5<br>|
| CSX Corp | 3.1<br>|
| XPO Inc | 3.1<br>|
|  | 73.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img512_20250831_1.jpg)<br>| ![](img113878_2.jpg) | 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**<br> 1.9914554.101 512-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Telecommunications Portfolio<br> **Telecommunications Portfolio : FSTCX** <br>|

---

This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $39  | 0.75% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $248758375<br>|
| Number of Holdings | 29<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 81.2 |
| Wireless Telecommunication Services | 14.0 |
| Media | 3.0 |
| IT Services | 0.6 |
| Specialized REITs | 0.1 |
| Construction & Engineering | 0.1 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img96_20250831_AA.jpg) <br>|

---

Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 91.2 |
| Puerto Rico | 4.2 |
| Belgium | 3.3 |
| United Kingdom | 1.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img96_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Verizon Communications Inc | 23.6<br>|
| AT&T Inc | 19.1<br>|
| T-Mobile US Inc | 6.1<br>|
| Frontier Communications Parent Inc | 4.7<br>|
| AST SpaceMobile Inc Class A | 4.3<br>|
| Lumen Technologies Inc | 4.2<br>|
| Liberty Latin America Ltd Class C | 4.2<br>|
| Telephone and Data Systems Inc | 3.5<br>|
| Gogo Inc | 3.4<br>|
| Cogent Communications Holdings Inc | 3.4<br>|
|  | 76.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img96_20250831_1.jpg)<br>| ![](img113879_2.jpg) | 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**<br> 1.9914517.101 96-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Telecommunications Portfolio<br> **Fidelity Advisor® Telecommunications Fund Class Z : FIJGX** <br>|

---

This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2025 to August 31, 2025. 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  | 0.64% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $248758375<br>|
| Number of Holdings | 29<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 81.2 |
| Wireless Telecommunication Services | 14.0 |
| Media | 3.0 |
| IT Services | 0.6 |
| Specialized REITs | 0.1 |
| Construction & Engineering | 0.1 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img96_20250831_AA.jpg) <br>|

---

Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 91.2 |
| Puerto Rico | 4.2 |
| Belgium | 3.3 |
| United Kingdom | 1.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img96_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Verizon Communications Inc | 23.6<br>|
| AT&T Inc | 19.1<br>|
| T-Mobile US Inc | 6.1<br>|
| Frontier Communications Parent Inc | 4.7<br>|
| AST SpaceMobile Inc Class A | 4.3<br>|
| Lumen Technologies Inc | 4.2<br>|
| Liberty Latin America Ltd Class C | 4.2<br>|
| Telephone and Data Systems Inc | 3.5<br>|
| Gogo Inc | 3.4<br>|
| Cogent Communications Holdings Inc | 3.4<br>|
|  | 76.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img96_20250831_1.jpg)<br>| ![](img113880_2.jpg) | 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**<br> 1.9914516.101 3237-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Telecommunications Portfolio<br> **Fidelity Advisor® Telecommunications Fund Class M : FTUTX** <br>|

---

This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $67  | 1.29% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $248758375<br>|
| Number of Holdings | 29<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 81.2 |
| Wireless Telecommunication Services | 14.0 |
| Media | 3.0 |
| IT Services | 0.6 |
| Specialized REITs | 0.1 |
| Construction & Engineering | 0.1 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img96_20250831_AA.jpg) <br>|

---

Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 91.2 |
| Puerto Rico | 4.2 |
| Belgium | 3.3 |
| United Kingdom | 1.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img96_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Verizon Communications Inc | 23.6<br>|
| AT&T Inc | 19.1<br>|
| T-Mobile US Inc | 6.1<br>|
| Frontier Communications Parent Inc | 4.7<br>|
| AST SpaceMobile Inc Class A | 4.3<br>|
| Lumen Technologies Inc | 4.2<br>|
| Liberty Latin America Ltd Class C | 4.2<br>|
| Telephone and Data Systems Inc | 3.5<br>|
| Gogo Inc | 3.4<br>|
| Cogent Communications Holdings Inc | 3.4<br>|
|  | 76.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img96_20250831_1.jpg)<br>| ![](img113881_2.jpg) | 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**<br> 1.9914514.101 1797-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Telecommunications Portfolio<br> **Fidelity Advisor® Telecommunications Fund Class I : FTUIX** <br>|

---

This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $39  | 0.75% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $248758375<br>|
| Number of Holdings | 29<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 81.2 |
| Wireless Telecommunication Services | 14.0 |
| Media | 3.0 |
| IT Services | 0.6 |
| Specialized REITs | 0.1 |
| Construction & Engineering | 0.1 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img96_20250831_AA.jpg) <br>|

---

Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 91.2 |
| Puerto Rico | 4.2 |
| Belgium | 3.3 |
| United Kingdom | 1.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img96_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Verizon Communications Inc | 23.6<br>|
| AT&T Inc | 19.1<br>|
| T-Mobile US Inc | 6.1<br>|
| Frontier Communications Parent Inc | 4.7<br>|
| AST SpaceMobile Inc Class A | 4.3<br>|
| Lumen Technologies Inc | 4.2<br>|
| Liberty Latin America Ltd Class C | 4.2<br>|
| Telephone and Data Systems Inc | 3.5<br>|
| Gogo Inc | 3.4<br>|
| Cogent Communications Holdings Inc | 3.4<br>|
|  | 76.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img96_20250831_1.jpg)<br>| ![](img113882_2.jpg) | 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**<br> 1.9914515.101 1798-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Telecommunications Portfolio<br> **Fidelity Advisor® Telecommunications Fund Class C : FTUCX** <br>|

---

This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $93  | 1.79% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $248758375<br>|
| Number of Holdings | 29<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 81.2 |
| Wireless Telecommunication Services | 14.0 |
| Media | 3.0 |
| IT Services | 0.6 |
| Specialized REITs | 0.1 |
| Construction & Engineering | 0.1 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img96_20250831_AA.jpg) <br>|

---

Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 91.2 |
| Puerto Rico | 4.2 |
| Belgium | 3.3 |
| United Kingdom | 1.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img96_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Verizon Communications Inc | 23.6<br>|
| AT&T Inc | 19.1<br>|
| T-Mobile US Inc | 6.1<br>|
| Frontier Communications Parent Inc | 4.7<br>|
| AST SpaceMobile Inc Class A | 4.3<br>|
| Lumen Technologies Inc | 4.2<br>|
| Liberty Latin America Ltd Class C | 4.2<br>|
| Telephone and Data Systems Inc | 3.5<br>|
| Gogo Inc | 3.4<br>|
| Cogent Communications Holdings Inc | 3.4<br>|
|  | 76.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img96_20250831_1.jpg)<br>| ![](img113883_2.jpg) | 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**<br> 1.9914513.101 1796-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Telecommunications Portfolio<br> **Fidelity Advisor® Telecommunications Fund Class A : FTUAX** <br>|

---

This semi-annual shareholder report contains information about Telecommunications Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $54  | 1.04% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $248758375<br>|
| Number of Holdings | 29<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Diversified Telecommunication Services | 81.2 |
| Wireless Telecommunication Services | 14.0 |
| Media | 3.0 |
| IT Services | 0.6 |
| Specialized REITs | 0.1 |
| Construction & Engineering | 0.1 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img96_20250831_AA.jpg) <br>|

---

Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 91.2 |
| Puerto Rico | 4.2 |
| Belgium | 3.3 |
| United Kingdom | 1.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img96_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Verizon Communications Inc | 23.6<br>|
| AT&T Inc | 19.1<br>|
| T-Mobile US Inc | 6.1<br>|
| Frontier Communications Parent Inc | 4.7<br>|
| AST SpaceMobile Inc Class A | 4.3<br>|
| Lumen Technologies Inc | 4.2<br>|
| Liberty Latin America Ltd Class C | 4.2<br>|
| Telephone and Data Systems Inc | 3.5<br>|
| Gogo Inc | 3.4<br>|
| Cogent Communications Holdings Inc | 3.4<br>|
|  | 76.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img96_20250831_1.jpg)<br>| ![](img113884_2.jpg) | 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**<br> 1.9914512.101 1794-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Technology Portfolio<br> **Technology Portfolio : FSPTX** <br>|

---

This semi-annual shareholder report contains information about Technology Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $34  | 0.61% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $18176821412<br>|
| Number of Holdings | 102<br>|
| Portfolio Turnover | 48%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 44.5 |
| Software | 23.4 |
| Technology Hardware, Storage & Peripherals | 13.4 |
| IT Services | 7.3 |
| Communications Equipment | 4.6 |
| Ground Transportation | 1.9 |
| Broadline Retail | 1.1 |
| Electronic Equipment, Instruments & Components | 0.9 |
| Entertainment | 0.9 |
| Others | 0.5 |

---

Common Stocks 96.5 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img64_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| United States | 90.2 |
| Netherlands | 4.9 |
| Taiwan | 2.3 |
| Canada | 2.2 |
| United Kingdom | 0.2 |
| China | 0.1 |
| Estonia | 0.1 |
| Israel | 0.0 |
| Korea (South) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img64_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Estonia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 24.9<br>|
| Microsoft Corp | 11.9<br>|
| Apple Inc | 10.1<br>|
| Cisco Systems Inc | 4.6<br>|
| NXP Semiconductors NV | 4.2<br>|
| ON Semiconductor Corp | 3.3<br>|
| Marvell Technology Inc | 2.7<br>|
| Micron Technology Inc | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.3<br>|
| Snowflake Inc | 2.3<br>|
|  | 68.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img64_20250831_1.jpg)<br>| ![](img113885_2.jpg) | 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**<br> 1.9914500.101 64-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Tech Hardware Portfolio<br> **Tech Hardware Portfolio : FDCPX** <br>|

---

This semi-annual shareholder report contains information about Tech Hardware Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $37  | 0.68% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1189918307<br>|
| Number of Holdings | 33<br>|
| Portfolio Turnover | 36%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Technology Hardware, Storage & Peripherals | 35.2 |
| Communications Equipment | 27.6 |
| Household Durables | 14.7 |
| Software | 6.0 |
| Semiconductors & Semiconductor Equipment | 5.1 |
| Entertainment | 4.8 |
| Electronic Equipment, Instruments & Components | 3.1 |
| Interactive Media & Services | 2.5 |

---

Common Stocks 98.9 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 62.3 |
| Japan | 18.7 |
| Korea (South) | 10.5 |
| China | 4.4 |
| Taiwan | 3.9 |
| Finland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 62.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 18.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Finland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Cisco Systems Inc | 10.8<br>|
| Sony Group Corp | 10.7<br>|
| Samsung Electronics Co Ltd | 9.3<br>|
| Arista Networks Inc | 8.9<br>|
| Apple Inc | 7.5<br>|
| Motorola Solutions Inc | 4.9<br>|
| Nintendo Co Ltd | 4.8<br>|
| Xiaomi Corp B Shares | 4.4<br>|
| Garmin Ltd | 4.0<br>|
| Western Digital Corp | 3.9<br>|
|  | 69.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7_20250831_1.jpg)<br>| ![](img113886_2.jpg) | 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**<br> 1.9914488.101 7-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Software and IT Services Portfolio<br> **Software and IT Services Portfolio : FSCSX** <br>|

---

This semi-annual shareholder report contains information about Software and IT Services Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $32  | 0.62% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $10243987831<br>|
| Number of Holdings | 57<br>|
| Portfolio Turnover | 71%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Software | 79.5 |
| IT Services | 16.2 |
| Broadline Retail | 2.1 |
| Interactive Media & Services | 1.5 |
| Financial Services | 0.4 |

---

Common Stocks 99.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img28_20250831_AA.jpg) <br>|

---

Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.3 <br>

---

| | |
|:---|:---|
| United States | 96.3 |
| Ireland | 2.0 |
| Canada | 0.9 |
| France | 0.8 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img28_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 24.8<br>|
| Salesforce Inc | 6.0<br>|
| Palo Alto Networks Inc | 4.8<br>|
| Intuit Inc | 3.9<br>|
| Autodesk Inc | 3.9<br>|
| Oracle Corp | 3.6<br>|
| Datadog Inc Class A | 3.2<br>|
| Synopsys Inc | 3.2<br>|
| Adobe Inc | 3.1<br>|
| Atlassian Corp Class A | 2.6<br>|
|  | 59.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img28_20250831_1.jpg)<br>| ![](img113887_2.jpg) | 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**<br> 1.9914496.101 28-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Semiconductors Portfolio<br> **Semiconductors Portfolio : FSELX** <br>|

---

This semi-annual shareholder report contains information about Semiconductors Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $35  | 0.61% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $23185553861<br>|
| Number of Holdings | 55<br>|
| Portfolio Turnover | 68%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Semiconductors & Semiconductor Equipment | 92.6 |
| Technology Hardware, Storage & Peripherals | 3.1 |
| Electronic Equipment, Instruments & Components | 0.3 |
| Electrical Equipment | 0.2 |
| Financial Services | 0.1 |
| Software | 0.0 |
| Metals & Mining | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.6 |
| Preferred Stocks | 0.7 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img8_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.7 |

---

---

| | |
|:---|:---|
| United States | 83.0 |
| Netherlands | 7.2 |
| Taiwan | 5.3 |
| Israel | 2.3 |
| Japan | 2.2 |
| Canada | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img8_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 83.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 25.0<br>|
| Broadcom Inc | 14.7<br>|
| NXP Semiconductors NV | 7.2<br>|
| Micron Technology Inc | 5.0<br>|
| Monolithic Power Systems Inc | 5.0<br>|
| ON Semiconductor Corp | 4.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 4.9<br>|
| Marvell Technology Inc | 4.7<br>|
| Lam Research Corp | 4.4<br>|
| Astera Labs Inc | 3.5<br>|
|  | 79.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img8_20250831_1.jpg)<br>| ![](img113888_2.jpg) | 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**<br> 1.9914489.101 8-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Retailing Portfolio<br> **Retailing Portfolio : FSRPX** <br>|

---

This semi-annual shareholder report contains information about Retailing Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $32  | 0.64% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2732544530<br>|
| Number of Holdings | 42<br>|
| Portfolio Turnover | 77%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialty Retail | 34.4 |
| Broadline Retail | 30.3 |
| Consumer Staples Distribution & Retail | 23.1 |
| Textiles, Apparel & Luxury Goods | 10.0 |
| Household Durables | 0.3 |

---

Common Stocks 98.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img146_20250831_AA.jpg) <br>|

---

Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.9 <br>

---

| | |
|:---|:---|
| United States | 95.1 |
| Brazil | 3.6 |
| Canada | 0.5 |
| Finland | 0.4 |
| Germany | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img146_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Finland - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Amazon.com Inc | 24.9<br>|
| Walmart Inc | 8.2<br>|
| Lowe's Cos Inc | 7.0<br>|
| Costco Wholesale Corp | 6.5<br>|
| TJX Cos Inc/The | 5.0<br>|
| Home Depot Inc/The | 4.2<br>|
| MercadoLibre Inc | 3.6<br>|
| NIKE Inc Class B | 3.6<br>|
| O'Reilly Automotive Inc | 3.5<br>|
| Dollar Tree Inc | 2.9<br>|
|  | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img146_20250831_1.jpg)<br>| ![](img113889_2.jpg) | 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**<br> 1.9914526.101 46-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Pharmaceuticals Portfolio<br> **Pharmaceuticals Portfolio : FPHAX** <br>|

---

This semi-annual shareholder report contains information about Pharmaceuticals Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $33  | 0.68% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1078548232<br>|
| Number of Holdings | 53<br>|
| Portfolio Turnover | 45%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Pharmaceuticals | 75.8 |
| Biotechnology | 21.1 |
| Financial Services | 0.3 |
| Software | 0.1 |
| Consumer Staples Distribution & Retail | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 96.4 |
| Preferred Stocks | 0.9 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img152_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.7 |

---

---

| | |
|:---|:---|
| United States | 66.9 |
| Denmark | 11.4 |
| United Kingdom | 10.8 |
| Belgium | 7.8 |
| Netherlands | 1.1 |
| Canada | 1.0 |
| Germany | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img152_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 66.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Eli Lilly & Co | 24.9<br>|
| Astrazeneca PLC ADR | 10.8<br>|
| Novo Nordisk A/S Class B ADR | 10.8<br>|
| UCB SA | 5.0<br>|
| GSK PLC ADR | 4.9<br>|
| Merck & Co Inc | 4.9<br>|
| Gilead Sciences Inc | 4.4<br>|
| Elanco Animal Health Inc | 4.3<br>|
| Royalty Pharma PLC Class A | 3.9<br>|
| Avidity Biosciences Inc | 3.4<br>|
|  | 77.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img152_20250831_1.jpg)<br>| ![](img113890_2.jpg) | 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**<br> 1.9914527.101 580-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Medical Technology and Devices Portfolio<br> **Medical Technology and Devices Portfolio : FSMEX** <br>|

---

This semi-annual shareholder report contains information about Medical Technology and Devices Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $31  | 0.62% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4250596020<br>|
| Number of Holdings | 66<br>|
| Portfolio Turnover | 53%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Health Care Equipment & Supplies | 55.1 |
| Life Sciences Tools & Services | 27.9 |
| Health Care Technology | 8.4 |
| Biotechnology | 5.6 |
| Health Care Providers & Services | 0.9 |
| Textiles, Apparel & Luxury Goods | 0.3 |
| Financial Services | 0.2 |
| Chemicals | 0.1 |
| Pharmaceuticals | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Preferred Stocks | 2.6 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img354_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| United States | 97.7 |
| France | 1.9 |
| Japan | 0.4 |
| China | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img354_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Boston Scientific Corp | 13.5<br>|
| Danaher Corp | 10.2<br>|
| Thermo Fisher Scientific Inc | 7.7<br>|
| Intuitive Surgical Inc | 7.2<br>|
| Stryker Corp | 5.8<br>|
| Penumbra Inc | 5.4<br>|
| Abbott Laboratories | 5.0<br>|
| Edwards Lifesciences Corp | 4.9<br>|
| Masimo Corp | 4.5<br>|
| Veeva Systems Inc Class A | 4.5<br>|
|  | 68.7 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img354_20250831_1.jpg)<br>| ![](img113891_2.jpg) | 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**<br> 1.9914530.101 354-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Materials Portfolio<br> **Materials Portfolio : FSDPX** <br>|

---

This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $36  | 0.69% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $743102560<br>|
| Number of Holdings | 45<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 56.2 |
| Metals & Mining | 23.7 |
| Construction Materials | 10.1 |
| Containers & Packaging | 9.1 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img509_20250831_AA.jpg) <br>|

---

Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 89.6 |
| Canada | 5.2 |
| Zambia | 3.3 |
| Brazil | 1.6 |
| Germany | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img509_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Linde PLC | 16.6<br>|
| Ecolab Inc | 8.5<br>|
| Mosaic Co/The | 5.2<br>|
| Air Products and Chemicals Inc | 4.7<br>|
| Corteva Inc | 4.7<br>|
| Freeport-McMoRan Inc | 4.2<br>|
| CRH PLC | 4.1<br>|
| International Paper Co | 3.5<br>|
| First Quantum Minerals Ltd | 3.3<br>|
| Nucor Corp | 3.2<br>|
|  | 58.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img509_20250831_1.jpg)<br>| ![](img113892_2.jpg) | 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**<br> 1.9914552.101 509-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Materials Portfolio<br> **Fidelity Advisor® Materials Fund Class Z : FIJFX** <br>|

---

This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2025 to August 31, 2025. 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  | 0.58% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $743102560<br>|
| Number of Holdings | 45<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 56.2 |
| Metals & Mining | 23.7 |
| Construction Materials | 10.1 |
| Containers & Packaging | 9.1 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img509_20250831_AA.jpg) <br>|

---

Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 89.6 |
| Canada | 5.2 |
| Zambia | 3.3 |
| Brazil | 1.6 |
| Germany | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img509_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Linde PLC | 16.6<br>|
| Ecolab Inc | 8.5<br>|
| Mosaic Co/The | 5.2<br>|
| Air Products and Chemicals Inc | 4.7<br>|
| Corteva Inc | 4.7<br>|
| Freeport-McMoRan Inc | 4.2<br>|
| CRH PLC | 4.1<br>|
| International Paper Co | 3.5<br>|
| First Quantum Minerals Ltd | 3.3<br>|
| Nucor Corp | 3.2<br>|
|  | 58.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img509_20250831_1.jpg)<br>| ![](img113893_2.jpg) | 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**<br> 1.9914551.101 3236-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Materials Portfolio<br> **Fidelity Advisor® Materials Fund Class M : FMFTX** <br>|

---

This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2025 to August 31, 2025. 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  | 1.24% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $743102560<br>|
| Number of Holdings | 45<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 56.2 |
| Metals & Mining | 23.7 |
| Construction Materials | 10.1 |
| Containers & Packaging | 9.1 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img509_20250831_AA.jpg) <br>|

---

Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 89.6 |
| Canada | 5.2 |
| Zambia | 3.3 |
| Brazil | 1.6 |
| Germany | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img509_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Linde PLC | 16.6<br>|
| Ecolab Inc | 8.5<br>|
| Mosaic Co/The | 5.2<br>|
| Air Products and Chemicals Inc | 4.7<br>|
| Corteva Inc | 4.7<br>|
| Freeport-McMoRan Inc | 4.2<br>|
| CRH PLC | 4.1<br>|
| International Paper Co | 3.5<br>|
| First Quantum Minerals Ltd | 3.3<br>|
| Nucor Corp | 3.2<br>|
|  | 58.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img509_20250831_1.jpg)<br>| ![](img113894_2.jpg) | 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**<br> 1.9914549.101 1792-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Materials Portfolio<br> **Fidelity Advisor® Materials Fund Class I : FMFEX** <br>|

---

This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2025 to August 31, 2025. 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  | 0.72% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $743102560<br>|
| Number of Holdings | 45<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 56.2 |
| Metals & Mining | 23.7 |
| Construction Materials | 10.1 |
| Containers & Packaging | 9.1 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img509_20250831_AA.jpg) <br>|

---

Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 89.6 |
| Canada | 5.2 |
| Zambia | 3.3 |
| Brazil | 1.6 |
| Germany | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img509_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Linde PLC | 16.6<br>|
| Ecolab Inc | 8.5<br>|
| Mosaic Co/The | 5.2<br>|
| Air Products and Chemicals Inc | 4.7<br>|
| Corteva Inc | 4.7<br>|
| Freeport-McMoRan Inc | 4.2<br>|
| CRH PLC | 4.1<br>|
| International Paper Co | 3.5<br>|
| First Quantum Minerals Ltd | 3.3<br>|
| Nucor Corp | 3.2<br>|
|  | 58.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img509_20250831_1.jpg)<br>| ![](img113895_2.jpg) | 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**<br> 1.9914550.101 1793-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Materials Portfolio<br> **Fidelity Advisor® Materials Fund Class C : FMFCX** <br>|

---

This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $90  | 1.74% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $743102560<br>|
| Number of Holdings | 45<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 56.2 |
| Metals & Mining | 23.7 |
| Construction Materials | 10.1 |
| Containers & Packaging | 9.1 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img509_20250831_AA.jpg) <br>|

---

Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 89.6 |
| Canada | 5.2 |
| Zambia | 3.3 |
| Brazil | 1.6 |
| Germany | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img509_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Linde PLC | 16.6<br>|
| Ecolab Inc | 8.5<br>|
| Mosaic Co/The | 5.2<br>|
| Air Products and Chemicals Inc | 4.7<br>|
| Corteva Inc | 4.7<br>|
| Freeport-McMoRan Inc | 4.2<br>|
| CRH PLC | 4.1<br>|
| International Paper Co | 3.5<br>|
| First Quantum Minerals Ltd | 3.3<br>|
| Nucor Corp | 3.2<br>|
|  | 58.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img509_20250831_1.jpg)<br>| ![](img113896_2.jpg) | 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**<br> 1.9914548.101 1791-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Materials Portfolio<br> **Fidelity Advisor® Materials Fund Class A : FMFAX** <br>|

---

This semi-annual shareholder report contains information about Materials Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $51  | 0.99% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $743102560<br>|
| Number of Holdings | 45<br>|
| Portfolio Turnover | 49%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 56.2 |
| Metals & Mining | 23.7 |
| Construction Materials | 10.1 |
| Containers & Packaging | 9.1 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img509_20250831_AA.jpg) <br>|

---

Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 89.6 |
| Canada | 5.2 |
| Zambia | 3.3 |
| Brazil | 1.6 |
| Germany | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img509_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Linde PLC | 16.6<br>|
| Ecolab Inc | 8.5<br>|
| Mosaic Co/The | 5.2<br>|
| Air Products and Chemicals Inc | 4.7<br>|
| Corteva Inc | 4.7<br>|
| Freeport-McMoRan Inc | 4.2<br>|
| CRH PLC | 4.1<br>|
| International Paper Co | 3.5<br>|
| First Quantum Minerals Ltd | 3.3<br>|
| Nucor Corp | 3.2<br>|
|  | 58.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img509_20250831_1.jpg)<br>| ![](img113897_2.jpg) | 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**<br> 1.9914547.101 1789-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Leisure Portfolio<br> **Leisure Portfolio : FDLSX** <br>|

---

This semi-annual shareholder report contains information about Leisure Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $35  | 0.68% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $698734917<br>|
| Number of Holdings | 35<br>|
| Portfolio Turnover | 44%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Hotels, Restaurants & Leisure | 93.8 |
| Diversified Consumer Services | 3.0 |
| Entertainment | 1.0 |
| Consumer Staples Distribution & Retail | 0.9 |
| Specialized REITs | 0.8 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img62_20250831_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

United States 95.5 <br> United Kingdom 4.5

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img62_20250831_GD.jpg) <br>|

---

United States - 95.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United Kingdom - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| McDonald's Corp | 14.0<br>|
| Booking Holdings Inc | 12.5<br>|
| Hilton Worldwide Holdings Inc | 7.7<br>|
| Royal Caribbean Cruises Ltd | 6.6<br>|
| Chipotle Mexican Grill Inc | 6.3<br>|
| Starbucks Corp | 4.8<br>|
| DoorDash Inc Class A | 4.2<br>|
| Airbnb Inc Class A | 4.1<br>|
| Flutter Entertainment PLC | 3.7<br>|
| DraftKings Inc Class A | 3.5<br>|
|  | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img62_20250831_1.jpg)<br>| ![](img113898_2.jpg) | 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**<br> 1.9914498.101 62-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Insurance Portfolio<br> **Insurance Portfolio : FSPCX** <br>|

---

This semi-annual shareholder report contains information about Insurance Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $34  | 0.69% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $894220754<br>|
| Number of Holdings | 25<br>|
| Portfolio Turnover | 77%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Insurance | 95.8 |
| Financial Services | 4.1 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img145_20250831_AA.jpg) <br>|

---

Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

United States 97.2 <br> United Kingdom 2.5 <br> Bermuda 0.3

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img145_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bermuda - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Progressive Corp/The | 10.8<br>|
| Chubb Ltd | 9.8<br>|
| Arthur J Gallagher & Co | 7.7<br>|
| Hartford Insurance Group Inc/The | 6.9<br>|
| Aon PLC | 5.5<br>|
| American Financial Group Inc/OH | 5.0<br>|
| MetLife Inc | 4.8<br>|
| Travelers Companies Inc/The | 4.8<br>|
| Reinsurance Group of America Inc | 4.8<br>|
| Willis Towers Watson PLC | 4.4<br>|
|  | 64.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img145_20250831_1.jpg)<br>| ![](img113899_2.jpg) | 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**<br> 1.9914525.101 45-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Industrials Portfolio<br> **Industrials Portfolio : FCYIX** <br>|

---

This semi-annual shareholder report contains information about Industrials Portfolio for the period March 1, 2025 to August 31, 2025. 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**  |
| Industrials Portfolio  | $38  | 0.68% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $838913375<br>|
| Number of Holdings | 53<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 27.9 |
| Machinery | 22.0 |
| Electrical Equipment | 14.3 |
| Ground Transportation | 8.5 |
| Building Products | 7.9 |
| Trading Companies & Distributors | 5.9 |
| Commercial Services & Supplies | 4.5 |
| Construction & Engineering | 3.2 |
| Professional Services | 2.6 |
| Others | 2.8 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img515_20250831_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img515_20250831_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| GE Aerospace | 8.1<br>|
| GE Vernova Inc | 6.4<br>|
| Howmet Aerospace Inc | 5.5<br>|
| Boeing Co | 5.1<br>|
| Parker-Hannifin Corp | 4.3<br>|
| Trane Technologies PLC | 4.2<br>|
| Eaton Corp PLC | 3.8<br>|
| Ingersoll Rand Inc | 2.9<br>|
| TransDigm Group Inc | 2.9<br>|
| Deere & Co | 2.9<br>|
|  | 46.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img515_20250831_1.jpg)<br>| ![](img113900_2.jpg) | 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**<br> 1.9914556.101 515-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Health Care Services Portfolio<br> **Health Care Services Portfolio : FSHCX** <br>|

---

This semi-annual shareholder report contains information about Health Care Services Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $33  | 0.68% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $881403641<br>|
| Number of Holdings | 37<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Health Care Providers & Services | 98.3 |
| Health Care Technology | 1.6 |

---

Common Stocks 99.3 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img505_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img505_20250831_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| UnitedHealth Group Inc | 21.3<br>|
| CVS Health Corp | 9.1<br>|
| Cigna Group/The | 8.3<br>|
| HCA Healthcare Inc | 5.3<br>|
| Cencora Inc | 4.9<br>|
| McKesson Corp | 4.7<br>|
| Humana Inc | 4.6<br>|
| Cardinal Health Inc | 4.6<br>|
| Elevance Health Inc | 4.6<br>|
| Labcorp Holdings Inc | 3.2<br>|
|  | 70.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img505_20250831_1.jpg)<br>| ![](img113901_2.jpg) | 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**<br> 1.9914545.101 505-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Health Care Portfolio<br> **Health Care Portfolio : FSPHX** <br>|

---

This semi-annual shareholder report contains information about Health Care Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $31  | 0.62% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5880162906<br>|
| Number of Holdings | 131<br>|
| Portfolio Turnover | 60%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 37.4 |
| Health Care Equipment & Supplies | 26.9 |
| Pharmaceuticals | 10.5 |
| Health Care Providers & Services | 10.4 |
| Life Sciences Tools & Services | 10.2 |
| Health Care Technology | 4.1 |
| Financial Services | 0.1 |
| Chemicals | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Preferred Stocks | 1.6 |
| Bonds | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img63_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 87.6 |
| Netherlands | 5.0 |
| Denmark | 2.4 |
| Belgium | 2.2 |
| Canada | 0.8 |
| Germany | 0.7 |
| China | 0.5 |
| France | 0.4 |
| United Kingdom | 0.3 |
| Israel | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img63_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Boston Scientific Corp | 7.5<br>|
| Danaher Corp | 6.0<br>|
| Eli Lilly & Co | 5.0<br>|
| Penumbra Inc | 4.9<br>|
| Alnylam Pharmaceuticals Inc | 4.2<br>|
| Masimo Corp | 3.5<br>|
| Argenx SE ADR | 3.4<br>|
| Insulet Corp | 3.2<br>|
| CVS Health Corp | 2.9<br>|
| Stryker Corp | 2.7<br>|
|  | 43.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img63_20250831_1.jpg)<br>| ![](img113902_2.jpg) | 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**<br> 1.9914499.101 63-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Gold Portfolio<br> **Gold Portfolio : FSAGX** <br>|

---

This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $42  | 0.66% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2848598105<br>|
| Number of Holdings | 54<br>|
| Portfolio Turnover | 20%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining\* | 98.7 |

---

\*Includes gold bullion and/or silver bullion.

Common Stocks 98.0 <br> Other Investments 0.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img141_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Other Investments - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.3 |

---

---

| | |
|:---|:---|
| Canada | 67.9 |
| United States | 10.9 |
| Brazil | 8.2 |
| United Kingdom | 5.0 |
| Australia | 2.9 |
| South Africa | 2.0 |
| Burkina Faso | 1.7 |
| China | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img141_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 67.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Burkina Faso - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Agnico Eagle Mines Ltd/CA | 15.0<br>|
| Franco-Nevada Corp | 10.1<br>|
| Newmont Corp | 8.4<br>|
| Wheaton Precious Metals Corp | 8.2<br>|
| Barrick Mining Corp | 5.2<br>|
| Alamos Gold Inc Class A | 4.8<br>|
| Anglogold Ashanti Plc | 4.6<br>|
| OR Royalties Inc | 4.5<br>|
| Orla Mining Ltd | 3.6<br>|
| Lundin Gold Inc | 3.6<br>|
|  | 68.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img141_20250831_1.jpg)<br>| ![](img113903_2.jpg) | 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**<br> 1.9914523.101 41-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Gold Portfolio<br> **Fidelity Advisor® Gold Fund Class Z : FIJDX** <br>|

---

This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $38  | 0.58% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2848598105<br>|
| Number of Holdings | 54<br>|
| Portfolio Turnover | 20%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining\* | 98.7 |

---

\*Includes gold bullion and/or silver bullion.

Common Stocks 98.0 <br> Other Investments 0.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img141_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Other Investments - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.3 |

---

---

| | |
|:---|:---|
| Canada | 67.9 |
| United States | 10.9 |
| Brazil | 8.2 |
| United Kingdom | 5.0 |
| Australia | 2.9 |
| South Africa | 2.0 |
| Burkina Faso | 1.7 |
| China | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img141_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 67.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Burkina Faso - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Agnico Eagle Mines Ltd/CA | 15.0<br>|
| Franco-Nevada Corp | 10.1<br>|
| Newmont Corp | 8.4<br>|
| Wheaton Precious Metals Corp | 8.2<br>|
| Barrick Mining Corp | 5.2<br>|
| Alamos Gold Inc Class A | 4.8<br>|
| Anglogold Ashanti Plc | 4.6<br>|
| OR Royalties Inc | 4.5<br>|
| Orla Mining Ltd | 3.6<br>|
| Lundin Gold Inc | 3.6<br>|
|  | 68.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img141_20250831_1.jpg)<br>| ![](img113904_2.jpg) | 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**<br> 1.9914522.101 3235-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Gold Portfolio<br> **Fidelity Advisor® Gold Fund Class M : FGDTX** <br>|

---

This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $77  | 1.20% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2848598105<br>|
| Number of Holdings | 54<br>|
| Portfolio Turnover | 20%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining\* | 98.7 |

---

\*Includes gold bullion and/or silver bullion.

Common Stocks 98.0 <br> Other Investments 0.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img141_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Other Investments - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.3 |

---

---

| | |
|:---|:---|
| Canada | 67.9 |
| United States | 10.9 |
| Brazil | 8.2 |
| United Kingdom | 5.0 |
| Australia | 2.9 |
| South Africa | 2.0 |
| Burkina Faso | 1.7 |
| China | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img141_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 67.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Burkina Faso - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Agnico Eagle Mines Ltd/CA | 15.0<br>|
| Franco-Nevada Corp | 10.1<br>|
| Newmont Corp | 8.4<br>|
| Wheaton Precious Metals Corp | 8.2<br>|
| Barrick Mining Corp | 5.2<br>|
| Alamos Gold Inc Class A | 4.8<br>|
| Anglogold Ashanti Plc | 4.6<br>|
| OR Royalties Inc | 4.5<br>|
| Orla Mining Ltd | 3.6<br>|
| Lundin Gold Inc | 3.6<br>|
|  | 68.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img141_20250831_1.jpg)<br>| ![](img113905_2.jpg) | 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**<br> 1.9914520.101 1787-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Gold Portfolio<br> **Fidelity Advisor® Gold Fund Class I : FGDIX** <br>|

---

This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $45  | 0.70% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2848598105<br>|
| Number of Holdings | 54<br>|
| Portfolio Turnover | 20%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining\* | 98.7 |

---

\*Includes gold bullion and/or silver bullion.

Common Stocks 98.0 <br> Other Investments 0.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img141_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Other Investments - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.3 |

---

---

| | |
|:---|:---|
| Canada | 67.9 |
| United States | 10.9 |
| Brazil | 8.2 |
| United Kingdom | 5.0 |
| Australia | 2.9 |
| South Africa | 2.0 |
| Burkina Faso | 1.7 |
| China | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img141_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 67.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Burkina Faso - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Agnico Eagle Mines Ltd/CA | 15.0<br>|
| Franco-Nevada Corp | 10.1<br>|
| Newmont Corp | 8.4<br>|
| Wheaton Precious Metals Corp | 8.2<br>|
| Barrick Mining Corp | 5.2<br>|
| Alamos Gold Inc Class A | 4.8<br>|
| Anglogold Ashanti Plc | 4.6<br>|
| OR Royalties Inc | 4.5<br>|
| Orla Mining Ltd | 3.6<br>|
| Lundin Gold Inc | 3.6<br>|
|  | 68.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img141_20250831_1.jpg)<br>| ![](img113906_2.jpg) | 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**<br> 1.9914521.101 1788-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Gold Portfolio<br> **Fidelity Advisor® Gold Fund Class C : FGDCX** <br>|

---

This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $109  | 1.70% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2848598105<br>|
| Number of Holdings | 54<br>|
| Portfolio Turnover | 20%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining\* | 98.7 |

---

\*Includes gold bullion and/or silver bullion.

Common Stocks 98.0 <br> Other Investments 0.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img141_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Other Investments - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.3 |

---

---

| | |
|:---|:---|
| Canada | 67.9 |
| United States | 10.9 |
| Brazil | 8.2 |
| United Kingdom | 5.0 |
| Australia | 2.9 |
| South Africa | 2.0 |
| Burkina Faso | 1.7 |
| China | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img141_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 67.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Burkina Faso - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Agnico Eagle Mines Ltd/CA | 15.0<br>|
| Franco-Nevada Corp | 10.1<br>|
| Newmont Corp | 8.4<br>|
| Wheaton Precious Metals Corp | 8.2<br>|
| Barrick Mining Corp | 5.2<br>|
| Alamos Gold Inc Class A | 4.8<br>|
| Anglogold Ashanti Plc | 4.6<br>|
| OR Royalties Inc | 4.5<br>|
| Orla Mining Ltd | 3.6<br>|
| Lundin Gold Inc | 3.6<br>|
|  | 68.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img141_20250831_1.jpg)<br>| ![](img113907_2.jpg) | 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**<br> 1.9914519.101 1786-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Gold Portfolio<br> **Fidelity Advisor® Gold Fund Class A : FGDAX** <br>|

---

This semi-annual shareholder report contains information about Gold Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $61  | 0.95% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2848598105<br>|
| Number of Holdings | 54<br>|
| Portfolio Turnover | 20%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Metals & Mining\* | 98.7 |

---

\*Includes gold bullion and/or silver bullion.

Common Stocks 98.0 <br> Other Investments 0.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img141_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Other Investments - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.3 |

---

---

| | |
|:---|:---|
| Canada | 67.9 |
| United States | 10.9 |
| Brazil | 8.2 |
| United Kingdom | 5.0 |
| Australia | 2.9 |
| South Africa | 2.0 |
| Burkina Faso | 1.7 |
| China | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img141_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 67.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Burkina Faso - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Agnico Eagle Mines Ltd/CA | 15.0<br>|
| Franco-Nevada Corp | 10.1<br>|
| Newmont Corp | 8.4<br>|
| Wheaton Precious Metals Corp | 8.2<br>|
| Barrick Mining Corp | 5.2<br>|
| Alamos Gold Inc Class A | 4.8<br>|
| Anglogold Ashanti Plc | 4.6<br>|
| OR Royalties Inc | 4.5<br>|
| Orla Mining Ltd | 3.6<br>|
| Lundin Gold Inc | 3.6<br>|
|  | 68.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img141_20250831_1.jpg)<br>| ![](img113908_2.jpg) | 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**<br> 1.9914518.101 1784-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Financials Portfolio<br> **Financials Portfolio : FIDSX** <br>|

---

This semi-annual shareholder report contains information about Financials Portfolio for the period March 1, 2025 to August 31, 2025. 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  | 0.69% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1086366693<br>|
| Number of Holdings | 66<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 33.8 |
| Capital Markets | 23.3 |
| Insurance | 18.6 |
| Financial Services | 17.6 |
| Consumer Finance | 5.1 |
| Professional Services | 1.1 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img66_20250831_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 93.4 |
| United Kingdom | 2.3 |
| Puerto Rico | 1.2 |
| Australia | 1.0 |
| France | 1.0 |
| Grand Cayman (UK Overseas Ter) | 0.8 |
| Mexico | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img66_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.8&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Mexico - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mastercard Inc Class A | 10.1<br>|
| Wells Fargo & Co | 6.5<br>|
| Bank of America Corp | 6.1<br>|
| Reinsurance Group of America Inc | 3.5<br>|
| Citigroup Inc | 3.5<br>|
| Charles Schwab Corp/The | 3.2<br>|
| State Street Corp | 2.6<br>|
| Chubb Ltd | 2.6<br>|
| Morgan Stanley | 2.4<br>|
| Capital One Financial Corp | 2.2<br>|
|  | 42.7 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img66_20250831_1.jpg)<br>| ![](img113909_2.jpg) | 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**<br> 1.9914502.101 66-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| FinTech Portfolio<br> **FinTech Portfolio : FSVLX** <br>|

---

This semi-annual shareholder report contains information about FinTech Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $39  | 0.76% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $101736451<br>|
| Number of Holdings | 30<br>|
| Portfolio Turnover | 66%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Financial Services | 51.9 |
| Consumer Finance | 20.9 |
| Software | 18.1 |
| IT Services | 4.8 |
| Professional Services | 2.8 |
| Capital Markets | 0.9 |
| Diversified Telecommunication Services | 0.4 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img198_20250831_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 89.8 |
| Netherlands | 4.8 |
| Canada | 4.8 |
| Brazil | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img198_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.0&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mastercard Inc Class A | 12.7<br>|
| Visa Inc Class A | 12.5<br>|
| Intuit Inc | 11.7<br>|
| American Express Co | 11.4<br>|
| Block Inc Class A | 5.0<br>|
| Capital One Financial Corp | 4.9<br>|
| PayPal Holdings Inc | 4.8<br>|
| Fiserv Inc | 4.8<br>|
| Adyen NV | 4.8<br>|
| Shopify Inc Class A | 4.8<br>|
|  | 77.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img198_20250831_1.jpg)<br>| ![](img113910_2.jpg) | 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**<br> 1.9914528.101 98-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Enterprise Technology Services Portfolio<br> **Enterprise Technology Services Portfolio : FBSOX** <br>|

---

This semi-annual shareholder report contains information about Enterprise Technology Services Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $32  | 0.65% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1521166864<br>|
| Number of Holdings | 25<br>|
| Portfolio Turnover | 66%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Financial Services | 52.7 |
| IT Services | 29.9 |
| Professional Services | 16.3 |
| Software | 1.5 |

---

Common Stocks 100.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img353_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.4)% |

---

United States 96.5 <br> Ireland 3.5

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img353_20250831_GD.jpg) <br>|

---

United States - 96.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Ireland - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mastercard Inc Class A | 21.6<br>|
| Visa Inc Class A | 19.5<br>|
| IBM Corporation | 8.7<br>|
| Automatic Data Processing Inc | 4.8<br>|
| Kyndryl Holdings Inc | 4.3<br>|
| Cloudflare Inc Class A | 3.6<br>|
| ExlService Holdings Inc | 3.6<br>|
| Snowflake Inc | 3.6<br>|
| Accenture PLC Class A | 3.5<br>|
| Paycom Software Inc | 3.1<br>|
|  | 76.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img353_20250831_1.jpg)<br>| ![](img113911_2.jpg) | 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**<br> 1.9914529.101 353-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Energy Portfolio<br> **Energy Portfolio : FSENX** <br>|

---

This semi-annual shareholder report contains information about Energy Portfolio for the period March 1, 2025 to August 31, 2025. 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  | 0.65% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1830002600<br>|
| Number of Holdings | 31<br>|
| Portfolio Turnover | 12%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 84.1 |
| Energy Equipment & Services | 11.7 |
| Independent Power and Renewable Electricity Producers | 3.7 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img60_20250831_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 87.6 |
| Canada | 8.9 |
| United Kingdom | 3.1 |
| Norway | 0.3 |
| France | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img60_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 24.8<br>|
| Chevron Corp | 9.6<br>|
| Marathon Petroleum Corp | 5.0<br>|
| Cheniere Energy Inc | 4.9<br>|
| Energy Transfer LP | 4.7<br>|
| Cenovus Energy Inc | 4.6<br>|
| Canadian Natural Resources Ltd | 4.3<br>|
| Valero Energy Corp | 3.9<br>|
| Vistra Corp | 3.7<br>|
| Schlumberger NV | 3.5<br>|
|  | 69.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img60_20250831_1.jpg)<br>| ![](img113912_2.jpg) | 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**<br> 1.9914497.101 60-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Defense and Aerospace Portfolio<br> **Defense and Aerospace Portfolio : FSDAX** <br>|

---

This semi-annual shareholder report contains information about Defense and Aerospace Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $37  | 0.64% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3081143944<br>|
| Number of Holdings | 37<br>|
| Portfolio Turnover | 16%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Aerospace & Defense | 96.9 |
| Professional Services | 1.3 |
| Trading Companies & Distributors | 0.2 |

---

Common Stocks 98.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img67_20250831_AA.jpg) <br>|

---

Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.6 <br>

---

| | |
|:---|:---|
| United States | 93.6 |
| United Kingdom | 3.3 |
| Canada | 1.9 |
| Germany | 0.8 |
| France | 0.3 |
| Brazil | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img67_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| GE Aerospace | 19.8<br>|
| Boeing Co | 16.2<br>|
| RTX Corp | 9.8<br>|
| Howmet Aerospace Inc | 4.6<br>|
| General Dynamics Corp | 4.5<br>|
| TransDigm Group Inc | 3.9<br>|
| Axon Enterprise Inc | 3.8<br>|
| HEICO Corp Class A | 3.3<br>|
| L3Harris Technologies Inc | 2.8<br>|
| Rolls-Royce Holdings PLC | 2.5<br>|
|  | 71.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img67_20250831_1.jpg)<br>| ![](img113913_2.jpg) | 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**<br> 1.9914503.101 67-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Consumer Staples Portfolio<br> **Consumer Staples Portfolio : FDFAX** <br>|

---

This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $34  | 0.68% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1140356187<br>|
| Number of Holdings | 39<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 36.1 |
| Consumer Staples Distribution & Retail | 20.8 |
| Household Products | 17.6 |
| Food Products | 15.5 |
| Tobacco | 5.4 |
| Personal Care Products | 4.4 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img9_20250831_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 94.6 <br> United Kingdom 5.4

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img9_20250831_GD.jpg) <br>|

---

United States - 94.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United Kingdom - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coca-Cola Co/The | 13.5<br>|
| Procter & Gamble Co/The | 11.9<br>|
| Keurig Dr Pepper Inc | 9.3<br>|
| Walmart Inc | 8.6<br>|
| Constellation Brands Inc Class A | 4.6<br>|
| Energizer Holdings Inc | 4.3<br>|
| Bunge Global SA | 4.3<br>|
| Costco Wholesale Corp | 3.4<br>|
| Target Corp | 3.3<br>|
| Mondelez International Inc | 2.9<br>|
|  | 66.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img9_20250831_1.jpg)<br>| ![](img113914_2.jpg) | 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**<br> 1.9914495.101 9-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Consumer Staples Portfolio<br> **Fidelity Advisor® Consumer Staples Fund Class Z : FIJCX** <br>|

---

This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2025 to August 31, 2025. 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, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1140356187<br>|
| Number of Holdings | 39<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 36.1 |
| Consumer Staples Distribution & Retail | 20.8 |
| Household Products | 17.6 |
| Food Products | 15.5 |
| Tobacco | 5.4 |
| Personal Care Products | 4.4 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img9_20250831_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 94.6 <br> United Kingdom 5.4

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img9_20250831_GD.jpg) <br>|

---

United States - 94.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United Kingdom - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coca-Cola Co/The | 13.5<br>|
| Procter & Gamble Co/The | 11.9<br>|
| Keurig Dr Pepper Inc | 9.3<br>|
| Walmart Inc | 8.6<br>|
| Constellation Brands Inc Class A | 4.6<br>|
| Energizer Holdings Inc | 4.3<br>|
| Bunge Global SA | 4.3<br>|
| Costco Wholesale Corp | 3.4<br>|
| Target Corp | 3.3<br>|
| Mondelez International Inc | 2.9<br>|
|  | 66.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img9_20250831_1.jpg)<br>| ![](img113915_2.jpg) | 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**<br> 1.9914494.101 3234-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Consumer Staples Portfolio<br> **Fidelity Advisor® Consumer Staples Fund Class M : FDTGX** <br>|

---

This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2025 to August 31, 2025. 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  | 1.22% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1140356187<br>|
| Number of Holdings | 39<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 36.1 |
| Consumer Staples Distribution & Retail | 20.8 |
| Household Products | 17.6 |
| Food Products | 15.5 |
| Tobacco | 5.4 |
| Personal Care Products | 4.4 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img9_20250831_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 94.6 <br> United Kingdom 5.4

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img9_20250831_GD.jpg) <br>|

---

United States - 94.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United Kingdom - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coca-Cola Co/The | 13.5<br>|
| Procter & Gamble Co/The | 11.9<br>|
| Keurig Dr Pepper Inc | 9.3<br>|
| Walmart Inc | 8.6<br>|
| Constellation Brands Inc Class A | 4.6<br>|
| Energizer Holdings Inc | 4.3<br>|
| Bunge Global SA | 4.3<br>|
| Costco Wholesale Corp | 3.4<br>|
| Target Corp | 3.3<br>|
| Mondelez International Inc | 2.9<br>|
|  | 66.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img9_20250831_1.jpg)<br>| ![](img113916_2.jpg) | 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**<br> 1.9914492.101 1782-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Consumer Staples Portfolio<br> **Fidelity Advisor® Consumer Staples Fund Class I : FDIGX** <br>|

---

This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2025 to August 31, 2025. 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  | 0.71% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1140356187<br>|
| Number of Holdings | 39<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 36.1 |
| Consumer Staples Distribution & Retail | 20.8 |
| Household Products | 17.6 |
| Food Products | 15.5 |
| Tobacco | 5.4 |
| Personal Care Products | 4.4 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img9_20250831_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 94.6 <br> United Kingdom 5.4

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img9_20250831_GD.jpg) <br>|

---

United States - 94.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United Kingdom - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coca-Cola Co/The | 13.5<br>|
| Procter & Gamble Co/The | 11.9<br>|
| Keurig Dr Pepper Inc | 9.3<br>|
| Walmart Inc | 8.6<br>|
| Constellation Brands Inc Class A | 4.6<br>|
| Energizer Holdings Inc | 4.3<br>|
| Bunge Global SA | 4.3<br>|
| Costco Wholesale Corp | 3.4<br>|
| Target Corp | 3.3<br>|
| Mondelez International Inc | 2.9<br>|
|  | 66.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img9_20250831_1.jpg)<br>| ![](img113917_2.jpg) | 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**<br> 1.9914493.101 1783-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Consumer Staples Portfolio<br> **Fidelity Advisor® Consumer Staples Fund Class C : FDCGX** <br>|

---

This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2025 to August 31, 2025. 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  | 1.72% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1140356187<br>|
| Number of Holdings | 39<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 36.1 |
| Consumer Staples Distribution & Retail | 20.8 |
| Household Products | 17.6 |
| Food Products | 15.5 |
| Tobacco | 5.4 |
| Personal Care Products | 4.4 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img9_20250831_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 94.6 <br> United Kingdom 5.4

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img9_20250831_GD.jpg) <br>|

---

United States - 94.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United Kingdom - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coca-Cola Co/The | 13.5<br>|
| Procter & Gamble Co/The | 11.9<br>|
| Keurig Dr Pepper Inc | 9.3<br>|
| Walmart Inc | 8.6<br>|
| Constellation Brands Inc Class A | 4.6<br>|
| Energizer Holdings Inc | 4.3<br>|
| Bunge Global SA | 4.3<br>|
| Costco Wholesale Corp | 3.4<br>|
| Target Corp | 3.3<br>|
| Mondelez International Inc | 2.9<br>|
|  | 66.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img9_20250831_1.jpg)<br>| ![](img113918_2.jpg) | 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**<br> 1.9914491.101 1781-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Consumer Staples Portfolio<br> **Fidelity Advisor® Consumer Staples Fund Class A : FDAGX** <br>|

---

This semi-annual shareholder report contains information about Consumer Staples Portfolio for the period March 1, 2025 to August 31, 2025. 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, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1140356187<br>|
| Number of Holdings | 39<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Beverages | 36.1 |
| Consumer Staples Distribution & Retail | 20.8 |
| Household Products | 17.6 |
| Food Products | 15.5 |
| Tobacco | 5.4 |
| Personal Care Products | 4.4 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img9_20250831_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 94.6 <br> United Kingdom 5.4

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img9_20250831_GD.jpg) <br>|

---

United States - 94.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United Kingdom - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coca-Cola Co/The | 13.5<br>|
| Procter & Gamble Co/The | 11.9<br>|
| Keurig Dr Pepper Inc | 9.3<br>|
| Walmart Inc | 8.6<br>|
| Constellation Brands Inc Class A | 4.6<br>|
| Energizer Holdings Inc | 4.3<br>|
| Bunge Global SA | 4.3<br>|
| Costco Wholesale Corp | 3.4<br>|
| Target Corp | 3.3<br>|
| Mondelez International Inc | 2.9<br>|
|  | 66.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img9_20250831_1.jpg)<br>| ![](img113919_2.jpg) | 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**<br> 1.9914490.101 1779-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Consumer Discretionary Portfolio<br> **Consumer Discretionary Portfolio : FSCPX** <br>|

---

This semi-annual shareholder report contains information about Consumer Discretionary Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $36  | 0.69% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $501995594<br>|
| Number of Holdings | 59<br>|
| Portfolio Turnover | 19%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Broadline Retail | 26.3 |
| Specialty Retail | 24.1 |
| Hotels, Restaurants & Leisure | 18.1 |
| Automobiles | 15.0 |
| Household Durables | 6.1 |
| Textiles, Apparel & Luxury Goods | 5.6 |
| Automobile Components | 2.7 |
| Consumer Staples Distribution & Retail | 1.2 |
| Construction Materials | 0.7 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img517_20250831_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 93.9 |
| Canada | 2.2 |
| Bailiwick Of Jersey | 2.0 |
| Brazil | 1.2 |
| United Kingdom | 0.3 |
| Switzerland | 0.2 |
| France | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img517_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Amazon.com Inc | 24.0<br>|
| Tesla Inc | 13.4<br>|
| Lowe's Cos Inc | 4.3<br>|
| Home Depot Inc/The | 4.2<br>|
| McDonald's Corp | 3.1<br>|
| TJX Cos Inc/The | 3.0<br>|
| Somnigroup International Inc | 2.8<br>|
| Hilton Worldwide Holdings Inc | 2.5<br>|
| Booking Holdings Inc | 2.3<br>|
| Aptiv PLC | 2.0<br>|
|  | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img517_20250831_1.jpg)<br>| ![](img113920_2.jpg) | 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**<br> 1.9914558.101 517-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Construction and Housing Portfolio<br> **Construction and Housing Portfolio : FSHOX** <br>|

---

This semi-annual shareholder report contains information about Construction and Housing Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $36  | 0.68% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $782966561<br>|
| Number of Holdings | 51<br>|
| Portfolio Turnover | 13%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Specialty Retail | 34.2 |
| Building Products | 19.9 |
| Household Durables | 13.2 |
| Construction Materials | 10.9 |
| Construction & Engineering | 10.7 |
| Residential REITs | 9.6 |
| Real Estate Management & Development | 0.4 |
| Chemicals | 0.3 |
| Ground Transportation | 0.2 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img511_20250831_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

United States 100.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img511_20250831_GD.jpg) <br>|

---

United States - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Home Depot Inc/The | 17.2<br>|
| Lowe's Cos Inc | 13.5<br>|
| Johnson Controls International plc | 5.8<br>|
| Trane Technologies PLC | 5.6<br>|
| CRH PLC | 4.6<br>|
| Martin Marietta Materials Inc | 4.1<br>|
| Quanta Services Inc | 3.6<br>|
| PulteGroup Inc | 2.7<br>|
| Sun Communities Inc | 2.7<br>|
| Invitation Homes Inc | 2.4<br>|
|  | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img511_20250831_1.jpg)<br>| ![](img113921_2.jpg) | 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**<br> 1.9914553.101 511-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Communication Services Portfolio<br> **Communication Services Portfolio : FBMPX** <br>|

---

This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $36  | 0.65% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2260850638<br>|
| Number of Holdings | 45<br>|
| Portfolio Turnover | 126%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 52.6 |
| Entertainment | 26.2 |
| Media | 5.8 |
| Broadline Retail | 4.7 |
| Software | 2.1 |
| Semiconductors & Semiconductor Equipment | 2.0 |
| Diversified Telecommunication Services | 1.5 |
| Wireless Telecommunication Services | 0.9 |
| Specialty Retail | 0.7 |
| Others | 1.6 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img503_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

United States 99.1 <br> Taiwan 0.7 <br> Korea (South) 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img503_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 24.9<br>|
| Meta Platforms Inc Class A | 24.0<br>|
| ROBLOX Corp Class A | 4.9<br>|
| Walt Disney Co/The | 4.9<br>|
| Amazon.com Inc | 4.7<br>|
| Take-Two Interactive Software Inc | 3.2<br>|
| Netflix Inc | 2.9<br>|
| Reddit Inc Class A | 2.8<br>|
| Magnite Inc | 2.6<br>|
| Warner Bros Discovery Inc | 2.3<br>|
|  | 77.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img503_20250831_1.jpg)<br>| ![](img113922_2.jpg) | 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**<br> 1.9914544.101 503-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Communication Services Portfolio<br> **Fidelity Advisor® Communication Services Fund Class Z : FGKMX** <br>|

---

This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $32  | 0.57% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2260850638<br>|
| Number of Holdings | 45<br>|
| Portfolio Turnover | 126%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 52.6 |
| Entertainment | 26.2 |
| Media | 5.8 |
| Broadline Retail | 4.7 |
| Software | 2.1 |
| Semiconductors & Semiconductor Equipment | 2.0 |
| Diversified Telecommunication Services | 1.5 |
| Wireless Telecommunication Services | 0.9 |
| Specialty Retail | 0.7 |
| Others | 1.6 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img503_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

United States 99.1 <br> Taiwan 0.7 <br> Korea (South) 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img503_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 24.9<br>|
| Meta Platforms Inc Class A | 24.0<br>|
| ROBLOX Corp Class A | 4.9<br>|
| Walt Disney Co/The | 4.9<br>|
| Amazon.com Inc | 4.7<br>|
| Take-Two Interactive Software Inc | 3.2<br>|
| Netflix Inc | 2.9<br>|
| Reddit Inc Class A | 2.8<br>|
| Magnite Inc | 2.6<br>|
| Warner Bros Discovery Inc | 2.3<br>|
|  | 77.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img503_20250831_1.jpg)<br>| ![](img113923_2.jpg) | 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**<br> 1.9914543.101 3328-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Communication Services Portfolio<br> **Fidelity Advisor® Communication Services Fund Class M : FGEMX** <br>|

---

This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2025 to August 31, 2025. 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  | 1.20% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2260850638<br>|
| Number of Holdings | 45<br>|
| Portfolio Turnover | 126%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 52.6 |
| Entertainment | 26.2 |
| Media | 5.8 |
| Broadline Retail | 4.7 |
| Software | 2.1 |
| Semiconductors & Semiconductor Equipment | 2.0 |
| Diversified Telecommunication Services | 1.5 |
| Wireless Telecommunication Services | 0.9 |
| Specialty Retail | 0.7 |
| Others | 1.6 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img503_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

United States 99.1 <br> Taiwan 0.7 <br> Korea (South) 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img503_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 24.9<br>|
| Meta Platforms Inc Class A | 24.0<br>|
| ROBLOX Corp Class A | 4.9<br>|
| Walt Disney Co/The | 4.9<br>|
| Amazon.com Inc | 4.7<br>|
| Take-Two Interactive Software Inc | 3.2<br>|
| Netflix Inc | 2.9<br>|
| Reddit Inc Class A | 2.8<br>|
| Magnite Inc | 2.6<br>|
| Warner Bros Discovery Inc | 2.3<br>|
|  | 77.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img503_20250831_1.jpg)<br>| ![](img113924_2.jpg) | 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**<br> 1.9914540.101 3325-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Communication Services Portfolio<br> **Fidelity Advisor® Communication Services Fund Class I : FGJMX** <br>|

---

This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2025 to August 31, 2025. 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  | 0.70% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2260850638<br>|
| Number of Holdings | 45<br>|
| Portfolio Turnover | 126%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 52.6 |
| Entertainment | 26.2 |
| Media | 5.8 |
| Broadline Retail | 4.7 |
| Software | 2.1 |
| Semiconductors & Semiconductor Equipment | 2.0 |
| Diversified Telecommunication Services | 1.5 |
| Wireless Telecommunication Services | 0.9 |
| Specialty Retail | 0.7 |
| Others | 1.6 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img503_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

United States 99.1 <br> Taiwan 0.7 <br> Korea (South) 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img503_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 24.9<br>|
| Meta Platforms Inc Class A | 24.0<br>|
| ROBLOX Corp Class A | 4.9<br>|
| Walt Disney Co/The | 4.9<br>|
| Amazon.com Inc | 4.7<br>|
| Take-Two Interactive Software Inc | 3.2<br>|
| Netflix Inc | 2.9<br>|
| Reddit Inc Class A | 2.8<br>|
| Magnite Inc | 2.6<br>|
| Warner Bros Discovery Inc | 2.3<br>|
|  | 77.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img503_20250831_1.jpg)<br>| ![](img113925_2.jpg) | 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**<br> 1.9914542.101 3327-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Communication Services Portfolio<br> **Fidelity Advisor® Communication Services Fund Class C : FGHMX** <br>|

---

This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $93  | 1.70% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2260850638<br>|
| Number of Holdings | 45<br>|
| Portfolio Turnover | 126%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 52.6 |
| Entertainment | 26.2 |
| Media | 5.8 |
| Broadline Retail | 4.7 |
| Software | 2.1 |
| Semiconductors & Semiconductor Equipment | 2.0 |
| Diversified Telecommunication Services | 1.5 |
| Wireless Telecommunication Services | 0.9 |
| Specialty Retail | 0.7 |
| Others | 1.6 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img503_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

United States 99.1 <br> Taiwan 0.7 <br> Korea (South) 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img503_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 24.9<br>|
| Meta Platforms Inc Class A | 24.0<br>|
| ROBLOX Corp Class A | 4.9<br>|
| Walt Disney Co/The | 4.9<br>|
| Amazon.com Inc | 4.7<br>|
| Take-Two Interactive Software Inc | 3.2<br>|
| Netflix Inc | 2.9<br>|
| Reddit Inc Class A | 2.8<br>|
| Magnite Inc | 2.6<br>|
| Warner Bros Discovery Inc | 2.3<br>|
|  | 77.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img503_20250831_1.jpg)<br>| ![](img113926_2.jpg) | 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**<br> 1.9914541.101 3326-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Communication Services Portfolio<br> **Fidelity Advisor® Communication Services Fund Class A : FGDMX** <br>|

---

This semi-annual shareholder report contains information about Communication Services Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $52  | 0.95% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2260850638<br>|
| Number of Holdings | 45<br>|
| Portfolio Turnover | 126%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Interactive Media & Services | 52.6 |
| Entertainment | 26.2 |
| Media | 5.8 |
| Broadline Retail | 4.7 |
| Software | 2.1 |
| Semiconductors & Semiconductor Equipment | 2.0 |
| Diversified Telecommunication Services | 1.5 |
| Wireless Telecommunication Services | 0.9 |
| Specialty Retail | 0.7 |
| Others | 1.6 |

---

Common Stocks 98.1 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img503_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

United States 99.1 <br> Taiwan 0.7 <br> Korea (South) 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img503_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 24.9<br>|
| Meta Platforms Inc Class A | 24.0<br>|
| ROBLOX Corp Class A | 4.9<br>|
| Walt Disney Co/The | 4.9<br>|
| Amazon.com Inc | 4.7<br>|
| Take-Two Interactive Software Inc | 3.2<br>|
| Netflix Inc | 2.9<br>|
| Reddit Inc Class A | 2.8<br>|
| Magnite Inc | 2.6<br>|
| Warner Bros Discovery Inc | 2.3<br>|
|  | 77.2 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img503_20250831_1.jpg)<br>| ![](img113927_2.jpg) | 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**<br> 1.9914539.101 3324-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Chemicals Portfolio<br> **Chemicals Portfolio : FSCHX** <br>|

---

This semi-annual shareholder report contains information about Chemicals Portfolio for the period March 1, 2025 to August 31, 2025. 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  | 0.69% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $447037642<br>|
| Number of Holdings | 26<br>|
| Portfolio Turnover | 43%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Chemicals | 98.0 |

---

Common Stocks 98.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img69_20250831_AA.jpg) <br>|

---

Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.0 <br>

United States 98.2 <br> Germany 1.8

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img69_20250831_GD.jpg) <br>|

---

United States - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Germany - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Linde PLC | 24.8<br>|
| Sherwin-Williams Co/The | 15.7<br>|
| Ecolab Inc | 8.9<br>|
| Axalta Coating Systems Ltd | 4.9<br>|
| Element Solutions Inc | 4.9<br>|
| Corteva Inc | 4.9<br>|
| DuPont de Nemours Inc | 4.8<br>|
| Air Products and Chemicals Inc | 4.8<br>|
| PPG Industries Inc | 3.6<br>|
| LyondellBasell Industries NV Class A1 | 2.6<br>|
|  | 79.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img69_20250831_1.jpg)<br>| ![](img113928_2.jpg) | 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**<br> 1.9914505.101 69-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Brokerage and Investment Management Portfolio<br> **Brokerage and Investment Management Portfolio : FSLBX** <br>|

---

This semi-annual shareholder report contains information about Brokerage and Investment Management Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $35  | 0.67% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1447145887<br>|
| Number of Holdings | 42<br>|
| Portfolio Turnover | 13%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Capital Markets | 94.9 |
| Financial Services | 4.7 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img68_20250831_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 97.2 |
| Canada | 1.2 |
| United Kingdom | 1.0 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Luxembourg | 0.1 |
| Sweden | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img68_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Moody's Corp | 8.0<br>|
| Charles Schwab Corp/The | 5.8<br>|
| KKR & Co Inc Class A | 5.6<br>|
| Ares Management Corp Class A | 5.0<br>|
| Intercontinental Exchange Inc | 5.0<br>|
| Blue Owl Capital Inc Class A | 4.8<br>|
| S&P Global Inc | 4.8<br>|
| Blackstone Inc | 4.7<br>|
| Apollo Global Management Inc | 4.7<br>|
| Robinhood Markets Inc Class A | 4.4<br>|
|  | 52.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img68_20250831_1.jpg)<br>| ![](img113929_2.jpg) | 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**<br> 1.9914504.101 68-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Biotechnology Portfolio<br> **Biotechnology Portfolio : FBIOX** <br>|

---

This semi-annual shareholder report contains information about Biotechnology Portfolio for the period March 1, 2025 to August 31, 2025. 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  | 0.63% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4227088512<br>|
| Number of Holdings | 177<br>|
| Portfolio Turnover | 45%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Biotechnology | 91.0 |
| Pharmaceuticals | 8.5 |
| Life Sciences Tools & Services | 0.2 |
| Health Care Technology | 0.1 |
| Health Care Providers & Services | 0.1 |
| Health Care Equipment & Supplies | 0.0 |
| Consumer Staples Distribution & Retail | 0.0 |

---

Common Stocks 99.4 <br> Preferred Stocks 0.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img142_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 86.0 |
| Netherlands | 4.5 |
| Denmark | 4.0 |
| Belgium | 2.1 |
| France | 1.4 |
| Switzerland | 0.9 |
| Canada | 0.4 |
| Germany | 0.4 |
| Ireland | 0.2 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img142_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| AbbVie Inc | 16.7<br>|
| Amgen Inc | 8.2<br>|
| Gilead Sciences Inc | 8.1<br>|
| Alnylam Pharmaceuticals Inc | 6.9<br>|
| Krystal Biotech Inc | 6.5<br>|
| Insmed Inc | 3.2<br>|
| Argenx SE ADR | 2.8<br>|
| Ascendis Pharma A/S ADR | 2.7<br>|
| UCB SA | 2.1<br>|
| Natera Inc | 1.3<br>|
|  | 58.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img142_20250831_1.jpg)<br>| ![](img113930_2.jpg) | 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**<br> 1.9914524.101 42-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Banking Portfolio<br> **Banking Portfolio : FSRBX** <br>|

---

This semi-annual shareholder report contains information about Banking Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $37  | 0.70% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $449383757<br>|
| Number of Holdings | 39<br>|
| Portfolio Turnover | 22%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Banks | 98.6 |
| Capital Markets | 1.2 |
| Financial Services | 0.0 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img507_20250831_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

United States 95.3 <br> Puerto Rico 4.7 <br> Cyprus 0.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img507_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Cyprus - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 9.0<br>|
| Bank of America Corp | 7.9<br>|
| Citigroup Inc | 6.1<br>|
| Truist Financial Corp | 5.1<br>|
| Popular Inc | 4.7<br>|
| US Bancorp | 4.7<br>|
| M&T Bank Corp | 4.1<br>|
| UMB Financial Corp | 4.0<br>|
| Old National Bancorp/IN | 3.6<br>|
| Citizens Financial Group Inc | 3.3<br>|
|  | 52.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img507_20250831_1.jpg)<br>| ![](img113931_2.jpg) | 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**<br> 1.9914546.101 507-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Automotive Portfolio<br> **Automotive Portfolio : FSAVX** <br>|

---

This semi-annual shareholder report contains information about Automotive Portfolio for the period March 1, 2025 to August 31, 2025. 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  | $42  | 0.79% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $71017721<br>|
| Number of Holdings | 32<br>|
| Portfolio Turnover | 115%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Automobiles | 48.9 |
| Specialty Retail | 25.9 |
| Automobile Components | 15.3 |
| Commercial Services & Supplies | 7.0 |
| Electronic Equipment, Instruments & Components | 1.5 |
| Electrical Equipment | 1.1 |

---

Common Stocks 99.7 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img502_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 59.5 |
| Japan | 14.6 |
| Italy | 9.1 |
| China | 7.3 |
| Bailiwick Of Jersey | 3.2 |
| Switzerland | 2.9 |
| Sweden | 2.1 |
| Canada | 1.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img502_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 59.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 14.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bailiwick Of Jersey - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| O'Reilly Automotive Inc | 11.2<br>|
| Toyota Motor Corp ADR | 11.1<br>|
| Ferrari NV | 9.1<br>|
| Tesla Inc | 8.8<br>|
| AutoZone Inc | 6.3<br>|
| Carvana Co Class A | 5.0<br>|
| General Motors Co | 4.9<br>|
| BorgWarner Inc | 4.2<br>|
| NIO Inc Class A ADR | 3.6<br>|
| Honda Motor Co Ltd ADR | 3.5<br>|
|  | 67.7 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img502_20250831_1.jpg)<br>| ![](img113932_2.jpg) | 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**<br> 1.9914538.101 502-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® Natural Resources Fund<br> **Fidelity® Natural Resources Fund : FNARX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Natural Resources Fund for the period March 1, 2025 to August 31, 2025. 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  | $38  | 0.69% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $636359948<br>|
| Number of Holdings | 39<br>|
| Portfolio Turnover | 80%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Oil, Gas & Consumable Fuels | 71.6 |
| Metals & Mining | 18.6 |
| Containers & Packaging | 3.9 |
| Construction Materials | 3.3 |
| Chemicals | 1.1 |
| Energy Equipment & Services | 0.6 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img514_20250831_AA.jpg) <br>|

---

Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 56.6 |
| Canada | 34.9 |
| Zambia | 3.1 |
| Brazil | 3.0 |
| Portugal | 2.0 |
| United Kingdom | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img514_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 56.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 34.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 14.3<br>|
| Imperial Oil Ltd | 9.6<br>|
| Shell PLC ADR | 8.9<br>|
| ConocoPhillips | 5.9<br>|
| MEG Energy Corp | 5.5<br>|
| Chevron Corp | 5.4<br>|
| Valero Energy Corp | 4.9<br>|
| Athabasca Oil Corp | 3.7<br>|
| Agnico Eagle Mines Ltd/CA (United States) | 3.6<br>|
| Marathon Petroleum Corp | 3.3<br>|
|  | 65.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img514_20250831_1.jpg)<br>| ![](img113939_2.jpg) | 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**<br> 1.9914555.101 514-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® Environment and Alternative Energy Fund<br> **Fidelity® Environment and Alternative Energy Fund : FSLEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Environment and Alternative Energy Fund for the period March 1, 2025 to August 31, 2025. 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® Environment and Alternative Energy Fund  | $38  | 0.69% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $567641183<br>|
| Number of Holdings | 70<br>|
| Portfolio Turnover | 59%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **TOP INDUSTRIES**<br> **(% of Fund's net assets)** | **TOP INDUSTRIES**<br> **(% of Fund's net assets)** |
| Software | 11.7 |
| Automobiles | 9.1 |
| Electrical Equipment | 8.7 |
| Machinery | 7.7 |
| Communications Equipment | 7.4 |
| Semiconductors & Semiconductor Equipment | 7.2 |
| Chemicals | 6.6 |
| Building Products | 5.4 |
| Aerospace & Defense | 4.2 |
| Others | 31.6 |

---

Common Stocks 99.6 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img516_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 93.1 |
| Netherlands | 3.0 |
| Germany | 2.1 |
| United Kingdom | 1.0 |
| Canada | 0.5 |
| Bailiwick Of Jersey | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img516_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 11.2<br>|
| Tesla Inc | 8.7<br>|
| Linde PLC | 6.0<br>|
| Arista Networks Inc | 3.9<br>|
| Prologis Inc | 3.6<br>|
| IBM Corporation | 3.5<br>|
| Cisco Systems Inc | 3.5<br>|
| Eaton Corp PLC | 3.3<br>|
| NXP Semiconductors NV | 3.0<br>|
| GE Aerospace | 3.0<br>|
|  | 49.7 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img516_20250831_1.jpg)<br>| ![](img113946_2.jpg) | 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**<br> 1.9914557.101 516-TSRS-1025 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Select Portfolios®**

**Telecommunications Services Sector**

**Telecommunications Portfolio**

**Wireless Portfolio**

**Semi-Annual Report**

**August 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img114151_1.jpg)

![](img114151_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SELTS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Telecommunications Portfolio](#Sub_Sec_Fund_96_SELTS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Wireless Portfolio](#Sub_Sec_Fund_653_SELTS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELTS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELTS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELTS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELTS-SANN)** |

---

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.© 2025 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 3.3%  |  |  |
| Communication Services - 3.3% |  |  |
| Diversified Telecommunication Services - 3.3% |  |  |
| Liberty Global Ltd Class C (a) | 685536 | 8192155 |
| PUERTO RICO - 4.2%  |  |  |
| Communication Services - 4.2% |  |  |
| Diversified Telecommunication Services - 4.2% |  |  |
| Liberty Latin America Ltd Class C (a) | 1255333 | 10343944 |
| UNITED KINGDOM - 1.3%  |  |  |
| Communication Services - 1.3% |  |  |
| Diversified Telecommunication Services - 1.3% |  |  |
| BT Group PLC  | 1188800 | 3478683 |
| UNITED STATES - 90.2%  |  |  |
| Communication Services - 89.4% |  |  |
| Diversified Telecommunication Services - 72.4% |  |  |
| Anterix Inc (a) | 150300 | 3568122 |
| AST SpaceMobile Inc Class A (a)(b) | 216500 | 10595510 |
| AT&T Inc  | 1623920 | 47564617 |
| Bandwidth Inc Class A (a) | 14100 | 211500 |
| Cogent Communications Holdings Inc (b) | 218939 | 8370038 |
| Frontier Communications Parent Inc (a) | 312000 | 11568960 |
| GCI Liberty Inc/DEL Class A (a)(c) | 182800 | 2 |
| GCI LLC Class C (b) | 179324 | 6570431 |
| Globalstar Inc (a) | 232498 | 6958665 |
| IDT Corp Class B  | 93200 | 5971324 |
| Iridium Communications Inc (b) | 311411 | 7751020 |
| Lumen Technologies Inc (a) | 2120800 | 10540376 |
| Shenandoah Telecommunications Co (b) | 139323 | 1846030 |
| Verizon Communications Inc  | 1322997 | 58516157 |
|  |  | 180032752 |
| Media - 3.0% |  |  |
| Charter Communications Inc Class A (a) | 9400 | 2496452 |
| Comcast Corp Class A  | 108000 | 3668760 |
| Liberty Broadband Corp Class C (a) | 20224 | 1230832 |
|  |  | 7396044 |
| Wireless Telecommunication Services - 14.0% |  |  |
| Array Digital Infrastructure Inc  | 45900 | 2470797 |
| Gogo Inc (a)(b) | 775200 | 8511696 |
| T-Mobile US Inc  | 59624 | 15024652 |
| Telephone and Data Systems Inc  | 217764 | 8730159 |
|  |  | 34737304 |
| TOTAL COMMUNICATION SERVICES |  | 222166100 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Dycom Industries Inc (a) | 1400 | 353458 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Amdocs Ltd  | 16900 | 1446133 |
| Real Estate - 0.1% |  |  |
| Specialized REITs - 0.1% |  |  |
| American Tower Corp  | 1800 | 366930 |
| TOTAL UNITED STATES |  | 224332621 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $186,815,752) |  | <br> **246347403** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 4.36 | 1222993 | 1223238 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 4.36 | 16435673 | 16437316 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $17,660,554) |  |  | **17660554** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 106.1%**<br> (Cost $204,476,306)<br>| <br>**264007957** |
| **NET OTHER ASSETS (LIABILITIES) - (6.1)%**  | **(15249582)** |
| **NET ASSETS - 100.0%** | **248758375** |

---

**Legend**

(a) Non-income producing.

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

(c) Level 3 security

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 7344739 | 63124295 | 69245796 | 115031 | - | - | 1223238 | 1222993 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 16492770 | 133006298 | 133061752 | 68051 | - | - | 16437316 | 16435673 | 0.1% |
| Total | 23837509 | 196130593 | 202307548 | 183082 | - | - | 17660554 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 244180882 | 244180880 | - | 2 |
| Industrials | 353458 | 353458 | - | - |
| Information Technology | 1446133 | 1446133 | - | - |
| Real Estate | 366930 | 366930 | - | - |
|  **Money Market Funds** | 17660554 | 17660554 | - | - |
| **Total Investments in Securities:** | 264007957 | 264007955 | - | 2 |

---

**Telecommunications Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $16,072,193) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $186,815,752) | $246347403 |  |
| Fidelity Central Funds (cost $17,660,554) | 17660554 |  |
| Total Investment in Securities (cost $204,476,306) |  | $264007957 |
| Foreign currency held at value (cost $21,712) |  | 25483 |
| Receivable for fund shares sold |  | 261153 |
| Dividends receivable |  | 1432924 |
| Distributions receivable from Fidelity Central Funds |  | 5551 |
| Prepaid expenses |  | 347 |
| Other receivables |  | 4328 |
| **Total assets** |  | 265737743 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $366690 |  |
| Accrued management fee | 137293 |  |
| Distribution and service plan fees payable | 10333 |  |
| Other payables and accrued expenses | 28212 |  |
| Collateral on securities loaned | 16436840 |  |
| **Total liabilities** |  | 16979368 |
| **Net Assets**  |  | $248758375 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $203059866 |
| Total accumulated earnings (loss) |  | 45698509 |
| **Net Assets** |  | $248758375 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($24,680,765 ÷ 401,343 shares)(a) |  | $61.50 |
| Maximum offering price per share (100/94.25 of $61.50) |  | $65.25 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($8,970,602 ÷ 147,109 shares)(a) |  | $60.98 |
| Maximum offering price per share (100/96.50 of $60.98) |  | $63.19 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($2,091,851 ÷ 34,102 shares)(a) |  | $61.34 |
| **Telecommunications :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($193,442,960 ÷ 3,115,973 shares) |  | $62.08 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($14,819,444 ÷ 239,496 shares) |  | $61.88 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,752,753 ÷ 76,997 shares) |  | $61.73 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $3865743 |
| Special dividends |  | 1055700 |
| Income from Fidelity Central Funds (including $68,051 from security lending)  |  | 183082 |
| **Total income** |  | 5104525 |
| **Expenses** |  |  |
| Management fee | $853595 |  |
| Distribution and service plan fees | 61519 |  |
| Custodian fees and expenses | 1518 |  |
| Independent trustees' fees and expenses | 441 |  |
| Registration fees | 59226 |  |
| Audit fees | 28998 |  |
| Legal | 438 |  |
| Interest | 9289 |  |
| Miscellaneous | 398 |  |
| Total expenses before reductions | 1015422 |  |
| Expense reductions | (122) |  |
| Total expenses after reductions |  | 1015300 |
| **Net Investment income (loss)** |  | 4089225 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3277398 |  |
| Foreign currency transactions | (1343) |  |
| Total net realized gain (loss) |  | 3276055 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 10130604 |  |
| Assets and liabilities in foreign currencies | 2426 |  |
| Total change in net unrealized appreciation (depreciation) |  | 10133030 |
| **Net gain (loss)** |  | 13409085 |
| **Net increase (decrease) in net assets resulting from operations** |  | $17498310 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4089225 | $4817007 |
| &nbsp;&nbsp;Net realized gain (loss) | 3276055<br>| 6220951<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 10133030 | 46074938<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 17498310<br>| 57112896<br>|
| Distributions to shareholders | (2407403)<br>| (4654398)<br>|
| Share transactions - net increase (decrease) | 13331872<br>| (13425436)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 28422779<br>| 39033062<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 220335596 | 181302534<br>|
| &nbsp;&nbsp;End of period | $248758375 | $220335596 |

---

**Financial Highlights** 

**Fidelity Advisor® Telecommunications Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $57.95 | $44.20 | $46.57 | $54.28 | $66.52 | $60.60 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .87 D | 1.09  | 1.06  | .93  | 1.51 E | .66  |
| Net realized and unrealized gain (loss)  | 3.19  | 13.71  | (1.85) F | (5.19)  | (5.14)  | 10.61  |
| Total from investment operations  | 4.06  | 14.80  | (.79)  | (4.26)  | (3.63)  | 11.27  |
| Distributions from net investment income  | (.51)  | (1.05)  | (1.10)  | (.99)  | (1.66)  | (.39)  |
| Distributions from net realized gain  | -  | -  | (.48)  | (2.46)  | (6.95)  | (4.96)  |
| Total distributions  | (.51)  | (1.05)  | (1.58)  | (3.45)  | (8.61)  | (5.35)  |
| Net asset value, end of period  | $61.50 | $57.95 | $44.20 | $46.57 | $54.28 | $66.52 |
| **Total Return** G,H,I | 7.06% <br>| 33.91%  | (1.60)% F | (7.98)%  | (6.28)%  | 18.75%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |  |  |  |
| Expenses before reductions  | 1.04% L | 1.05%  | 1.13%  | 1.13%  | 1.09%  | 1.11%  |
| Expenses net of fee waivers, if any  | 1.04% L<br>| 1.05%  | 1.13%  | 1.13%  | 1.09%  | 1.11%  |
| Expenses net of all reductions, if any  | 1.04% L | 1.05%  | 1.12%  | 1.13%  | 1.09%  | 1.10%  |
| Net investment income (loss)  | 2.57% D,L | 2.19%  | 2.48%  | 1.89%  | 2.27% E | 1.01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $24681 | $20390 | $16323 | $18744 | $22023 | $29800 |
| Portfolio turnover rate M | 50% L<br>| 40%  | 26%  | 24%  | 28%  | 58%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 2.15%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.*

F*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (1.68)%.*

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

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

I*Total returns do not include the effect of the sales charges.*

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

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

L*Annualized.*

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

**Fidelity Advisor® Telecommunications Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $57.44 | $43.84 | $46.21 | $53.88 | $66.09 | $60.25 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .79 D | .96  | .95  | .80  | 1.29 E | .46  |
| Net realized and unrealized gain (loss)  | 3.15  | 13.59  | (1.84) F | (5.14)  | (5.08)  | 10.54  |
| Total from investment operations  | 3.94  | 14.55  | (.89)  | (4.34)  | (3.79)  | 11.00  |
| Distributions from net investment income  | (.40)  | (.95)  | (1.00)  | (.86)  | (1.48)  | (.20)  |
| Distributions from net realized gain  | -  | -  | (.48)  | (2.46)  | (6.95)  | (4.96)  |
| Total distributions  | (.40)  | (.95)  | (1.48)  | (3.33) G | (8.42) G | (5.16)  |
| Net asset value, end of period  | $60.98 | $57.44 | $43.84 | $46.21 | $53.88 | $66.09 |
| **Total Return** H,I,J | 6.91% <br>| 33.59%  | (1.84)% F | (8.21)%  | (6.55)%  | 18.39%  |
| **Ratios to Average Net Assets** C,K,L |  |  |  |  |  |  |
| Expenses before reductions  | 1.29% M | 1.30%  | 1.38%  | 1.39%  | 1.39%  | 1.41%  |
| Expenses net of fee waivers, if any  | 1.29% M<br>| 1.30%  | 1.38%  | 1.38%  | 1.38%  | 1.41%  |
| Expenses net of all reductions, if any  | 1.29% M | 1.30%  | 1.37%  | 1.38%  | 1.38%  | 1.40%  |
| Net investment income (loss)  | 2.32% D,M | 1.93%  | 2.23%  | 1.64%  | 1.97% E | .71%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8971 | $9614 | $6380 | $7301 | $7733 | $9038 |
| Portfolio turnover rate N | 50% M<br>| 40%  | 26%  | 24%  | 28%  | 58%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 1.90%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.*

F*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (1.92)%.*

G*Total distributions per share do not sum due to rounding.*

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

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

J*Total returns do not include the effect of the sales charges.*

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

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

M*Annualized.*

N*Amount 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**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $57.80 | $44.05 | $46.38 | $54.04 | $66.17 | $60.32 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .65 D | .71  | .74  | .56  | 1.01 E | .17  |
| Net realized and unrealized gain (loss)  | 3.17  | 13.68  | (1.85) F | (5.15)  | (5.09)  | 10.54  |
| Total from investment operations  | 3.82  | 14.39  | (1.11)  | (4.59)  | (4.08)  | 10.71  |
| Distributions from net investment income  | (.28)  | (.64)  | (.75)  | (.61)  | (1.10)  | (.07)  |
| Distributions from net realized gain  | -  | -  | (.48)  | (2.46)  | (6.95)  | (4.79)  |
| Total distributions  | (.28)  | (.64)  | (1.22) G | (3.07)  | (8.05)  | (4.86)  |
| Net asset value, end of period  | $61.34 | $57.80 | $44.05 | $46.38 | $54.04 | $66.17 |
| **Total Return** H,I,J | 6.64% <br>| 32.91%  | (2.33)% F | (8.66)%  | (6.97)%  | 17.88%  |
| **Ratios to Average Net Assets** C,K,L |  |  |  |  |  |  |
| Expenses before reductions  | 1.79% M | 1.80%  | 1.88%  | 1.88%  | 1.83%  | 1.86%  |
| Expenses net of fee waivers, if any  | 1.79% M<br>| 1.80%  | 1.88%  | 1.87%  | 1.83%  | 1.86%  |
| Expenses net of all reductions, if any  | 1.79% M | 1.80%  | 1.87%  | 1.87%  | 1.83%  | 1.84%  |
| Net investment income (loss)  | 1.82% D,M | 1.44%  | 1.73%  | 1.15%  | 1.52% E | .26%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2092 | $2113 | $2547 | $3923 | $5254 | $7801 |
| Portfolio turnover rate N | 50% M<br>| 40%  | 26%  | 24%  | 28%  | 58%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 1.40%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.35 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .99%.*

F*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (2.41)%.*

G*Total distributions per share do not sum due to rounding.*

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

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

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

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

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

M*Annualized.*

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

**Telecommunications Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $58.48 | $44.59 | $46.97 | $54.73 | $67.04 | $60.99 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .96 D | 1.25  | 1.20  | 1.09  | 1.71 E | .86  |
| Net realized and unrealized gain (loss)  | 3.21  | 13.83  | (1.87) F | (5.24)  | (5.18)  | 10.71  |
| Total from investment operations  | 4.17  | 15.08  | (.67)  | (4.15)  | (3.47)  | 11.57  |
| Distributions from net investment income  | (.57)  | (1.19)  | (1.23)  | (1.15)  | (1.89)  | (.57)  |
| Distributions from net realized gain  | -  | -  | (.48)  | (2.46)  | (6.95)  | (4.96)  |
| Total distributions  | (.57)  | (1.19)  | (1.71)  | (3.61)  | (8.84)  | (5.52) G |
| Net asset value, end of period  | $62.08 | $58.48 | $44.59 | $46.97 | $54.73 | $67.04 |
| **Total Return** H,I | 7.20% <br>| 34.31%  | (1.33)% F | (7.71)%  | (5.99)%  | 19.15%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |  |  |  |
| Expenses before reductions  | .75% L | .75%  | .85%  | .82%  | .79%  | .81%  |
| Expenses net of fee waivers, if any  | .75% L<br>| .75%  | .84%  | .82%  | .79%  | .81%  |
| Expenses net of all reductions, if any  | .75% L | .75%  | .84%  | .82%  | .79%  | .79%  |
| Net investment income (loss)  | 2.86% D,L | 2.48%  | 2.75%  | 2.20%  | 2.57% E | 1.31%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $193443 | $178652 | $147413 | $171885 | $199560 | $242284 |
| Portfolio turnover rate M | 50% L<br>| 40%  | 26%  | 24%  | 28%  | 58%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 2.45%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.*

F*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (1.41)%.*

G*Total distributions per share do not sum due to rounding.*

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

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

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

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

L*Annualized.*

M*Amount 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**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $58.32 | $44.49 | $46.84 | $54.58 | $66.84 | $60.86 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .96 D | 1.26  | 1.23  | 1.10  | 1.74 E | .88  |
| Net realized and unrealized gain (loss)  | 3.20  | 13.77  | (1.87) F | (5.21)  | (5.18)  | 10.66  |
| Total from investment operations  | 4.16  | 15.03  | (.64)  | (4.11)  | (3.44)  | 11.54  |
| Distributions from net investment income  | (.60)  | (1.20)  | (1.23)  | (1.16)  | (1.87)  | (.60)  |
| Distributions from net realized gain  | -  | -  | (.48)  | (2.46)  | (6.95)  | (4.96)  |
| Total distributions  | (.60)  | (1.20)  | (1.71)  | (3.63) G | (8.82)  | (5.56)  |
| Net asset value, end of period  | $61.88 | $58.32 | $44.49 | $46.84 | $54.58 | $66.84 |
| **Total Return** H,I | 7.21% <br>| 34.29%  | (1.25)% F | (7.67)%  | (5.97)%  | 19.13%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |  |  |  |
| Expenses before reductions  | .75% L | .75%  | .80%  | .78%  | .77%  | .79%  |
| Expenses net of fee waivers, if any  | .75% L<br>| .75%  | .79%  | .78%  | .77%  | .79%  |
| Expenses net of all reductions, if any  | .75% L | .75%  | .79%  | .78%  | .77%  | .78%  |
| Net investment income (loss)  | 2.86% D,L | 2.48%  | 2.81%  | 2.25%  | 2.59% E | 1.33%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14819 | $7664 | $6344 | $28441 | $12038 | $30622 |
| Portfolio turnover rate M | 50% L<br>| 40%  | 26%  | 24%  | 28%  | 58%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 2.45%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.*

F*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (1.33)%.*

G*Total distributions per share do not sum due to rounding.*

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

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

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

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

L*Annualized.*

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

**Fidelity Advisor® Telecommunications Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $58.18 | $44.34 | $46.72 | $54.46 | $66.75 | $60.75 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .98 D | 1.29  | 1.26  | 1.18  | 1.83 E | .95  |
| Net realized and unrealized gain (loss)  | 3.20  | 13.77  | (1.86) F | (5.23)  | (5.20)  | 10.67  |
| Total from investment operations  | 4.18  | 15.06  | (.60)  | (4.05)  | (3.37)  | 11.62  |
| Distributions from net investment income  | (.63)  | (1.22)  | (1.31)  | (1.22)  | (1.98)  | (.67)  |
| Distributions from net realized gain  | -  | -  | (.48)  | (2.46)  | (6.95)  | (4.96)  |
| Total distributions  | (.63)  | (1.22)  | (1.78) G | (3.69) G | (8.92) G | (5.62) G |
| Net asset value, end of period  | $61.73 | $58.18 | $44.34 | $46.72 | $54.46 | $66.75 |
| **Total Return** H,I | 7.26% <br>| 34.47%  | (1.16)% F | (7.56)%  | (5.87)%  | 19.31%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |  |  |  |
| Expenses before reductions  | .64% L | .64%  | .69%  | .67%  | .65%  | .67%  |
| Expenses net of fee waivers, if any  | .64% L<br>| .64%  | .68%  | .66%  | .65%  | .67%  |
| Expenses net of all reductions, if any  | .64% L | .64%  | .68%  | .66%  | .65%  | .65%  |
| Net investment income (loss)  | 2.97% D,L | 2.59%  | 2.92%  | 2.36%  | 2.71% E | 1.45%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4753 | $1903 | $2296 | $2685 | $5587 | $31271 |
| Portfolio turnover rate M | 50% L<br>| 40%  | 26%  | 24%  | 28%  | 58%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 2.56%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.*

F*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.04 per share. Excluding these litigation proceeds, the total return would have been (1.24)%.*

G*Total distributions per share do not sum due to rounding.*

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

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

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

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

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying 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, 2025

**1. Organization.**

Telecommunications Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Telecommunications, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 dviser 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of 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.

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

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $64795077 |
| **Gross unrealized depreciation** | <u>(5893995)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$58901082</u> |
| **Tax cost** | <u>$205106875</u> |

---

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

---

| | |
|:---|:---|
| Long-term | <u>$(17629290)</u> |
| **Total capital loss carryforward** | <u>$(17629290)</u> |

---

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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 ($)** | **Sales ($)** |
| **Telecommunications Portfolio** | 80812305 | 61054102 |

---

**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 management 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 management 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 management 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 %** |
| **Class A** | .72 |
| **Class M** | .72 |
| **Class C** | .72 |
| **Telecommunications** | .72 |
| **Class I** | .67 |
| **Class Z** | .56 |

---

One-twelfth of the management 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 management 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 %** |
| **Class A** | .71 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Telecommunications** | .67 |
| **Class I** | .67 |
| **Class Z** | .56 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | -% | .25% | 28714 | 983 |
| **Class M** | .25% | .25% | 22438 | - |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10367</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>853</u> |
|  |  |  | <u>61519</u> | <u>1836</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 5929 |
| **Class M** | 289 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6232</u> |

---

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

**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 ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Telecommunications Portfolio** | Borrower | 14599000 | 4.58% | 9289 |

---

**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** | 6223 |

---

**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** | 8042673 | 1530277 | (108205) |

---

**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 reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Telecommunications Portfolio** | 185 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 6964 | - | - |

---

**8. Expense Reductions.**

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $122.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **August 31, 2025** | **Year ended**<br> **February 28, 2025** |
| **Telecommunications Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $202362 | $370170 |
| Class M | 60275 | 147682 |
| Class C | 10121 | 28349 |
| Telecommunications | 1956127 | 3872186 |
| Class I | 135130 | 191277 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>43388</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>44734</u> |
| Total  | <u>$2407403</u> | <u>$4654398</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **August 31, 2025**  | **Year ended**<br> **February 28, 2025** | **Six months ended** <br> **August 31, 2025**  | **Year ended**<br> **February 28, 2025** |
| **Telecommunications Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 107004 | 67832 | $6130871 | $3482982 |
| Reinvestment of distributions | 3416 | 7230 | 197426 | 357752 |
| Shares redeemed | <u>(60909)</u> | <u>(92490)</u> | <u>(3480504)</u> | <u>(4504219)</u> |
| Net increase (decrease) | <u>49511</u> | <u>(17428)</u> | <u>$2847793</u> | <u>$(663485)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 34157 | 76951 | $1960199 | $4009255 |
| Reinvestment of distributions | 1050 | 2984 | 60089 | 147248 |
| Shares redeemed | <u>(55484)</u> | <u>(58075)</u> | <u>(3121646)</u> | <u>(2882272)</u> |
| Net increase (decrease) | <u>(20277)</u> | <u>21860</u> | <u>$(1101358)</u> | <u>$1274231</u> |
| **Class C** |  |  |  |  |
| Shares sold | 4098 | 3473 | $235064 | $177681 |
| Reinvestment of distributions | 171 | 563 | 9987 | 27562 |
| Shares redeemed | <u>(6727)</u> | <u>(25290)</u> | <u>(383023)</u> | <u>(1233429)</u> |
| Net increase (decrease) | <u>(2458)</u> | <u>(21254)</u> | <u>$(137972)</u> | <u>$(1028186)</u> |
| **Telecommunications** |  |  |  |  |
| Shares sold | 1313949 | 857396 | $76238049 | $45252612 |
| Reinvestment of distributions | 31084 | 70952 | 1800195 | 3542040 |
| Shares redeemed | <u>(1284076)</u> | <u>(1179236)</u> | <u>(75216009)</u> | <u>(60213975)</u> |
| Net increase (decrease) | <u>60957</u> | <u>(250888)</u> | <u>$2822235</u> | <u>$(11419323)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 180450 | 126266 | $10521861 | $6480930 |
| Reinvestment of distributions | 2303 | 3730 | 133958 | 187518 |
| Shares redeemed | <u>(74657)</u> | <u>(141190)</u> | <u>(4254043)</u> | <u>(7340701)</u> |
| Net increase (decrease) | <u>108096</u> | <u>(11194)</u> | <u>$6401776</u> | <u>$(672253)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 54949 | 12647 | $3117660 | $647933 |
| Reinvestment of distributions | 657 | 755 | 38064 | 37105 |
| Shares redeemed | <u>(11318)</u> | <u>(32473)</u> | <u>(656326)</u> | <u>(1601458)</u> |
| Net increase (decrease) | <u>44288</u> | <u>(19071)</u> | <u>$2499398</u> | <u>$(916420)</u> |

---

**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.

**Wireless Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.8%  |  |  |
| Communication Services - 0.8% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Liberty Global Ltd Class A (a) | 204600 | 2402004 |
| CANADA - 4.4%  |  |  |
| Communication Services - 4.4% |  |  |
| Diversified Telecommunication Services - 2.8% |  |  |
| Quebecor Inc Class B (b) | 69000 | 2096603 |
| Quebecor Inc Multiple Voting Shares  | 43010 | 1310641 |
| TELUS Corp  | 309800 | 5107126 |
|  |  | 8514370 |
| Wireless Telecommunication Services - 1.6% |  |  |
| Rogers Communications Inc Class B (b) | 138100 | 4948412 |
| TOTAL CANADA |  | 13462782 |
| FINLAND - 1.7%  |  |  |
| Information Technology - 1.7% |  |  |
| Communications Equipment - 1.7% |  |  |
| Nokia Oyj ADR  | 1228900 | 5284270 |
| FRANCE - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Orange SA  | 62700 | 1021957 |
| INDIA - 1.0%  |  |  |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Reliance Industries Ltd  | 193600 | 2984747 |
| KOREA (SOUTH) - 2.2%  |  |  |
| Information Technology - 2.2% |  |  |
| Technology Hardware, Storage & Peripherals - 2.2% |  |  |
| Samsung Electronics Co Ltd  | 137220 | 6865113 |
| MEXICO - 1.7%  |  |  |
| Communication Services - 1.7% |  |  |
| Wireless Telecommunication Services - 1.7% |  |  |
| America Movil SAB de CV ADR  | 255500 | 5107445 |
| NETHERLANDS - 2.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Koninklijke KPN NV  | 180100 | 859466 |
| Information Technology - 2.6% |  |  |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| NXP Semiconductors NV  | 33500 | 7867475 |
| TOTAL NETHERLANDS |  | 8726941 |
| PUERTO RICO - 0.6%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Liberty Latin America Ltd Class C (a) | 228600 | 1883664 |
| SINGAPORE - 1.5%  |  |  |
| Information Technology - 1.5% |  |  |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| STMicroelectronics NV depository receipt  | 171500 | 4628785 |
| SPAIN - 2.2%  |  |  |
| Communication Services - 2.2% |  |  |
| Diversified Telecommunication Services - 2.2% |  |  |
| Cellnex Telecom SA (c)(d) | 82715 | 2940788 |
| Telefonica SA ADR (b) | 707649 | 3785922 |
| TOTAL SPAIN |  | 6726710 |
| SWEDEN - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Communications Equipment - 0.5% |  |  |
| Telefonaktiebolaget LM Ericsson Class B ADR  | 209600 | 1649552 |
| UNITED KINGDOM - 2.6%  |  |  |
| Communication Services - 2.6% |  |  |
| Diversified Telecommunication Services - 1.5% |  |  |
| BT Group PLC  | 1369100 | 4006280 |
| Zegona Communications plc (a) | 47700 | 754314 |
|  |  | 4760594 |
| Wireless Telecommunication Services - 1.1% |  |  |
| Vodafone Group PLC ADR  | 275381 | 3293557 |
| TOTAL UNITED KINGDOM |  | 8054151 |
| UNITED STATES - 76.1%  |  |  |
| Communication Services - 29.3% |  |  |
| Diversified Telecommunication Services - 13.8% |  |  |
| Anterix Inc (a)(b) | 143300 | 3401942 |
| AST SpaceMobile Inc Class A (a) | 14700 | 719418 |
| AT&T Inc  | 373600 | 10942744 |
| GCI Liberty Inc/DEL Class A (a)(e) | 112300 | 1 |
| Globalstar Inc (a) | 24273 | 726491 |
| Iridium Communications Inc (b) | 71000 | 1767190 |
| Shenandoah Telecommunications Co  | 300 | 3975 |
| Verizon Communications Inc  | 557401 | 24653846 |
|  |  | 42215607 |
| Interactive Media & Services - 1.2% |  |  |
| Alphabet Inc Class A  | 11400 | 2427174 |
| Meta Platforms Inc Class A  | 1700 | 1255790 |
|  |  | 3682964 |
| Media - 2.6% |  |  |
| Charter Communications Inc Class A (a) | 14500 | 3850910 |
| Comcast Corp Class A  | 125000 | 4246250 |
|  |  | 8097160 |
| Wireless Telecommunication Services - 11.7% |  |  |
| Array Digital Infrastructure Inc  | 130600 | 7030198 |
| Gogo Inc (a)(b) | 627400 | 6888852 |
| Spok Holdings Inc  | 1 | 18 |
| T-Mobile US Inc  | 87716 | 22103555 |
|  |  | 36022623 |
| TOTAL COMMUNICATION SERVICES |  | 90018354 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Amazon.com Inc (a) | 4500 | 1030500 |
| Information Technology - 36.5% |  |  |
| Communications Equipment - 7.0% |  |  |
| CommScope Holding Co Inc (a) | 201900 | 3238476 |
| Motorola Solutions Inc  | 34368 | 16237506 |
| Viasat Inc (a) | 63901 | 2065919 |
|  |  | 21541901 |
| IT Services - 0.9% |  |  |
| Amdocs Ltd  | 31100 | 2661227 |
| Semiconductors & Semiconductor Equipment - 11.8% |  |  |
| Marvell Technology Inc  | 231900 | 14578394 |
| Qorvo Inc (a) | 69800 | 6330860 |
| QUALCOMM Inc  | 91550 | 14714832 |
| Skyworks Solutions Inc  | 9700 | 726917 |
|  |  | 36351003 |
| Software - 0.4% |  |  |
| AppLovin Corp Class A (a) | 2800 | 1340052 |
| Technology Hardware, Storage & Peripherals - 16.4% |  |  |
| Apple Inc  | 216220 | 50193311 |
| TOTAL INFORMATION TECHNOLOGY |  | 112087494 |
| Real Estate - 10.0% |  |  |
| Specialized REITs - 10.0% |  |  |
| American Tower Corp  | 112692 | 22972264 |
| Crown Castle Inc  | 32901 | 3261805 |
| SBA Communications Corp Class A  | 22900 | 4691065 |
|  |  | 30925134 |
| TOTAL UNITED STATES |  | 234061482 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $197,408,386) |  | <br> **302859603** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.36 | 1968150 | 1968544 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.36 | 12903120 | 12904410 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $14,872,954) |  |  | **14872954** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.2%**<br> (Cost $212,281,340)<br>| <br>**317732557** |
| **NET OTHER ASSETS (LIABILITIES) - (3.2)%**  | **(9903716)** |
| **NET ASSETS - 100.0%** | **307828841** |

---

**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 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 $2,940,788 or 1.0% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,940,788 or 1.0% 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.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2144024 | 26524425 | 26699905 | 43266 | - | - | 1968544 | 1968150 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 13509231 | 64584433 | 65189254 | 19948 | - | - | 12904410 | 12903120 | 0.0% |
| Total | 15653255 | 91108858 | 91889159 | 63214 | - | - | 14872954 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 129536533 | 127655109 | 1881423 | 1 |
| Consumer Discretionary | 1030500 | 1030500 | - | - |
| Energy | 2984747 | - | 2984747 | - |
| Information Technology | 138382689 | 131517576 | 6865113 | - |
| Real Estate | 30925134 | 30925134 | - | - |
|  **Money Market Funds** | 14872954 | 14872954 | - | - |
| **Total Investments in Securities:** | 317732557 | 306001273 | 11731283 | 1 |

---

**Wireless Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $12,522,682) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $197,408,386) | $302859603 |  |
| Fidelity Central Funds (cost $14,872,954) | 14872954 |  |
| Total Investment in Securities (cost $212,281,340) |  | $317732557 |
| Foreign currency held at value (cost $200,189) |  | 199492 |
| Receivable for fund shares sold |  | 37871 |
| Dividends receivable |  | 3246324 |
| Reclaims receivable |  | 188667 |
| Distributions receivable from Fidelity Central Funds |  | 5248 |
| Prepaid expenses |  | 421 |
| Other receivables |  | 10993 |
| **Total assets** |  | 321421573 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $64577 |  |
| Accrued management fee | 170414 |  |
| Other payables and accrued expenses | 453261 |  |
| Collateral on securities loaned | 12904480 |  |
| **Total liabilities** |  | 13592732 |
| **Net Assets**  |  | $307828841 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $194412488 |
| Total accumulated earnings (loss) |  | 113416353 |
| **Net Assets** |  | $307828841 |
| **Net Asset Value**, offering price and redemption price per share ($307,828,841 ÷ 24,810,053 shares) |  | $12.41 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $3653312 |
| Special dividends |  | 3040600 |
| Income from Fidelity Central Funds (including $19,948 from security lending)  |  | 63214 |
| **Total income** |  | 6757126 |
| **Expenses** |  |  |
| Management fee | $1029213 |  |
| Custodian fees and expenses | 3217 |  |
| Independent trustees' fees and expenses | 577 |  |
| Registration fees | 9124 |  |
| Audit fees | 33237 |  |
| Legal | 74 |  |
| Miscellaneous | 564 |  |
| **Total expenses** |  | 1076006 |
| **Net Investment income (loss)** |  | 5681120 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $31,158)  | 4563605 |  |
| Foreign currency transactions | 8663 |  |
| Total net realized gain (loss) |  | 4572268 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $106,856)  | (764486) |  |
| Assets and liabilities in foreign currencies | 7788 |  |
| Total change in net unrealized appreciation (depreciation) |  | (756698) |
| **Net gain (loss)** |  | 3815570 |
| **Net increase (decrease) in net assets resulting from operations** |  | $9496690 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5681120 | $3871010 |
| &nbsp;&nbsp;Net realized gain (loss) | 4572268<br>| 39071867<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (756698) | 11502365<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 9496690<br>| 54445242<br>|
| Distributions to shareholders | (19695500)<br>| (28765762)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 8181638 | 22743019 |
| Reinvestment of distributions | 18117102<br>| 26521050<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (34060983) | (73260275) |
| **Net increase (decrease) in net assets resulting from share transactions** | (7762243)<br>| (23996206)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (17961053)<br>| 1683274<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 325789894 | 324106620<br>|
| &nbsp;&nbsp;End of period | $307828841 | $325789894 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 675824 | 1805644 |
| Issued in reinvestment of distributions | 1641042<br>| 2177834<br>|
| &nbsp;&nbsp;Redeemed | (2845358) | (5874258) |
| &nbsp;&nbsp;Net increase (decrease) | (528492) | (1890780) |

---

**Financial Highlights** 

**Wireless Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.86 | $11.90 | $10.17 | $12.91 | $13.34 | $10.69 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .22 D | .15  | .12  | .09  | .10  | .10  |
| Net realized and unrealized gain (loss)  | .11  | 1.94  | 1.89  | (1.95)  | .54  | 3.50  |
| Total from investment operations  | .33  | 2.09  | 2.01  | (1.86)  | .64  | 3.60  |
| Distributions from net investment income  | (.02)  | (.13)  | (.11)  | (.09)  | (.09)  | (.10)  |
| Distributions from net realized gain  | (.76)  | (1.00)  | (.17)  | (.79)  | (.98)  | (.86)  |
| Total distributions  | (.78)  | (1.13)  | (.28)  | (.88)  | (1.07)  | (.95) E |
| Net asset value, end of period  | $12.41 | $12.86 | $11.90 | $10.17 | $12.91 | $13.34 |
| **Total Return** F,G | 3.35% <br>| 18.31%  | 19.83%  | (14.79)%  | 4.40%  | 36.09%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .70% J | .71%  | .81%  | .79%  | .77%  | .79%  |
| Expenses net of fee waivers, if any  | .70% J<br>| .71%  | .80%  | .79%  | .77%  | .79%  |
| Expenses net of all reductions, if any  | .70% J | .71%  | .80%  | .79%  | .77%  | .78%  |
| Net investment income (loss)  | 2.70% D,J | 1.18%  | 1.16%  | .85%  | .69%  | .80%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $307829 | $325790 | $324107 | $302206 | $403566 | $440296 |
| Portfolio turnover rate K | 14% J<br>| 49%  | 22%  | 11%  | 30%  | 55%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 1.72%.*

E*Total distributions per share do not sum due to rounding.*

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

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

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

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

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying 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, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special 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. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets 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.

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $126330205 |
| **Gross unrealized depreciation** | <u>(22617461)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$103712744</u> |
| **Tax cost** | <u>$214019813</u> |

---

**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.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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 ($)** | **Sales ($)** |
| **Wireless Portfolio** | 21079026 | 45593657 |

---

**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.

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 management 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 management 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 management 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 %** |
| **Wireless Portfolio** | .72 |

---

One-twelfth of the management 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 management 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 %** |
| **Wireless Portfolio** | .67 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Wireless Portfolio** | 1151 |

---

**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) ($)** |
| **Wireless Portfolio** | 7020552 | 374909 | (96060) |

---

**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 reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Wireless Portfolio** | 244 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 ($)** |
| **Wireless Portfolio** | 2088 | - | - |

---

**8. 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.

**9. 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 Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 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 (the retail class, which was selected because it was the largest class without 12b-1 fees), as applicable; (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 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.

<u>Resources Dedicated to Investment Management and Support Services</u>. 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 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.

<u>Shareholder and Administrative Services</u>. 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 information and market information over the Internet 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.

<u>Investment in a Large Fund Family</u>. 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.

<u>Investment Performance</u>. 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 index that has characteristics relevant to each fund's investment strategies (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, 2025, 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, effective March 1, 2024, 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 (of the retail class for Telecommunications Portfolio), the Board considered the effective management fee rate for the fund or the retail class, as applicable, from March 2024 to September 2024, 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.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. 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 based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). For each fund, the data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) 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 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 (excluding performance adjustments and fund-paid 12b-1 fees) of the fund or, for Telecommunications Portfolio, the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that management fee rate of the fund or the retail class of Telecommunications Portfolio ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund or, for Telecommunications Portfolio, the retail class ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

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.

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 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 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.

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, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 May 31, 2026.

![](img114151_4.jpg)<br>

1.846053.118 SELTS-SANN-1025

**Fidelity® Select Portfolios®**

**Materials Sector**

**Chemicals Portfolio**

**Gold Portfolio**

**Materials Portfolio**

**Semi-Annual Report**

**August 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img114152_1.jpg)

![](img114152_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SELMT-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Chemicals Portfolio](#Sub_Sec_Fund_69_SELMT-SANN)** |
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_SELMT-SANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Gold Portfolio](#Sub_Sec_Fund_141_SELMT-SANN)** |
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SELMT-SANN_2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Materials Portfolio](#Sub_Sec_Fund_509_SELMT-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELMT-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELMT-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELMT-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELMT-SANN)** |

---

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.© 2025 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)**

**Chemicals Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** |
|  | Shares | Value ($)<br>|
| GERMANY - 1.8%  |  |  |
| Materials - 1.8% |  |  |
| Chemicals - 1.8% |  |  |
| Orion SA  | 774426 | 8170194 |
| UNITED STATES - 96.2%  |  |  |
| Materials - 96.2% |  |  |
| Chemicals - 96.2% |  |  |
| Air Products and Chemicals Inc  | 73111 | 21502676 |
| Axalta Coating Systems Ltd (b) | 702800 | 21969528 |
| Cabot Corp (a) | 131400 | 10716984 |
| CF Industries Holdings Inc  | 116317 | 10076542 |
| Chemours Co/The  | 171859 | 2646629 |
| Corteva Inc (a) | 293893 | 21803922 |
| DuPont de Nemours Inc  | 279894 | 21529446 |
| Eastman Chemical Co  | 102600 | 7216884 |
| Ecolab Inc  | 143800 | 39838352 |
| Element Solutions Inc (a) | 849443 | 21847674 |
| FMC Corp  | 40600 | 1587460 |
| Ingevity Corp (b) | 97100 | 5668698 |
| International Flavors & Fragrances Inc  | 164216 | 11086222 |
| Koppers Holdings Inc (a) | 48100 | 1393938 |
| Linde PLC  | 231616 | 110779617 |
| LyondellBasell Industries NV Class A1  | 208800 | 11765880 |
| Mosaic Co/The  | 272000 | 9084800 |
| PPG Industries Inc  | 143100 | 15917013 |
| Quaker Chemical Corp (a) | 18700 | 2712809 |
| Scotts Miracle-Gro Co/The  | 83100 | 5087382 |
| Sherwin-Williams Co/The  | 191599 | 70092662 |
| Tronox Holdings PLC  | 303539 | 1299146 |
| Westlake Corp  | 48556 | 4264188 |
| TOTAL UNITED STATES |  | 429888452 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $262,251,438) |  | <br> **438058646** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.36 | 6929884 | 6931270 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.36 | 2003650 | 2003850 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $8,935,120) |  |  | **8935120** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $271,186,558)<br>| <br>**446993766** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **43876** |
| **NET ASSETS - 100.0%** | **447037642** |

---

**Legend**

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

(b) Non-income producing.

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 11224819 | 70073035 | 74366584 | 91009 | - | - | 6931270 | 6929884 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 10398975 | 43571104 | 51966229 | 438 | - | - | 2003850 | 2003650 | 0.0% |
| Total | 21623794 | 113644139 | 126332813 | 91447 | - | - | 8935120 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Materials | 438058646 | 438058646 | - | - |
|  **Money Market Funds** | 8935120 | 8935120 | - | - |
| **Total Investments in Securities:** | 446993766 | 446993766 | - | - |

---

**Chemicals Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $44,856,393) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $262,251,438) | $438058646 |  |
| Fidelity Central Funds (cost $8,935,120) | 8935120 |  |
| Total Investment in Securities (cost $271,186,558) |  | $446993766 |
| Receivable for investments sold |  | 1326788 |
| Receivable for fund shares sold |  | 18451 |
| Dividends receivable |  | 831689 |
| Reclaims receivable |  | 359845 |
| Distributions receivable from Fidelity Central Funds |  | 11389 |
| Prepaid expenses |  | 612 |
| Other receivables |  | 197314 |
| **Total assets** |  | 449739854 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $230938 |  |
| Accrued management fee | 244566 |  |
| Deferred trustees payable | 197314 |  |
| Other payables and accrued expenses | 25544 |  |
| Collateral on securities loaned | 2003850 |  |
| **Total liabilities** |  | 2702212 |
| **Net Assets**  |  | $447037642 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $277514631 |
| Total accumulated earnings (loss) |  | 169523011 |
| **Net Assets** |  | $447037642 |
| **Net Asset Value**, offering price and redemption price per share ($447,037,642 ÷ 33,598,893 shares) |  | $13.31 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $4463317 |
| Income from Fidelity Central Funds (including $438 from security lending)  |  | 91447 |
| **Total income** |  | 4554764 |
| **Expenses** |  |  |
| Management fee | $1518418 |  |
| Custodian fees and expenses | 2543 |  |
| Independent trustees' fees and expenses | 887 |  |
| Registration fees | 14421 |  |
| Audit fees | 30157 |  |
| Legal | 113 |  |
| Miscellaneous | 1195 |  |
| Total expenses before reductions | 1567734 |  |
| Expense reductions | (88) |  |
| Total expenses after reductions |  | 1567646 |
| **Net Investment income (loss)** |  | 2987118 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (7503307) |  |
| Total net realized gain (loss) |  | (7503307) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (14148942) |  |
| Assets and liabilities in foreign currencies | 40770 |  |
| Total change in net unrealized appreciation (depreciation) |  | (14108172) |
| **Net gain (loss)** |  | (21611479) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(18624361) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2987118 | $5418398 |
| &nbsp;&nbsp;Net realized gain (loss) | (7503307)<br>| 12194874<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (14108172) | (27798288)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (18624361)<br>| (10185016)<br>|
| Distributions to shareholders | (4255804)<br>| (43645546)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 7348357 | 15858597 |
| Reinvestment of distributions | 3982026<br>| 40778468<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (52281782) | (113119085) |
| **Net increase (decrease) in net assets resulting from share transactions** | (40951399)<br>| (56482020)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (63831564)<br>| (110312582)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 510869206 | 621181788<br>|
| &nbsp;&nbsp;End of period | $447037642 | $510869206 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 575597 | 1058649 |
| Issued in reinvestment of distributions | 331283<br>| 2823509<br>|
| &nbsp;&nbsp;Redeemed | (4058065) | (7644670) |
| &nbsp;&nbsp;Net increase (decrease) | (3151185) | (3762512) |

---

**Financial Highlights** 

**Chemicals Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.90 | $15.33 | $15.43 | $16.94 | $14.67 | $10.47 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .08  | .14  | .17  | .15  | .15  | .15  |
| Net realized and unrealized gain (loss)  | (.55)  | (.46)  | .71  | .01  | 2.34  | 4.21  |
| Total from investment operations  | (.47)  | (.32)  | .88  | .16  | 2.49  | 4.36  |
| Distributions from net investment income  | - D | (.15)  | (.18)  | (.16)  | (.14)  | (.16)  |
| Distributions from net realized gain  | (.12)  | (.96)  | (.80)  | (1.51)  | (.08)  | -  |
| Total distributions  | (.12)  | (1.11)  | (.98)  | (1.67)  | (.22)  | (.16)  |
| Net asset value, end of period  | $13.31 | $13.90 | $15.33 | $15.43 | $16.94 | $14.67 |
| **Total Return** E,F | (3.30)% <br>| (2.22)%  | 5.75%  | 1.09%  | 16.90%  | 41.65%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .69% I | .69%  | .75%  | .75%  | .74%  | .79%  |
| Expenses net of fee waivers, if any  | .69% I<br>| .69%  | .74%  | .75%  | .74%  | .79%  |
| Expenses net of all reductions, if any  | .69% I | .69%  | .74%  | .75%  | .74%  | .78%  |
| Net investment income (loss)  | 1.32% I | .92%  | 1.12%  | .96%  | .85%  | 1.28%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $447038 | $510869 | $621182 | $678109 | $758900 | $700680 |
| Portfolio turnover rate J | 43% I<br>| 6%  | 19%  | 54%  | 15%  | 50%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Amount represents less than $.005 per share.*

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

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

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

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

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying 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, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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 is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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.

**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 deferred trustees payable, as applicable.

---

| | |
|:---|:---|
| **Chemicals Portfolio** | $197314 |

---

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

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

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

Book-tax differences are primarily due to 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:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $194937521 |
| **Gross unrealized depreciation** | <u>(19849814)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$175087707</u> |
| **Tax cost** | <u>$271906059</u> |

---

**New Accounting Pronouncement.**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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 ($)** | **Sales ($)** |
| **Chemicals Portfolio** | 96873655 | 128742421 |

---

**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.

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 management 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 management 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 management 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** | .69 |

---

One-twelfth of the management 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 management 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** | .67 |

---

**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** | 3186 |

---

**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** | 1834007 | 5142357 | 1960610 |

---

**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 reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Chemicals Portfolio** | 377 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 72 | - | - |

---

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 ($)** |
| **Chemicals Portfolio** | 43970495 |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $88.

**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 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commodities - 0.7%** | &nbsp;&nbsp;**Commodities - 0.7%** | &nbsp;&nbsp;**Commodities - 0.7%** |
|  | Troy Ounces | Value ($)<br>|
| UNITED STATES - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Gold Bullion (a)<br>(Cost $4,575,084)<br>| 5582 | **19259575** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 2.9%  |  |  |
| Materials - 2.9% |  |  |
| Metals & Mining - 2.9% |  |  |
| Gold Road Resources Ltd  | 9817177 | 21639073 |
| Northern Star Resources Ltd  | 1983458 | 24753102 |
| OceanaGold Corp  | 1987366 | 36322050 |
| TOTAL AUSTRALIA |  | 82714225 |
| BRAZIL - 8.2%  |  |  |
| Materials - 8.2% |  |  |
| Metals & Mining - 8.2% |  |  |
| Wheaton Precious Metals Corp  | 2316482 | 232634942 |
| BURKINA FASO - 1.7%  |  |  |
| Materials - 1.7% |  |  |
| Metals & Mining - 1.7% |  |  |
| IAMGOLD Corp (a) | 5154300 | 48001964 |
| CANADA - 67.9%  |  |  |
| Materials - 67.9% |  |  |
| Metals & Mining - 67.9% |  |  |
| Agnico Eagle Mines Ltd/CA  | 2958502 | 426557674 |
| Alamos Gold Inc Class A  | 4507000 | 137308683 |
| Artemis Gold Inc (a) | 2164428 | 45483957 |
| Ascot Resources Ltd warrants (a) | 800000 | 5 |
| Aya Gold & Silver Inc (a)(b) | 2490534 | 24753915 |
| B2Gold Corp  | 11500600 | 47481270 |
| Barrick Mining Corp (b) | 5542600 | 147832263 |
| Bonterra Resources Inc (a) | 5625297 | 819208 |
| Dolly Varden Silver Corp (a) | 2663125 | 10044772 |
| Dundee Precious Metals Inc  | 1320500 | 24480234 |
| Faraday Copper Corp (a) | 7613980 | 7650848 |
| First Majestic Silver Corp (United States) (b) | 924925 | 8453815 |
| Franco-Nevada Corp  | 1530878 | 288518697 |
| Fury Gold Mines Ltd (a)(d) | 10310000 | 5255033 |
| G Mining Ventures Corp (a) | 2343600 | 35136509 |
| Guanajuato Silver Co Ltd (a) | 21521000 | 4466076 |
| Kinross Gold Corp  | 2356900 | 49271197 |
| Lundin Gold Inc  | 1656000 | 101830706 |
| Maple Gold Mines Ltd (a) | 13909019 | 1367253 |
| New Gold Inc (a) | 3652350 | 21541512 |
| Novagold Resources Inc (a) | 2884000 | 19718761 |
| OR Royalties Inc  | 4015100 | 129017631 |
| Orla Mining Ltd (a)(b) | 9243269 | 102033683 |
| Osisko Development Corp (a)(b) | 2830047 | 7706976 |
| Osisko Development Corp warrants 3/2/2026 (a) | 1144505 | 6254 |
| Osisko Development Corp warrants 5/27/2027 (a) | 666666 | 3194 |
| Sandstorm Gold Ltd  | 339600 | 3789937 |
| Seabridge Gold Inc (a)(b) | 652000 | 11370878 |
| Skeena Resources Ltd (a) | 910400 | 15260063 |
| Solaris Resources Inc (a) | 546031 | 3005785 |
| Ssr Mining Inc (a) | 1023100 | 19756062 |
| Torex Gold Resources Inc (a) | 2604800 | 86886728 |
| Triple Flag Precious Metals Corp  | 3719000 | 101711610 |
| Victoria Gold Corp (a)(c) | 2329800 | 17 |
| Vizsla Royalties Corp (a) | 484413 | 1001735 |
| Vizsla Silver Corp (a) | 2931000 | 10713671 |
| Wesdome Gold Mines Ltd (a) | 1765976 | 23441761 |
| Western Copper & Gold Corp (a) | 7963873 | 11307789 |
| TOTAL CANADA |  | 1934986162 |
| CHINA - 1.4%  |  |  |
| Materials - 1.4% |  |  |
| Metals & Mining - 1.4% |  |  |
| Zijin Mining Group Co Ltd H Shares  | 12918000 | 42388870 |
| SOUTH AFRICA - 2.0%  |  |  |
| Materials - 2.0% |  |  |
| Metals & Mining - 2.0% |  |  |
| Gold Fields Ltd  | 1687700 | 56179237 |
| UNITED KINGDOM - 5.0%  |  |  |
| Materials - 5.0% |  |  |
| Metals & Mining - 5.0% |  |  |
| Anglogold Ashanti Plc  | 2306300 | 130674958 |
| Anglogold Ashanti Plc (United Kingdom)  | 182982 | 10367761 |
| TOTAL UNITED KINGDOM |  | 141042719 |
| UNITED STATES - 8.9%  |  |  |
| Materials - 8.9% |  |  |
| Metals & Mining - 8.9% |  |  |
| Dakota Gold Corp (a)(b) | 2080300 | 8674851 |
| Ivanhoe Electric Inc / US (a) | 617652 | 5509456 |
| Ivanhoe Electric Inc / US warrants (a) | 255152 | 607524 |
| Newmont Corp (b) | 3192148 | 237495811 |
| TOTAL UNITED STATES |  | 252287642 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,166,206,071) |  | <br> **2790235761** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.36 | 10928745 | 10930931 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.36 | 132671042 | 132684309 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $143,615,240) |  |  | **143615240** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.7%**<br> (Cost $1,314,396,395)<br>| <br>**2953110576** |
| **NET OTHER ASSETS (LIABILITIES) - (3.7)%**  | **(104512471)** |
| **NET ASSETS - 100.0%** | **2848598105** |

---

**Legend**

(a) Non-income producing.

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

(c) Level 3 security

(d) Affiliated company

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 4883377 | 189491486 | 183443932 | 139882 | - | - | 10930931 | 10928745 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 20659019 | 564257211 | 452231921 | 130658 | - | - | 132684309 | 132671042 | 0.5% |
| Total | 25542396 | 753748697 | 635675853 | 270540 | - | - | 143615240 |  |  |

---

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 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.

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

**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 ($) and Shares end of period columns 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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Fury Gold Mines Ltd | 3956454 | - | 246233 | - | (63845) | 1608657 | 5255033 | 10310000 |
| Guanajuato Silver Co Ltd | 3630544 | - | 2122459 | - | (400149) | 3358140 | - | - |
| Total | 7586998 | - | 2368692 | - | (463994) | 4966797 | 5255033 |  |

---

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Commodities** |  |  |  |  |
| Materials | 19259575 | 19259575 | - | - |
|  **Common Stocks** |  |  |  |  |
| Materials | 2790235761 | 2687047355 | 103188389 | 17 |
|  **Money Market Funds** | 143615240 | 143615240 | - | - |
| **Total Investments in Securities:** | 2953110576 | 2849922170 | 103188389 | 17 |

---

**Gold Portfolio**

**Consolidated Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $138,855,852) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,159,717,257) | $2784980728 |  |
| Fidelity Central Funds (cost $143,615,240) | 143615240 |  |
| Commodities (cost $4,575,084)  | 19259575 |  |
| Other affiliated issuers (cost $6,488,814) | 5255033 |  |
| Total Investment in Securities (cost $1,314,396,395) |  | $2953110576 |
| Cash |  | 17699 |
| Foreign currency held at value (cost $25,179,659) |  | 25359070 |
| Receivable for fund shares sold |  | 9758456 |
| Dividends receivable |  | 3151048 |
| Distributions receivable from Fidelity Central Funds |  | 59340 |
| Prepaid expenses |  | 3225 |
| Other receivables |  | 182854 |
| **Total assets** |  | 2991642268 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1521627 |  |
| Payable for fund shares redeemed | 7088133 |  |
| Accrued management fee | 1374114 |  |
| Distribution and service plan fees payable | 71738 |  |
| Other payables and accrued expenses | 303536 |  |
| Collateral on securities loaned | 132685015 |  |
| **Total liabilities** |  | 143044163 |
| **Net Assets**  |  | $2848598105 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2772881614 |
| Total accumulated earnings (loss) |  | 75716491 |
| **Net Assets** |  | $2848598105 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($186,866,344 ÷ 4,297,172 shares)(a) |  | $43.49 |
| Maximum offering price per share (100/94.25 of $43.49) |  | $46.14 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($42,292,527 ÷ 999,799 shares)(a) |  | $42.30 |
| Maximum offering price per share (100/96.50 of $42.30) |  | $43.83 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($25,500,587 ÷ 643,595 shares)(a) |  | $39.62 |
| **Gold :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,340,705,619 ÷ 51,880,080 shares) |  | $45.12 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($172,086,610 ÷ 3,813,088 shares) |  | $45.13 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($81,146,418 ÷ 1,793,262 shares) |  | $45.25 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $12687857 |
| Income from Fidelity Central Funds (including $130,658 from security lending)  |  | 270540 |
| Income before foreign taxes withheld |  | $12958397 |
| Less foreign taxes withheld |  | 1563165 |
| **Total income** |  | 14521562 |
| **Expenses** |  |  |
| Management fee | $7156269 |  |
| Distribution and service plan fees | 371677 |  |
| Custodian fees and expenses | 75362 |  |
| Independent trustees' fees and expenses | 3513 |  |
| Registration fees | 134655 |  |
| Audit fees | 42791 |  |
| Legal | 465 |  |
| Interest | 21337 |  |
| Miscellaneous | 3741 |  |
| **Total expenses** |  | 7809810 |
| **Net Investment income (loss)** |  | 6711752 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers  | 50687215 |  |
| Affiliated issuers | (463994) |  |
| Foreign currency transactions | 929156 |  |
| Total net realized gain (loss) |  | 51152377 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers | 901291118 |  |
| Affiliated issuers  | 4966797 |  |
| Assets and liabilities in foreign currencies | 246462 |  |
| Commodities | 3324976 |  |
| Total change in net unrealized appreciation (depreciation) |  | 909829353 |
| **Net gain (loss)** |  | 960981730 |
| **Net increase (decrease) in net assets resulting from operations** |  | $967693482 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6711752 | $7802868 |
| &nbsp;&nbsp;Net realized gain (loss) | 51152377<br>| 16142144<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 909829353 | 553192238<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 967693482<br>| 577137250<br>|
| Distributions to shareholders | -<br>| (45743504)<br>|
| Share transactions - net increase (decrease) | 306236712<br>| (15002387)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1273930194<br>| 516391359<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1574667911 | 1058276552<br>|
| &nbsp;&nbsp;End of period | $2848598105 | $1574667911 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® Gold Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.94 | $18.49 | $21.12 | $26.27 | $24.15 | $21.67 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .06  | .08  | .07  | .15  | .27 D | (.04)  |
| Net realized and unrealized gain (loss)  | 15.49  | 10.20  | (2.60)  | (5.23)  | 2.20  | 3.74  |
| Total from investment operations  | 15.55  | 10.28  | (2.53)  | (5.08)  | 2.47  | 3.70  |
| Distributions from net investment income  | -  | (.83)  | (.10)  | (.07)  | (.35)  | (1.22)  |
| Total distributions  | -  | (.83)  | (.10)  | (.07)  | (.35)  | (1.22)  |
| Net asset value, end of period  | $43.49 | $27.94 | $18.49 | $21.12 | $26.27 | $24.15 |
| **Total Return** E,F,G | 55.65% <br>| 56.39%  | (12.09)%  | (19.42)%  | 10.37%  | 16.59%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .95% J | .97%  | 1.07%  | 1.09%  | 1.07%  | 1.08%  |
| Expenses net of fee waivers, if any  | .95% J<br>| .97%  | 1.06%  | 1.08%  | 1.07%  | 1.08%  |
| Expenses net of all reductions, if any  | .95% J | .97%  | 1.06%  | 1.08%  | 1.07%  | 1.07%  |
| Net investment income (loss)  | .34% J | .30%  | .34%  | .67%  | 1.02% D | (.12)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $186866 | $102946 | $66421 | $73943 | $86977 | $82989 |
| Portfolio turnover rate K | 20% J<br>| 17%  | 46%  | 46%  | 38%  | 46%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .57%.*

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

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

G*Total returns do not include the effect of the sales charges.*

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

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

J*Annualized.*

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

**Fidelity Advisor® Gold Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.21 | $18.03 | $20.55 | $25.63 | $23.57 | $21.16 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .02  | .01  | .02  | .09  | .19 D | (.12)  |
| Net realized and unrealized gain (loss)  | 15.07  | 9.94  | (2.54)  | (5.11)  | 2.16  | 3.67  |
| Total from investment operations  | 15.09  | 9.95  | (2.52)  | (5.02)  | 2.35  | 3.55  |
| Distributions from net investment income  | -  | (.77)  | - E | (.06)  | (.29)  | (1.14)  |
| Total distributions  | -  | (.77)  | - E | (.06)  | (.29)  | (1.14)  |
| Net asset value, end of period  | $42.30 | $27.21 | $18.03 | $20.55 | $25.63 | $23.57 |
| **Total Return** F,G,H | 55.46% <br>| 55.91%  | (12.25)%  | (19.66)%  | 10.08%  | 16.28%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.20% K | 1.22%  | 1.33%  | 1.35%  | 1.36%  | 1.37%  |
| Expenses net of fee waivers, if any  | 1.20% K<br>| 1.22%  | 1.32%  | 1.35%  | 1.35%  | 1.37%  |
| Expenses net of all reductions, if any  | 1.20% K | 1.22%  | 1.31%  | 1.35%  | 1.35%  | 1.36%  |
| Net investment income (loss)  | .09% K | .05%  | .09%  | .40%  | .74% D | (.42)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $42293 | $25723 | $17185 | $21586 | $26201 | $24535 |
| Portfolio turnover rate L | 20% K<br>| 17%  | 46%  | 46%  | 38%  | 46%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.*

E*Amount represents less than $.005 per share.*

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

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

H*Total returns do not include the effect of the sales charges.*

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

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

K*Annualized.*

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

**Fidelity Advisor® Gold Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.55 | $16.90 | $19.36 | $24.24 | $22.30 | $20.07 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.07)  | (.10)  | (.07)  | (.01)  | .08 D | (.22)  |
| Net realized and unrealized gain (loss)  | 14.14  | 9.33  | (2.39)  | (4.82)  | 2.05  | 3.49  |
| Total from investment operations  | 14.07  | 9.23  | (2.46)  | (4.83)  | 2.13  | 3.27  |
| Distributions from net investment income  | -  | (.58)  | -  | (.05)  | (.19)  | (1.04)  |
| Total distributions  | -  | (.58)  | -  | (.05)  | (.19)  | (1.04)  |
| Net asset value, end of period  | $39.62 | $25.55 | $16.90 | $19.36 | $24.24 | $22.30 |
| **Total Return** E,F,G | 55.07% <br>| 55.18%  | (12.71)%  | (20.00)%  | 9.62%  | 15.81%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.70% J | 1.72%  | 1.79%  | 1.79%  | 1.77%  | 1.78%  |
| Expenses net of fee waivers, if any  | 1.70% J<br>| 1.72%  | 1.78%  | 1.78%  | 1.77%  | 1.78%  |
| Expenses net of all reductions, if any  | 1.70% J | 1.72%  | 1.78%  | 1.78%  | 1.77%  | 1.77%  |
| Net investment income (loss)  | (.41)% J | (.45)%  | (.38)%  | (.03)%  | .32% D | (.83)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $25501 | $15367 | $17177 | $27978 | $43031 | $51195 |
| Portfolio turnover rate K | 20% J<br>| 17%  | 46%  | 46%  | 38%  | 46%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.12)%.*

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

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

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

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

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

J*Annualized.*

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

**Gold Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.94 | $19.13 | $21.88 | $27.14 | $24.93 | $22.33 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .12  | .15  | .14  | .23  | .36 D | .06  |
| Net realized and unrealized gain (loss)  | 16.06  | 10.55  | (2.67)  | (5.41)  | 2.27  | 3.84  |
| Total from investment operations  | 16.18  | 10.70  | (2.53)  | (5.18)  | 2.63  | 3.90  |
| Distributions from net investment income  | -  | (.89)  | (.22)  | (.08)  | (.42)  | (1.30)  |
| Total distributions  | -  | (.89)  | (.22)  | (.08)  | (.42)  | (1.30)  |
| Net asset value, end of period  | $45.12 | $28.94 | $19.13 | $21.88 | $27.14 | $24.93 |
| **Total Return** E,F | 55.91% <br>| 56.75%  | (11.78)%  | (19.17)%  | 10.71%  | 16.96%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .66% I | .68%  | .77%  | .78%  | .76%  | .76%  |
| Expenses net of fee waivers, if any  | .66% I<br>| .68%  | .76%  | .78%  | .76%  | .76%  |
| Expenses net of all reductions, if any  | .66% I | .68%  | .76%  | .77%  | .76%  | .75%  |
| Net investment income (loss)  | .64% I | .59%  | .64%  | .97%  | 1.33% D | .19%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2340706 | $1279975 | $858204 | $1229416 | $1330602 | $1319440 |
| Portfolio turnover rate J | 20% I<br>| 17%  | 46%  | 46%  | 38%  | 46%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .89%.*

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

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

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

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

I*Annualized.*

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

**Fidelity Advisor® Gold Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.96 | $19.14 | $21.88 | $27.15 | $24.93 | $22.33 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .11  | .14  | .14  | .23  | .36 D | .05  |
| Net realized and unrealized gain (loss)  | 16.06  | 10.56  | (2.67)  | (5.42)  | 2.27  | 3.85  |
| Total from investment operations  | 16.17  | 10.70  | (2.53)  | (5.19)  | 2.63  | 3.90  |
| Distributions from net investment income  | -  | (.88)  | (.21)  | (.08)  | (.41)  | (1.30)  |
| Total distributions  | -  | (.88)  | (.21)  | (.08)  | (.41)  | (1.30)  |
| Net asset value, end of period  | $45.13 | $28.96 | $19.14 | $21.88 | $27.15 | $24.93 |
| **Total Return** E,F | 55.84% <br>| 56.70%  | (11.75)%  | (19.20)%  | 10.74%  | 16.96%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .70% I | .72%  | .76%  | .77%  | .76%  | .77%  |
| Expenses net of fee waivers, if any  | .70% I<br>| .72%  | .76%  | .77%  | .76%  | .77%  |
| Expenses net of all reductions, if any  | .70% I | .72%  | .76%  | .77%  | .76%  | .76%  |
| Net investment income (loss)  | .59% I | .55%  | .64%  | .98%  | 1.33% D | .18%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $172087 | $103639 | $77125 | $110224 | $152799 | $137617 |
| Portfolio turnover rate J | 20% I<br>| 17%  | 46%  | 46%  | 38%  | 46%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .89%.*

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

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

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

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

I*Annualized.*

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

**Fidelity Advisor® Gold Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.02 | $19.16 | $21.92 | $27.16 | $24.94 | $22.34 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .13  | .18  | .18  | .26  | .40 D | .09  |
| Net realized and unrealized gain (loss)  | 16.10  | 10.58  | (2.68)  | (5.41)  | 2.27  | 3.85  |
| Total from investment operations  | 16.23  | 10.76  | (2.50)  | (5.15)  | 2.67  | 3.94  |
| Distributions from net investment income  | -  | (.90)  | (.26)  | (.09)  | (.45)  | (1.34)  |
| Total distributions  | -  | (.90)  | (.26)  | (.09)  | (.45)  | (1.34)  |
| Net asset value, end of period  | $45.25 | $29.02 | $19.16 | $21.92 | $27.16 | $24.94 |
| **Total Return** E,F | 55.93% <br>| 56.95%  | (11.67)%  | (19.07)%  | 10.88%  | 17.12%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .58% I | .60%  | .63%  | .63%  | .63%  | .64%  |
| Expenses net of fee waivers, if any  | .58% I<br>| .60%  | .62%  | .63%  | .62%  | .64%  |
| Expenses net of all reductions, if any  | .58% I | .60%  | .62%  | .63%  | .62%  | .62%  |
| Net investment income (loss)  | .71% I | .67%  | .78%  | 1.12%  | 1.47% D | .32%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $81146 | $47018 | $22164 | $93634 | $109842 | $105293 |
| Portfolio turnover rate J | 20% I<br>| 17%  | 46%  | 46%  | 38%  | 46%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.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%.*

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

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

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

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

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying 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, 2025

**1. Organization.**

Gold Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Gold, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Consolidated Subsidiary.**

The Funds included in the table below hold certain commodity-related investments through a wholly owned subsidiary (the "Subsidiary"). As of period end, the investments in the Subsidiaries, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Subsidiary Name** | **Net Assets of Subsidiary ($)** | **% of Fund's Total Assets** |
| **Gold Portfolio** | Fidelity Select Gold Cayman Ltd. | 19276568 | .6 |

---

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

**3. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**4. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in commodities are valued at their last traded price at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Consolidated Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost 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 Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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.

**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** | $182854 |

---

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

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), controlled foreign corporations, deferred Trustees compensation, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $1608662290 |
| **Gross unrealized depreciation** | <u>(30213066)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1578449224</u> |
| **Tax cost** | <u>$1374661352</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(335411572) |
| Long-term | <u>(1178188297)</u> |
| **Total capital loss carryforward** | <u>$(1513599869)</u> |

---

The Fund elected to defer to its next fiscal year approximately $5,784,255 of ordinary losses recognized during the period January 1, 2025 to February 28, 2025.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the consolidated financial statements.

**5. 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** | 514745902 | 217854923 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management 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 management 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 management 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 %** |
| **Class A** | .74 |
| **Class M** | .74 |
| **Class C** | .74 |
| **Gold** | .72 |
| **Class I** | .71 |
| **Class Z** | .58 |

---

One-twelfth of the management 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 management 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 %** |
| **Class A** | .68 |
| **Class M** | .68 |
| **Class C** | .68 |
| **Gold** | .63 |
| **Class I** | .68 |
| **Class Z** | .56 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 182716 | 1634 |
| **Class M** | .25% | .25% | 84166 | - |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>104795</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>12965</u> |
|  |  |  | <u>371677</u> | <u>14599</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 59760 |
| **Class M** | 4921 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>202</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>64883</u> |

---

*A 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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Gold Portfolio** | 1853 |

---

**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 | 8000476 | 4.57% | 21337 |

---

**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** | 1931757 | 1059592 | (14659) |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

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 reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Gold Portfolio** | 1438 |

---

**8. 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 Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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** | 13978 | - | - |

---

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 Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Gold Portfolio** | 10271448 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **August 31, 2025** | **Year ended**<br> **February 28, 2025** |
| **Gold Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $- | $2885863 |
| Class M | - | 704311 |
| Class C | - | 353374 |
| Gold | - | 37378049 |
| Class I | - | 3191387 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>-</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1230520</u> |
| Total  | <u>$</u> <u>-</u> | <u>$45743504</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **August 31, 2025**  | **Year ended**<br> **February 28, 2025** | **Six months ended** <br> **August 31, 2025**  | **Year ended**<br> **February 28, 2025** |
| **Gold Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1412758 | 990420 | $48267485 | $25833191 |
| Reinvestment of distributions | - | 119693 | - | 2856014 |
| Shares redeemed | <u>(800415)</u> | <u>(1016720)</u> | <u>(27404491)</u> | <u>(25338876)</u> |
| Net increase (decrease) | <u>612343</u> | <u>93393</u> | <u>$20862994</u> | <u>$3350329</u> |
| **Class M** |  |  |  |  |
| Shares sold | 219614 | 257970 | $7319203 | $6390847 |
| Reinvestment of distributions | - | 30256 | - | 703729 |
| Shares redeemed | <u>(165156)</u> | <u>(296217)</u> | <u>(5577124)</u> | <u>(7257920)</u> |
| Net increase (decrease) | <u>54458</u> | <u>(7991)</u> | <u>$1742079</u> | <u>$(163344)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 175991 | 132765 | $5376498 | $3110137 |
| Reinvestment of distributions | - | 16111 | - | 352347 |
| Shares redeemed | <u>(133823)</u> | <u>(563712)</u> | <u>(4312869)</u> | <u>(12846012)</u> |
| Net increase (decrease) | <u>42168</u> | <u>(414836)</u> | <u>$1063629</u> | <u>$(9383528)</u> |
| **Gold** |  |  |  |  |
| Shares sold | 24151499 | 18114814 | $857857358 | $484161040 |
| Reinvestment of distributions | - | 1436015 | - | 35456241 |
| Shares redeemed | <u>(16494589)</u> | <u>(20198120)</u> | <u>(589702338)</u> | <u>(527710794)</u> |
| Net increase (decrease) | <u>7656910</u> | <u>(647291)</u> | <u>$268155020</u> | <u>$(8093513)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1155588 | 1032456 | $40717430 | $27085510 |
| Reinvestment of distributions | - | 126457 | - | 3124264 |
| Shares redeemed | <u>(921415)</u> | <u>(1610391)</u> | <u>(33485944)</u> | <u>(41802197)</u> |
| Net increase (decrease) | <u>234173</u> | <u>(451478)</u> | <u>$7231486</u> | <u>$(11592423)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1119282 | 1800807 | $41446975 | $47024137 |
| Reinvestment of distributions | - | 47724 | - | 1181404 |
| Shares redeemed | <u>(946319)</u> | <u>(1384921)</u> | <u>(34265471)</u> | <u>(37325449)</u> |
| Net increase (decrease) | <u>172963</u> | <u>463610</u> | <u>$7181504</u> | <u>$10880092</u> |

---

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

**Materials Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 1.6%  |  |  |
| Materials - 1.6% |  |  |
| Metals & Mining - 1.6% |  |  |
| Wheaton Precious Metals Corp  | 120000 | 12051116 |
| CANADA - 5.2%  |  |  |
| Materials - 5.2% |  |  |
| Chemicals - 1.4% |  |  |
| Nutrien Ltd (United States)  | 190500 | 10976610 |
| Metals & Mining - 3.8% |  |  |
| Agnico Eagle Mines Ltd/CA  | 61800 | 8910342 |
| Alamos Gold Inc Class A  | 140300 | 4274331 |
| Altius Minerals Corp  | 425800 | 9295143 |
| Metalla Royalty & Streaming Ltd (a) | 774400 | 4229075 |
| Orla Mining Ltd (a) | 111000 | 1225295 |
|  |  | 27934186 |
| TOTAL CANADA |  | 38910796 |
| GERMANY - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Orion SA  | 210600 | 2221830 |
| UNITED STATES - 88.7%  |  |  |
| Materials - 88.7% |  |  |
| Chemicals - 54.5% |  |  |
| Air Products and Chemicals Inc  | 119600 | 35175556 |
| Axalta Coating Systems Ltd (a) | 494600 | 15461196 |
| Balchem Corp  | 93358 | 15132398 |
| Cabot Corp (b) | 61700 | 5032252 |
| CF Industries Holdings Inc  | 42500 | 3681775 |
| Chemours Co/The  | 445461 | 6860099 |
| Corteva Inc (b) | 473211 | 35107524 |
| DuPont de Nemours Inc  | 69900 | 5376708 |
| Ecolab Inc  | 226900 | 62860376 |
| Element Solutions Inc (b) | 566100 | 14560092 |
| Linde PLC  | 257286 | 123057322 |
| LyondellBasell Industries NV Class A1  | 290600 | 16375310 |
| Mosaic Co/The  | 1164000 | 38877600 |
| Olin Corp  | 304900 | 7213934 |
| Scotts Miracle-Gro Co/The  | 48900 | 2993658 |
| Sherwin-Williams Co/The  | 43900 | 16059937 |
| Tronox Holdings PLC  | 324600 | 1389288 |
|  |  | 405215025 |
| Construction Materials - 10.1% |  |  |
| CRH PLC  | 272100 | 30733695 |
| Martin Marietta Materials Inc (b) | 37200 | 22930080 |
| Vulcan Materials Co  | 73000 | 21254680 |
|  |  | 74918455 |
| Containers & Packaging - 9.1% |  |  |
| AptarGroup Inc  | 100700 | 14024489 |
| Avery Dennison Corp  | 53000 | 9097450 |
| Crown Holdings Inc  | 87459 | 8691675 |
| Greif Inc Class A (b) | 40900 | 2671179 |
| International Paper Co  | 516300 | 25649784 |
| Smurfit WestRock PLC  | 153800 | 7283968 |
|  |  | 67418545 |
| Metals & Mining - 15.0% |  |  |
| Alcoa Corp  | 89400 | 2877786 |
| Cleveland-Cliffs Inc (a)(b) | 538300 | 5786725 |
| Commercial Metals Co  | 105500 | 6084185 |
| Freeport-McMoRan Inc  | 685600 | 30440640 |
| Hecla Mining Co  | 629400 | 5356194 |
| Newmont Corp  | 313500 | 23324400 |
| Nucor Corp  | 161900 | 24079387 |
| Steel Dynamics Inc  | 104900 | 13733508 |
|  |  | 111682825 |
| TOTAL UNITED STATES |  | 659234850 |
| ZAMBIA - 3.3%  |  |  |
| Materials - 3.3% |  |  |
| Metals & Mining - 3.3% |  |  |
| First Quantum Minerals Ltd (a) | 1381200 | 24207583 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $504,603,586) |  | <br> **736626175** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.36 | 6130490 | 6131716 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.36 | 1790146 | 1790325 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $7,922,041) |  |  | **7922041** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $512,525,627)<br>| <br>**744548216** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(1445656)** |
| **NET ASSETS - 100.0%** | **743102560** |

---

**Legend**

(a) Non-income producing.

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

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 3904522 | 97772551 | 95545357 | 98581 | - | - | 6131716 | 6130490 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 25673070 | 74034334 | 97917079 | 5986 | - | - | 1790325 | 1790146 | 0.0% |
| Total | 29577592 | 171806885 | 193462436 | 104567 | - | - | 7922041 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Materials | 736626175 | 736626175 | - | - |
|  **Money Market Funds** | 7922041 | 7922041 | - | - |
| **Total Investments in Securities:** | 744548216 | 744548216 | - | - |

---

**Materials Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $78,620,837) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $504,603,586) | $736626175 |  |
| Fidelity Central Funds (cost $7,922,041) | 7922041 |  |
| Total Investment in Securities (cost $512,525,627) |  | $744548216 |
| Cash |  | 32927 |
| Foreign currency held at value (cost $18,612) |  | 18751 |
| Receivable for fund shares sold |  | 299782 |
| Dividends receivable |  | 1415899 |
| Distributions receivable from Fidelity Central Funds |  | 22052 |
| Prepaid expenses |  | 998 |
| Other receivables |  | 240776 |
| **Total assets** |  | 746579401 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $373856 |  |
| Payable for fund shares redeemed | 595099 |  |
| Accrued management fee | 406564 |  |
| Distribution and service plan fees payable | 38479 |  |
| Deferred trustees payable | 240776 |  |
| Other payables and accrued expenses | 31742 |  |
| Collateral on securities loaned | 1790325 |  |
| **Total liabilities** |  | 3476841 |
| **Net Assets**  |  | $743102560 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $512627033 |
| Total accumulated earnings (loss) |  | 230475527 |
| **Net Assets** |  | $743102560 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($94,046,511 ÷ 1,012,204 shares)(a) |  | $92.91 |
| Maximum offering price per share (100/94.25 of $92.91) |  | $98.58 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($30,401,214 ÷ 332,489 shares)(a) |  | $91.44 |
| Maximum offering price per share (100/96.50 of $91.44) |  | $94.76 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($8,508,508 ÷ 96,662 shares)(a) |  | $88.02 |
| **Materials :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($444,124,811 ÷ 4,737,577 shares) |  | $93.75 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($112,425,829 ÷ 1,202,091 shares) |  | $93.53 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($53,595,687 ÷ 574,050 shares) |  | $93.36 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $5502716 |
| Income from Fidelity Central Funds (including $5,986 from security lending)  |  | 104567 |
| **Total income** |  | 5607283 |
| **Expenses** |  |  |
| Management fee | $2430049 |  |
| Distribution and service plan fees | 229395 |  |
| Custodian fees and expenses | 7853 |  |
| Independent trustees' fees and expenses | 1354 |  |
| Registration fees | 45524 |  |
| Audit fees | 26515 |  |
| Legal | 172 |  |
| Miscellaneous | 1824 |  |
| Total expenses before reductions | 2742686 |  |
| Expense reductions | (282) |  |
| Total expenses after reductions |  | 2742404 |
| **Net Investment income (loss)** |  | 2864879 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1946711) |  |
| Foreign currency transactions | 4804 |  |
| Total net realized gain (loss) |  | (1941907) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 43250902 |  |
| Assets and liabilities in foreign currencies | 34138 |  |
| Total change in net unrealized appreciation (depreciation) |  | 43285040 |
| **Net gain (loss)** |  | 41343133 |
| **Net increase (decrease) in net assets resulting from operations** |  | $44208012 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2864879 | $6969214 |
| &nbsp;&nbsp;Net realized gain (loss) | (1941907)<br>| 56188802<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 43285040 | (59287787)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 44208012<br>| 3870229<br>|
| Distributions to shareholders | -<br>| (87300032)<br>|
| Share transactions - net increase (decrease) | (58106572)<br>| (29160109)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (13898560)<br>| (112589912)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 757001120 | 869591032<br>|
| &nbsp;&nbsp;End of period | $743102560 | $757001120 |

---

**Financial Highlights** 

**Fidelity Advisor® Materials Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $87.38 | $97.67 | $99.98 | $102.68 | $87.03 | $59.39 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .25  | .58  | 1.01  | .79  | .46  | .33  |
| Net realized and unrealized gain (loss)  | 5.28  | (.69)  | 1.70  | (.54)  | 15.77  | 27.72  |
| Total from investment operations  | 5.53  | (.11)  | 2.71  | .25  | 16.23  | 28.05  |
| Distributions from net investment income  | -  | (.70)  | (1.06)  | (.80)  | (.58)  | (.41)  |
| Distributions from net realized gain  | -  | (9.48)  | (3.96)  | (2.15)  | -  | -  |
| Total distributions  | -  | (10.18)  | (5.02)  | (2.95)  | (.58)  | (.41)  |
| Net asset value, end of period  | $92.91 | $87.38 | $97.67 | $99.98 | $102.68 | $87.03 |
| **Total Return** D,E,F | 6.33% <br>| (.06)%  | 2.88%  | .39%  | 18.64%  | 47.27%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .99% I | .99%  | 1.03%  | 1.03%  | 1.03%  | 1.08%  |
| Expenses net of fee waivers, if any  | .99% I<br>| .99%  | 1.02%  | 1.03%  | 1.03%  | 1.08%  |
| Expenses net of all reductions, if any  | .99% I | .99%  | 1.02%  | 1.03%  | 1.03%  | 1.08%  |
| Net investment income (loss)  | .57% I | .60%  | 1.07%  | .81%  | .46%  | .48%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $94047 | $95277 | $109696 | $124777 | $138219 | $101238 |
| Portfolio turnover rate J | 49% I<br>| 65%  | 51% K | 47%  | 43%  | 36%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

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

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

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

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

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

I*Annualized.*

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

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

**Fidelity Advisor® Materials Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $86.10 | $96.39 | $98.77 | $101.52 | $86.14 | $58.84 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .14  | .34  | .77  | .54  | .20  | .14  |
| Net realized and unrealized gain (loss)  | 5.20  | (.67)  | 1.67  | (.53)  | 15.59  | 27.42  |
| Total from investment operations  | 5.34  | (.33)  | 2.44  | .01  | 15.79  | 27.56  |
| Distributions from net investment income  | -  | (.48)  | (.86)  | (.61)  | (.41)  | (.26)  |
| Distributions from net realized gain  | -  | (9.48)  | (3.96)  | (2.15)  | -  | -  |
| Total distributions  | -  | (9.96)  | (4.82)  | (2.76)  | (.41)  | (.26)  |
| Net asset value, end of period  | $91.44 | $86.10 | $96.39 | $98.77 | $101.52 | $86.14 |
| **Total Return** D,E,F | 6.20% <br>| (.30)%  | 2.63%  | .15%  | 18.32%  | 46.86%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.24% I | 1.24%  | 1.27%  | 1.28%  | 1.29%  | 1.36%  |
| Expenses net of fee waivers, if any  | 1.24% I<br>| 1.24%  | 1.27%  | 1.28%  | 1.29%  | 1.36%  |
| Expenses net of all reductions, if any  | 1.24% I | 1.24%  | 1.27%  | 1.28%  | 1.29%  | 1.36%  |
| Net investment income (loss)  | .32% I | .35%  | .82%  | .56%  | .20%  | .21%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $30401 | $30144 | $33182 | $38570 | $37100 | $24768 |
| Portfolio turnover rate J | 49% I<br>| 65%  | 51% K | 47%  | 43%  | 36%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

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

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

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

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

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

I*Annualized.*

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

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

**Fidelity Advisor® Materials Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $83.09 | $93.33 | $95.85 | $98.63 | $83.76 | $57.30 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.08)  | (.13)  | .29  | .06  | (.28)  | (.18)  |
| Net realized and unrealized gain (loss)  | 5.01  | (.63)  | 1.60  | (.53)  | 15.15  | 26.64  |
| Total from investment operations  | 4.93  | (.76)  | 1.89  | (.47)  | 14.87  | 26.46  |
| Distributions from net investment income  | -  | -  | (.45)  | (.16)  | -  | -  |
| Distributions from net realized gain  | -  | (9.48)  | (3.96)  | (2.15)  | -  | -  |
| Total distributions  | -  | (9.48)  | (4.41)  | (2.31)  | -  | -  |
| Net asset value, end of period  | $88.02 | $83.09 | $93.33 | $95.85 | $98.63 | $83.76 |
| **Total Return** D,E,F | 5.93% <br>| (.80)%  | 2.11%  | (.36)%  | 17.75%  | 46.18%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.74% I | 1.74%  | 1.78%  | 1.78%  | 1.78%  | 1.83%  |
| Expenses net of fee waivers, if any  | 1.74% I<br>| 1.74%  | 1.77%  | 1.78%  | 1.78%  | 1.83%  |
| Expenses net of all reductions, if any  | 1.74% I | 1.74%  | 1.77%  | 1.78%  | 1.78%  | 1.83%  |
| Net investment income (loss)  | (.18)% I | (.15)%  | .32%  | .06%  | (.29)%  | (.27)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8509 | $9581 | $13269 | $17053 | $21261 | $23296 |
| Portfolio turnover rate J | 49% I<br>| 65%  | 51% K | 47%  | 43%  | 36%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

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

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

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

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

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

I*Annualized.*

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

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

**Materials Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $88.03 | $98.34 | $100.63 | $103.29 | $87.46 | $59.63 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .38  | .88  | 1.28  | 1.07  | .75  | .53  |
| Net realized and unrealized gain (loss)  | 5.34  | (.72)  | 1.72  | (.55)  | 15.86  | 27.87  |
| Total from investment operations  | 5.72  | .16  | 3.00  | .52  | 16.61  | 28.40  |
| Distributions from net investment income  | -  | (.99)  | (1.33)  | (1.03)  | (.78)  | (.57)  |
| Distributions from net realized gain  | -  | (9.48)  | (3.96)  | (2.15)  | -  | -  |
| Total distributions  | -  | (10.47)  | (5.29)  | (3.18)  | (.78)  | (.57)  |
| Net asset value, end of period  | $93.75 | $88.03 | $98.34 | $100.63 | $103.29 | $87.46 |
| **Total Return** D,E | 6.50% <br>| .24%  | 3.17%  | .67%  | 18.98%  | 47.68%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .69% H | .70%  | .76%  | .76%  | .75%  | .80%  |
| Expenses net of fee waivers, if any  | .69% H<br>| .69%  | .75%  | .75%  | .74%  | .80%  |
| Expenses net of all reductions, if any  | .69% H | .69%  | .75%  | .75%  | .74%  | .80%  |
| Net investment income (loss)  | .86% H | .90%  | 1.34%  | 1.09%  | .75%  | .76%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $444125 | $446690 | $516428 | $603330 | $645773 | $533073 |
| Portfolio turnover rate I | 49% H<br>| 65%  | 51% J | 47%  | 43%  | 36%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

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

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

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

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

H*Annualized.*

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

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

**Fidelity Advisor® Materials Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $87.84 | $98.13 | $100.42 | $103.07 | $87.29 | $59.52 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .36  | .85  | 1.28  | 1.06  | .74  | .55  |
| Net realized and unrealized gain (loss)  | 5.33  | (.71)  | 1.71  | (.54)  | 15.83  | 27.80  |
| Total from investment operations  | 5.69  | .14  | 2.99  | .52  | 16.57  | 28.35  |
| Distributions from net investment income  | -  | (.95)  | (1.32)  | (1.02)  | (.79)  | (.58)  |
| Distributions from net realized gain  | -  | (9.48)  | (3.96)  | (2.15)  | -  | -  |
| Total distributions  | -  | (10.43)  | (5.28)  | (3.17)  | (.79)  | (.58)  |
| Net asset value, end of period  | $93.53 | $87.84 | $98.13 | $100.42 | $103.07 | $87.29 |
| **Total Return** D,E | 6.48% <br>| .21%  | 3.16%  | .66%  | 18.97%  | 47.70%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .72% H | .72%  | .75%  | .76%  | .75%  | .78%  |
| Expenses net of fee waivers, if any  | .72% H<br>| .72%  | .75%  | .76%  | .75%  | .78%  |
| Expenses net of all reductions, if any  | .72% H | .72%  | .75%  | .76%  | .75%  | .78%  |
| Net investment income (loss)  | .83% H | .87%  | 1.34%  | 1.08%  | .74%  | .78%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $112426 | $123039 | $144811 | $208630 | $238282 | $190132 |
| Portfolio turnover rate I | 49% H<br>| 65%  | 51% J | 47%  | 43%  | 36%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

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

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

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

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

H*Annualized.*

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

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

**Fidelity Advisor® Materials Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $87.63 | $97.99 | $100.27 | $102.92 | $87.14 | $59.40 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .42  | .98  | 1.41  | 1.20  | .88  | .67  |
| Net realized and unrealized gain (loss)  | 5.31  | (.71)  | 1.72  | (.54)  | 15.81  | 27.75  |
| Total from investment operations  | 5.73  | .27  | 3.13  | .66  | 16.69  | 28.42  |
| Distributions from net investment income  | -  | (1.15)  | (1.45)  | (1.16)  | (.91)  | (.68)  |
| Distributions from net realized gain  | -  | (9.48)  | (3.96)  | (2.15)  | -  | -  |
| Total distributions  | -  | (10.63)  | (5.41)  | (3.31)  | (.91)  | (.68)  |
| Net asset value, end of period  | $93.36 | $87.63 | $97.99 | $100.27 | $102.92 | $87.14 |
| **Total Return** D,E | 6.54% <br>| .35%  | 3.32%  | .81%  | 19.14%  | 47.92%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .58% H | .59%  | .61%  | .62%  | .62%  | .64%  |
| Expenses net of fee waivers, if any  | .58% H<br>| .58%  | .61%  | .61%  | .62%  | .64%  |
| Expenses net of all reductions, if any  | .58% H | .58%  | .61%  | .61%  | .62%  | .63%  |
| Net investment income (loss)  | .97% H | 1.01%  | 1.48%  | 1.23%  | .88%  | .93%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $53596 | $52271 | $52204 | $104940 | $73790 | $47051 |
| Portfolio turnover rate I | 49% H<br>| 65%  | 51% J | 47%  | 43%  | 36%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

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

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

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

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

H*Annualized.*

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

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

**Notes to Financial Statements (Unaudited)**

For the period ended August 31, 2025

**1. Organization.**

Materials Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Materials, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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 is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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.

**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 deferred trustees payable, as applicable.

---

| | |
|:---|:---|
| **Materials Portfolio** | $240776 |

---

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

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

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

Book-tax differences are primarily due to foreign currency transactions, deferred Trustees compensation and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $240203065 |
| **Gross unrealized depreciation** | <u>(9465105)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$230737960</u> |
| **Tax cost** | <u>$513810256</u> |

---

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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 ($)** | **Sales ($)** |
| **Materials Portfolio** | 174891526 | 232554410 |

---

**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 management 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 management 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 management 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 %** |
| **Class A** | .72 |
| **Class M** | .72 |
| **Class C** | .72 |
| **Materials** | .70 |
| **Class I** | .70 |
| **Class Z** | .56 |

---

One-twelfth of the management 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 management 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 %** |
| **Class A** | .71 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Materials** | .67 |
| **Class I** | .70 |
| **Class Z** | .56 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 113470 | 235 |
| **Class M** | .25% | .25% | 72794 | - |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>43131</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3196</u> |
|  |  |  | <u>229395</u> | <u>3431</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 5104 |
| **Class M** | 349 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5463</u> |

---

*A 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 ($)** |
| **Materials Portfolio** | 6285 |

---

**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** | 762282 | 4599596 | (221970) |

---

**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 reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Materials Portfolio** | 571 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 687 | - | - |

---

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 ($)** |
| **Materials Portfolio** | 78480177 |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $282.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **August 31, 2025** | **Year ended**<br> **February 28, 2025** |
| **Materials Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $- | $10813043 |
| Class M | - | 3288055 |
| Class C | - | 1168949 |
| Materials | - | 52169704 |
| Class I | - | 14006274 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>-</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5854007</u> |
| Total  | <u>$</u> <u>-</u> | <u>$87300032</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **August 31, 2025**  | **Year ended**<br> **February 28, 2025** | **Six months ended** <br> **August 31, 2025**  | **Year ended**<br> **February 28, 2025** |
| **Materials Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 39416 | 101839 | $3409734 | $9765842 |
| Reinvestment of distributions | - | 118388 | - | 10552649 |
| Shares redeemed | <u>(117574)</u> | <u>(253016)</u> | <u>(10120505)</u> | <u>(24259919)</u> |
| Net increase (decrease) | <u>(78158)</u> | <u>(32789)</u> | <u>$(6710771)</u> | <u>$(3941428)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 11742 | 35487 | $1008094 | $3341734 |
| Reinvestment of distributions | - | 37238 | - | 3271446 |
| Shares redeemed | <u>(29361)</u> | <u>(66875)</u> | <u>(2497129)</u> | <u>(6373507)</u> |
| Net increase (decrease) | <u>(17619)</u> | <u>5850</u> | <u>$(1489035)</u> | <u>$239673</u> |
| **Class C** |  |  |  |  |
| Shares sold | 1156 | 16111 | $110890 | $1434178 |
| Reinvestment of distributions | - | 13270 | - | 1135285 |
| Shares redeemed | <u>(19796)</u> | <u>(56247)</u> | <u>(1625221)</u> | <u>(5110764)</u> |
| Net increase (decrease) | <u>(18640)</u> | <u>(26866)</u> | <u>$(1514331)</u> | <u>$(2541301)</u> |
| **Materials** |  |  |  |  |
| Shares sold | 172972 | 369772 | $15121371 | $36141504 |
| Reinvestment of distributions | - | 532290 | - | 47771379 |
| Shares redeemed | <u>(509485)</u> | <u>(1079544)</u> | <u>(44444814)</u> | <u>(104030688)</u> |
| Net increase (decrease) | <u>(336513)</u> | <u>(177482)</u> | <u>$(29323443)</u> | <u>$(20117805)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 119510 | 271097 | $10353813 | $25689035 |
| Reinvestment of distributions | - | 148118 | - | 13285600 |
| Shares redeemed | <u>(318124)</u> | <u>(494257)</u> | <u>(27532256)</u> | <u>(47603524)</u> |
| Net increase (decrease) | <u>(198614)</u> | <u>(75042)</u> | <u>$(17178443)</u> | <u>$(8628889)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 49793 | 96671 | $4363550 | $9379406 |
| Reinvestment of distributions | - | 59682 | - | 5307494 |
| Shares redeemed | <u>(72255)</u> | <u>(92617)</u> | <u>(6254099)</u> | <u>(8857259)</u> |
| Net increase (decrease) | <u>(22462)</u> | <u>63736</u> | <u>$(1890549)</u> | <u>$5829641</u> |

---

**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**

**Chemicals Portfolio** 

**Gold Portfolio**

**Materials 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 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 Gold Portfolio and Materials Portfolio, a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (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.

<u>Resources Dedicated to Investment Management and Support Services</u>. 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 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.

<u>Shareholder and Administrative Services</u>. 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 information and market information over the Internet 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.

<u>Investment in a Large Fund Family</u>. 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 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.

<u>Investment Performance</u>. 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 index that has characteristics relevant to each fund's investment strategies (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 Chemicals Portfolio and Materials Portfolio, the fund underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2025, 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, effective March 1, 2024, 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 Gold Portfolio and Materials Portfolio), the Board considered the effective management fee rate for the fund or the retail class, as applicable, from March 2024 to September 2024, 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 Gold Portfolio and Materials 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.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. 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 based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). For each fund, the data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund or, for Gold Portfolio and Materials Portfolio, the retail class of each fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the fund or, for Gold Portfolio and Materials Portfolio, the retail class of each fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund or, for Gold Portfolio and Materials Portfolio, the retail class of each fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund or, for Gold Portfolio and Materials Portfolio, the retail class of each fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that each fund's management fee rate (or the management fee rate of the retail class for Gold Portfolio and Materials Portfolio) ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund or, for Gold Portfolio and Materials Portfolio, the retail class ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

For Gold Portfolio and Materials 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.

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 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 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.

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, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 May 31, 2026.

![](img114152_4.jpg)<br>

1.846035.118 SELMT-SANN-1025

**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, 2025**

![](img114153_1.jpg)

![](img114153_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SELTEC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Enterprise Technology Services Portfolio](#Sub_Sec_Fund_353_SELTEC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Semiconductors Portfolio](#Sub_Sec_Fund_8_SELTEC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Software and IT Services Portfolio](#Sub_Sec_Fund_28_SELTEC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Tech Hardware Portfolio](#Sub_Sec_Fund_7_SELTEC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Technology Portfolio](#Sub_Sec_Fund_64_SELTEC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements353_SELTEC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELTEC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELTEC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELTEC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELTEC-SANN)** |

---

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.© 2025 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 100.4%** | &nbsp;&nbsp;**Common Stocks - 100.4%** | &nbsp;&nbsp;**Common Stocks - 100.4%** |
|  | Shares | Value ($)<br>|
| IRELAND - 3.5%  |  |  |
| Information Technology - 3.5% |  |  |
| IT Services - 3.5% |  |  |
| Accenture PLC Class A  | 209180 | 54380525 |
| UNITED STATES - 96.9%  |  |  |
| Financials - 52.7% |  |  |
| Financial Services - 52.7% |  |  |
| Affirm Holdings Inc Class A (a)(b) | 384500 | 34012870 |
| Block Inc Class A (a) | 313600 | 24975104 |
| Fidelity National Information Services Inc  | 116400 | 8125884 |
| Fiserv Inc (a) | 188917 | 26104551 |
| Mastercard Inc Class A  | 550800 | 327885732 |
| Paymentus Holdings Inc Class A (a) | 569200 | 22158956 |
| PayPal Holdings Inc (a) | 348940 | 24492099 |
| Toast Inc Class A (a) | 832500 | 37545750 |
| Visa Inc Class A  | 841548 | 296039755 |
|  |  | 801340701 |
| Industrials - 16.3% |  |  |
| Professional Services - 16.3% |  |  |
| Automatic Data Processing Inc  | 240175 | 73025209 |
| ExlService Holdings Inc (a)(b) | 1250993 | 54768474 |
| Genpact Ltd  | 785441 | 35611894 |
| Paycom Software Inc (b) | 205600 | 46702040 |
| SS&C Technologies Holdings Inc (b) | 423300 | 37529778 |
|  |  | 247637395 |
| Information Technology - 27.9% |  |  |
| IT Services - 26.4% |  |  |
| Cloudflare Inc Class A (a)(b) | 265200 | 55349892 |
| Gartner Inc (a) | 8800 | 2210472 |
| GoDaddy Inc Class A (a) | 211900 | 31426889 |
| IBM Corporation  | 540900 | 131703741 |
| Kyndryl Holdings Inc (a) | 2045000 | 65010550 |
| Okta Inc Class A (a) | 338200 | 31374814 |
| Snowflake Inc (a)(b) | 227400 | 54271284 |
| Twilio Inc Class A (a)(b) | 292600 | 30901486 |
|  |  | 402249128 |
| Software - 1.5% |  |  |
| Datadog Inc Class A (a) | 161500 | 22073820 |
| TOTAL INFORMATION TECHNOLOGY |  | 424322948 |
| TOTAL UNITED STATES |  | 1473301044 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $772,702,907) |  | <br> **1527681569** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Securities Lending Cash Central Fund (c)(d)<br>(Cost $37,908,865)<br>| 4.36 | 37905074 | **37908865** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.9%**<br> (Cost $810,611,772)<br>| <br>**1565590434** |
| **NET OTHER ASSETS (LIABILITIES) - (2.9)%**  | **(44423570)** |
| **NET ASSETS - 100.0%** | **1521166864** |

---

**Legend**

(a) Non-income producing.

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

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

(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.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 117756 | 111977427 | 112095183 | 43084 | - | - | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2090255 | 966003352 | 930184742 | 6111 | - | - | 37908865 | 37905074 | 0.1% |
| Total | 2208011 | 1077980779 | 1042279925 | 49195 | - | - | 37908865 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Financials | 801340701 | 801340701 | - | - |
| Industrials | 247637395 | 247637395 | - | - |
| Information Technology | 478703473 | 478703473 | - | - |
|  **Money Market Funds** | 37908865 | 37908865 | - | - |
| **Total Investments in Securities:** | 1565590434 | 1565590434 | - | - |

---

**Enterprise Technology Services Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $81,288,671) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $772,702,907) | $1527681569 |  |
| Fidelity Central Funds (cost $37,908,865) | 37908865 |  |
| Total Investment in Securities (cost $810,611,772) |  | $1565590434 |
| Cash |  | 357 |
| Receivable for fund shares sold |  | 106186 |
| Dividends receivable |  | 1524265 |
| Distributions receivable from Fidelity Central Funds |  | 9484 |
| Prepaid expenses |  | 2191 |
| Other receivables |  | 14199 |
| **Total assets** |  | 1567247116 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1275402 |  |
| Accrued management fee | 797325 |  |
| Notes payable to affiliates | 6085000 |  |
| Other payables and accrued expenses | 29750 |  |
| Collateral on securities loaned | 37892775 |  |
| **Total liabilities** |  | 46080252 |
| **Net Assets**  |  | $1521166864 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $682799774 |
| Total accumulated earnings (loss) |  | 838367090 |
| **Net Assets** |  | $1521166864 |
| **Net Asset Value**, offering price and redemption price per share ($1,521,166,864 ÷ 28,379,670 shares) |  | $53.60 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $5760844 |
| Income from Fidelity Central Funds (including $6,111 from security lending)  |  | 49195 |
| **Total income** |  | 5810039 |
| **Expenses** |  |  |
| Management fee | $5200287 |  |
| Custodian fees and expenses | 14943 |  |
| Independent trustees' fees and expenses | 3114 |  |
| Registration fees | 15499 |  |
| Audit fees | 27105 |  |
| Legal | 917 |  |
| Interest | 11775 |  |
| Miscellaneous | 3905 |  |
| **Total expenses** |  | 5277545 |
| **Net Investment income (loss)** |  | 532494 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 84604722 |  |
| Total net realized gain (loss) |  | 84604722 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (180376268) |  |
| Assets and liabilities in foreign currencies | (115) |  |
| Total change in net unrealized appreciation (depreciation) |  | (180376383) |
| **Net gain (loss)** |  | (95771661) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(95239167) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $532494 | $1438685 |
| &nbsp;&nbsp;Net realized gain (loss) | 84604722<br>| 415574864<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (180376383) | (207466910)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (95239167)<br>| 209546639<br>|
| Distributions to shareholders | (186822767)<br>| (305007902)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 35452162 | 60805283 |
| Reinvestment of distributions | 174831383<br>| 284701874<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (213339259) | (515057791) |
| **Net increase (decrease) in net assets resulting from share transactions** | (3055714)<br>| (169550634)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (285117648)<br>| (265011897)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1806284512 | 2071296409<br>|
| &nbsp;&nbsp;End of period | $1521166864 | $1806284512 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 634330 | 968553 |
| Issued in reinvestment of distributions | 3475083<br>| 4668986<br>|
| &nbsp;&nbsp;Redeemed | (3900673) | (8447276) |
| &nbsp;&nbsp;Net increase (decrease) | 208740 | (2809737) |

---

**Financial Highlights** 

**Enterprise Technology Services Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $64.12 | $66.86 | $55.16 | $70.27 | $93.94 | $73.62 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .02  | .05  | - D | .02  | (.27)  | (.09)  |
| Net realized and unrealized gain (loss)  | (3.76)  | 8.28  | 14.08  | (7.56)  | (10.44)  | 25.34  |
| Total from investment operations  | (3.74)  | 8.33  | 14.08  | (7.54)  | (10.71)  | 25.25  |
| Distributions from net investment income  | (.02)  | (.04)  | - D | (.01)  | -  | (.01)  |
| Distributions from net realized gain  | (6.76)  | (11.03)  | (2.37)  | (7.55)  | (12.96)  | (4.93)  |
| Total distributions  | (6.78)  | (11.07)  | (2.38) E | (7.57) E | (12.96)  | (4.93) E |
| Net asset value, end of period  | $53.60 | $64.12 | $66.86 | $55.16 | $70.27 | $93.94 |
| **Total Return** F,G | (5.14)% <br>| 14.01%  | 25.85%  | (11.88)%  | (13.31)%  | 34.67%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .65% J | .66%  | .73%  | .73%  | .70%  | .72%  |
| Expenses net of fee waivers, if any  | .65% J<br>| .66%  | .72%  | .73%  | .70%  | .72%  |
| Expenses net of all reductions, if any  | .65% J | .66%  | .72%  | .73%  | .70%  | .72%  |
| Net investment income (loss)  | .07% J | .08%  | .01%  | .03%  | (.29)%  | (.11)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1521167 | $1806285 | $2071296 | $2086468 | $2873839 | $4135311 |
| Portfolio turnover rate K | 66% J<br>| 63%  | 35%  | 43%  | 41%  | 31%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Amount represents less than $.005 per share.*

E*Total distributions per share do not sum due to rounding.*

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

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

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

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

J*Annualized.*

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

**Semiconductors Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.6%** | &nbsp;&nbsp;**Common Stocks - 95.6%** | &nbsp;&nbsp;**Common Stocks - 95.6%** |
|  | Shares | Value ($)<br>|
| ISRAEL - 2.2%  |  |  |
| Information Technology - 2.2% |  |  |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Nova Ltd (b)(c)(d) | 1928080 | 507740587 |
| JAPAN - 2.2%  |  |  |
| Information Technology - 2.2% |  |  |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Allegro MicroSystems Inc (b)(c)(d) | 13589321 | 419230553 |
| Kioxia Holdings Corp (b)(c) | 5007400 | 86320984 |
| TOTAL JAPAN |  | 505551537 |
| NETHERLANDS - 7.2%  |  |  |
| Information Technology - 7.2% |  |  |
| Semiconductors & Semiconductor Equipment - 7.2% |  |  |
| NXP Semiconductors NV  | 7127988 | 1674007982 |
| TAIWAN - 5.3%  |  |  |
| Information Technology - 5.3% |  |  |
| Semiconductors & Semiconductor Equipment - 5.3% |  |  |
| Silicon Motion Technology Corp ADR  | 1220400 | 97241472 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 4928639 | 1137874886 |
| TOTAL TAIWAN |  | 1235116358 |
| UNITED STATES - 78.7%  |  |  |
| Information Technology - 78.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Aeva Technologies Inc (c) | 219560 | 3250586 |
| Coherent Corp (c) | 653962 | 59163942 |
|  |  | 62414528 |
| Semiconductors & Semiconductor Equipment - 75.5% |  |  |
| Advanced Micro Devices Inc (c) | 1430100 | 232577163 |
| Alpha & Omega Semiconductor Ltd (b)(c) | 513296 | 14767526 |
| Astera Labs Inc (c) | 4513058 | 822279168 |
| Broadcom Inc  | 11457052 | 3407212694 |
| Entegris Inc  | 1605218 | 134420955 |
| GlobalFoundries Inc (c) | 23849360 | 796330130 |
| Impinj Inc (b)(c) | 1410366 | 264401314 |
| Lam Research Corp  | 10240657 | 1025601799 |
| MACOM Technology Solutions Holdings Inc (c) | 3041164 | 389725167 |
| Marvell Technology Inc  | 17200295 | 1081296545 |
| Micron Technology Inc  | 9690365 | 1153250339 |
| Monolithic Power Systems Inc  | 1373931 | 1148276573 |
| NVIDIA Corp  | 33247980 | 5791133156 |
| ON Semiconductor Corp (c)(d) | 23003190 | 1140728192 |
| Synaptics Inc (c) | 1366828 | 95486604 |
| Wolfspeed Inc (b)(c) | 418400 | 518816 |
|  |  | 17498006141 |
| Software - 0.0% |  |  |
| Celestial AI Inc (e)(f) | 26549 | 484785 |
| Technology Hardware, Storage & Peripherals - 3.0% |  |  |
| Western Digital Corp  | 8536415 | 685815581 |
| TOTAL UNITED STATES |  | 18246721035 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $10,792,154,452) |  | <br> **22169137499** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (e)(f) | 144600 | 7986258 |
| ISRAEL - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Element Labs Inc Series A (e)(f) | 1368700 | 10812730 |
| Element Labs Inc Series B (e)(f) | 585300 | 5138934 |
| TOTAL ISRAEL |  | 15951664 |
| UNITED STATES - 0.6%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Akeana Series C (c)(e)(f) | 85500 | 1126890 |
| Tenstorrent Holdings Inc Series C1 (c)(e)(f) | 17041 | 1227293 |
| Tenstorrent Holdings Inc Series D1 (c)(e)(f) | 149736 | 11450312 |
| Tenstorrent Holdings Inc Series D2 (c)(e)(f) | 8522 | 627986 |
|  |  | 14432481 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Empower Semiconductor Inc Series D (e)(f) | 1632993 | 13112934 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Frore Systems Inc Series C (c)(e)(f) | 1078255 | 17974511 |
| Menlo Microsystems Inc Series C (c)(e)(f) | 739500 | 406725 |
|  |  | 18381236 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Alif Semiconductor Series C (c)(e)(f) | 444283 | 11751285 |
| Alif Semiconductor Series D (e)(f) | 322100 | 9070336 |
| Danger Devices Inc Series B (e)(f) | 7867300 | 7159243 |
| Retym Inc Series C (c)(e)(f) | 458946 | 4786807 |
| Retym Inc Series D (e)(f) | 113854 | 1252394 |
| SiMa Technologies Inc Series B (c)(e)(f) | 309900 | 1967865 |
| SiMa Technologies Inc Series B1 (c)(e)(f) | 163147 | 1212182 |
|  |  | 37200112 |
| Software - 0.0% |  |  |
| Celestial AI Inc Series A (e)(f) | 169279 | 3091035 |
| Celestial AI Inc Series B (e)(f) | 127379 | 2325940 |
| Celestial AI Inc Series C1 (e)(f) | 510250 | 9317165 |
| Lyte Ai Inc Series B (c)(e)(f) | 246000 | 2787180 |
|  |  | 17521320 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (c)(e)(f) | 271273 | 12795948 |
| Lightmatter Inc Series C2 (c)(e)(f) | 42610 | 2081072 |
| Lightmatter Inc Series D (e)(f) | 166400 | 10852608 |
|  |  | 25729628 |
| TOTAL INFORMATION TECHNOLOGY |  | 98832296 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (c)(e)(f) | 189999 | 5012173 |
| TOTAL UNITED STATES |  | 131389884 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $136,316,465) |  | <br> **155327806** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (e)(f) | 483014 | 583749 |
| SiMa Technologies Inc 7.5% 12/31/2027 (e)(f) | 3677300 | 3816149 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $4,160,314) |  | <br> **4399898** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.36 | 141790779 | 141819137 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.36 | 172640063 | 172657327 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $314,476,464) |  |  | **314476464** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 97.7%**<br> (Cost $11,247,107,695)<br>| <br>**22643341667** |
| **NET OTHER ASSETS (LIABILITIES) - 2.3%**  | **542212194** |
| **NET ASSETS - 100.0%** | **23185553861** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

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

(c) Non-income producing.

(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 $160,212,489 or 0.7% of net assets.

(f) Level 3 security

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Akeana Series C | 1/23/2024 | 1091048 |
| Alif Semiconductor Series C | 3/8/2022 | 9018296 |
| Alif Semiconductor Series D | 4/11/2025 | 8702208 |
| Celestial AI Inc | 2/25/2025 | 393342 |
| Celestial AI Inc Series A | 2/25/2025 | 2507987 |
| Celestial AI Inc Series B | 2/25/2025 | 1887209 |
| Celestial AI Inc Series C1 | 2/25/2025 | 8893760 |
| Danger Devices Inc Series B | 3/5/2025 | 7084504 |
| Diamond Foundry Inc Series C | 3/15/2021 | 4559976 |
| Element Labs Inc Series A | 2/11/2025 | 5048584 |
| Element Labs Inc Series B | 6/27/2025 | 5138290 |
| Empower Semiconductor Inc Series D | 6/27/2025 | 13106075 |
| Frore Systems Inc Series C | 5/10/2024 | 17327989 |
| Lightmatter Inc Series C1 | 5/19/2023 | 4464286 |
| Lightmatter Inc Series C2 | 12/18/2023 | 1107937 |
| Lightmatter Inc Series D | 10/11/2024 | 13350355 |
| Lyte Ai Inc Series B | 8/13/2024 | 3120781 |
| Menlo Microsystems Inc Series C | 2/9/2022 | 980207 |
| Retym Inc Series C | 5/17/2023 - 6/20/2023 | 3571426 |
| Retym Inc Series D | 1/29/2025 | 1205372 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/8/2024 - 7/5/2025 | 483014 |
| SiMa Technologies Inc 7.5% 12/31/2027 | 7/18/2025 | 3677300 |
| SiMa Technologies Inc Series B | 5/10/2021 | 1588981 |
| SiMa Technologies Inc Series B1 | 4/25/2022 - 10/17/2022 | 1156859 |
| Taalas Inc Series B | 2/19/2025 | 7940478 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 1013198 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 11803157 |
| Tenstorrent Holdings Inc Series D2 | 7/17/2024 | 647502 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 416653803 | 4292624334 | 4567458999 | 2936084 | - | (1) | 141819137 | 141790779 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 240735953 | 1165383406 | 1233462032 | 814591 | - | - | 172657327 | 172640063 | 0.6% |
| Total | 657389756 | 5458007740 | 5800921031 | 3750675 | - | (1) | 314476464 |  |  |

---

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 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.

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

**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 ($) and Shares end of period columns 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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Allegro MicroSystems Inc | 198618117 | 120983388 | - | - | - | 99629048 | 419230553 | 13589321 |
| Nova Ltd | 414343951 | 52175111 | 6446877 | - | (2707216) | 50375618 | 507740587 | 1928080 |
| ON Semiconductor Corp | 933621901 | 330702173 | 175735337 | - | (39869558) | 92009013 | 1140728192 | 23003190 |
| Total | 1546583969 | 503860672 | 182182214 | - | (42576774) | 242013679 | 2067699332 |  |

---

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Information Technology | 22169137499 | 22082331730 | 86320984 | 484785 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 14432481 | - | - | 14432481 |
| Industrials | 29064598 | - | - | 29064598 |
| Information Technology | 106818554 | - | - | 106818554 |
| Materials | 5012173 | - | - | 5012173 |
|  **Preferred Securities** |  |  |  |  |
| Information Technology | 4399898 | - | - | 4399898 |
|  **Money Market Funds** | 314476464 | 314476464 | - | - |
| **Total Investments in Securities:** | 22643341667 | 22396808194 | 86320984 | 160212489 |

---

**Semiconductors Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $163,635,164) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $9,247,715,492) | $20261165871 |  |
| Fidelity Central Funds (cost $314,476,464) | 314476464 |  |
| Other affiliated issuers (cost $1,684,915,739) | 2067699332 |  |
| Total Investment in Securities (cost $11,247,107,695) |  | $22643341667 |
| Receivable for investments sold |  | 743286385 |
| Receivable for fund shares sold |  | 23677665 |
| Distributions receivable from Fidelity Central Funds |  | 742988 |
| Prepaid expenses |  | 30036 |
| Other receivables |  | 718592 |
| **Total assets** |  | 23411797333 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $24112350 |  |
| Payable for fund shares redeemed | 17019769 |  |
| Accrued management fee | 11689451 |  |
| Other payables and accrued expenses | 764575 |  |
| Collateral on securities loaned | 172657327 |  |
| **Total liabilities** |  | 226243472 |
| **Net Assets**  |  | $23185553861 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11547820855 |
| Total accumulated earnings (loss) |  | 11637733006 |
| **Net Assets** |  | $23185553861 |
| **Net Asset Value**, offering price and redemption price per share ($23,185,553,861 ÷ 621,321,335 shares) |  | $37.32 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $48730882 |
| Income from Fidelity Central Funds (including $814,591 from security lending)  |  | 3750675 |
| **Total income** |  | 52481557 |
| **Expenses** |  |  |
| Management fee | $59625970 |  |
| Custodian fees and expenses | 41234 |  |
| Independent trustees' fees and expenses | 35588 |  |
| Registration fees | 149556 |  |
| Audit fees | 26687 |  |
| Legal | 4869 |  |
| Interest | 19618 |  |
| Miscellaneous | 44567 |  |
| **Total expenses** |  | 59948089 |
| **Net Investment income (loss)** |  | (7466532) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 479108676 |  |
| Affiliated issuers | (42576774) |  |
| Total net realized gain (loss) |  | 436531902 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3946382938 |  |
| Fidelity Central Funds  | (1) |  |
| Other affiliated issuers  | 242013679 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4188396616 |
| **Net gain (loss)** |  | 4624928518 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4617461986 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(7466532) | $(16469704) |
| &nbsp;&nbsp;Net realized gain (loss) | 436531902<br>| 1662847165<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4188396616 | 54162985<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4617461986<br>| 1700540446<br>|
| Distributions to shareholders | (826477474)<br>| (790458959)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2112457527 | 6975631349 |
| Reinvestment of distributions | 765423916<br>| 732460191<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2707762975) | (5119939051) |
| **Net increase (decrease) in net assets resulting from share transactions** | 170118468<br>| 2588152489<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3961102980<br>| 3498233976<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 19224450881 | 15726216905<br>|
| &nbsp;&nbsp;End of period | $23185553861 | $19224450881 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 65647841 | 209724121 |
| Issued in reinvestment of distributions | 31001374<br>| 21851438<br>|
| &nbsp;&nbsp;Redeemed | (88807758) | (154884824) |
| &nbsp;&nbsp;Net increase (decrease) | 7841457 | 76690735 |

---

**Financial Highlights** 

**Semiconductors Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.34 | $29.30 | $18.57 | $20.23 | $17.59 | $11.47 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.01)  | (.03)  | .01  | .03  | .01  | .07  |
| Net realized and unrealized gain (loss)  | 7.39  | 3.40  | 12.47  | (.71)  | 4.30  | 7.37  |
| Total from investment operations  | 7.38  | 3.37  | 12.48  | (.68)  | 4.31  | 7.44  |
| Distributions from net investment income  | -  | -  | (.02)  | (.03)  | (.01)  | (.08)  |
| Distributions from net realized gain  | (1.40)  | (1.33)  | (1.72)  | (.95)  | (1.66)  | (1.24)  |
| Total distributions  | (1.40)  | (1.33)  | (1.75) D | (.98)  | (1.67)  | (1.32)  |
| Net asset value, end of period  | $37.32 | $31.34 | $29.30 | $18.57 | $20.23 | $17.59 |
| **Total Return** E,F | 25.82% <br>| 11.22%  | 69.34%  | (2.91)%  | 24.57%  | 70.47%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .61% I | .62%  | .68%  | .69%  | .68%  | .70%  |
| Expenses net of fee waivers, if any  | .61% I<br>| .62%  | .67%  | .69%  | .67%  | .70%  |
| Expenses net of all reductions, if any  | .61% I | .62%  | .67%  | .69%  | .67%  | .69%  |
| Net investment income (loss)  | (.08)% I | (.08)%  | .04%  | .17%  | .03%  | .53%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $23185554 | $19224451 | $15726217 | $7764453 | $8426923 | $5717786 |
| Portfolio turnover rate J | 68% I<br>| 59%  | 32%  | 35%  | 33%  | 87%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| IT Services - 0.9% |  |  |
| Shopify Inc Class A (United States) (a) | 671560 | 94877997 |
| Software - 0.0% |  |  |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(b) | 25200 | 2 |
| TOTAL CANADA |  | 94877999 |
| FRANCE - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| IT Services - 0.8% |  |  |
| Capgemini SE  | 557000 | 79221789 |
| IRELAND - 2.0%  |  |  |
| Information Technology - 2.0% |  |  |
| IT Services - 2.0% |  |  |
| Accenture PLC Class A  | 772600 | 200852822 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (a) | 34200 | 4824935 |
| UNITED STATES - 96.0%  |  |  |
| Communication Services - 1.5% |  |  |
| Interactive Media & Services - 1.5% |  |  |
| Alphabet Inc Class A  | 264300 | 56272113 |
| Meta Platforms Inc Class A  | 200 | 147740 |
| ZoomInfo Technologies Inc (a) | 8544869 | 93139072 |
|  |  | 149558925 |
| Consumer Discretionary - 2.1% |  |  |
| Broadline Retail - 2.1% |  |  |
| Amazon.com Inc (a) | 923080 | 211385320 |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Block Inc Class A (a) | 45999 | 3663360 |
| Toast Inc Class A (a) | 950996 | 42889920 |
|  |  | 46553280 |
| Information Technology - 92.0% |  |  |
| IT Services - 12.5% |  |  |
| Cloudflare Inc Class A (a) | 918749 | 191752104 |
| Cognizant Technology Solutions Corp Class A  | 1173200 | 84763700 |
| EPAM Systems Inc (a) | 409125 | 72153285 |
| IBM Corporation  | 182300 | 44388227 |
| MongoDB Inc Class A (a) | 736800 | 232541448 |
| Okta Inc Class A (a) | 1814791 | 168358161 |
| Snowflake Inc (a) | 1015700 | 242406962 |
| Twilio Inc Class A (a) | 2351456 | 248337268 |
|  |  | 1284701155 |
| Software - 79.5% |  |  |
| Adobe Inc (a) | 887900 | 316713930 |
| Amplitude Inc Class A (a) | 850776 | 9724370 |
| AppLovin Corp Class A (a) | 379466 | 181608633 |
| Atlassian Corp Class A (a) | 1500254 | 266715156 |
| Autodesk Inc (a) | 1254805 | 394887134 |
| BILL Holdings Inc (a) | 959000 | 44516780 |
| BlackLine Inc (a)(c) | 1871100 | 101731707 |
| Cadence Design Systems Inc (a) | 264700 | 92758821 |
| Confluent Inc Class A (a) | 2143485 | 42569612 |
| Crowdstrike Holdings Inc Class A (a) | 136986 | 58040968 |
| CyberArk Software Ltd (a) | 57400 | 26017124 |
| Datadog Inc Class A (a) | 2417813 | 330466681 |
| Dynatrace Inc (a) | 1065800 | 53929480 |
| Elastic NV (a) | 451753 | 38426110 |
| Fair Isaac Corp (a) | 26474 | 40283897 |
| Five9 Inc (a) | 3646488 | 98163457 |
| Gen Digital Inc  | 582418 | 17589024 |
| HubSpot Inc (a) | 381517 | 184337569 |
| Intuit Inc  | 600751 | 400700917 |
| Klaviyo Inc Class A (a) | 4064500 | 131852380 |
| Microsoft Corp  | 5020802 | 2543990165 |
| Monday.com Ltd (a) | 348925 | 67342525 |
| Oracle Corp  | 1613427 | 364844248 |
| Palantir Technologies Inc Class A (a) | 1508678 | 236424929 |
| Palo Alto Networks Inc (a) | 2559764 | 487686237 |
| Pivotal Software Inc Class A rights (a)(b) | 3336600 | 33 |
| PTC Inc (a) | 243189 | 51920852 |
| Salesforce Inc  | 2390984 | 612689650 |
| Samsara Inc Class A (a) | 2029500 | 73346130 |
| Servicenow Inc (a) | 174124 | 159751805 |
| Synopsys Inc (a) | 540540 | 326226701 |
| Tenable Holdings Inc (a) | 964509 | 29822618 |
| Unity Software Inc (a) | 3044885 | 119998918 |
| Workday Inc Class A (a) | 255900 | 59066838 |
| Workiva Inc Class A (a) | 219970 | 18090333 |
| Zscaler Inc (a) | 564740 | 156461217 |
|  |  | 8138696949 |
| TOTAL INFORMATION TECHNOLOGY |  | 9423398104 |
| TOTAL UNITED STATES |  | 9830895629 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,168,090,398) |  | <br> **10210673174** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 4.36 | 30045589 | 30051598 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 4.36 | 1071043 | 1071150 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $31,122,748) |  |  | **31122748** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $5,199,213,146)<br>| <br>**10241795922** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **2191909** |
| **NET ASSETS - 100.0%** | **10243987831** |

---

**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 Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 90556079 | 433205484 | 493709965 | 534837 | - | - | 30051598 | 30045589 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 1394375 | 196862115 | 197185340 | 4138 | - | - | 1071150 | 1071043 | 0.0% |
| Total | 91950454 | 630067599 | 690895305 | 538975 | - | - | 31122748 |  |  |

---

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 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.

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

**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 ($) and Shares end of period columns 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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Five9 Inc | 126048400 | 44947928 | 41416473 | - | (57599796) | 26183398 | - | - |
| Total | 126048400 | 44947928 | 41416473 | - | (57599796) | 26183398 | - |  |

---

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 149558925 | 149558925 | - | - |
| Consumer Discretionary | 211385320 | 211385320 | - | - |
| Financials | 46553280 | 46553280 | - | - |
| Information Technology | 9803175649 | 9723953825 | 79221789 | 35 |
|  **Money Market Funds** | 31122748 | 31122748 | - | - |
| **Total Investments in Securities:** | 10241795922 | 10162574098 | 79221789 | 35 |

---

**Software and IT Services Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,049,341) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,168,090,398) | $10210673174 |  |
| Fidelity Central Funds (cost $31,122,748) | 31122748 |  |
| Total Investment in Securities (cost $5,199,213,146) |  | $10241795922 |
| Foreign currency held at value (cost $289,987) |  | 293284 |
| Receivable for investments sold |  | 45287098 |
| Receivable for fund shares sold |  | 643745 |
| Dividends receivable |  | 5484538 |
| Distributions receivable from Fidelity Central Funds |  | 72034 |
| Prepaid expenses |  | 14291 |
| Other receivables |  | 561226 |
| **Total assets** |  | 10294152138 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $38037524 |  |
| Payable for fund shares redeemed | 5462844 |  |
| Accrued management fee | 5086321 |  |
| Other payables and accrued expenses | 506468 |  |
| Collateral on securities loaned | 1071150 |  |
| **Total liabilities** |  | 50164307 |
| **Net Assets**  |  | $10243987831 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3899670525 |
| Total accumulated earnings (loss) |  | 6344317306 |
| **Net Assets** |  | $10243987831 |
| **Net Asset Value**, offering price and redemption price per share ($10,243,987,831 ÷ 360,226,514 shares) |  | $28.44 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $21374547 |
| Income from Fidelity Central Funds (including $4,138 from security lending)  |  | 538975 |
| **Total income** |  | 21913522 |
| **Expenses** |  |  |
| Management fee | $30280104 |  |
| Custodian fees and expenses | 25731 |  |
| Independent trustees' fees and expenses | 18672 |  |
| Registration fees | 41727 |  |
| Audit fees | 30829 |  |
| Legal | 2832 |  |
| Interest | 12917 |  |
| Miscellaneous | 23612 |  |
| **Total expenses** |  | 30436424 |
| **Net Investment income (loss)** |  | (8522902) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 997568097 |  |
| Redemptions in-kind | 374208705 |  |
| Affiliated issuers | (57599796) |  |
| Foreign currency transactions | 29477 |  |
| Total net realized gain (loss) |  | 1314206483 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (665021722) |  |
| Affiliated issuers  | 26183398 |  |
| Assets and liabilities in foreign currencies | 82108 |  |
| Total change in net unrealized appreciation (depreciation) |  | (638756216) |
| **Net gain (loss)** |  | 675450267 |
| **Net increase (decrease) in net assets resulting from operations** |  | $666927365 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(8522902) | $(9807265) |
| &nbsp;&nbsp;Net realized gain (loss) | 1314206483<br>| 1160650961<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (638756216) | (1030188492)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 666927365<br>| 120655204<br>|
| Distributions to shareholders | (156108281)<br>| (1084631963)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 672845091 | 547725500 |
| Reinvestment of distributions | 144044192<br>| 1002356657<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1351746404) | (2713093866) |
| **Net increase (decrease) in net assets resulting from share transactions** | (534857121)<br>| (1163011709)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (24038037)<br>| (2126988468)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 10268025868 | 12395014336<br>|
| &nbsp;&nbsp;End of period | $10243987831 | $10268025868 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 26792380 | 19538604 |
| Issued in reinvestment of distributions | 6270971<br>| 35649285<br>|
| &nbsp;&nbsp;Redeemed | (54562983) | (98460572) |
| &nbsp;&nbsp;Net increase (decrease) | (21499632) | (43272683) |

---

**Financial Highlights** 

**Software and IT Services Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.90 | $29.16 | $21.02 | $26.33 | $27.31 | $19.90 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.02)  | (.02)  | - D | - D | (.05)  | (.03)  |
| Net realized and unrealized gain (loss)  | 1.98  | .65  | 10.28  | (3.53)  | 1.03  | 8.82  |
| Total from investment operations  | 1.96  | .63  | 10.28  | (3.53)  | .98  | 8.79  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | (.15)  |
| Distributions from net realized gain  | (.42)  | (2.89)  | (2.14)  | (1.78)  | (1.96)  | (1.23)  |
| Total distributions  | (.42)  | (2.89)  | (2.14)  | (1.78)  | (1.96)  | (1.38)  |
| Net asset value, end of period  | $28.44 | $26.90 | $29.16 | $21.02 | $26.33 | $27.31 |
| **Total Return** E,F | 7.66% <br>| 1.87%  | 49.47%  | (13.67)%  | 2.98%  | 45.80%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .62% I | .62%  | .68%  | .69%  | .67%  | .70%  |
| Expenses net of fee waivers, if any  | .62% I<br>| .62%  | .67%  | .69%  | .67%  | .70%  |
| Expenses net of all reductions, if any  | .62% I | .62%  | .67%  | .69%  | .67%  | .69%  |
| Net investment income (loss)  | (.17)% I | (.09)%  | (.02)%  | (.01)%  | (.17)%  | (.11)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10243988 | $10268026 | $12395014 | $8675039 | $11268291 | $11894544 |
| Portfolio turnover rate J | 71% I,K<br>| 14%  | 31%  | 4%  | 10%  | 22%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Amount represents less than $.005 per share.*

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

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

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

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

I*Annualized.*

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

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

**Tech Hardware Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** |
|  | Shares | Value ($)<br>|
| CHINA - 4.4%  |  |  |
| Information Technology - 4.4% |  |  |
| Technology Hardware, Storage & Peripherals - 4.4% |  |  |
| Xiaomi Corp B Shares (a)(b)(c) | 7741430 | 52834103 |
| FINLAND - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| Nokia Oyj  | 692410 | 2980785 |
| JAPAN - 18.7%  |  |  |
| Communication Services - 4.8% |  |  |
| Entertainment - 4.8% |  |  |
| Nintendo Co Ltd  | 642990 | 57347630 |
| Consumer Discretionary - 10.7% |  |  |
| Household Durables - 10.7% |  |  |
| Sony Group Corp  | 4631728 | 126590414 |
| Information Technology - 3.2% |  |  |
| Technology Hardware, Storage & Peripherals - 3.2% |  |  |
| FUJIFILM Holdings Corp (d) | 1614717 | 38253888 |
| TOTAL JAPAN |  | 222191932 |
| KOREA (SOUTH) - 10.5%  |  |  |
| Information Technology - 10.5% |  |  |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| SK Hynix Inc  | 76498 | 14596202 |
| Technology Hardware, Storage & Peripherals - 9.3% |  |  |
| Samsung Electronics Co Ltd  | 2193740 | 109752747 |
| TOTAL KOREA (SOUTH) |  | 124348949 |
| TAIWAN - 3.9%  |  |  |
| Information Technology - 3.9% |  |  |
| Semiconductors & Semiconductor Equipment - 3.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 1246999 | 46701873 |
| UNITED STATES - 61.2%  |  |  |
| Communication Services - 2.5% |  |  |
| Interactive Media & Services - 2.5% |  |  |
| Alphabet Inc Class A  | 98980 | 21073832 |
| Meta Platforms Inc Class A  | 11820 | 8731434 |
|  |  | 29805266 |
| Consumer Discretionary - 4.0% |  |  |
| Household Durables - 4.0% |  |  |
| Garmin Ltd  | 195023 | 47160462 |
| Information Technology - 54.7% |  |  |
| Communications Equipment - 27.4% |  |  |
| Arista Networks Inc  | 777134 | 106117648 |
| Ciena Corp (a) | 190366 | 17888693 |
| Cisco Systems Inc  | 1849016 | 127748515 |
| Extreme Networks Inc (a) | 733233 | 15676521 |
| Motorola Solutions Inc  | 124562 | 58850563 |
|  |  | 326281940 |
| Electronic Equipment, Instruments & Components - 3.0% |  |  |
| Insight Enterprises Inc (a) | 99702 | 12977212 |
| TD SYNNEX Corp (d) | 154456 | 22870300 |
|  |  | 35847512 |
| Software - 6.0% |  |  |
| Microsoft Corp  | 87434 | 44301934 |
| Palo Alto Networks Inc (a) | 141431 | 26945434 |
|  |  | 71247368 |
| Technology Hardware, Storage & Peripherals - 18.3% |  |  |
| Apple Inc  | 385624 | 89518756 |
| Dell Technologies Inc Class C  | 307647 | 37579081 |
| Pure Storage Inc Class A (a) | 443597 | 34427563 |
| Sandisk Corp/DE  | 179338 | 9409865 |
| Western Digital Corp  | 581557 | 46722289 |
|  |  | 217657554 |
| TOTAL INFORMATION TECHNOLOGY |  | 651034374 |
| TOTAL UNITED STATES |  | 728000102 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $642,581,428) |  | <br> **1177057744** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Vast Data Ltd Series A (a)(e)(f) | 5512 | 124184 |
| Vast Data Ltd Series A1 (a)(e)(f) | 13567 | 305665 |
| Vast Data Ltd Series A2 (a)(e)(f) | 15607 | 351626 |
| Vast Data Ltd Series B (a)(e)(f) | 12418 | 279778 |
| Vast Data Ltd Series C (a)(e)(f) | 362 | 8155 |
| Vast Data Ltd Series E (a)(e)(f) | 11867 | 267364 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $783,199) |  | <br> **1336772** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.36 | 16581731 | 16585048 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.36 | 4981613 | 4982111 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $21,567,159) |  |  | **21567159** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $664,931,786)<br>| <br>**1199961675** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(10043368)** |
| **NET ASSETS - 100.0%** | **1189918307** |

---

**Legend**

(a) Non-income producing.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $52,834,103 or 4.4% of net assets.

(c) 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 $52,834,103 or 4.4% of net assets.

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

(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 $1,336,772 or 0.1% of net assets.

(f) Level 3 security

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Vast Data Ltd Series A | 11/28/2023 | 60632 |
| Vast Data Ltd Series A1 | 11/28/2023 | 149237 |
| Vast Data Ltd Series A2 | 11/28/2023 | 171677 |
| Vast Data Ltd Series B | 11/28/2023 | 136598 |
| Vast Data Ltd Series C | 11/28/2023 | 3982 |
| Vast Data Ltd Series E | 11/28/2023 | 261074 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 12501793 | 150478220 | 146394965 | 184231 | - | - | 16585048 | 16581731 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 6878325 | 170870845 | 172767059 | 4911 | - | - | 4982111 | 4981613 | 0.0% |
| Total | 19380118 | 321349065 | 319162024 | 189142 | - | - | 21567159 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 87152896 | 29805266 | 57347630 | - |
| Consumer Discretionary | 173750876 | 47160462 | 126590414 | - |
| Information Technology | 916153972 | 651034374 | 265119598 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 1336772 | - | - | 1336772 |
|  **Money Market Funds** | 21567159 | 21567159 | - | - |
| **Total Investments in Securities:** | 1199961675 | 749567261 | 449057642 | 1336772 |

---

**Tech Hardware Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $7,662,335) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $643,364,627) | $1178394516 |  |
| Fidelity Central Funds (cost $21,567,159) | 21567159 |  |
| Total Investment in Securities (cost $664,931,786) |  | $1199961675 |
| Foreign currency held at value (cost $8) |  | 8 |
| Receivable for investments sold |  | 10907239 |
| Receivable for fund shares sold |  | 339191 |
| Dividends receivable |  | 201885 |
| Distributions receivable from Fidelity Central Funds |  | 38918 |
| Prepaid expenses |  | 1486 |
| Other receivables |  | 180668 |
| **Total assets** |  | 1211631070 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $15710149 |  |
| Payable for fund shares redeemed | 264193 |  |
| Accrued management fee | 641874 |  |
| Other payables and accrued expenses | 114436 |  |
| Collateral on securities loaned | 4982111 |  |
| **Total liabilities** |  | 21712763 |
| **Net Assets**  |  | $1189918307 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $645584727 |
| Total accumulated earnings (loss) |  | 544333580 |
| **Net Assets** |  | $1189918307 |
| **Net Asset Value**, offering price and redemption price per share ($1,189,918,307 ÷ 9,912,425 shares) |  | $120.04 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $5416889 |
| Income from Fidelity Central Funds (including $4,911 from security lending)  |  | 189142 |
| **Total income** |  | 5606031 |
| **Expenses** |  |  |
| Management fee | $3458579 |  |
| Custodian fees and expenses | 25615 |  |
| Independent trustees' fees and expenses | 1871 |  |
| Registration fees | 27949 |  |
| Audit fees | 27575 |  |
| Legal | 1389 |  |
| Interest | 2380 |  |
| Miscellaneous | 2221 |  |
| **Total expenses** |  | 3547579 |
| **Net Investment income (loss)** |  | 2058452 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 10476526 |  |
| Foreign currency transactions | (167616) |  |
| Total net realized gain (loss) |  | 10308910 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 157302470 |  |
| Assets and liabilities in foreign currencies | 178414 |  |
| Total change in net unrealized appreciation (depreciation) |  | 157480884 |
| **Net gain (loss)** |  | 167789794 |
| **Net increase (decrease) in net assets resulting from operations** |  | $169848246 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2058452 | $4822601 |
| &nbsp;&nbsp;Net realized gain (loss) | 10308910<br>| 143794736<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 157480884 | 35926110<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 169848246<br>| 184543447<br>|
| Distributions to shareholders | (76057399)<br>| (72715843)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 51062719 | 71324758 |
| Reinvestment of distributions | 70440819<br>| 67562979<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (76142330) | (127167619) |
| **Net increase (decrease) in net assets resulting from share transactions** | 45361208<br>| 11720118<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 139152055<br>| 123547722<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1050766252 | 927218530<br>|
| &nbsp;&nbsp;End of period | $1189918307 | $1050766252 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 469444 | 646679 |
| Issued in reinvestment of distributions | 784157<br>| 615959<br>|
| &nbsp;&nbsp;Redeemed | (732347) | (1166718) |
| &nbsp;&nbsp;Net increase (decrease) | 521254 | 95920 |

---

**Financial Highlights** 

**Tech Hardware Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $111.89 | $99.75 | $76.41 | $101.48 | $114.74 | $78.64 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .21  | .53  | .50  | .57  | .42  | .93 D |
| Net realized and unrealized gain (loss)  | 16.21  | 19.79  | 23.33  | (13.00)  | 5.73  | 44.83  |
| Total from investment operations  | 16.42  | 20.32  | 23.83  | (12.43)  | 6.15  | 45.76  |
| Distributions from net investment income  | -  | (.53)  | (.49)  | (.51)  | (.73) E | (1.61)  |
| Distributions from net realized gain  | (8.27)  | (7.65)  | -  | (12.13)  | (18.68) E | (8.05)  |
| Total distributions  | (8.27)  | (8.18)  | (.49)  | (12.64)  | (19.41)  | (9.66)  |
| Net asset value, end of period  | $120.04 | $111.89 | $99.75 | $76.41 | $101.48 | $114.74 |
| **Total Return** F,G | 17.16% <br>| 20.58%  | 31.23%  | (13.62)%  | 4.72%  | 62.60%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .68% J | .69%  | .73%  | .73%  | .72% K | .74%  |
| Expenses net of fee waivers, if any  | .68% J<br>| .68%  | .72%  | .73%  | .72% K | .74%  |
| Expenses net of all reductions, if any  | .68% J | .68%  | .72%  | .73%  | .72% K | .73%  |
| Net investment income (loss)  | .40% J | .48%  | .57%  | .74%  | .38% K | 1.04% D |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1189918 | $1050766 | $927219 | $716956 | $913649 | $770776 |
| Portfolio turnover rate L | 36% J<br>| 70%  | 39%  | 30%  | 99% M | 78%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.44 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .55%.*

E*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

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

J*Annualized.*

K*Proxy expenses are not annualized.*

L*Amount 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.* 

M*The portfolio turnover rate does not include the assets acquired in the merger.*

**Technology Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.5%** | &nbsp;&nbsp;**Common Stocks - 96.5%** | &nbsp;&nbsp;**Common Stocks - 96.5%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.2%  |  |  |
| Information Technology - 2.2% |  |  |
| IT Services - 2.2% |  |  |
| Shopify Inc Class A (United States) (a) | 2824800 | 399087744 |
| CHINA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Chime Biologics Wuhan Co Ltd (a)(b) | 1015442 | 10 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish  | 32000 | 1888960 |
| INDIA - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Delhivery Ltd (a) | 579000 | 3077844 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (a)(b) | 294163 | 403003 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Renesas Electronics Corp  | 1 | 12 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| LG Chem Ltd  | 24257 | 4824648 |
| NETHERLANDS - 4.9%  |  |  |
| Information Technology - 4.9% |  |  |
| Semiconductors & Semiconductor Equipment - 4.9% |  |  |
| ASML Holding NV  | 163550 | 121451029 |
| NXP Semiconductors NV  | 3276337 | 769447745 |
| TOTAL NETHERLANDS |  | 890898774 |
| TAIWAN - 2.3%  |  |  |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eden Biologics Inc (a)(b) | 1015442 | 0 |
| Information Technology - 2.3% |  |  |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 11105488 | 415916204 |
| TOTAL TAIWAN |  | 415916204 |
| UNITED KINGDOM - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Deliveroo PLC Class A (a)(c)(d) | 6252898 | 15085779 |
| Specialty Retail - 0.0% |  |  |
| Cazoo Group Ltd (a)(e) | 72 | 0 |
| TOTAL CONSUMER DISCRETIONARY |  | 15085779 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Revolut Group Holdings Ltd (b)(e) | 19677 | 20213592 |
| TOTAL UNITED KINGDOM |  | 35299371 |
| UNITED STATES - 86.9%  |  |  |
| Communication Services - 0.9% |  |  |
| Entertainment - 0.9% |  |  |
| Netflix Inc (a) | 132230 | 159766898 |
| Interactive Media & Services - 0.0% |  |  |
| Epic Games Inc (a)(b)(e) | 17917 | 12552291 |
| TOTAL COMMUNICATION SERVICES |  | 172319189 |
| Consumer Discretionary - 1.2% |  |  |
| Broadline Retail - 1.1% |  |  |
| Amazon.com Inc (a) | 827000 | 189383000 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Airbnb Inc Class A (a) | 191909 | 25049882 |
| TOTAL CONSUMER DISCRETIONARY |  | 214432882 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Local Bounti Corp (a) | 118993 | 286773 |
| Industrials - 1.9% |  |  |
| Electrical Equipment - 0.0% |  |  |
| ESS Tech Inc Class A (a) | 52485 | 76103 |
| Ground Transportation - 1.9% |  |  |
| Lyft Inc Class A (a) | 1718528 | 27874524 |
| Uber Technologies Inc (a) | 3419086 | 320539313 |
|  |  | 348413837 |
| TOTAL INDUSTRIALS |  | 348489940 |
| Information Technology - 82.9% |  |  |
| Communications Equipment - 4.6% |  |  |
| Cisco Systems Inc  | 12020473 | 830494480 |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Amphenol Corp Class A  | 1321376 | 143844991 |
| IT Services - 5.0% |  |  |
| CoreWeave Inc Class A (a) | 1142000 | 117671680 |
| CoreWeave Inc Class A (b) | 74143 | 7639695 |
| MongoDB Inc Class A (a) | 319400 | 100805834 |
| Okta Inc Class A (a) | 2844117 | 263848734 |
| Snowflake Inc (a) | 1737880 | 414762441 |
|  |  | 904728384 |
| Semiconductors & Semiconductor Equipment - 37.3% |  |  |
| Astera Labs Inc (a) | 1000759 | 182338290 |
| Broadcom Inc  | 734978 | 218575107 |
| GlobalFoundries Inc (a) | 10236112 | 341783780 |
| Marvell Technology Inc  | 7834417 | 492510625 |
| Micron Technology Inc  | 3557979 | 423435081 |
| NVIDIA Corp  | 25992750 | 4527417195 |
| ON Semiconductor Corp (a) | 12047108 | 597416086 |
|  |  | 6783476164 |
| Software - 21.9% |  |  |
| Algolia Inc (a)(b)(e) | 153503 | 2761519 |
| Autodesk Inc (a) | 138100 | 43460070 |
| Celestial AI Inc (b)(e) | 21609 | 394580 |
| Crowdstrike Holdings Inc Class A (a) | 491022 | 208046021 |
| CyberArk Software Ltd (a) | 433700 | 196578862 |
| Datadog Inc Class A (a) | 2424371 | 331363028 |
| Figma Inc Class A (g) | 44400 | 3120432 |
| HubSpot Inc (a) | 388876 | 187893217 |
| Manhattan Associates Inc (a) | 1259792 | 271409588 |
| Microsoft Corp  | 4216686 | 2136552630 |
| Monday.com Ltd (a) | 169719 | 32755767 |
| Nutanix Inc Class A (a) | 72472 | 4870843 |
| OpenAI Global LLC rights (a)(b)(e) | 9041100 | 18624666 |
| OpenAI Global LLC rights (a)(b)(e) | 2434400 | 3335128 |
| Palantir Technologies Inc Class A (a) | 245800 | 38519318 |
| Servicenow Inc (a) | 442795 | 406246701 |
| Stripe Inc Class B (a)(b)(e) | 38600 | 1370300 |
| Urgent.ly Inc (a)(g) | 3014 | 13111 |
| Zscaler Inc (a) | 322600 | 89376330 |
|  |  | 3976692111 |
| Technology Hardware, Storage & Peripherals - 13.3% |  |  |
| Apple Inc  | 7940550 | 1843319277 |
| Sandisk Corp/DE  | 1263811 | 66312163 |
| Seagate Technology Holdings PLC  | 965794 | 161673916 |
| Western Digital Corp  | 4262833 | 342476003 |
|  |  | 2413781359 |
| TOTAL INFORMATION TECHNOLOGY |  | 15053017489 |
| TOTAL UNITED STATES |  | 15788546273 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $8,391,195,414) |  | <br> **17539942843** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (a)(b)(e) | 70707 | 17899477 |
| ESTONIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Bolt Technology OU Series E (a)(b)(e) | 40842 | 9111847 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (a)(b)(e) | 281500 | 363135 |
| Xsight Labs Ltd Series F (b)(e) | 980543 | 4147697 |
| TOTAL ISRAEL |  | 4510832 |
| UNITED STATES - 1.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (a)(b)(e) | 1300 | 322296 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Akeana Series C (a)(b)(e) | 88100 | 1161158 |
| Tenstorrent Holdings Inc Series D1 (a)(b)(e) | 119836 | 9163859 |
|  |  | 10325017 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| ABL Space Systems Co Series A10 (b)(e) | 505168 | 212171 |
| ABL Space Systems Co Series A8 (b)(e) | 111201 | 46704 |
| ABL Space Systems Co Series A9 (b)(e) | 83871 | 35226 |
|  |  | 294101 |
| Construction & Engineering - 0.0% |  |  |
| Beta Technologies Inc Series A (a)(b)(e) | 72591 | 8309492 |
| TOTAL INDUSTRIALS |  | 8603593 |
| Information Technology - 1.7% |  |  |
| Communications Equipment - 0.0% |  |  |
| Astranis Space Technologies Corp Series C (a)(b)(e) | 605440 | 6550861 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Vast Data Ltd Series A (a)(b)(e) | 74785 | 1684906 |
| Vast Data Ltd Series A1 (a)(b)(e) | 184071 | 4147120 |
| Vast Data Ltd Series A2 (a)(b)(e) | 211741 | 4770525 |
| Vast Data Ltd Series B (a)(b)(e) | 168485 | 3795967 |
| Vast Data Ltd Series C (a)(b)(e) | 4912 | 110667 |
| Vast Data Ltd Series E (a)(b)(e) | 160999 | 3627307 |
|  |  | 18136492 |
| IT Services - 0.1% |  |  |
| Gupshup Inc (a)(b)(e) | 257284 | 1173215 |
| X.Ai Holdings Corp Series C (b)(e) | 543600 | 19874016 |
|  |  | 21047231 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Retym Inc Series C (a)(b)(e) | 324475 | 3384274 |
| Retym Inc Series D (b)(e) | 80495 | 885445 |
|  |  | 4269719 |
| Software - 1.4% |  |  |
| Algolia Inc Series D (a)(b)(e) | 109867 | 1976507 |
| Anthropic PBC Series B (a)(b)(e) | 468400 | 66030348 |
| Anthropic PBC Series D (a)(b)(e) | 477478 | 70704942 |
| Anthropic PBC Series F (b)(e) | 88400 | 12461748 |
| Celestial AI Inc Series A (b)(e) | 137789 | 2516027 |
| Celestial AI Inc Series B (b)(e) | 103683 | 1893251 |
| Celestial AI Inc Series C1 (b)(e) | 415333 | 7583981 |
| Databricks Inc Series G (a)(b)(e) | 45012 | 6436266 |
| Databricks Inc Series H (a)(b)(e) | 174018 | 24882834 |
| Databricks Inc Series I (a)(b)(e) | 2969 | 424537 |
| Databricks Inc Series J (b)(e) | 92119 | 13172096 |
| Runway AI Inc Series D (a)(b)(e) | 1308390 | 17453923 |
| Skyryse Inc Series B (a)(b)(e) | 121800 | 3205776 |
| Stripe Inc Series H (a)(b)(e) | 17100 | 607050 |
| Stripe Inc Series I (a)(b)(e) | 487275 | 17298263 |
|  |  | 246647549 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (a)(b)(e) | 191790 | 9046734 |
| Lightmatter Inc Series C2 (a)(b)(e) | 30125 | 1471305 |
| Lightmatter Inc Series D (b)(e) | 132300 | 8628606 |
|  |  | 19146645 |
| TOTAL INFORMATION TECHNOLOGY |  | 315798497 |
| TOTAL UNITED STATES |  | 335049403 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $218,921,062) |  | <br> **366571559** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Checkr Inc Series E (a)(b)<br>(Cost $12,797,999)<br>| 711000 | **5823090** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.36 | 260303402 | 260355463 |
| Fidelity Securities Lending Cash Central Fund (f)(h) | 4.36 | 3238175 | 3238498 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $263,593,961) |  |  | **263593961** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $8,886,508,436)<br>| <br>**18175931453** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **889959** |
| **NET ASSETS - 100.0%** | **18176821412** |

---

**Legend**

(a) Non-income producing.

(b) Level 3 security

(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 $15,085,779 or 0.1% 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 $15,085,779 or 0.1% of net assets.

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $425,823,635 or 2.3% of net assets.

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

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

(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.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ABL Space Systems Co Series A10 | 12/14/2023 | 863181 |
| ABL Space Systems Co Series A8 | 3/24/2021 | 4413489 |
| ABL Space Systems Co Series A9 | 10/22/2021 | 5098960 |
| Akeana Series C | 1/23/2024 | 1124226 |
| Algolia Inc | 10/27/2021 | 4489203 |
| Algolia Inc Series D | 7/23/2021 | 3213066 |
| Anthropic PBC Series B | 3/22/2024 | 14616272 |
| Anthropic PBC Series D | 5/31/2024 | 14326489 |
| Anthropic PBC Series F | 8/18/2025 | 12461536 |
| Astranis Space Technologies Corp Series C | 3/19/2021 | 13271808 |
| Beta Technologies Inc Series A | 4/9/2021 | 5318743 |
| Bolt Technology OU Series E | 1/3/2022 | 10610609 |
| ByteDance Ltd Series E1 | 11/18/2020 | 7747662 |
| Cazoo Group Ltd | 3/28/2021 | 1164734 |
| Celestial AI Inc | 2/25/2025 | 320152 |
| Celestial AI Inc Series A | 2/25/2025 | 2041440 |
| Celestial AI Inc Series B | 2/25/2025 | 1536136 |
| Celestial AI Inc Series C1 | 2/25/2025 | 7239337 |
| Databricks Inc Series G | 2/1/2021 | 2661228 |
| Databricks Inc Series H | 8/31/2021 | 12787562 |
| Databricks Inc Series I | 9/14/2023 | 218222 |
| Databricks Inc Series J | 12/17/2024 | 8521008 |
| Discord Inc Series I | 9/15/2021 | 715812 |
| Epic Games Inc | 3/29/2021 | 15856545 |
| Gupshup Inc | 6/8/2021 | 5882850 |
| Lightmatter Inc Series C1 | 5/19/2023 | 3156250 |
| Lightmatter Inc Series C2 | 12/18/2023 | 783304 |
| Lightmatter Inc Series D | 10/11/2024 | 10614495 |
| OpenAI Global LLC rights | 9/30/2024 | 9041100 |
| OpenAI Global LLC rights | 8/4/2025 | 2434400 |
| Retym Inc Series C | 5/17/2023 - 6/20/2023 | 2525000 |
| Retym Inc Series D | 1/29/2025 | 852201 |
| Revolut Group Holdings Ltd | 12/27/2024 | 17113995 |
| Runway AI Inc Series D | 9/6/2024 | 14185273 |
| Skyryse Inc Series B | 10/21/2021 | 3006020 |
| Stripe Inc Class B | 5/18/2021 | 1548955 |
| Stripe Inc Series H | 3/15/2021 | 686138 |
| Stripe Inc Series I | 3/20/2023 - 5/12/2023 | 9810863 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 9446246 |
| Vast Data Ltd Series A | 11/28/2023 | 822635 |
| Vast Data Ltd Series A1 | 11/28/2023 | 2024781 |
| Vast Data Ltd Series A2 | 11/28/2023 | 2329151 |
| Vast Data Ltd Series B | 11/28/2023 | 1853335 |
| Vast Data Ltd Series C | 11/28/2023 | 54032 |
| Vast Data Ltd Series E | 11/28/2023 | 3541978 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 11768940 |
| Xsight Labs Ltd Series D | 2/16/2021 | 2250874 |
| Xsight Labs Ltd Series F | 1/11/2024 - 12/30/2024 | 4539913 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 98707316 | 2954087250 | 2792439103 | 5377264 | - | - | 260355463 | 260303402 | 0.5% |
| Fidelity Securities Lending Cash Central Fund | 63231501 | 412144519 | 472137522 | 362985 | - | - | 3238498 | 3238175 | 0.0% |
| Total | 161938817 | 3366231769 | 3264576625 | 5740249 | - | - | 263593961 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 172319189 | 159766898 | - | 12552291 |
| Consumer Discretionary | 229518661 | 229518661 | - | - |
| Consumer Staples | 286773 | 286773 | - | - |
| Financials | 22102552 | 1888960 | - | 20213592 |
| Health Care | 10 | - | - | 10 |
| Industrials | 351567784 | 348489940 | 3077844 | - |
| Information Technology | 16759323226 | 16187427090 | 537367245 | 34528891 |
| Materials | 4824648 | - | 4824648 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 17899477 | - | - | 17899477 |
| Consumer Discretionary | 322296 | - | - | 322296 |
| Financials | 10325017 | - | - | 10325017 |
| Industrials | 8603593 | - | - | 8603593 |
| Information Technology | 329421176 | - | - | 329421176 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Industrials | 5823090 | - | - | 5823090 |
|  **Money Market Funds** | 263593961 | 263593961 | - | - |
| **Total Investments in Securities:** | 18175931453 | 17190972283 | 545269737 | 439689433 |

---

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 ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2025 ($)** |
| **Common Stocks** | 100932460 | - | (21232730) | 5288060 | (17693006) | - | - | - | 67294784 | 15047036 |
| **Convertible Preferred Stocks** | 257787024 | - | 99176659 | 28770389 | (19162513) | - | - | - | 366571559 | 100480247 |
| **Non-Convertible Preferred Stocks** | 5389380 | - | 433710 | - | - | - | - | - | 5823090 | 433710 |
| <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,113,863) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,622,914,475) | $17912337492 |  |
| Fidelity Central Funds (cost $263,593,961) | 263593961 |  |
| Total Investment in Securities (cost $8,886,508,436) |  | $18175931453 |
| Foreign currency held at value (cost $109,474) |  | 108413 |
| Receivable for investments sold |  | 46410481 |
| Receivable for fund shares sold |  | 9451965 |
| Dividends receivable |  | 3499850 |
| Distributions receivable from Fidelity Central Funds |  | 1458766 |
| Prepaid expenses |  | 23775 |
| Other receivables |  | 438502 |
| **Total assets** |  | 18237323205 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $36227322 |  |
| Payable for fund shares redeemed | 11318437 |  |
| Accrued management fee | 9113054 |  |
| Other payables and accrued expenses | 619673 |  |
| Collateral on securities loaned | 3223307 |  |
| **Total liabilities** |  | 60501793 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $18176821412 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $8224729854 |
| Total accumulated earnings (loss) |  | 9952091558 |
| **Net Assets** |  | $18176821412 |
| **Net Asset Value**, offering price and redemption price per share ($18,176,821,412 ÷ 450,531,272 shares) |  | $40.35 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $35375957 |
| Income from Fidelity Central Funds (including $362,985 from security lending)  |  | 5740249 |
| **Total income** |  | 41116206 |
| **Expenses** |  |  |
| Management fee | $48803056 |  |
| Custodian fees and expenses | 82939 |  |
| Independent trustees' fees and expenses | 29309 |  |
| Registration fees | 99613 |  |
| Audit fees | 30171 |  |
| Legal | 7181 |  |
| Interest | 4232 |  |
| Miscellaneous | 36251 |  |
| Total expenses before reductions | 49092752 |  |
| Expense reductions | (446) |  |
| Total expenses after reductions |  | 49092306 |
| **Net Investment income (loss)** |  | (7976100) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 720057982 |  |
| Foreign currency transactions | (111529) |  |
| Total net realized gain (loss) |  | 719946453 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $109,516)  | 1984929242 |  |
| Assets and liabilities in foreign currencies | 4384 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1984933626 |
| **Net gain (loss)** |  | 2704880079 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2696903979 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(7976100) | $(19402721) |
| &nbsp;&nbsp;Net realized gain (loss) | 719946453<br>| 1283675021<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1984933626 | 986121503<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2696903979<br>| 2250393803<br>|
| Distributions to shareholders | (361803973)<br>| (770558118)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1188729136 | 2690935132 |
| Reinvestment of distributions | 335751078<br>| 714940817<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1746325285) | (3132158812) |
| **Net increase (decrease) in net assets resulting from share transactions** | (221845071)<br>| 273717137<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2113254935<br>| 1753552822<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 16063566477 | 14310013655<br>|
| &nbsp;&nbsp;End of period | $18176821412 | $16063566477 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 33638329 | 76399520 |
| Issued in reinvestment of distributions | 11416722<br>| 18839020<br>|
| &nbsp;&nbsp;Redeemed | (51124661) | (89430551) |
| &nbsp;&nbsp;Net increase (decrease) | (6069610) | 5807989 |

---

**Financial Highlights** 

**Technology Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.18 | $31.74 | $20.46 | $24.92 | $27.53 | $19.65 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.02)  | (.04)  | - D | .01  | (.06)  | (.03)  |
| Net realized and unrealized gain (loss)  | 6.00  | 5.22  | 11.28  | (3.76)  | .83  | 12.98  |
| Total from investment operations  | 5.98  | 5.18  | 11.28  | (3.75)  | .77  | 12.95  |
| Distributions from net investment income  | -  | -  | - D | -  | -  | (.03)  |
| Distributions from net realized gain  | (.81)  | (1.74)  | -  | (.71)  | (3.38)  | (5.04)  |
| Total distributions  | (.81)  | (1.74)  | - D | (.71)  | (3.38)  | (5.07)  |
| Net asset value, end of period  | $40.35 | $35.18 | $31.74 | $20.46 | $24.92 | $27.53 |
| **Total Return** E,F | 17.87% <br>| 15.91%  | 55.15%  | (15.43)%  | 1.91%  | 69.87%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .61% I | .62%  | .68%  | .70%  | .67%  | .69%  |
| Expenses net of fee waivers, if any  | .61% I<br>| .62%  | .68%  | .69%  | .67%  | .69%  |
| Expenses net of all reductions, if any  | .61% I | .62%  | .68%  | .69%  | .67%  | .68%  |
| Net investment income (loss)  | (.10)% I | (.12)%  | (.01)%  | .02%  | (.23)%  | (.13)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $18176821 | $16063566 | $14310014 | $8636146 | $11053788 | $11986342 |
| Portfolio turnover rate J | 48% I<br>| 44%  | 29%  | 24%  | 87%  | 107%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Amount represents less than $.005 per share.*

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

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

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

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

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying 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, 2025

**1. Organization.**

Enterprise Technology Services Portfolio, Semiconductors Portfolio, Software and IT Services Portfolio, Tech Hardware Portfolio and Technology Portfolio (the Funds) are non-diversified funds of Fidelity Select Portfolios (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. 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. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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

Technology Portfolio:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $67294784  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 3.2 - 46.4 / 28.5 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 16.5 | Increase |
|  |  | Market approach  | Transaction price  | $4.63  | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Black scholes  | Volatility  | 50.0% - 70.0% / 51.0% | Increase |
|  |  |  | Discount rate  | 3.6% | Increase |
|  |  |  | Term  | 3.0 | Increase |
| Convertible Preferred Stocks | $366571559  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.7 - 41.3 / 20.7 | Increase |
|  |  | Market approach  | Transaction price  | $4.63  | Increase |
|  |  | Black scholes  | Volatility  | 50.0% - 80.0% / 63.7% | Increase |
|  |  |  | Discount rate  | 3.6% - 3.8% / 3.7% | Increase |
|  |  |  | Term  | 2.0 - 4.0 / 2.9 | Increase |
| Non-Convertible Preferred Stocks | $5823090  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 5.0 | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. 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 is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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. Software and IT Services Portfolio and Tech Hardware Portfolio have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**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** | 718,592 |
| **Software and IT Services Portfolio** | 468,762 |
| **Tech Hardware Portfolio** | 78,066 |
| **Technology Portfolio** | 438,502 |

---

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

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

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

Book-tax differences are primarily due to foreign currency transactions, deferred Trustee compensation, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Enterprise Technology Services Portfolio** | 811448696 | 767944668 | (13802930) | 754141738 |
| **Semiconductors Portfolio** | 11384760281 | 12053966875 | (795385489) | 11258581386 |
| **Software and IT Services Portfolio** | 5215916813 | 5199507249 | (173628140) | 5025879109 |
| **Tech Hardware Portfolio** | 665976673 | 535241395 | (1256393) | 533985002 |
| **Technology Portfolio** | 8929618548 | 9848407252 | (602094347) | 9246312905 |

---

**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.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. 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 based on contractual conditions of each commitment.

---

| | | |
|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** |
| **Technology Portfolio** | Canva, Inc. Class A | 7243016 |

---

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. 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 ($)** | **Sales ($)** |
| **Enterprise Technology Services Portfolio** | 539673538 | 709518497 |
| **Semiconductors Portfolio** | 6578129837 | 7270722842 |
| **Software and IT Services Portfolio** | 3553549375 | 3798479530 |
| **Tech Hardware Portfolio** | 187383420 | 202886077 |
| **Technology Portfolio** | 3869279011 | 4659105853 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The 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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Software and IT Services Portfolio** | 18307567 | 374208705 | 402400325 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Technology Portfolio** | 140051 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which 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 management 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 management 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 management 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** | .69 |
| **Semiconductors Portfolio** | .64 |
| **Software and IT Services Portfolio** | .64 |
| **Tech Hardware Portfolio** | .68 |
| **Technology Portfolio** | .64 |

---

One-twelfth of the management 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 management 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** | .64 |
| **Semiconductors Portfolio** | .61 |
| **Software and IT Services Portfolio** | .61 |
| **Tech Hardware Portfolio** | .67 |
| **Technology Portfolio** | .61 |

---

**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** | 11930 |
| **Semiconductors Portfolio** | 123837 |
| **Software and IT Services Portfolio** | 79880 |
| **Tech Hardware Portfolio** | 3131 |
| **Technology Portfolio** | 47640 |

---

**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, Semiconductors Portfolio, Software and IT Services Portfolio, Tech Hardware Portfolio and Technology Portfolio had no interfund loans outstanding. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Enterprise Technology Services Portfolio** | Borrower | 4928950 | 4.58% | 11775 |
| **Semiconductors Portfolio** | Borrower | 15375100 | 4.59% | 19618 |
| **Software and IT Services Portfolio** | Borrower | 14484143 | 4.59% | 12917 |
| **Tech Hardware Portfolio** | Borrower | 9365500 | 4.57% | 2380 |
| **Technology Portfolio** | Borrower | 16571000 | 4.60% | 4232 |

---

**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** | 7843428 | 56398427 | 20137522 |
| **Semiconductors Portfolio** | 478836309 | 607400388 | (6053832) |
| **Software and IT Services Portfolio** | 299171773 | 288707820 | 148531924 |
| **Tech Hardware Portfolio** | 12081769 | 15003848 | 60055 |
| **Technology Portfolio** | 212169647 | 486831003 | 113707445 |

---

**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 reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Enterprise Technology Services Portfolio** | 1324 |
| **Semiconductors Portfolio** | 14663 |
| **Software and IT Services Portfolio** | 7788 |
| **Tech Hardware Portfolio** | 786 |
| **Technology Portfolio** | 12132 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 664 | 1 | - |
| **Semiconductors Portfolio** | 80914 | - | - |
| **Software and IT Services Portfolio** | 417 | - | - |
| **Tech Hardware Portfolio** | 505 | - | - |
| **Technology Portfolio** | 38561 | - | - |

---

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** | 41655099 |
| **Tech Hardware Portfolio** | 3005501 |

---

**8. Expense Reductions.** 

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Technology Portfolio** | 446 |

---

**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. Proposed Reorganization.**

The Board of Trustees of Technology Portfolio approved an Agreement and Plan of Reorganization (the Agreement) between Technology Portfolio and Fidelity Advisor Technology Fund. In addition, the Board approved the creation of additional classes of shares that will commence operations on November 6, 2025. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Technology Fund in exchange for corresponding shares of Technology Portfolio equal in value to the net assets of Fidelity Advisor Technology Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Advisor Technology Fund access to a larger portfolio with a similar investment objective.

The reorganization does not require Fidelity Advisor Technology Fund shareholder approval and is expected to become effective during November 2025. 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 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 Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 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 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.

<u>Resources Dedicated to Investment Management and Support Services</u>. 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 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.

<u>Shareholder and Administrative Services</u>. 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 information and market information over the Internet 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.

<u>Investment in a Large Fund Family</u>. 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.

<u>Investment Performance</u>. 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 index that has characteristics relevant to each fund's investment strategies (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, 2025, 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, effective March 1, 2024, 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 from March 2024 to September 2024, 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.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. 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 based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of 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 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 (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the similar total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

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 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 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.

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, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 May 31, 2026.

**Board Approval of Investment Advisory Contract and Management Fees** 

**Technology Portfolio**

At its July 2025 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 July 2025 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. 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 that have a similar sales load structure.

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 FMR in providing services to the fund and the level of FMR's profitability. At its May 2025 meeting, the Board concluded that it was satisfied that the profitability of FMR 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 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, ultimately concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2026.

![](img114153_4.jpg)<br>

1.813673.120 SELTEC-SANN-1025

**Fidelity® Select Portfolios®**

**Industrials Sector**

**Defense and Aerospace Portfolio**

**Industrials Portfolio**

**Transportation Portfolio**

**Semi-Annual Report**

**August 31, 2025**

![](img114154_1.jpg)

![](img114154_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SELCI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Defense and Aerospace Portfolio](#Sub_Sec_Fund_67_SELCI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Industrials Portfolio](#Sub_Sec_Fund_515_SELCI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Transportation Portfolio](#Sub_Sec_Fund_512_SELCI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements67_SELCI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELCI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELCI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELCI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELCI-SANN)** |

---

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.© 2025 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Embraer SA ADR  | 45500 | 2563015 |
| CANADA - 1.9%  |  |  |
| Industrials - 1.9% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Bombardier Inc Class B (a) | 499900 | 58443910 |
| FRANCE - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Thales SA  | 35900 | 9443117 |
| GERMANY - 0.8%  |  |  |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| MTU Aero Engines AG  | 58600 | 26119889 |
| UNITED KINGDOM - 3.3%  |  |  |
| Industrials - 3.3% |  |  |
| Aerospace & Defense - 3.3% |  |  |
| BAE Systems PLC  | 1015200 | 24061109 |
| Rolls-Royce Holdings PLC  | 5292700 | 76322589 |
| TOTAL UNITED KINGDOM |  | 100383698 |
| UNITED STATES - 92.0%  |  |  |
| Industrials - 92.0% |  |  |
| Aerospace & Defense - 90.5% |  |  |
| AeroVironment Inc (a)(b) | 57300 | 13829355 |
| ATI Inc (a) | 519500 | 40282030 |
| Axon Enterprise Inc (a) | 156000 | 116577240 |
| Boeing Co (a) | 2127800 | 499352104 |
| BWX Technologies Inc  | 88500 | 14340540 |
| Curtiss-Wright Corp  | 142800 | 68279820 |
| Firefly Aerospace Inc (a) | 9300 | 421941 |
| GE Aerospace  | 2213500 | 609155200 |
| General Dynamics Corp  | 426400 | 138396648 |
| HEICO Corp Class A  | 415000 | 101679150 |
| Howmet Aerospace Inc  | 813800 | 141682580 |
| Huntington Ingalls Industries Inc (b) | 228100 | 61767199 |
| Karman Holdings Inc  | 260000 | 13886600 |
| Kratos Defense & Security Solutions Inc (a) | 362278 | 23852384 |
| L3Harris Technologies Inc  | 310600 | 86228772 |
| Leonardo DRS Inc  | 580800 | 24196128 |
| Lockheed Martin Corp  | 141500 | 64471645 |
| Mercury Systems Inc (a) | 423100 | 28580405 |
| Northrop Grumman Corp  | 127900 | 75466116 |
| Rocket Lab Corp (b) | 390300 | 18968580 |
| RTX Corp  | 1896100 | 300721460 |
| Spirit AeroSystems Holdings Inc Class A (a) | 1274000 | 52985660 |
| StandardAero Inc  | 1325200 | 35104548 |
| Textron Inc  | 865800 | 69402528 |
| TransDigm Group Inc  | 86200 | 120583456 |
| Woodward Inc  | 271100 | 66912902 |
|  |  | 2787124991 |
| Professional Services - 1.3% |  |  |
| CACI International Inc (a) | 50500 | 24225860 |
| Leidos Holdings Inc  | 88200 | 15957144 |
|  |  | 40183004 |
| Trading Companies & Distributors - 0.2% |  |  |
| FTAI Aviation Ltd  | 42600 | 6554010 |
| TOTAL UNITED STATES |  | 2833862005 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,730,305,845) |  | <br> **3030815634** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** | &nbsp;&nbsp;**Money Market Funds - 1.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.36 | 46971744 | 46981138 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.36 | 2995200 | 2995500 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $49,976,638) |  |  | **49976638** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $1,780,282,483)<br>| <br>**3080792272** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **351672** |
| **NET ASSETS - 100.0%** | **3081143944** |

---

**Legend**

(a) Non-income producing.

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

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2568109 | 480049041 | 435636012 | 626805 | - | - | 46981138 | 46971744 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 18894900 | 130101388 | 146000788 | 4195 | - | - | 2995500 | 2995200 | 0.0% |
| Total | 21463009 | 610150429 | 581636800 | 631000 | - | - | 49976638 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Industrials | 3030815634 | 2920988819 | 109826815 | - |
|  **Money Market Funds** | 49976638 | 49976638 | - | - |
| **Total Investments in Securities:** | 3080792272 | 2970965457 | 109826815 | - |

---

**Defense and Aerospace Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $53,485,306) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,730,305,845) | $3030815634 |  |
| Fidelity Central Funds (cost $49,976,638) | 49976638 |  |
| Total Investment in Securities (cost $1,780,282,483) |  | $3080792272 |
| Receivable for fund shares sold |  | 5313917 |
| Dividends receivable |  | 2095377 |
| Distributions receivable from Fidelity Central Funds |  | 127653 |
| Prepaid expenses |  | 3717 |
| Other receivables |  | 152832 |
| **Total assets** |  | 3088485768 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $2603284 |  |
| Accrued management fee | 1558729 |  |
| Other payables and accrued expenses | 184311 |  |
| Collateral on securities loaned | 2995500 |  |
| **Total liabilities** |  | 7341824 |
| **Net Assets**  |  | $3081143944 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1731958341 |
| Total accumulated earnings (loss) |  | 1349185603 |
| **Net Assets** |  | $3081143944 |
| **Net Asset Value**, offering price and redemption price per share ($3,081,143,944 ÷ 125,589,649 shares) |  | $24.53 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $9420524 |
| Income from Fidelity Central Funds (including $4,195 from security lending)  |  | 631000 |
| **Total income** |  | 10051524 |
| **Expenses** |  |  |
| Management fee | $7392252 |  |
| Custodian fees and expenses | 10762 |  |
| Independent trustees' fees and expenses | 3743 |  |
| Registration fees | 109443 |  |
| Audit fees | 23068 |  |
| Legal | 448 |  |
| Miscellaneous | 4267 |  |
| Total expenses before reductions | 7543983 |  |
| Expense reductions | (743) |  |
| Total expenses after reductions |  | 7543240 |
| **Net Investment income (loss)** |  | 2508284 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 56170032 |  |
| Foreign currency transactions | 35834 |  |
| Total net realized gain (loss) |  | 56205866 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 541838919 |  |
| Assets and liabilities in foreign currencies | 3783 |  |
| Total change in net unrealized appreciation (depreciation) |  | 541842702 |
| **Net gain (loss)** |  | 598048568 |
| **Net increase (decrease) in net assets resulting from operations** |  | $600556852 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2508284 | $5394136 |
| &nbsp;&nbsp;Net realized gain (loss) | 56205866<br>| 153889544<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 541842702 | 216750678<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 600556852<br>| 376034358<br>|
| Distributions to shareholders | (61522393)<br>| (126226059)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 904575548 | 228047747 |
| Reinvestment of distributions | 57245047<br>| 117379393<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (256519457) | (328527924) |
| **Net increase (decrease) in net assets resulting from share transactions** | 705301138<br>| 16899216<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1244335597<br>| 266707515<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1836808347 | 1570100832<br>|
| &nbsp;&nbsp;End of period | $3081143944 | $1836808347 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 40402460 | 12079533 |
| Issued in reinvestment of distributions | 3133281<br>| 6468158<br>|
| &nbsp;&nbsp;Redeemed | (11817483) | (17706987) |
| &nbsp;&nbsp;Net increase (decrease) | 31718258 | 840704 |

---

**Financial Highlights** 

**Defense and Aerospace Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.57 | $16.88 | $15.91 | $17.08 | $16.28 | $16.61 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .02  | .06 D | .10 E | .09 F | .01  | (.04)  |
| Net realized and unrealized gain (loss)  | 5.59  | 4.03  | 1.97  | .12  | 2.12  | .06  |
| Total from investment operations  | 5.61  | 4.09  | 2.07  | .21  | 2.13  | .02  |
| Distributions from net investment income  | -  | (.14)  | (.11)  | (.07)  | -  | (.05)  |
| Distributions from net realized gain  | (.65)  | (1.25)  | (.99)  | (1.31)  | (1.33)  | (.30)  |
| Total distributions  | (.65)  | (1.40) G | (1.10)  | (1.38)  | (1.33)  | (.35)  |
| Net asset value, end of period  | $24.53 | $19.57 | $16.88 | $15.91 | $17.08 | $16.28 |
| **Total Return** H,I | 29.82% <br>| 24.99%  | 13.11%  | 1.54%  | 14.06%  | .69%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |  |  |  |
| Expenses before reductions  | .64% L | .66%  | .74%  | .75%  | .74%  | .77%  |
| Expenses net of fee waivers, if any  | .64% L<br>| .65%  | .73%  | .74%  | .74%  | .77%  |
| Expenses net of all reductions, if any  | .64% L | .65%  | .73%  | .74%  | .74%  | .76%  |
| Net investment income (loss)  | .21% L | .32% D | .63% E | .58% F | .06%  | (.29)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3081144 | $1836808 | $1570101 | $1573774 | $1536531 | $1638194 |
| Portfolio turnover rate M | 16% L<br>| 33%  | 16%  | 15%  | 52%  | 30%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .19%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .45%.*

F*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .44%.*

G*Total distributions per share do not sum due to rounding.*

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

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

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

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

L*Annualized.*

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

**Industrials Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 99.6%  |  |  |
| Industrials - 99.0% |  |  |
| Aerospace & Defense - 27.9% |  |  |
| Axon Enterprise Inc (a) | 21400 | 15992006 |
| Boeing Co (a) | 183558 | 43077391 |
| Firefly Aerospace Inc (a) | 2600 | 117962 |
| GE Aerospace  | 245703 | 67617466 |
| General Dynamics Corp  | 46500 | 15092505 |
| HEICO Corp Class A  | 40700 | 9971907 |
| Howmet Aerospace Inc  | 265737 | 46264812 |
| Loar Holdings Inc (a) | 600 | 42395 |
| Rocket Lab Corp (b) | 43600 | 2118960 |
| RTX Corp  | 56300 | 8929180 |
| StandardAero Inc  | 3100 | 82119 |
| TransDigm Group Inc  | 17337 | 24252383 |
|  |  | 233559086 |
| Air Freight & Logistics - 0.2% |  |  |
| CH Robinson Worldwide Inc  | 13000 | 1673099 |
| Building Products - 7.9% |  |  |
| Carlisle Cos Inc (b) | 23900 | 9222771 |
| Johnson Controls International plc  | 118900 | 12709221 |
| Simpson Manufacturing Co Inc  | 49480 | 9456618 |
| Trane Technologies PLC  | 83535 | 34717146 |
|  |  | 66105756 |
| Commercial Services & Supplies - 4.5% |  |  |
| Cintas Corp  | 99600 | 20918988 |
| Waste Connections Inc (United States)  | 91200 | 16854672 |
|  |  | 37773660 |
| Construction & Engineering - 3.2% |  |  |
| Comfort Systems USA Inc  | 12900 | 9073602 |
| Quanta Services Inc  | 47500 | 17953100 |
|  |  | 27026702 |
| Electrical Equipment - 14.3% |  |  |
| AMETEK Inc  | 117920 | 21791616 |
| Eaton Corp PLC  | 91100 | 31806654 |
| GE Vernova Inc  | 87550 | 53665524 |
| Regal Rexnord Corp  | 44170 | 6595906 |
| Vertiv Holdings Co Class A  | 47000 | 5994850 |
|  |  | 119854550 |
| Ground Transportation - 8.5% |  |  |
| CSX Corp  | 71369 | 2320206 |
| Knight-Swift Transportation Holdings Inc  | 232700 | 10215530 |
| Old Dominion Freight Line Inc  | 62000 | 9360140 |
| Uber Technologies Inc (a) | 232700 | 21815625 |
| Union Pacific Corp  | 74300 | 16611251 |
| XPO Inc (a) | 82600 | 10713220 |
|  |  | 71035972 |
| Industrial Conglomerates - 2.0% |  |  |
| 3M Co  | 110200 | 17139406 |
| Machinery - 22.0% |  |  |
| Allison Transmission Holdings Inc  | 24500 | 2139095 |
| Caterpillar Inc  | 24600 | 10308384 |
| Chart Industries Inc (a) | 39300 | 7834848 |
| Cummins Inc  | 41500 | 16535260 |
| Deere & Co  | 50200 | 24027728 |
| Dover Corp  | 111281 | 19903720 |
| Ingersoll Rand Inc  | 305964 | 24302721 |
| ITT Inc  | 141000 | 24005250 |
| Parker-Hannifin Corp  | 47100 | 35765385 |
| RBC Bearings Inc (a) | 3900 | 1520843 |
| Westinghouse Air Brake Technologies Corp  | 95300 | 18440550 |
|  |  | 184783784 |
| Professional Services - 2.6% |  |  |
| KBR Inc  | 132800 | 6701088 |
| Leidos Holdings Inc  | 83589 | 15122922 |
|  |  | 21824010 |
| Trading Companies & Distributors - 5.9% |  |  |
| Core & Main Inc Class A (a) | 180600 | 11688432 |
| United Rentals Inc  | 23700 | 22665258 |
| Watsco Inc  | 13400 | 5391892 |
| WW Grainger Inc  | 9209 | 9333322 |
|  |  | 49078904 |
| TOTAL INDUSTRIALS |  | 829854929 |
| Materials - 0.6% |  |  |
| Construction Materials - 0.6% |  |  |
| Eagle Materials Inc  | 22674 | 5235427 |
| TOTAL UNITED STATES |  | 835090356 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $545,172,342) |  | <br> **835090356** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.36 | 4826999 | 4827964 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.36 | 10488551 | 10489600 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $15,317,564) |  |  | **15317564** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.4%**<br> (Cost $560,489,906)<br>| <br>**850407920** |
| **NET OTHER ASSETS (LIABILITIES) - (1.4)%**  | **(11494545)** |
| **NET ASSETS - 100.0%** | **838913375** |

---

**Legend**

(a) Non-income producing.

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

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1246351 | 101081341 | 97499728 | 98982 | - | - | 4827964 | 4826999 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 95250 | 71944724 | 61550374 | 1427 | - | - | 10489600 | 10488551 | 0.0% |
| Total | 1341601 | 173026065 | 159050102 | 100409 | - | - | 15317564 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Industrials | 829854929 | 829854929 | - | - |
| Materials | 5235427 | 5235427 | - | - |
|  **Money Market Funds** | 15317564 | 15317564 | - | - |
| **Total Investments in Securities:** | 850407920 | 850407920 | - | - |

---

**Industrials Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $11,298,282) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $545,172,342) | $835090356 |  |
| Fidelity Central Funds (cost $15,317,564) | 15317564 |  |
| Total Investment in Securities (cost $560,489,906) |  | $850407920 |
| Foreign currency held at value (cost $1) |  | 1 |
| Receivable for fund shares sold |  | 1440105 |
| Dividends receivable |  | 468080 |
| Distributions receivable from Fidelity Central Funds |  | 23764 |
| Prepaid expenses |  | 1073 |
| Other receivables |  | 149662 |
| **Total assets** |  | 852490605 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $2449432 |  |
| Accrued management fee | 462368 |  |
| Other payables and accrued expenses | 175830 |  |
| Collateral on securities loaned | 10489600 |  |
| **Total liabilities** |  | 13577230 |
| **Net Assets**  |  | $838913375 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $538963489 |
| Total accumulated earnings (loss) |  | 299949886 |
| **Net Assets** |  | $838913375 |
| **Net Asset Value**, offering price and redemption price per share ($838,913,375 ÷ 17,318,938 shares) |  | $48.44 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $2752179 |
| Income from Fidelity Central Funds (including $1,427 from security lending)  |  | 100409 |
| **Total income** |  | 2852588 |
| **Expenses** |  |  |
| Management fee | $2380054 |  |
| Custodian fees and expenses | 4397 |  |
| Independent trustees' fees and expenses | 1252 |  |
| Registration fees | 33169 |  |
| Audit fees | 22723 |  |
| Legal | 1608 |  |
| Miscellaneous | 1412 |  |
| **Total expenses** |  | 2444615 |
| **Net Investment income (loss)** |  | 407973 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 13942625 |  |
| Total net realized gain (loss) |  | 13942625 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 98895659 |  |
| Assets and liabilities in foreign currencies | (1) |  |
| Total change in net unrealized appreciation (depreciation) |  | 98895658 |
| **Net gain (loss)** |  | 112838283 |
| **Net increase (decrease) in net assets resulting from operations** |  | $113246256 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $407973 | $1220554 |
| &nbsp;&nbsp;Net realized gain (loss) | 13942625<br>| 26496148<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 98895658 | 44918262<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 113246256<br>| 72634964<br>|
| Distributions to shareholders | (2519372)<br>| (26279198)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 157733406 | 226208145 |
| Reinvestment of distributions | 2350379<br>| 24589760<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (108089784) | (183712389) |
| **Net increase (decrease) in net assets resulting from share transactions** | 51994001<br>| 67085516<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 162720885<br>| 113441282<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 676192490 | 562751208<br>|
| &nbsp;&nbsp;End of period | $838913375 | $676192490 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3453149 | 5477087 |
| Issued in reinvestment of distributions | 62394<br>| 595567<br>|
| &nbsp;&nbsp;Redeemed | (2551400) | (4556727) |
| &nbsp;&nbsp;Net increase (decrease) | 964143 | 1515927 |

---

**Financial Highlights** 

**Industrials Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.35 | $37.92 | $30.59 | $31.41 | $37.17 | $31.90 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .03  | .08 D | .08 E | .04 F | (.04)  | (.02)  |
| Net realized and unrealized gain (loss)  | 7.22  | 5.09  | 9.25  | .30  | 3.70  | 6.38  |
| Total from investment operations  | 7.25  | 5.17  | 9.33  | .34  | 3.66  | 6.36  |
| Distributions from net investment income  | -  | (.22)  | (.09)  | (.04)  | -  | (.07) G |
| Distributions from net realized gain  | (.16)  | (1.52)  | (1.92)  | (1.13)  | (9.42)  | (1.02) G |
| Total distributions  | (.16)  | (1.74)  | (2.00) H | (1.16) H | (9.42)  | (1.09)  |
| Net asset value, end of period  | $48.44 | $41.35 | $37.92 | $30.59 | $31.41 | $37.17 |
| **Total Return** I,J | 17.65% <br>| 13.64%  | 31.48%  | 1.19%  | 9.33%  | 21.41%  |
| **Ratios to Average Net Assets** C,K,L |  |  |  |  |  |  |
| Expenses before reductions  | .68% M | .69%  | .74%  | .76%  | .74%  | .76%  |
| Expenses net of fee waivers, if any  | .68% M<br>| .69%  | .73%  | .76%  | .74%  | .76%  |
| Expenses net of all reductions, if any  | .68% M | .69%  | .73%  | .76%  | .74%  | .74%  |
| Net investment income (loss)  | .11% M | .20% D | .26% E | .14% F | (.10)%  | (.05)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $838913 | $676192 | $562751 | $453525 | $359765 | $564209 |
| Portfolio turnover rate N | 29% M<br>| 32%  | 115% O | 125%  | 151%  | 272%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .11%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .11%.*

F*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .03%.*

G*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

H*Total distributions per share do not sum due to rounding.*

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

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

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

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

M*Annualized.*

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

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

**Transportation Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Ground Transportation - 0.6% |  |  |
| Canadian Pacific Kansas City Ltd  | 18700 | 1424405 |
| TFI International Inc  | 17700 | 1677012 |
| TOTAL CANADA |  | 3101417 |
| GERMANY - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Air Freight & Logistics - 0.3% |  |  |
| Deutsche Post AG  | 33200 | 1513180 |
| PANAMA - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Passenger Airlines - 0.5% |  |  |
| Copa Holdings SA Class A  | 22421 | 2630880 |
| UNITED STATES - 96.8%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.6% |  |  |
| Amazon.com Inc (a) | 11290 | 2585410 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Airbnb Inc Class A (a) | 11570 | 1510232 |
| TOTAL CONSUMER DISCRETIONARY |  | 4095642 |
| Industrials - 95.9% |  |  |
| Air Freight & Logistics - 18.8% |  |  |
| CH Robinson Worldwide Inc  | 99261 | 12774891 |
| Expeditors International of Washington Inc  | 106966 | 12893682 |
| FedEx Corp  | 101509 | 23455685 |
| GXO Logistics Inc (a)(b) | 78302 | 4122600 |
| Hub Group Inc Class A  | 41576 | 1555774 |
| United Parcel Service Inc Class B  | 407026 | 35590353 |
|  |  | 90392985 |
| Ground Transportation - 53.7% |  |  |
| CSX Corp  | 460801 | 14980641 |
| JB Hunt Transport Services Inc  | 18389 | 2666221 |
| Knight-Swift Transportation Holdings Inc  | 180669 | 7931369 |
| Norfolk Southern Corp  | 83950 | 23504321 |
| Old Dominion Freight Line Inc  | 144593 | 21829205 |
| RXO Inc (a)(b) | 75160 | 1227363 |
| Ryder System Inc  | 1947 | 365101 |
| Saia Inc (a)(b) | 21677 | 6426363 |
| Schneider National Inc Class B  | 154225 | 3812442 |
| Uber Technologies Inc (a) | 922466 | 86481188 |
| Union Pacific Corp  | 321935 | 71975008 |
| Werner Enterprises Inc  | 87050 | 2511393 |
| XPO Inc (a)(b) | 115365 | 14962841 |
|  |  | 258673456 |
| Machinery - 0.4% |  |  |
| Westinghouse Air Brake Technologies Corp  | 9060 | 1753110 |
| Marine Transportation - 1.5% |  |  |
| Kirby Corp (a) | 60546 | 5885071 |
| Matson Inc (b) | 10823 | 1126133 |
|  |  | 7011204 |
| Passenger Airlines - 21.5% |  |  |
| Alaska Air Group Inc (a)(b) | 195243 | 12257356 |
| American Airlines Group Inc (a)(b) | 68100 | 910496 |
| Delta Air Lines Inc  | 633276 | 39123791 |
| Joby Aviation Inc Class A (a)(b) | 203400 | 2878109 |
| SkyWest Inc (a) | 64924 | 7881774 |
| Southwest Airlines Co  | 399725 | 13150953 |
| Sun Country Airlines Holdings Inc (a) | 303694 | 4023946 |
| United Airlines Holdings Inc (a) | 223658 | 23484090 |
|  |  | 103710515 |
| TOTAL INDUSTRIALS |  | 461541270 |
| TOTAL UNITED STATES |  | 465636912 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $271,624,806) |  | <br> **472882389** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.36 | 6109685 | 6110907 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.36 | 5064519 | 5065025 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $11,175,932) |  |  | **11175932** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $282,800,738)<br>| <br>**484058321** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(2578018)** |
| **NET ASSETS - 100.0%** | **481480303** |

---

**Legend**

(a) Non-income producing.

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

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 11768701 | 38773637 | 44431431 | 79928 | - | - | 6110907 | 6109685 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 13253897 | 76025549 | 84214421 | 7969 | - | - | 5065025 | 5064519 | 0.0% |
| Total | 25022598 | 114799186 | 128645852 | 87897 | - | - | 11175932 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 4095642 | 4095642 | - | - |
| Industrials | 468786747 | 467273567 | 1513180 | - |
|  **Money Market Funds** | 11175932 | 11175932 | - | - |
| **Total Investments in Securities:** | 484058321 | 482545141 | 1513180 | - |

---

**Transportation Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $14,619,560) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $271,624,806) | $472882389 |  |
| Fidelity Central Funds (cost $11,175,932) | 11175932 |  |
| Total Investment in Securities (cost $282,800,738) |  | $484058321 |
| Receivable for investments sold |  | 1901045 |
| Receivable for fund shares sold |  | 24700 |
| Dividends receivable |  | 1216863 |
| Distributions receivable from Fidelity Central Funds |  | 5328 |
| Prepaid expenses |  | 658 |
| **Total assets** |  | 487206915 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $372026 |  |
| Accrued management fee | 262970 |  |
| Other payables and accrued expenses | 26591 |  |
| Collateral on securities loaned | 5065025 |  |
| **Total liabilities** |  | 5726612 |
| **Net Assets**  |  | $481480303 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $260631894 |
| Total accumulated earnings (loss) |  | 220848409 |
| **Net Assets** |  | $481480303 |
| **Net Asset Value**, offering price and redemption price per share ($481,480,303 ÷ 4,508,822 shares) |  | $106.79 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $3972496 |
| Income from Fidelity Central Funds (including $7,969 from security lending)  |  | 87897 |
| **Total income** |  | 4060393 |
| **Expenses** |  |  |
| Management fee | $1570379 |  |
| Custodian fees and expenses | 3870 |  |
| Independent trustees' fees and expenses | 903 |  |
| Registration fees | 16354 |  |
| Audit fees | 25810 |  |
| Legal | 581 |  |
| Miscellaneous | 1175 |  |
| Total expenses before reductions | 1619072 |  |
| Expense reductions | (554) |  |
| Total expenses after reductions |  | 1618518 |
| **Net Investment income (loss)** |  | 2441875 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2838008 |  |
| Redemptions in-kind | 15106174 |  |
| Foreign currency transactions | 10944 |  |
| Total net realized gain (loss) |  | 17955126 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (12809074) |  |
| Assets and liabilities in foreign currencies | 88 |  |
| Total change in net unrealized appreciation (depreciation) |  | (12808986) |
| **Net gain (loss)** |  | 5146140 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7588015 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2441875 | $6796403 |
| &nbsp;&nbsp;Net realized gain (loss) | 17955126<br>| 44235338<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (12808986) | (28614463)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7588015<br>| 22417278<br>|
| Distributions to shareholders | (14446353)<br>| (34630176)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 34991809 | 24964599 |
| Reinvestment of distributions | 13539239<br>| 32391699<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (81699180) | (134165531) |
| **Net increase (decrease) in net assets resulting from share transactions** | (33168132)<br>| (76809233)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (40026470)<br>| (89022131)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 521506773 | 610528904<br>|
| &nbsp;&nbsp;End of period | $481480303 | $521506773 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 358775 | 226952 |
| Issued in reinvestment of distributions | 152469<br>| 306057<br>|
| &nbsp;&nbsp;Redeemed | (825102) | (1230781) |
| &nbsp;&nbsp;Net increase (decrease) | (313858) | (697772) |

---

**Financial Highlights** 

**Transportation Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $108.14 | $110.59 | $97.00 | $105.82 | $98.97 | $82.12 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .52  | 1.35  | 1.80  | 1.24  | .64  | 1.06 D |
| Net realized and unrealized gain (loss)  | 1.19  | 3.49  | 14.59  | (2.12)  | 19.26  | 23.43  |
| Total from investment operations  | 1.71  | 4.84  | 16.39  | (.88)  | 19.90  | 24.49  |
| Distributions from net investment income  | (.25)  | (1.48)  | (1.75)  | (1.16)  | (1.03)  | (.76)  |
| Distributions from net realized gain  | (2.81)  | (5.81)  | (1.05)  | (6.78)  | (12.03)  | (6.88)  |
| Total distributions  | (3.06)  | (7.29)  | (2.80)  | (7.94)  | (13.05) E | (7.64)  |
| Net asset value, end of period  | $106.79 | $108.14 | $110.59 | $97.00 | $105.82 | $98.97 |
| **Total Return** F,G | 2.16% <br>| 4.55%  | 17.13%  | (.46)%  | 20.35%  | 34.62%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .69% J | .69%  | .76%  | .76%  | .77%  | .80%  |
| Expenses net of fee waivers, if any  | .69% J<br>| .69%  | .75%  | .76%  | .77%  | .80%  |
| Expenses net of all reductions, if any  | .69% J | .69%  | .75%  | .76%  | .77%  | .80%  |
| Net investment income (loss)  | 1.04% J | 1.23%  | 1.82%  | 1.28%  | .60%  | 1.29% D |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $481480 | $521507 | $610529 | $587107 | $679303 | $335780 |
| Portfolio turnover rate K | 56% J,L<br>| 22%  | 33%  | 23%  | 66% M | 52%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.34 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .88%.*

E*Total distributions per share do not sum due to rounding.*

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

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

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

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

J*Annualized.*

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

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

M*The portfolio turnover rate does not include the assets acquired in the merger.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended August 31, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of each Fund's Schedule of Investments.

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

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

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

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

**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.

**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** | $152832 |
| **Industrials Portfolio** | 149477 |

---

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

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred Trustee compensation and losses deferred due to wash sales and excise tax regulations.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Defense and Aerospace Portfolio** | 1783805236 | 1305082564 | (8095528) | 1296987036 |
| **Industrials Portfolio** | 561957810 | 297801661 | (9351551) | 288450110 |
| **Transportation Portfolio** | 283103029 | 205011416 | (4056124) | 200955292 |

---

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2024 to August 31, 2025. Loss deferrals were as follows:

---

| | |
|:---|:---|
|  | **Capital losses ($)** |
| **Industrials Portfolio** | (468235) |

---

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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 ($)** | **Sales ($)** |
| **Defense and Aerospace Portfolio** | 785973767 | 182087100 |
| **Industrials Portfolio** | 149865461 | 102766531 |
| **Transportation Portfolio** | 130804822 | 149124266 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The 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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Transportation Portfolio** | 236100 | 15106174 | 23201523 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which 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 management 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 management 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 management 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.

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Defense and Aerospace Portfolio** | .70 |
| **Industrials Portfolio** | .67 |
| **Transportation Portfolio** | .70 |

---

One-twelfth of the management 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 management 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** | .63 |
| **Industrials Portfolio** | .67 |
| **Transportation Portfolio** | .67 |

---

**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:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Defense and Aerospace Portfolio** | 6585 |
| **Industrials Portfolio** | 1081 |
| **Transportation Portfolio** | 9274 |

---

**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** | 58002272 | 6983520 | 2396878 |
| **Industrials Portfolio** | 8979921 | 687268 | (241398) |
| **Transportation Portfolio** | 7714064 | 10612631 | 33527 |

---

**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 reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Defense and Aerospace Portfolio** | 1502 |
| **Industrials Portfolio** | 516 |
| **Transportation Portfolio** | 380 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **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** | 471 | - | - |
| **Industrials Portfolio** | 146 | - | - |
| **Transportation Portfolio** | 814 | 47 | - |

---

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.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Defense and Aerospace Portfolio** | 51885108 |
| **Industrials Portfolio** | 1024561 |
| **Transportation Portfolio** | 9916785 |

---

**8. Expense Reductions.** 

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

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| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Defense and Aerospace Portfolio** | 743 |
| **Transportation Portfolio** | 554 |

---

**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. Proposed Reorganization.**

The Board of Trustees of Industrials Portfolio and Fidelity Advisor Industrials Fund approved an Agreement and Plan of Reorganization (the Agreement) between Industrials Portfolio and Fidelity Advisor Industrials Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Industrials Portfolio in exchange for corresponding shares of Fidelity Advisor Industrials Fund equal in value to the net assets of Industrials Portfolio on the day the reorganization is effective. The reorganization does not require shareholder approval and is expected to become effective during October 2025. 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 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**

**Industrials 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 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 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.

<u>Resources Dedicated to Investment Management and Support Services</u>. 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 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.

<u>Shareholder and Administrative Services</u>. 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 information and market information over the Internet 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.

<u>Investment in a Large Fund Family</u>. 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.

<u>Investment Performance</u>. 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 index that has characteristics relevant to each fund's investment strategies (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, 2025, 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, effective March 1, 2024, 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 from March 2024 to September 2024, 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.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. 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 based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of 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 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 (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. 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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

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 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 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.

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, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 May 31, 2026.

![](img114154_4.jpg)<br>

1.813660.120 SELCI-SANN-1025

**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, 2025**

![](img114155_1.jpg)

![](img114155_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_SELHC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Biotechnology Portfolio](#Sub_Sec_Fund_142_SELHC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Health Care Portfolio](#Sub_Sec_Fund_63_SELHC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Health Care Services Portfolio](#Sub_Sec_Fund_505_SELHC-SANN)** |
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SELHC-SANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Medical Technology and Devices Portfolio](#Sub_Sec_Fund_354_SELHC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Pharmaceuticals Portfolio](#Sub_Sec_Fund_152_SELHC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements142_SELHC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELHC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELHC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELHC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELHC-SANN)** |

---

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.© 2025 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 2.1%  |  |  |
| Health Care - 2.1% |  |  |
| Pharmaceuticals - 2.1% |  |  |
| UCB SA  | 377874 | 88348648 |
| CANADA - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Xenon Pharmaceuticals Inc (a) | 411764 | 15939384 |
| CHINA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BeOne Medicines Ltd ADR (a) | 8198 | 2508998 |
| DENMARK - 4.0%  |  |  |
| Health Care - 4.0% |  |  |
| Biotechnology - 3.8% |  |  |
| Ascendis Pharma A/S ADR (a) | 582501 | 113162469 |
| Zealand Pharma A/S (a) | 653130 | 44772370 |
|  |  | 157934839 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Gubra A/S  | 175554 | 10322984 |
| TOTAL DENMARK |  | 168257823 |
| FRANCE - 1.4%  |  |  |
| Health Care - 1.4% |  |  |
| Biotechnology - 1.4% |  |  |
| Abivax SA ADR (a) | 636000 | 51535080 |
| Sensorion SA (a)(b) | 18825047 | 7069519 |
| TOTAL FRANCE |  | 58604599 |
| GERMANY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BioNTech SE ADR (a)(c) | 148500 | 14850000 |
| IRELAND - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.1% |  |  |
| Prothena Corp PLC (a) | 643917 | 5280119 |
| Pharmaceuticals - 0.1% |  |  |
| GH Research PLC (a) | 305700 | 4126950 |
| TOTAL IRELAND |  | 9407069 |
| NETHERLANDS - 4.5%  |  |  |
| Health Care - 4.5% |  |  |
| Biotechnology - 4.4% |  |  |
| Argenx SE ADR (a) | 165004 | 117515849 |
| Merus NV (a) | 703554 | 46321995 |
| Newamsterdam Pharma Co NV (a)(c) | 687500 | 16534375 |
| uniQure NV (a) | 373382 | 6097328 |
|  |  | 186469547 |
| Pharmaceuticals - 0.1% |  |  |
| Pharvaris NV (a) | 147914 | 3202338 |
| TOTAL NETHERLANDS |  | 189671885 |
| SWITZERLAND - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.0% |  |  |
| Idorsia Ltd (a)(c) | 256353 | 884252 |
| Pharmaceuticals - 0.9% |  |  |
| Galderma Group AG  | 205570 | 35865240 |
| TOTAL SWITZERLAND |  | 36749492 |
| UNITED KINGDOM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Immunocore Holdings PLC ADR (a) | 162505 | 5235911 |
| Mereo Biopharma Group PLC ADR (a)(c) | 838700 | 1434177 |
| Zura Bio Ltd Class A (a) | 484957 | 989312 |
| TOTAL UNITED KINGDOM |  | 7659400 |
| UNITED STATES - 85.4%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| MedAvail Holdings Inc (a)(d) | 55 | 0 |
| Health Care - 85.4% |  |  |
| Biotechnology - 79.9% |  |  |
| 89bio Inc (a) | 271300 | 2449839 |
| AbbVie Inc  | 3350739 | 704995487 |
| Absci Corp (a)(c) | 1785096 | 4266379 |
| Akero Therapeutics Inc (a) | 30400 | 1420592 |
| Alector Inc (a) | 3590551 | 8437795 |
| Allena Pharmaceuticals Inc (a)(e) | 93683 | 1 |
| Allogene Therapeutics Inc (a)(c) | 841115 | 950460 |
| Alnylam Pharmaceuticals Inc (a) | 655003 | 292465390 |
| Amgen Inc  | 1206501 | 347122403 |
| AnaptysBio Inc (a)(c) | 61900 | 1258427 |
| Annexon Inc (a) | 300887 | 619827 |
| Antares Therapeutics Inc (e) | 325500 | 270165 |
| Apellis Pharmaceuticals Inc (a) | 11222 | 309391 |
| Apogee Therapeutics Inc (a) | 392132 | 14261841 |
| Arcellx Inc (a)(c) | 496600 | 34459074 |
| Arcturus Therapeutics Holdings Inc (a)(c) | 159230 | 2708502 |
| Arcus Biosciences Inc (a) | 1068989 | 11320594 |
| ArriVent Biopharma Inc (a)(b)(c) | 2346517 | 44865405 |
| Arrowhead Pharmaceuticals Inc (a) | 208215 | 4586976 |
| ARS Pharmaceuticals Inc (a)(c) | 888656 | 10326183 |
| Astria Therapeutics Inc (a) | 469456 | 2901238 |
| Astria Therapeutics Inc warrants (a) | 115136 | 206995 |
| aTyr Pharma Inc (a)(c) | 1754594 | 9439716 |
| Avidity Biosciences Inc (a) | 727307 | 33877960 |
| Axcella Health Inc (a)(e) | 66454 | 0 |
| Beam Therapeutics Inc (a) | 251214 | 4109861 |
| Bicara Therapeutics Inc (a) | 348000 | 4155120 |
| BioCryst Pharmaceuticals Inc (a) | 313681 | 2606689 |
| Biohaven Ltd (a) | 1757096 | 27041707 |
| Biomea Fusion Inc (a) | 420729 | 820422 |
| Biomea Fusion Inc warrants 12/20/2026 (a) | 29200 | 8737 |
| Bioxcel Therapeutics Inc (a)(c) | 198600 | 804330 |
| Bridgebio Pharma Inc (a) | 632804 | 32753935 |
| CAMP4 Therapeutics Corp (c) | 241086 | 366451 |
| Candel Therapeutics Inc (a)(b)(c) | 5544979 | 32105428 |
| Cartesian Therapeutics Inc (a)(c) | 599054 | 6020493 |
| Cartesian Therapeutics Inc rights (a)(e) | 5385728 | 1561861 |
| Centessa Pharmaceuticals PLC ADR (a)(c) | 2614494 | 43897354 |
| CG oncology Inc (a) | 382439 | 10257014 |
| Chinook Therapeutics Inc rights (a)(e) | 115821 | 1 |
| Cidara Therapeutics Inc (a) | 51518 | 3368762 |
| Cogent Biosciences Inc (a) | 1566594 | 18924456 |
| Crescent Biopharma Inc (d) | 113421 | 1633262 |
| Cyclerion Therapeutics Inc (a)(d) | 4740 | 11613 |
| Cytokinetics Inc (a) | 540575 | 19098515 |
| Day One Biopharmaceuticals Inc (a) | 767066 | 5760666 |
| Denali Therapeutics Inc (a) | 442063 | 6750302 |
| Design Therapeutics Inc (a)(c) | 743531 | 4111726 |
| Dianthus Therapeutics Inc (a) | 328418 | 7740812 |
| Disc Medicine Inc (a)(c) | 783188 | 46713248 |
| Dyne Therapeutics Inc (a) | 1689544 | 22791949 |
| Entrada Therapeutics Inc (a) | 37469 | 204955 |
| Exact Sciences Corp (a) | 56800 | 2693456 |
| Exelixis Inc (a) | 471554 | 17645551 |
| Foghorn Therapeutics Inc (a) | 66020 | 334061 |
| Forte Biosciences Inc (a) | 114537 | 1259907 |
| Geron Corp (a) | 9077512 | 12708517 |
| Geron Corp warrants 12/31/2025 (a) | 2080400 | 229945 |
| Gilead Sciences Inc  | 3018711 | 341023782 |
| Gossamer Bio Inc (a) | 4899808 | 12102526 |
| Gritstone Bio Inc warrants (a)(e) | 1333333 | 13 |
| Ideaya Biosciences Inc (a) | 637957 | 15661844 |
| Immuneering Corp (a)(c) | 377776 | 2172212 |
| Immunome Inc (a)(c) | 789185 | 7505149 |
| Immunovant Inc (a) | 629621 | 9249132 |
| Inhibikase Therapeutics Inc (a)(c) | 127670 | 229806 |
| Insmed Inc (a) | 1007619 | 137136946 |
| Intellia Therapeutics Inc (a)(c) | 1017121 | 11549409 |
| Ionis Pharmaceuticals Inc (a) | 500777 | 21350627 |
| Jade Biosciences Inc  | 218307 | 1724625 |
| Janux Therapeutics Inc (a) | 342799 | 7788393 |
| Keros Therapeutics Inc (a) | 116178 | 1767067 |
| Korro Bio Inc (a)(d) | 32866 | 758547 |
| Krystal Biotech Inc (a)(b)(c) | 1855422 | 274045829 |
| Kymera Therapeutics Inc (a) | 276641 | 11397609 |
| Legend Biotech Corp ADR (a) | 91610 | 3181615 |
| Lexicon Pharmaceuticals Inc (a)(c) | 1366400 | 1503040 |
| Madrigal Pharmaceuticals Inc (a)(c) | 50895 | 22284376 |
| MannKind Corp (a) | 3302701 | 15159398 |
| Metsera Inc (a) | 761547 | 26874994 |
| Moderna Inc (a) | 674122 | 16239599 |
| MoonLake Immunotherapeutics Class A (a)(c) | 518858 | 28926334 |
| Natera Inc (a) | 331532 | 55780259 |
| Nurix Therapeutics Inc (a) | 450446 | 4207166 |
| Nuvalent Inc Class A (a) | 268899 | 20592285 |
| Oruka Therapeutics Inc (a) | 704983 | 10433748 |
| Perspective Therapeutics Inc (a) | 632400 | 2124864 |
| Protagonist Therapeutics Inc (a)(c) | 429113 | 25339123 |
| PTC Therapeutics Inc (a) | 274511 | 13541628 |
| Regeneron Pharmaceuticals Inc  | 77396 | 44943857 |
| Replimune Group Inc (a)(c) | 1000709 | 5403829 |
| Revolution Medicines Inc (a) | 175398 | 6659862 |
| Rezolute Inc/old (a) | 720167 | 5127589 |
| Rhythm Pharmaceuticals Inc (a) | 157003 | 16194859 |
| Roivant Sciences Ltd (a) | 953219 | 11371903 |
| Sana Biotechnology Inc (a) | 1263152 | 3865245 |
| Scholar Rock Holding Corp (a) | 1632599 | 53304357 |
| Scholar Rock Holding Corp warrants 12/31/2025 (a)(d) | 17850 | 453468 |
| Soleno Therapeutics Inc (a) | 169100 | 11442997 |
| Solid Biosciences Inc (a) | 2867760 | 15715325 |
| Spyre Therapeutics Inc (a) | 284853 | 4697226 |
| Stoke Therapeutics Inc (a)(c) | 1565839 | 30940979 |
| Summit Therapeutics Inc (a)(c) | 1468678 | 34807669 |
| Taysha Gene Therapies Inc (a) | 3111976 | 9086970 |
| Tectonic Therapeutic Inc (a)(c) | 442889 | 11311385 |
| TG Therapeutics Inc (a)(c) | 714578 | 20958573 |
| Travere Therapeutics Inc (a) | 594900 | 10410750 |
| Twist Bioscience Corp (a) | 117325 | 3164255 |
| Ultragenyx Pharmaceutical Inc (a) | 727789 | 21804558 |
| United Therapeutics Corp (a) | 13993 | 4264507 |
| Upstream Bio Inc  | 385657 | 6606304 |
| Vaxcyte Inc (a) | 599955 | 18472614 |
| Vera Therapeutics Inc Class A (a) | 350625 | 7587525 |
| Vertex Pharmaceuticals Inc (a) | 21109 | 8254041 |
| Viking Therapeutics Inc (a)(c) | 421957 | 11413937 |
| Vir Biotechnology Inc (a) | 149800 | 740012 |
| Viridian Therapeutics Inc (a) | 918004 | 16872914 |
| vTv Therapeutics Inc Class A (a)(b)(c) | 177299 | 2684307 |
| Zenas Biopharma Inc (a) | 164900 | 2638400 |
|  |  | 3374863908 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Aradigm Corp (a)(d)(e) | 148009 | 2 |
| Aradigm Corp (a)(e) | 11945 | 0 |
| Novocure Ltd (a) | 11113 | 137023 |
|  |  | 137025 |
| Health Care Providers & Services - 0.1% |  |  |
| Scorpion Therapeutics Inc (d)(e) | 5166448 | 1704928 |
| Scorpion Therapeutics Inc (d)(e) | 5166448 | 51 |
| Scorpion Therapeutics Inc rights 3/5/2040 (a)(d)(e) | 5166448 | 2893211 |
|  |  | 4598190 |
| Health Care Technology - 0.1% |  |  |
| Schrodinger Inc/United States (a) | 235401 | 4592674 |
| Pharmaceuticals - 5.3% |  |  |
| Adimab LLC (a)(d)(e)(f) | 1954526 | 29181074 |
| Adimab LLC (a)(d)(e)(f) | 1954526 | 9205817 |
| Amylyx Pharmaceuticals Inc (a) | 1203275 | 11286720 |
| Axsome Therapeutics Inc (a) | 129503 | 15706124 |
| Corcept Therapeutics Inc (a) | 648746 | 45230571 |
| Crinetics Pharmaceuticals Inc (a) | 919404 | 28492330 |
| Edgewise Therapeutics Inc (a) | 200021 | 2870301 |
| Enliven Therapeutics Inc (a) | 377767 | 7657337 |
| Harmony Biosciences Holdings Inc (a) | 46725 | 1723685 |
| LENZ Therapeutics Inc (a)(c) | 71758 | 2772012 |
| Maze Therapeutics Inc (c) | 273585 | 3964247 |
| MBX Biosciences Inc (a) | 455378 | 6871654 |
| Nuvation Bio Inc Class A (a)(c) | 5827833 | 17308664 |
| Ocular Therapeutix Inc (a) | 679900 | 8301579 |
| Optinose Inc warrants 11/23/2027 (a)(e) | 91712 | 0 |
| Rapport Therapeutics Inc (a)(c) | 171063 | 3015841 |
| Structure Therapeutics Inc ADR (a) | 383764 | 7406645 |
| Trevi Therapeutics Inc (a) | 2593763 | 18817751 |
| WaVe Life Sciences Ltd (a)(c) | 522340 | 5014464 |
|  |  | 224826816 |
| TOTAL HEALTH CARE |  | 3609018613 |
| TOTAL UNITED STATES |  | 3609018613 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,539,836,548) |  | <br> **4201015911** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.5%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| Cardurion Pharmaceuticals Inc Series B (a)(d)(e) | 1020908 | 4583877 |
| ElevateBio LLC Series C (a)(d)(e) | 216600 | 452694 |
| National Resilience Inc Series B (a)(d)(e) | 732064 | 5168372 |
| Neurona Therapeutics Inc Series F (d)(e) | 1618100 | 3333286 |
| Saliogen Therapeutics Inc Series B (a)(d)(e) | 94461 | 1 |
| Triveni Bio Inc Series B (d)(e) | 7167431 | 6809059 |
|  |  | 20347289 |
| Health Care Technology - 0.0% |  |  |
| Candid Therapeutics Series B (a)(d)(e) | 1666667 | 1650000 |
| Pharmaceuticals - 0.0% |  |  |
| Afferent Pharmaceuticals Inc Series C (a)(d)(e) | 8274568 | 83 |
| TOTAL HEALTH CARE |  | 21997372 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $38,741,935) |  | <br> **21997372** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** | &nbsp;&nbsp;**Money Market Funds - 5.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.36 | 7476721 | 7478217 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.36 | 202791708 | 202811987 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $210,273,991) |  |  | **210290204** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.9%**<br> (Cost $2,788,852,474)<br>| <br>**4433303487** |
| **NET OTHER ASSETS (LIABILITIES) - (4.9)%**  | **(206214975)** |
| **NET ASSETS - 100.0%** | **4227088512** |

---

**Legend**

(a) Non-income producing.

(b) Affiliated company

(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 $67,839,343 or 1.6% of net assets.

(e) Level 3 security

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

(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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Adimab LLC | 9/17/2014 - 6/5/2015 | 7861206 |
| Adimab LLC | 9/17/2014 - 6/5/2015 | 23546682 |
| Afferent Pharmaceuticals Inc Series C | 7/1/2015 | 0 |
| Candid Therapeutics Series B | 8/27/2024 | 2000000 |
| Cardurion Pharmaceuticals Inc Series B | 7/10/2024 | 4999999 |
| Crescent Biopharma Inc | 10/28/2024 | 1500000 |
| Cyclerion Therapeutics Inc | 4/2/2019 | 1404026 |
| ElevateBio LLC Series C | 3/9/2021 | 908637 |
| Korro Bio Inc | 7/14/2023 | 1854573 |
| MedAvail Holdings Inc | 7/2/2012 | 416675 |
| National Resilience Inc Series B | 12/1/2020 | 9999994 |
| Neurona Therapeutics Inc Series F | 3/28/2025 | 3333286 |
| Saliogen Therapeutics Inc Series B | 12/10/2021 | 10000019 |
| Scholar Rock Holding Corp warrants 12/31/2025 | 6/17/2022 | 0 |
| Scorpion Therapeutics Inc | 3/5/2025 | 1704928 |
| Scorpion Therapeutics Inc | 3/5/2025 | 0 |
| Scorpion Therapeutics Inc rights 3/5/2040 | 3/5/2025 | 2841546 |
| Triveni Bio Inc Series B | 9/19/2024 | 7500000 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 4965969 | 239116309 | 236604061 | 120833 | - | - | 7478217 | 7476721 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 197694357 | 663195552 | 658077922 | 1254799 | - | - | 202811987 | 202791708 | 0.7% |
| Total | 202660326 | 902311861 | 894681983 | 1375632 | - | - | 210290204 |  |  |

---

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 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.

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

**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 ($) and Shares end of period columns 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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| ArriVent Biopharma Inc | 46452675 | 8000851 | 695522 | - | (80273) | (8812326) | 44865405 | 2346517 |
| Candel Therapeutics Inc | 49766187 | - | - | - | - | (17660759) | 32105428 | 5544979 |
| Krystal Biotech Inc | 336581669 | - | 3761680 | - | 2089180 | (60863340) | 274045829 | 1855422 |
| Sensorion SA | 12663941 | - | 539150 | - | (2390012) | (2665260) | 7069519 | 18825047 |
| vTv Therapeutics Inc Class A | 3474900 | - | 14074 | - | 1307 | (777826) | 2684307 | 177299 |
| Total | 448939372 | 8000851 | 5010426 | - | (379798) | (90779511) | 360770488 |  |

---

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Staples | - | - | - | - |
| Health Care | 4201015911 | 4155299642 | 899145 | 44817124 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 21997372 | - | - | 21997372 |
|  **Money Market Funds** | 210290204 | 210290204 | - | - |
| **Total Investments in Securities:** | 4433303487 | 4365589846 | 899145 | 66814496 |

---

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 ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2025 ($)** |
| **Common Stocks** | 47480212 | - | (7924916) | 6230895 | (969431) | - | 364 | - | 44817124 | (7924901) |
| **Convertible Preferred Stocks** | 63589913 | 17065905 | (32425826) | 3333286 | (29565906) | - | - | - | 21997372 | (16458699) |
| <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $205,248,241) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,413,698,224) | $3862242795 |  |
| Fidelity Central Funds (cost $210,273,991) | 210290204 |  |
| Other affiliated issuers (cost $164,880,259) | 360770488 |  |
| Total Investment in Securities (cost $2,788,852,474) |  | $4433303487 |
| Restricted cash |  | 104741 |
| Receivable for investments sold |  | 1956113 |
| Receivable for fund shares sold |  | 873274 |
| Dividends receivable |  | 3702055 |
| Distributions receivable from Fidelity Central Funds |  | 316976 |
| Prepaid expenses |  | 5278 |
| Other receivables |  | 1411604 |
| **Total assets** |  | 4441673528 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1312620 |  |
| Payable for fund shares redeemed | 2132211 |  |
| Accrued management fee | 2126378 |  |
| Deferred taxes | 4882618 |  |
| Other payables and accrued expenses | 1480270 |  |
| Collateral on securities loaned | 202650919 |  |
| **Total liabilities** |  | 214585016 |
| **Net Assets**  |  | $4227088512 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2714911541 |
| Total accumulated earnings (loss) |  | 1512176971 |
| **Net Assets** |  | $4227088512 |
| **Net Asset Value**, offering price and redemption price per share ($4,227,088,512 ÷ 206,340,744 shares) |  | $20.49 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $22387717 |
| Interest  |  | 153 |
| Income from Fidelity Central Funds (including $1,254,799 from security lending)  |  | 1375632 |
| **Total income** |  | 23763502 |
| **Expenses** |  |  |
| Management fee | $12139521 |  |
| Custodian fees and expenses | 106526 |  |
| Independent trustees' fees and expenses | 7389 |  |
| Registration fees | 33151 |  |
| Audit fees | 54492 |  |
| Legal | 1322 |  |
| Miscellaneous | 10088 |  |
| Total expenses before reductions | 12352489 |  |
| Expense reductions | (4820) |  |
| Total expenses after reductions |  | 12347669 |
| **Net Investment income (loss)** |  | 11415833 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 148264388 |  |
| Affiliated issuers | (379798) |  |
| Foreign currency transactions | 12061 |  |
| Total net realized gain (loss) |  | 147896651 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred taxes of $1,836,879)  | 105531597 |  |
| Affiliated issuers  | (90779511) |  |
| Unfunded commitments | (987443) |  |
| Assets and liabilities in foreign currencies | 46089 |  |
| Total change in net unrealized appreciation (depreciation) |  | 13810732 |
| **Net gain (loss)** |  | 161707383 |
| **Net increase (decrease) in net assets resulting from operations** |  | $173123216 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $11415833 | $15895824 |
| &nbsp;&nbsp;Net realized gain (loss) | 147896651<br>| 208907835<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 13810732 | (145519712)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 173123216<br>| 79283947<br>|
| Distributions to shareholders | (13194518)<br>| (53021964)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 181046048 | 188080503 |
| Reinvestment of distributions | 12194750<br>| 49131977<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (399013376) | (905073470) |
| **Net increase (decrease) in net assets resulting from share transactions** | (205772578)<br>| (667860990)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (45843880)<br>| (641599007)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4272932392 | 4914531399<br>|
| &nbsp;&nbsp;End of period | $4227088512 | $4272932392 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 9466767 | 9390164 |
| Issued in reinvestment of distributions | 727177<br>| 2580968<br>|
| &nbsp;&nbsp;Redeemed | (21499869) | (45900263) |
| &nbsp;&nbsp;Net increase (decrease) | (11305925) | (33929131) |

---

**Consolidated Financial Highlights** 

**Biotechnology Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.63 | $19.53 | $15.96 | $15.78 | $25.52 | $21.02 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .05  | .07  | .03  | (.01)  | (.03)  | (.01)  |
| Net realized and unrealized gain (loss)  | .87  | .26 D | 3.62  | .19  | (6.91)  | 9.41  |
| Total from investment operations  | .92  | .33  | 3.65  | .18  | (6.94)  | 9.40  |
| Distributions from net investment income  | (.06)  | (.23)  | (.08)  | -  | (.03)  | (.07)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (2.77)  | (4.84)  |
| Total distributions  | (.06)  | (.23)  | (.08)  | -  | (2.80)  | (4.90) E |
| Net asset value, end of period  | $20.49 | $19.63 | $19.53 | $15.96 | $15.78 | $25.52 |
| **Total Return** F,G | 4.77% <br>| 1.72% D | 22.99%  | 1.14%  | (29.49)%  | 47.35%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .63% J | .63%  | .71%  | .72%  | .69%  | .70%  |
| Expenses net of fee waivers, if any  | .63% J<br>| .63%  | .71%  | .71%  | .69%  | .70%  |
| Expenses net of all reductions, if any  | .63% J | .63%  | .71%  | .71%  | .69%  | .69%  |
| Net investment income (loss)  | .59% J | .34%  | .15%  | (.05)%  | (.14)%  | (.03)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4227089 | $4272932 | $4914531 | $4969107 | $5280692 | $8873624 |
| Portfolio turnover rate K | 45% J<br>| 38%  | 52% L | 51%  | 46%  | 78%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 1.62%.*

E*Total distributions per share do not sum due to rounding.*

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

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

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

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

J*Annualized.*

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

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

**Health Care Portfolio**

**Consolidated Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 2.2%  |  |  |
| Health Care - 2.2% |  |  |
| Pharmaceuticals - 2.2% |  |  |
| UCB SA  | 550000 | 128592484 |
| CANADA - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Biotechnology - 0.8% |  |  |
| Xenon Pharmaceuticals Inc (b) | 1280000 | 49548800 |
| CHINA - 0.5%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| BeOne Medicines Ltd ADR (b) | 100000 | 30605000 |
| DENMARK - 2.4%  |  |  |
| Health Care - 2.4% |  |  |
| Biotechnology - 2.4% |  |  |
| Ascendis Pharma A/S ADR (b) | 740000 | 143759800 |
| FRANCE - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| Sartorius Stedim Biotech  | 128000 | 26190785 |
| GERMANY - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.7% |  |  |
| BioNTech SE ADR (b)(c) | 400000 | 40000000 |
| NETHERLANDS - 5.0%  |  |  |
| Health Care - 5.0% |  |  |
| Biotechnology - 4.7% |  |  |
| Argenx SE ADR (b)(c) | 280000 | 199416000 |
| Merus NV (b) | 1040000 | 68473600 |
| Newamsterdam Pharma Co NV (b) | 280000 | 6734000 |
|  |  | 274623600 |
| Pharmaceuticals - 0.3% |  |  |
| Pharvaris NV (b) | 800000 | 17320000 |
| TOTAL NETHERLANDS |  | 291943600 |
| UNITED KINGDOM - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Immunocore Holdings PLC ADR (b)(c) | 520000 | 16754400 |
| UNITED STATES - 85.6%  |  |  |
| Health Care - 85.6% |  |  |
| Biotechnology - 27.4% |  |  |
| AbbVie Inc  | 640000 | 134656000 |
| Acumen Pharmaceuticals Inc (b) | 1140000 | 1550400 |
| Akero Therapeutics Inc (b) | 420000 | 19626600 |
| Alnylam Pharmaceuticals Inc (b) | 535000 | 238882850 |
| Annexon Inc (b) | 1200000 | 2472000 |
| Apogee Therapeutics Inc (b) | 64021 | 2328444 |
| Arcellx Inc (b)(c) | 430000 | 29837700 |
| Avidity Biosciences Inc (b) | 670000 | 31208600 |
| Caris Life Sciences Inc (d) | 1729127 | 66381186 |
| Cartesian Therapeutics Inc (b) | 368992 | 3708370 |
| Centessa Pharmaceuticals PLC ADR (b) | 280000 | 4701200 |
| CG oncology Inc (b)(c) | 690000 | 18505800 |
| Cidara Therapeutics Inc (b) | 210000 | 13731900 |
| Cogent Biosciences Inc (b) | 3380000 | 40830400 |
| Cytokinetics Inc (b) | 850000 | 30030500 |
| Day One Biopharmaceuticals Inc (b) | 1000000 | 7510000 |
| Disc Medicine Inc (b) | 600000 | 35787000 |
| Exact Sciences Corp (b) | 2500000 | 118550000 |
| Gilead Sciences Inc  | 900000 | 101673000 |
| Immunovant Inc (b) | 750000 | 11017500 |
| Insmed Inc (b) | 430000 | 58523000 |
| Jade Biosciences Inc  | 400000 | 3160000 |
| Janux Therapeutics Inc (b) | 846163 | 19224823 |
| Legend Biotech Corp ADR (b) | 3670000 | 127459100 |
| Metsera Inc (b)(c) | 305342 | 10775519 |
| MoonLake Immunotherapeutics Class A (b) | 460000 | 25645000 |
| Nurix Therapeutics Inc (b) | 1690000 | 15784600 |
| Nuvalent Inc Class A (b) | 715000 | 54754700 |
| Oruka Therapeutics Inc (b)(c) | 999710 | 14795708 |
| Perspective Therapeutics Inc (b) | 600000 | 2016000 |
| Revolution Medicines Inc (b) | 630000 | 23921100 |
| Rezolute Inc/old (b) | 2800000 | 19936000 |
| Rhythm Pharmaceuticals Inc (b) | 228000 | 23518200 |
| Scholar Rock Holding Corp (b) | 97528 | 3184289 |
| Soleno Therapeutics Inc (b) | 810000 | 54812700 |
| Spyre Therapeutics Inc (b)(c) | 650000 | 10718500 |
| Stoke Therapeutics Inc (b) | 1200000 | 23712000 |
| Summit Therapeutics Inc (b)(c) | 570000 | 13509000 |
| Ultragenyx Pharmaceutical Inc (b) | 450000 | 13482000 |
| Upstream Bio Inc  | 1080000 | 18500400 |
| Vaxcyte Inc (b) | 1200000 | 36948000 |
| Veracyte Inc (b) | 1400000 | 42476000 |
| Viking Therapeutics Inc (b)(c) | 690000 | 18664500 |
| Viridian Therapeutics Inc (b) | 2704316 | 49705328 |
| Zenas Biopharma Inc (b) | 475058 | 7600928 |
|  |  | 1605816845 |
| Health Care Equipment & Supplies - 26.2% |  |  |
| Boston Scientific Corp (b) | 4180000 | 440990000 |
| Edwards Lifesciences Corp (b) | 1500000 | 122010000 |
| Inspire Medical Systems Inc (b) | 264200 | 24752898 |
| Insulet Corp (b) | 560000 | 190332800 |
| Intuitive Surgical Inc (b) | 100000 | 47329500 |
| Kestra Medical Technologies Ltd  | 638900 | 10311846 |
| Masimo Corp (b) | 1481619 | 206996990 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(f)(g) | 15815 | 192310 |
| Outset Medical Inc (b)(e) | 1345000 | 18708950 |
| Penumbra Inc (b) | 1050000 | 286272000 |
| PROCEPT BioRobotics Corp (b)(c) | 690000 | 27717300 |
| Shoulder Innovations Inc (d)(g) | 448586 | 6648045 |
| Shoulder Innovations Inc  | 96700 | 1433094 |
| Stryker Corp  | 400000 | 156564000 |
|  |  | 1540259733 |
| Health Care Providers & Services - 10.4% |  |  |
| agilon health Inc (b) | 12000000 | 15360000 |
| Astrana Health Inc (b) | 620800 | 19840768 |
| BrightSpring Health Services Inc (b)(c) | 3850000 | 91206500 |
| Cigna Group/The  | 69000 | 20760030 |
| CVS Health Corp  | 2320000 | 169708000 |
| LifeStance Health Group Inc (b) | 3600000 | 19728000 |
| Omada Health Inc (d) | 717691 | 17002100 |
| Omada Health Inc  | 13367 | 316664 |
| Privia Health Group Inc (b) | 2800000 | 64512000 |
| Surgery Partners Inc (b)(c) | 1800000 | 40842000 |
| UnitedHealth Group Inc  | 495000 | 153385650 |
|  |  | 612661712 |
| Health Care Technology - 3.9% |  |  |
| Evolent Health Inc Class A (b) | 1980959 | 19116254 |
| HeartFlow Inc (d) | 636013 | 20034410 |
| HeartFlow Inc  | 11200 | 352800 |
| Phreesia Inc (b) | 1000000 | 31660000 |
| Veeva Systems Inc Class A (b) | 505000 | 135946000 |
| Waystar Holding Corp (b) | 640000 | 24243200 |
|  |  | 231352664 |
| Life Sciences Tools & Services - 9.8% |  |  |
| 10X Genomics Inc Class A (b) | 2080000 | 29140800 |
| 10X Genomics Inc Class B (b)(h) | 500000 | 7005000 |
| Danaher Corp  | 1710000 | 351952200 |
| IQVIA Holdings Inc (b) | 385000 | 73461850 |
| Repligen Corp (b) | 370000 | 45258400 |
| Thermo Fisher Scientific Inc  | 145000 | 71444400 |
|  |  | 578262650 |
| Pharmaceuticals - 7.9% |  |  |
| Contineum Therapeutics Inc Class A (b) | 450000 | 4702500 |
| Crinetics Pharmaceuticals Inc (b) | 1290000 | 39977100 |
| Eli Lilly & Co  | 400000 | 293032001 |
| Enliven Therapeutics Inc (b) | 1220000 | 24729400 |
| Ocular Therapeutix Inc (b) | 262397 | 3203867 |
| Rapport Therapeutics Inc (b)(c) | 278632 | 4912282 |
| Royalty Pharma PLC Class A  | 1750000 | 62965000 |
| Structure Therapeutics Inc ADR (b) | 850000 | 16405000 |
| WaVe Life Sciences Ltd (b) | 1280000 | 12288000 |
|  |  | 462215150 |
| TOTAL UNITED STATES |  | 5030568754 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,713,212,694) |  | <br> **5757963623** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Saluda Medical Inc 0% (f)(g)(i) | 3194800 | 3696064 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Kardium Inc/Us 10% 12/31/2026 (f)(g) | 3839963 | 4526164 |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc 0% (f)(g)(j) | 2299153 | 2747028 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics 10% 2/28/2027 (f)(g) | 1748893 | 2234560 |
| TOTAL HEALTH CARE |  | 9507752 |
| TOTAL UNITED STATES |  | 13203816 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $12,040,513) |  | <br> **13203816** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.6%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (b)(f)(g) | 330316 | 2513705 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| InSightec Ltd Series G (b)(f)(g) | 11853768 | 8771788 |
| UNITED STATES - 1.5%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Saluda Medical Inc Series E (b)(f)(g) | 759659 | 3046233 |
| Saluda Medical Inc Series E-1 (f)(g) | 395700 | 3066675 |
|  |  | 6112908 |
| Health Care - 1.3% |  |  |
| Biotechnology - 0.6% |  |  |
| Asimov Inc Series B (b)(f)(g) | 101438 | 2714481 |
| Cleerly Inc Series C (b)(f)(g) | 1285367 | 14537501 |
| Element Biosciences Inc Series C (b)(f)(g) | 572265 | 4360659 |
| Element Biosciences Inc Series D (b)(f)(g) | 413355 | 2232117 |
| Element Biosciences Inc Series D1 (b)(f)(g) | 413355 | 2232117 |
| ElevateBio LLC Series C (b)(f)(g) | 254900 | 532741 |
| Endeavor BioMedicines Inc Series C (b)(f)(g) | 1366212 | 7131627 |
|  |  | 33741243 |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Kardium Inc/Us Series D-7 (f) | 15888877 | 9056660 |
| Kardium Inc/Us Series D-7 (f)(g) | 3477566 | 1982213 |
| Kardium Inc/Us Series D-7 (f) | 723517 | 419639 |
| Medical Microinstruments Inc/Italy Series C (b)(f)(g) | 316310 | 10656484 |
|  |  | 22114996 |
| Health Care Providers & Services - 0.0% |  |  |
| Thriveworks Topco LLC Class B (b)(f)(g)(k) | 473270 | 1381948 |
| Health Care Technology - 0.2% |  |  |
| Aledade Inc Series B1 (b)(f)(g) | 201220 | 7358616 |
| Aledade Inc Series E1 (b)(f)(g) | 56664 | 2072202 |
| Candid Therapeutics Series B (b)(f)(g) | 3162302 | 3130679 |
| Wugen Inc Series B (b)(f)(g) | 454342 | 699687 |
|  |  | 13261184 |
| Pharmaceuticals - 0.1% |  |  |
| Galvanize Therapeutics Series B (b)(f)(g) | 3696429 | 2661429 |
| Galvanize Therapeutics Series C-1 (f)(g) | 5823768 | 2562457 |
|  |  | 5223886 |
| TOTAL HEALTH CARE |  | 75723257 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Manus Bio Inc Series One-6 (f)(g) | 1079396 | 3583595 |
| TOTAL UNITED STATES |  | 85419760 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $148,721,200) |  | <br> **96705253** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (l) | 4.36 | 13179360 | 13181995 |
| Fidelity Securities Lending Cash Central Fund (l)(m) | 4.36 | 107654561 | 107665327 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $120,845,572) |  |  | **120847322** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.8%**<br> (Cost $3,994,819,979)<br>| <br>**5988720014** |
| **NET OTHER ASSETS (LIABILITIES) - (1.8)%**  | **(108557108)** |
| **NET ASSETS - 100.0%** | **5880162906** |

---

**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) 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 $110,065,741 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(e) Affiliated company

(f) Level 3 security

(g) 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 $107,273,125 or 1.8% of net assets.

(h) 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 $7,005,000 or 0.1% of net assets.

(i) Security is perpetual in nature with no stated maturity date.

(j) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

(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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Aledade Inc Series B1 | 5/7/2021 | 7704855 |
| Aledade Inc Series E1 | 5/20/2022 | 2822683 |
| Asimov Inc Series B | 10/29/2021 | 9401345 |
| Candid Therapeutics Series B | 8/27/2024 | 3794762 |
| Cleerly Inc Series C | 7/8/2022 | 15142394 |
| dMed Biopharmaceutical Co Ltd Series C | 12/1/2020 | 4691527 |
| Element Biosciences Inc Series C | 6/21/2021 | 11763881 |
| Element Biosciences Inc Series D | 6/28/2024 | 3242067 |
| Element Biosciences Inc Series D1 | 6/28/2024 | 3242067 |
| ElevateBio LLC Series C | 3/9/2021 | 1069306 |
| Endeavor BioMedicines Inc Series C | 4/22/2024 | 8913987 |
| Galvanize Therapeutics 10% 2/28/2027 | 7/7/2025 | 2234560 |
| Galvanize Therapeutics Series B | 3/29/2022 | 6399572 |
| Galvanize Therapeutics Series C-1 | 7/7/2025 | 2562458 |
| InSightec Ltd Series G | 6/17/2024 | 10523775 |
| Kardium Inc/Us 10% 12/31/2026 | 8/2/2024 | 4312000 |
| Kardium Inc/Us Series D-7 | 8/6/2024 | 1688115 |
| Manus Bio Inc Series One-6 | 3/30/2021 | 11322073 |
| Medical Microinstruments Inc/Italy Series C | 2/16/2024 | 10543783 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 | 2/16/2024 | 0 |
| Saluda Medical Inc 0% | 1/3/2025 | 3194800 |
| Saluda Medical Inc Series E | 4/6/2023 | 6133335 |
| Saluda Medical Inc Series E-1 | 4/6/2023 | 3194802 |
| Shoulder Innovations Inc | 7/18/2025 | 6398000 |
| Thriveworks Topco LLC Class B | 7/23/2021 - 2/25/2022 | 13584368 |
| Wugen Inc 0% | 6/14/2024 | 2299153 |
| Wugen Inc Series B | 7/9/2021 | 3523377 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Caris Life Sciences Inc | 12/15/2025 |
| HeartFlow Inc | 2/4/2026 |
| Omada Health Inc | 12/3/2025 |
| Shoulder Innovations Inc | 1/27/2026 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 13904113 | 598356740 | 599078858 | 694276 | - | - | 13181995 | 13179360 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 56507844 | 316544029 | 265386546 | 557223 | - | - | 107665327 | 107654561 | 0.4% |
| Total | 70411957 | 914900769 | 864465404 | 1251499 | - | - | 120847322 |  |  |

---

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 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.

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

**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 ($) and Shares end of period columns 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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Outset Medical Inc | - | 165572 | - | - | - | 2548578 | 18708950 | 1345000 |
| Total | - | 165572 | - | - | - | 2548578 | 18708950 |  |

---

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Health Care | 5757963623 | 5757771313 | - | 192310 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Financials | 3696064 | - | - | 3696064 |
| Health Care | 9507752 | - | - | 9507752 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 6112908 | - | - | 6112908 |
| Health Care | 87008750 | - | - | 87008750 |
| Materials | 3583595 | - | - | 3583595 |
|  **Money Market Funds** | 120847322 | 120847322 | - | - |
| **Total Investments in Securities:** | 5988720014 | 5878618635 | - | 110101379 |

---

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 ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2025 ($)** |
| **Common Stocks** | 5140163 | - | 3006829 | - | (7954682) | - | - | - | 192310 | (4586) |
| **Convertible Preferred Stocks** | 115066978 | - | 8963357 | 22873865 | (50198947) | - | - | - | 96705253 | (15983326) |
| **Convertible Corporate Bonds** | 9503755 | 1490918 | 459601 | 6546560 | (4797018) | - | - | - | 13203816 | 905925 |
| **Preferred Securities** | 12953853 | - | (73988) | 389401 | (13269266) | - | - | - | - | - |
| <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $150,416,123) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,857,814,035) | $5849163742 |  |
| Fidelity Central Funds (cost $120,845,572) | 120847322 |  |
| Other affiliated issuers (cost $16,160,372) | 18708950 |  |
| Total Investment in Securities (cost $3,994,819,979) |  | $5988720014 |
| Cash |  | 26763 |
| Foreign currency held at value (cost $70,532) |  | 70889 |
| Receivable for investments sold |  | 2794295 |
| Receivable for fund shares sold |  | 1716246 |
| Dividends receivable |  | 985000 |
| Reclaims receivable |  | 3502098 |
| Interest receivable |  | 620531 |
| Distributions receivable from Fidelity Central Funds |  | 143285 |
| Prepaid expenses |  | 7921 |
| Other receivables |  | 979752 |
| **Total assets** |  | 5999566794 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $4317110 |  |
| Payable for fund shares redeemed | 3420409 |  |
| Accrued management fee | 2934332 |  |
| Other payables and accrued expenses | 1088535 |  |
| Collateral on securities loaned | 107643502 |  |
| **Total liabilities** |  | 119403888 |
| **Net Assets**  |  | $5880162906 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3577524537 |
| Total accumulated earnings (loss) |  | 2302638369 |
| **Net Assets** |  | $5880162906 |
| **Net Asset Value**, offering price and redemption price per share ($5,880,162,906 ÷ 221,055,059 shares) |  | $26.60 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $19054426 |
| Interest  |  | 214936 |
| Income from Fidelity Central Funds (including $557,223 from security lending)  |  | 1251499 |
| **Total income** |  | 20520861 |
| **Expenses** |  |  |
| Management fee | $18560859 |  |
| Custodian fees and expenses | 114242 |  |
| Independent trustees' fees and expenses | 11737 |  |
| Registration fees | 32737 |  |
| Audit fees | 32617 |  |
| Legal | 2734 |  |
| Interest | 4355 |  |
| Miscellaneous | 15474 |  |
| Total expenses before reductions | 18774755 |  |
| Expense reductions | (513) |  |
| Total expenses after reductions |  | 18774242 |
| **Net Investment income (loss)** |  | 1746619 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 330059665 |  |
| Foreign currency transactions | 55923 |  |
| Total net realized gain (loss) |  | 330115588 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (532165380) |  |
| Affiliated issuers  | 2548578 |  |
| Unfunded commitments | 585076 |  |
| Assets and liabilities in foreign currencies | 379748 |  |
| Total change in net unrealized appreciation (depreciation) |  | (528651978) |
| **Net gain (loss)** |  | (198536390) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(196789771) |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1746619 | $(6562240) |
| &nbsp;&nbsp;Net realized gain (loss) | 330115588<br>| 671172651<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (528651978) | (516216800)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (196789771)<br>| 148393611<br>|
| Distributions to shareholders | (139224232)<br>| (707917595)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 107182122 | 245582352 |
| Reinvestment of distributions | 126746911<br>| 643544261<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (750992053) | (1509305032) |
| **Net increase (decrease) in net assets resulting from share transactions** | (517063020)<br>| (620178419)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (853077023)<br>| (1179702403)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6733239929 | 7912942332<br>|
| &nbsp;&nbsp;End of period | $5880162906 | $6733239929 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 4150608 | 8294953 |
| Issued in reinvestment of distributions | 4935626<br>| 23014058<br>|
| &nbsp;&nbsp;Redeemed | (29134984) | (51006439) |
| &nbsp;&nbsp;Net increase (decrease) | (20048750) | (19697428) |

---

**Consolidated Financial Highlights** 

**Health Care Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.93 | $30.34 | $27.18 | $28.30 | $32.18 | $26.53 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .01  | (.03)  | (.02)  | (.03)  | (.03)  | - D |
| Net realized and unrealized gain (loss)  | (.75)  | .56  | 3.18  | (.50)  | (.92)  | 9.23  |
| Total from investment operations  | (.74)  | .53  | 3.16  | (.53)  | (.95)  | 9.23  |
| Distributions from net investment income  | -  | (.01)  | -  | -  | (.04) E | (.18)  |
| Distributions from net realized gain  | (.59)  | (2.93)  | -  | (.59)  | (2.89) E | (3.40)  |
| Total distributions  | (.59)  | (2.94)  | -  | (.59)  | (2.93)  | (3.58)  |
| Net asset value, end of period  | $26.60 | $27.93 | $30.34 | $27.18 | $28.30 | $32.18 |
| **Total Return** F,G | (2.57)% <br>| 1.94%  | 11.63%  | (2.05)%  | (3.67)%  | 36.00%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .62% J | .63%  | .69%  | .69%  | .68%  | .69%  |
| Expenses net of fee waivers, if any  | .62% J<br>| .63%  | .68%  | .68%  | .67%  | .69%  |
| Expenses net of all reductions, if any  | .62% J | .63%  | .68%  | .68%  | .67%  | .69%  |
| Net investment income (loss)  | .06% J | (.09)%  | (.06)%  | (.10)%  | (.10)%  | (.01)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5880163 | $6733240 | $7912942 | $8153464 | $8999209 | $10353077 |
| Portfolio turnover rate K | 60% J<br>| 40%  | 46%  | 40%  | 31%  | 52%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Amount represents less than $.005 per share.*

E*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

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

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

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 99.3%  |  |  |
| Health Care - 99.3% |  |  |
| Health Care Providers & Services - 98.3% |  |  |
| Acadia Healthcare Co Inc (a)(b) | 340099 | 7808673 |
| Addus HomeCare Corp (a) | 82161 | 9462482 |
| agilon health Inc (a) | 2824470 | 3615322 |
| Alignment Healthcare Inc (a) | 934600 | 15290056 |
| Astrana Health Inc (a)(b) | 185190 | 5918672 |
| BrightSpring Health Services Inc (a)(b) | 488400 | 11570196 |
| Cardinal Health Inc  | 271986 | 40466077 |
| Cencora Inc  | 148168 | 43207270 |
| Centene Corp (a) | 323084 | 9382359 |
| Chemed Corp  | 36900 | 16898355 |
| Cigna Group/The  | 242672 | 73012725 |
| CVS Health Corp  | 1083070 | 79226571 |
| Elevance Health Inc  | 126861 | 40424258 |
| Encompass Health Corp  | 181500 | 22099440 |
| HCA Healthcare Inc  | 115767 | 46765237 |
| HealthEquity Inc (a) | 141987 | 12683699 |
| Hims & Hers Health Inc Class A (a)(b) | 173146 | 7332733 |
| Hinge Health Inc Class A (a) | 46000 | 2579680 |
| Humana Inc  | 133865 | 40649446 |
| Labcorp Holdings Inc  | 102530 | 28502315 |
| LifeStance Health Group Inc (a) | 2256168 | 12363801 |
| McKesson Corp  | 60600 | 41610384 |
| Molina Healthcare Inc (a) | 70900 | 12820847 |
| Option Care Health Inc (a) | 498100 | 14285508 |
| Privia Health Group Inc (a) | 594064 | 13687235 |
| Quest Diagnostics Inc  | 75059 | 13633717 |
| Surgery Partners Inc (a)(b) | 553357 | 12555670 |
| Tenet Healthcare Corp (a) | 150600 | 27760098 |
| UnitedHealth Group Inc  | 602162 | 186591939 |
| US Physical Therapy Inc (b) | 155908 | 12923214 |
|  |  | 865127979 |
| Health Care Technology - 1.0% |  |  |
| Waystar Holding Corp (a) | 237800 | 9007864 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $570,971,742) |  | <br> **874135843** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Thriveworks Topco LLC Class B (a)(c)(d)(e) | 69639 | 203346 |
| Health Care Technology - 0.6% |  |  |
| Aledade Inc Series B1 (a)(c)(e) | 52232 | 1910124 |
| Aledade Inc Series E1 (a)(c)(e) | 40149 | 1468249 |
| Aledade Inc Series F (a)(c)(e) | 59859 | 2189044 |
|  |  | 5567417 |
| TOTAL HEALTH CARE |  | 5770763 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $9,178,960) |  | <br> **5770763** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.36 | 19681 | 19683 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.36 | 32899687 | 32902977 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $32,922,660) |  |  | **32922660** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.6%**<br> (Cost $613,073,362)<br>| <br>**912829266** |
| **NET OTHER ASSETS (LIABILITIES) - (3.6)%**  | **(31425625)** |
| **NET ASSETS - 100.0%** | **881403641** |

---

**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 $5,770,763 or 0.7% of net assets.

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

(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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Aledade Inc Series B1 | 5/7/2021 | 2000000 |
| Aledade Inc Series E1 | 5/20/2022 | 1999998 |
| Aledade Inc Series F | 6/7/2023 | 2999984 |
| Thriveworks Topco LLC Class B | 7/23/2021 - 2/25/2022 | 1998863 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1773554 | 73301446 | 75055317 | 65181 | - | - | 19683 | 19681 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 14351080 | 163686981 | 145135084 | 14881 | - | - | 32902977 | 32899687 | 0.1% |
| Total | 16124634 | 236988427 | 220190401 | 80062 | - | - | 32922660 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Health Care | 874135843 | 874135843 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 5770763 | - | - | 5770763 |
|  **Money Market Funds** | 32922660 | 32922660 | - | - |
| **Total Investments in Securities:** | 912829266 | 907058503 | - | 5770763 |

---

**Health Care Services Portfolio**

**Consolidated Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $44,996,824) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $580,150,702) | $879906606 |  |
| Fidelity Central Funds (cost $32,922,660) | 32922660 |  |
| Total Investment in Securities (cost $613,073,362) |  | $912829266 |
| Receivable for investments sold |  | 3043992 |
| Receivable for fund shares sold |  | 178623 |
| Dividends receivable |  | 230161 |
| Distributions receivable from Fidelity Central Funds |  | 6071 |
| Prepaid expenses |  | 1208 |
| Other receivables |  | 112851 |
| **Total assets** |  | 916402172 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1496126 |  |
| Accrued management fee | 465824 |  |
| Other payables and accrued expenses | 137033 |  |
| Collateral on securities loaned | 32899548 |  |
| **Total liabilities** |  | 34998531 |
| **Net Assets**  |  | $881403641 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $605226101 |
| Total accumulated earnings (loss) |  | 276177540 |
| **Net Assets** |  | $881403641 |
| **Net Asset Value**, offering price and redemption price per share ($881,403,641 ÷ 9,087,943 shares) |  | $96.99 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6524742 |
| Income from Fidelity Central Funds (including $14,881 from security lending)  |  | 80062 |
| **Total income** |  | 6604804 |
| **Expenses** |  |  |
| Management fee | $3287385 |  |
| Custodian fees and expenses | 4946 |  |
| Independent trustees' fees and expenses | 1944 |  |
| Registration fees | 30137 |  |
| Audit fees | 23305 |  |
| Legal | 264 |  |
| Miscellaneous | 2720 |  |
| **Total expenses** |  | 3350701 |
| **Net Investment income (loss)** |  | 3254103 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (38478413) |  |
| Redemptions in-kind | 35694003 |  |
| Total net realized gain (loss) |  | (2784410) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (107283951) |  |
| Assets and liabilities in foreign currencies | (10) |  |
| Total change in net unrealized appreciation (depreciation) |  | (107283961) |
| **Net gain (loss)** |  | (110068371) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(106814268) |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3254103 | $6687474 |
| &nbsp;&nbsp;Net realized gain (loss) | (2784410)<br>| 113082220<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (107283961) | (223572382)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (106814268)<br>| (103802688)<br>|
| Distributions to shareholders | -<br>| (164827941)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 151290362 | 129828697 |
| Reinvestment of distributions | -<br>| 148268039<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (248211671) | (469343621) |
| **Net increase (decrease) in net assets resulting from share transactions** | (96921309)<br>| (191246885)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (203735577)<br>| (459877514)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1085139218 | 1545016732<br>|
| &nbsp;&nbsp;End of period | $881403641 | $1085139218 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1469811 | 1082476 |
| Issued in reinvestment of distributions | -<br>| 1394816<br>|
| &nbsp;&nbsp;Redeemed | (2489094) | (3867981) |
| &nbsp;&nbsp;Net increase (decrease) | (1019283) | (1390689) |

---

**Consolidated Financial Highlights** 

**Health Care Services Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $107.36 | $134.37 | $124.77 | $131.98 | $121.44 | $94.72 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .34  | .63  | .52  | .28  | .29  | .06  |
| Net realized and unrealized gain (loss)  | (10.71)  | (11.08)  | 9.84  | (.47)  | 20.01  | 27.59  |
| Total from investment operations  | (10.37)  | (10.45)  | 10.36  | (.19)  | 20.30  | 27.65  |
| Distributions from net investment income  | -  | (.70)  | (.46)  | (.31)  | (.22) D | (.93)  |
| Distributions from net realized gain  | -  | (15.86)  | (.30)  | (6.71)  | (9.55) D | -  |
| Total distributions  | -  | (16.56)  | (.76)  | (7.02)  | (9.76) E | (.93)  |
| Net asset value, end of period  | $96.99 | $107.36 | $134.37 | $124.77 | $131.98 | $121.44 |
| **Total Return** F,G | (9.66)% <br>| (7.23)%  | 8.32%  | (.64)%  | 16.85%  | 29.43%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .68% J | .67%  | .73%  | .73%  | .71%  | .73%  |
| Expenses net of fee waivers, if any  | .68% J<br>| .67%  | .73%  | .73%  | .71%  | .73%  |
| Expenses net of all reductions, if any  | .68% J | .67%  | .73%  | .73%  | .71%  | .73%  |
| Net investment income (loss)  | .66% J | .51%  | .41%  | .21%  | .22%  | .05%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $881404 | $1085139 | $1545017 | $1708702 | $1214032 | $1100913 |
| Portfolio turnover rate K | 61% J,L<br>| 56%  | 32%  | 30%  | 35%  | 34%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Total distributions per share do not sum due to rounding.*

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

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

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

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

J*Annualized.*

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

L*Portfolio 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.9%** | &nbsp;&nbsp;**Common Stocks - 95.9%** | &nbsp;&nbsp;**Common Stocks - 95.9%** |
|  | Shares | Value ($)<br>|
| FRANCE - 1.7%  |  |  |
| Health Care - 1.7% |  |  |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS (b)(c)(d) | 4668 | 133688 |
| DNA Script SAS (b)(c)(d) | 1220 | 34882 |
|  |  | 168570 |
| Life Sciences Tools & Services - 1.7% |  |  |
| Sartorius Stedim Biotech  | 350000 | 71615429 |
| TOTAL FRANCE |  | 71783999 |
| JAPAN - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Asahi Intecc Co Ltd  | 1000000 | 17119394 |
| UNITED STATES - 93.8%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Saluda Medical Inc warrants 1/20/2027 (b)(c)(d) | 235185 | 89370 |
| Health Care - 93.8% |  |  |
| Biotechnology - 5.2% |  |  |
| Caris Life Sciences Inc (e) | 1201686 | 46132726 |
| Exact Sciences Corp (c) | 1760000 | 83459200 |
| Natera Inc (c) | 200000 | 33650000 |
| Veracyte Inc (c) | 1950000 | 59163000 |
|  |  | 222404926 |
| Health Care Equipment & Supplies - 53.9% |  |  |
| Abbott Laboratories  | 1590400 | 210982464 |
| Align Technology Inc (c) | 100000 | 14196000 |
| Boston Scientific Corp (c) | 5380000 | 567590000 |
| Ceribell Inc (c) | 500000 | 5915000 |
| Edwards Lifesciences Corp (c) | 2580000 | 209857200 |
| Glaukos Corp (c) | 120000 | 11498400 |
| ICU Medical Inc (c)(f) | 50000 | 6383000 |
| Inspire Medical Systems Inc (c) | 283000 | 26514270 |
| Insulet Corp (c) | 560000 | 190332800 |
| Intuitive Surgical Inc (c) | 640000 | 302908800 |
| Kestra Medical Technologies Ltd (f) | 1180000 | 19045200 |
| Masimo Corp (c) | 1380288 | 192840036 |
| Outset Medical Inc (c) | 300000 | 4173000 |
| Penumbra Inc (c) | 840000 | 229017600 |
| PROCEPT BioRobotics Corp (c)(f) | 860000 | 34546200 |
| Shoulder Innovations Inc (d)(e) | 874963 | 12966952 |
| Shoulder Innovations Inc (f) | 72800 | 1078896 |
| Stryker Corp  | 628000 | 245805480 |
|  |  | 2285651298 |
| Health Care Providers & Services - 0.5% |  |  |
| agilon health Inc (c) | 2000000 | 2559999 |
| Omada Health Inc (e) | 727646 | 17237934 |
|  |  | 19797933 |
| Health Care Technology - 8.0% |  |  |
| Doximity Inc Class A (c) | 548558 | 37269031 |
| Evolent Health Inc Class A (c)(f) | 2138200 | 20633630 |
| HeartFlow Inc (e) | 457611 | 14414747 |
| HeartFlow Inc  | 8200 | 258300 |
| Phreesia Inc (c) | 1200000 | 37992000 |
| Prognomiq Inc (b)(c)(d) | 445310 | 31171 |
| Veeva Systems Inc Class A (c) | 708000 | 190593600 |
| Waystar Holding Corp (c) | 1080000 | 40910400 |
|  |  | 342102879 |
| Life Sciences Tools & Services - 26.2% |  |  |
| 10X Genomics Inc Class A (c)(f) | 2240000 | 31382400 |
| 10X Genomics Inc Class B (c)(g) | 392772 | 5502736 |
| Agilent Technologies Inc  | 460000 | 57803600 |
| Bruker Corp  | 1000000 | 33980000 |
| Danaher Corp  | 2100000 | 432222000 |
| IQVIA Holdings Inc (c) | 870000 | 166004700 |
| Repligen Corp (c) | 510000 | 62383200 |
| Thermo Fisher Scientific Inc  | 660000 | 325195200 |
|  |  | 1114473836 |
| TOTAL HEALTH CARE |  | 3984430872 |
| TOTAL UNITED STATES |  | 3984520242 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,062,039,913) |  | <br> **4073423635** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics 10% 2/28/2027 (b)(d)<br>(Cost $1,644,981)<br>| 1287455 | **1644981** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.6%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (b)(c)(d) | 268502 | 2043300 |
| FRANCE - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Technology - 0.2% |  |  |
| DNA Script SAS Series B (b)(c)(d) | 59 | 2054 |
| DNA Script SAS Series C (b)(c)(d) | 28249 | 6509895 |
| TOTAL FRANCE |  | 6511949 |
| UNITED STATES - 2.4%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Freenome Holdings Inc Series C (b)(c)(d) | 2268156 | 6759105 |
| Freenome Holdings Inc Series D (b)(c)(d) | 1325855 | 4295770 |
|  |  | 11054875 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Saluda Medical Inc Series D (b)(c)(d) | 1567904 | 8482361 |
| Health Care - 1.8% |  |  |
| Biotechnology - 0.4% |  |  |
| Asimov Inc Series B (b)(c)(d) | 97985 | 2622079 |
| Element Biosciences Inc Series B (b)(c)(d) | 2385223 | 12450864 |
| ElevateBio LLC Series C (b)(c)(d) | 214700 | 448723 |
|  |  | 15521666 |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Kardium Inc/Us Series D-6 (b) | 19246988 | 17707229 |
| Kardium Inc/Us Series D-6 (b)(d) | 13783189 | 15712835 |
|  |  | 33420064 |
| Health Care Providers & Services - 0.4% |  |  |
| Conformal Medical Inc Series C (b)(c)(d) | 2605625 | 11464750 |
| Conformal Medical Inc Series D (b)(c)(d) | 932032 | 4744043 |
|  |  | 16208793 |
| Health Care Technology - 0.2% |  |  |
| Aledade Inc Series B1 (b)(c)(d) | 175232 | 6408234 |
| Aledade Inc Series E1 (b)(c)(d) | 58567 | 2141795 |
|  |  | 8550029 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics Series B (b)(c)(d) | 3641139 | 2621621 |
| Galvanize Therapeutics Series C-1 (b)(d) | 4287192 | 1886364 |
|  |  | 4507985 |
| TOTAL HEALTH CARE |  | 78208537 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Manus Bio Inc Series One-5 (b)(d) | 1716040 | 5697252 |
| TOTAL UNITED STATES |  | 103443025 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $179,575,426) |  | <br> **111998274** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.36 | 62451556 | 62464046 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.36 | 54384044 | 54389483 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $116,853,528) |  |  | **116853529** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.3%**<br> (Cost $2,360,113,848)<br>| <br>**4303920419** |
| **NET OTHER ASSETS (LIABILITIES) - (1.3)%**  | **(53324399)** |
| **NET ASSETS - 100.0%** | **4250596020** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Level 3 security

(c) Non-income producing.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $109,192,089 or 2.6% 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 $90,752,359 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(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 $5,502,736 or 0.1% 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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Aledade Inc Series B1 | 5/7/2021 | 6709756 |
| Aledade Inc Series E1 | 5/20/2022 | 2917480 |
| Asimov Inc Series B | 10/29/2021 | 9081318 |
| Conformal Medical Inc Series C | 7/24/2020 | 9554996 |
| Conformal Medical Inc Series D | 5/26/2023 - 7/31/2025 | 4734406 |
| dMed Biopharmaceutical Co Ltd Series C | 12/1/2020 | 3813574 |
| DNA Script SAS | 12/17/2021 | 3737869 |
| DNA Script SAS | 12/17/2021 | 976907 |
| DNA Script SAS Series B | 12/17/2021 | 47244 |
| DNA Script SAS Series C | 10/1/2021 | 24572393 |
| Element Biosciences Inc Series B | 12/13/2019 | 12500000 |
| ElevateBio LLC Series C | 3/9/2021 | 900667 |
| Freenome Holdings Inc Series C | 8/14/2020 | 14999996 |
| Freenome Holdings Inc Series D | 11/22/2021 | 9999996 |
| Galvanize Therapeutics 10% 2/28/2027 | 7/7/2025 | 1644981 |
| Galvanize Therapeutics Series B | 3/29/2022 | 6303849 |
| Galvanize Therapeutics Series C-1 | 7/7/2025 | 1886364 |
| Kardium Inc/Us Series D-6 | 12/30/2020 | 14001515 |
| Manus Bio Inc Series One-5 | 11/13/2020 | 18000001 |
| Prognomiq Inc | 8/20/2020 - 2/16/2022 | 9054752 |
| Saluda Medical Inc Series D | 1/20/2022 | 20000011 |
| Saluda Medical Inc warrants 1/20/2027 | 1/20/2022 | 0 |
| Shoulder Innovations Inc | 7/18/2025 | 12479230 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Caris Life Sciences Inc | 12/15/2025 |
| HeartFlow Inc | 2/4/2026 |
| Omada Health Inc | 12/3/2025 |
| Shoulder Innovations Inc | 1/27/2026 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 26564630 | 538999650 | 503100234 | 837984 | - | - | 62464046 | 62451556 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 25853699 | 280426529 | 251890746 | 85704 | - | 1 | 54389483 | 54384044 | 0.2% |
| Total | 52418329 | 819426179 | 754990980 | 923688 | - | 1 | 116853529 |  |  |

---

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 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.

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

**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 ($) and Shares end of period columns 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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Outset Medical Inc | 2507222 | 1136285 | - | - | (401) | 529894 | - | - |
| Total | 2507222 | 1136285 | - | - | (401) | 529894 | - |  |

---

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Financials | 89370 | - | - | 89370 |
| Health Care | 4073334265 | 4056015130 | 17119394 | 199741 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 1644981 | - | - | 1644981 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 11054875 | - | - | 11054875 |
| Financials | 8482361 | - | - | 8482361 |
| Health Care | 86763786 | - | - | 86763786 |
| Materials | 5697252 | - | - | 5697252 |
|  **Money Market Funds** | 116853529 | 116853529 | - | - |
| **Total Investments in Securities:** | 4303920419 | 4172868659 | 17119394 | 113932366 |

---

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 ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2025 ($)** |
| **Common Stocks** | 635669 | - | (346558) | - | - | - | - | - | 289111 | (346558) |
| **Convertible Preferred Stocks** | 125555907 | - | (1262894) | 55505806 | (67800545) | - | - | - | 111998274 | (30207595) |
| **Convertible Corporate Bonds** | 2762363 | 1097546 | (328563) | 1644981 | (3531346) | - | - | - | 1644981 | - |
| **Preferred Securities** | 13080195 | - | 6471666 | - | (19551861) | - | - | - | - | - |
| <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $52,379,178) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,243,260,320) | $4187066890 |  |
| Fidelity Central Funds (cost $116,853,528) | 116853529 |  |
| Total Investment in Securities (cost $2,360,113,848) |  | $4303920419 |
| Receivable for investments sold |  | 15057600 |
| Receivable for fund shares sold |  | 346011 |
| Dividends receivable |  | 510936 |
| Interest receivable |  | 19753 |
| Distributions receivable from Fidelity Central Funds |  | 123571 |
| Prepaid expenses |  | 5925 |
| Other receivables |  | 314766 |
| **Total assets** |  | 4320298981 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $8099214 |  |
| Payable for fund shares redeemed | 4715850 |  |
| Accrued management fee | 2156516 |  |
| Other payables and accrued expenses | 350463 |  |
| Collateral on securities loaned | 54380918 |  |
| **Total liabilities** |  | 69702961 |
| **Net Assets**  |  | $4250596020 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2125105545 |
| Total accumulated earnings (loss) |  | 2125490475 |
| **Net Assets** |  | $4250596020 |
| **Net Asset Value**, offering price and redemption price per share ($4,250,596,020 ÷ 70,687,860 shares) |  | $60.13 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6150305 |
| Interest  |  | 45936 |
| Income from Fidelity Central Funds (including $85,704 from security lending)  |  | 923688 |
| **Total income** |  | 7119929 |
| **Expenses** |  |  |
| Management fee | $13780761 |  |
| Custodian fees and expenses | 21535 |  |
| Independent trustees' fees and expenses | 8652 |  |
| Registration fees | 14768 |  |
| Audit fees | 26253 |  |
| Legal | 1115 |  |
| Interest | 5586 |  |
| Miscellaneous | 11277 |  |
| **Total expenses** |  | 13869947 |
| **Net Investment income (loss)** |  | (6750018) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 197447713 |  |
| Affiliated issuers | (401) |  |
| Foreign currency transactions | (27080) |  |
| Total net realized gain (loss) |  | 197420232 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (406303372) |  |
| Fidelity Central Funds  | 1 |  |
| Other affiliated issuers  | 529894 |  |
| Assets and liabilities in foreign currencies | 33005 |  |
| Total change in net unrealized appreciation (depreciation) |  | (405740472) |
| **Net gain (loss)** |  | (208320240) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(215070258) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(6750018) | $(19690866) |
| &nbsp;&nbsp;Net realized gain (loss) | 197420232<br>| 549475581<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (405740472) | (172277840)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (215070258)<br>| 357506875<br>|
| Distributions to shareholders | (126435896)<br>| (465610463)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 57201019 | 166208060 |
| Reinvestment of distributions | 115739635<br>| 426320180<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (574562479) | (1353819434) |
| **Net increase (decrease) in net assets resulting from share transactions** | (401621825)<br>| (761291194)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (743127979)<br>| (869394782)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4993723999 | 5863118781<br>|
| &nbsp;&nbsp;End of period | $4250596020 | $4993723999 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 965014 | 2538496 |
| Issued in reinvestment of distributions | 2066410<br>| 6681050<br>|
| &nbsp;&nbsp;Redeemed | (9703253) | (20796326) |
| &nbsp;&nbsp;Net increase (decrease) | (6671829) | (11576780) |

---

**Financial Highlights** 

**Medical Technology and Devices Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $64.55 | $65.92 | $61.64 | $70.83 | $74.99 | $55.88 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.09)  | (.24)  | (.25)  | (.24)  | (.37)  | (.24)  |
| Net realized and unrealized gain (loss)  | (2.65)  | 4.83  | 4.53  | (7.84)  | 2.97  | 24.19  |
| Total from investment operations  | (2.74)  | 4.59  | 4.28  | (8.08)  | 2.60  | 23.95  |
| Distributions from net realized gain  | (1.68)  | (5.96)  | -  | (1.11)  | (6.76)  | (4.84)  |
| Total distributions  | (1.68)  | (5.96)  | -  | (1.11)  | (6.76)  | (4.84)  |
| Net asset value, end of period  | $60.13 | $64.55 | $65.92 | $61.64 | $70.83 | $74.99 |
| **Total Return** D,E | (4.06)% <br>| 7.21%  | 6.94%  | (11.64)%  | 2.95%  | 44.20%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .62% H | .63%  | .70%  | .70%  | .68%  | .70%  |
| Expenses net of fee waivers, if any  | .62% H<br>| .63%  | .70%  | .70%  | .68%  | .70%  |
| Expenses net of all reductions, if any  | .62% H | .63%  | .70%  | .70%  | .68%  | .70%  |
| Net investment income (loss)  | (.30)% H | (.37)%  | (.40)%  | (.38)%  | (.46)%  | (.36)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4250596 | $4993724 | $5863119 | $6911485 | $8905834 | $8673299 |
| Portfolio turnover rate I | 53% H<br>| 31%  | 42%  | 37%  | 32%  | 58%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

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

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

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

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

H*Annualized.*

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

**Pharmaceuticals Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 7.4%  |  |  |
| Health Care - 7.4% |  |  |
| Pharmaceuticals - 7.4% |  |  |
| AgomAb Therapeutics SA warrants 10/10/2033 (b)(c)(d) | 10 | 0 |
| AgomAb Therapeutics SA warrants 11/4/2034 (b)(c)(d) | 10 | 0 |
| Financiere de Tubize SA  | 141200 | 26397343 |
| UCB SA  | 227100 | 53097006 |
| TOTAL BELGIUM |  | 79494349 |
| CANADA - 1.0%  |  |  |
| Health Care - 1.0% |  |  |
| Biotechnology - 1.0% |  |  |
| Xenon Pharmaceuticals Inc (d) | 284300 | 11005253 |
| DENMARK - 11.4%  |  |  |
| Health Care - 11.4% |  |  |
| Biotechnology - 0.6% |  |  |
| Ascendis Pharma A/S ADR (d) | 36100 | 7013147 |
| Pharmaceuticals - 10.8% |  |  |
| Novo Nordisk A/S Class B ADR  | 2063000 | 116476980 |
| TOTAL DENMARK |  | 123490127 |
| GERMANY - 1.0%  |  |  |
| Health Care - 1.0% |  |  |
| Biotechnology - 1.0% |  |  |
| BioNTech SE ADR (d) | 104553 | 10455300 |
| NETHERLANDS - 1.1%  |  |  |
| Health Care - 1.1% |  |  |
| Biotechnology - 1.1% |  |  |
| Merus NV (d) | 90400 | 5951936 |
| uniQure NV (d)(e) | 358100 | 5847773 |
| TOTAL NETHERLANDS |  | 11799709 |
| UNITED KINGDOM - 10.8%  |  |  |
| Health Care - 10.8% |  |  |
| Pharmaceuticals - 10.8% |  |  |
| Astrazeneca PLC ADR  | 1460800 | 116717920 |
| UNITED STATES - 63.7%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| MedAvail Holdings Inc (c)(d) | 66 | 0 |
| Health Care - 63.7% |  |  |
| Biotechnology - 17.3% |  |  |
| Arcus Biosciences Inc (d)(e) | 853517 | 9038745 |
| ArriVent Biopharma Inc (d) | 107000 | 2045840 |
| Avidity Biosciences Inc (d)(e) | 793500 | 36961230 |
| Beam Therapeutics Inc (d) | 239700 | 3921492 |
| Disc Medicine Inc (d) | 118900 | 7091791 |
| Gilead Sciences Inc  | 416900 | 47097193 |
| Insmed Inc (d) | 48200 | 6560020 |
| Intellia Therapeutics Inc (d)(e) | 472500 | 5365238 |
| Leap Therapeutics Inc warrants 1/31/2026 (d) | 60600 | 0 |
| Legend Biotech Corp ADR (d) | 832700 | 28919671 |
| Metsera Inc (d) | 278676 | 9834476 |
| Moderna Inc (d) | 417600 | 10059984 |
| PTC Therapeutics Inc (d) | 150800 | 7438964 |
| Summit Therapeutics Inc (d)(e) | 73517 | 1742353 |
| Ultragenyx Pharmaceutical Inc (d) | 254500 | 7624820 |
| Viking Therapeutics Inc (d)(e) | 65000 | 1758250 |
| Vir Biotechnology Inc (d) | 280800 | 1387151 |
|  |  | 186847218 |
| Pharmaceuticals - 46.4% |  |  |
| Axsome Therapeutics Inc (d) | 48900 | 5930592 |
| Crinetics Pharmaceuticals Inc (d) | 122800 | 3805572 |
| Edgewise Therapeutics Inc (d) | 83600 | 1199660 |
| Elanco Animal Health Inc (d) | 2531100 | 46445685 |
| Eli Lilly & Co  | 364861 | 267289871 |
| GSK PLC ADR  | 1342860 | 53271256 |
| Harmony Biosciences Holdings Inc (d) | 93877 | 3463123 |
| Jazz Pharmaceuticals PLC (d) | 57100 | 7294525 |
| Merck & Co Inc  | 631436 | 53116396 |
| Ocular Therapeutix Inc (d) | 1306417 | 15951352 |
| Royalty Pharma PLC Class A  | 1160000 | 41736800 |
|  |  | 499504832 |
| TOTAL HEALTH CARE |  | 686352050 |
| TOTAL UNITED STATES |  | 686352050 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $733,168,266) |  | <br> **1039314708** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Evozyne Inc 6% 9/13/2028 pay-in-kind (b)(c)<br>(Cost $978,944)<br>| 978945 | **1113354** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| AgomAb Therapeutics SA Series C (b)(c)(d) | 7729 | 2112700 |
| AgomAb Therapeutics SA Series D (b)(c) | 7649 | 2155441 |
| TOTAL BELGIUM |  | 4268141 |
| UNITED STATES - 0.5%  |  |  |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Paragon Biosciences Emalex Capital Inc Series C (b)(c)(d) | 158879 | 2046362 |
| Paragon Biosciences Emalex Capital Inc Series D-3 (b)(c) | 4581 | 63538 |
| Paragon Biosciences Emalex Capital Inc Series D1 (b)(c)(d) | 15977 | 206423 |
| Paragon Biosciences Emalex Capital Inc Series D2 (b)(c)(d) | 22477 | 276467 |
|  |  | 2592790 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Castle Creek Biosciences Inc Series C (b)(c)(d) | 200 | 46866 |
| Castle Creek Biosciences Inc Series D1 (b)(c)(d) | 6308 | 1321526 |
| Castle Creek Biosciences Inc Series D2 (b)(c)(d) | 85 | 15776 |
|  |  | 1384168 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Evozyne Inc Series A (b)(c)(d) | 5900 | 93397 |
| Evozyne Inc Series B (b)(c)(d) | 56643 | 932910 |
|  |  | 1026307 |
| TOTAL UNITED STATES |  | 5003265 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $8,260,983) |  | <br> **9271406** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Securities Lending Cash Central Fund (f)(g)<br>(Cost $11,520,691)<br>| 4.36 | 11519539 | **11520691** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.4%**<br> (Cost $753,928,884)<br>| <br>**1061220159** |
| **NET OTHER ASSETS (LIABILITIES) - 1.6%**  | **17328073** |
| **NET ASSETS - 100.0%** | **1078548232** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Level 3 security

(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 $10,384,760 or 1.0% of net assets.

(d) Non-income producing.

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

(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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| AgomAb Therapeutics SA Series C | 10/3/2023 | 1687596 |
| AgomAb Therapeutics SA Series D | 10/22/2024 | 1979796 |
| AgomAb Therapeutics SA warrants 10/10/2033 | 10/3/2023 | 0 |
| AgomAb Therapeutics SA warrants 11/4/2034 | 10/22/2024 | 0 |
| Castle Creek Biosciences Inc Series C | 12/9/2019 | 82370 |
| Castle Creek Biosciences Inc Series D1 | 4/19/2022 | 1356409 |
| Castle Creek Biosciences Inc Series D2 | 6/28/2021 | 14700 |
| Evozyne Inc 6% 9/13/2028 pay-in-kind | 9/14/2023 - 6/30/2025 | 978945 |
| Evozyne Inc Series A | 4/9/2021 | 132573 |
| Evozyne Inc Series B | 9/14/2023 | 877400 |
| MedAvail Holdings Inc | 7/2/2012 | 500000 |
| Paragon Biosciences Emalex Capital Inc Series C | 2/26/2021 | 1700005 |
| Paragon Biosciences Emalex Capital Inc Series D-3 | 5/6/2025 | 63355 |
| Paragon Biosciences Emalex Capital Inc Series D1 | 10/21/2022 - 3/13/2025 | 173031 |
| Paragon Biosciences Emalex Capital Inc Series D2 | 5/18/2022 | 193747 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 29571172 | 164499336 | 194070508 | 225002 | - | - | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 72940117 | 519057201 | 580476627 | 80863 | - | - | 11520691 | 11519539 | 0.0% |
| Total | 102511289 | 683556537 | 774547135 | 305865 | - | - | 11520691 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Staples | - | - | - | - |
| Health Care | 1039314708 | 1039314708 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Information Technology | 1113354 | - | - | 1113354 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 2592790 | - | - | 2592790 |
| Health Care | 5652309 | - | - | 5652309 |
| Information Technology | 1026307 | - | - | 1026307 |
|  **Money Market Funds** | 11520691 | 11520691 | - | - |
| **Total Investments in Securities:** | 1061220159 | 1050835399 | - | 10384760 |

---

**Pharmaceuticals Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $10,951,964) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $742,408,193) | $1049699468 |  |
| Fidelity Central Funds (cost $11,520,691) | 11520691 |  |
| Total Investment in Securities (cost $753,928,884) |  | $1061220159 |
| Foreign currency held at value (cost $971,532) |  | 979359 |
| Receivable for investments sold |  | 25310404 |
| Receivable for fund shares sold |  | 332599 |
| Dividends receivable |  | 2178656 |
| Reclaims receivable |  | 2360346 |
| Interest receivable |  | 9545 |
| Distributions receivable from Fidelity Central Funds |  | 17992 |
| Prepaid expenses |  | 1521 |
| Other receivables |  | 546753 |
| **Total assets** |  | 1092957334 |
| **Liabilities** |  |  |
| Payable to custodian bank | $325011 |  |
| Payable for investments purchased  | 341772 |  |
| Payable for fund shares redeemed | 1395537 |  |
| Accrued management fee | 577627 |  |
| Other payables and accrued expenses | 249172 |  |
| Collateral on securities loaned | 11519983 |  |
| **Total liabilities** |  | 14409102 |
| **Net Assets**  |  | $1078548232 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $813312801 |
| Total accumulated earnings (loss) |  | 265235431 |
| **Net Assets** |  | $1078548232 |
| **Net Asset Value**, offering price and redemption price per share ($1,078,548,232 ÷ 42,530,843 shares) |  | $25.36 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $10912659 |
| Foreign Tax Reclaims |  | 823726 |
| Interest  |  | 33807 |
| Income from Fidelity Central Funds (including $80,863 from security lending)  |  | 305865 |
| Income before foreign taxes withheld |  | $12076057 |
| Less foreign taxes withheld |  | (1637123) |
| **Total income** |  | 10438934 |
| **Expenses** |  |  |
| Management fee | $3729651 |  |
| Custodian fees and expenses | 33042 |  |
| Independent trustees' fees and expenses | 2203 |  |
| Registration fees | 46097 |  |
| Audit fees | 22298 |  |
| Legal | 1486 |  |
| Interest | 7933 |  |
| Miscellaneous | 3167 |  |
| **Total expenses** |  | 3845877 |
| **Net Investment income (loss)** |  | 6593057 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (36518588) |  |
| Foreign currency transactions | 396431 |  |
| Total net realized gain (loss) |  | (36122157) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (51133854) |  |
| Assets and liabilities in foreign currencies | 158259 |  |
| Total change in net unrealized appreciation (depreciation) |  | (50975595) |
| **Net gain (loss)** |  | (87097752) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(80504695) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6593057 | $11034704 |
| &nbsp;&nbsp;Net realized gain (loss) | (36122157)<br>| 43967189<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (50975595) | (20350813)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (80504695)<br>| 34651080<br>|
| Distributions to shareholders | (39628148)<br>| (23625195)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 87624317 | 1001393282 |
| Reinvestment of distributions | 36601957<br>| 21950603<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (244368536) | (795826396) |
| **Net increase (decrease) in net assets resulting from share transactions** | (120142262)<br>| 227517489<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (240275105)<br>| 238543374<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1318823337 | 1080279963<br>|
| &nbsp;&nbsp;End of period | $1078548232 | $1318823337 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3493857 | 34975051 |
| Issued in reinvestment of distributions | 1662970<br>| 839054<br>|
| &nbsp;&nbsp;Redeemed | (9963419) | (28569637) |
| &nbsp;&nbsp;Net increase (decrease) | (4806592) | 7244468 |

---

**Financial Highlights** 

**Pharmaceuticals Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.86 | $26.94 | $21.77 | $22.53 | $23.92 | $21.71 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .14  | .21  | .21  | .23  | .27  | .27  |
| Net realized and unrealized gain (loss)  | (1.78)  | 1.19  | 6.87  | .19  | .97  | 4.04  |
| Total from investment operations  | (1.64)  | 1.40  | 7.08  | .42  | 1.24  | 4.31  |
| Distributions from net investment income  | (.08)  | (.31)  | (.15)  | (.30)  | (.28)  | (.31)  |
| Distributions from net realized gain  | (.78)  | (.17)  | (1.76)  | (.88)  | (2.35)  | (1.79)  |
| Total distributions  | (.86)  | (.48)  | (1.91)  | (1.18)  | (2.63)  | (2.10)  |
| Net asset value, end of period  | $25.36 | $27.86 | $26.94 | $21.77 | $22.53 | $23.92 |
| **Total Return** D,E | (5.41)% <br>| 5.32%  | 34.35%  | 1.60%  | 5.15%  | 20.46%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .68% H | .67%  | .74%  | .76%  | .75%  | .77%  |
| Expenses net of fee waivers, if any  | .68% H<br>| .67%  | .74%  | .76%  | .75%  | .77%  |
| Expenses net of all reductions, if any  | .68% H | .67%  | .74%  | .76%  | .75%  | .76%  |
| Net investment income (loss)  | 1.17% H | .73%  | .88%  | .99%  | 1.10%  | 1.13%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1078548 | $1318823 | $1080280 | $761179 | $934748 | $833380 |
| Portfolio turnover rate I | 45% H<br>| 51%  | 44%  | 45%  | 29%  | 32%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

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

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

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

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

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying 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, 2025

**1. Organization.**

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

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. 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. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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

**Biotechnology Portfolio:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $44817124  | Market approach  | Transaction price  | $1.00  | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Black scholes  | Volatility  | 85.0% | Increase |
|  |  |  | Discount rate  | 3.8% | Increase |
|  |  |  | Term  | 5.0 | Increase |
|  |  | Discounted cash flow  | Discount rate  | 4.0% - 14.1% / 10.2% | Decrease |
|  |  |  | Probability rate  | 2.5% - 87.5% / 31.4% | Increase |
|  |  |  | Term  | 0.7 - 6.5 / 3.0 | Increase |
| Convertible Preferred Stocks | $21997372  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 8.0 - 9.0 / 8.1 | Increase |
|  |  | Market approach  | Transaction price  | $1.05 - $4.90 / $2.35 | Increase |
|  |  |  | Discount rate  | 10.0% - 20.0% / 11.3% | Decrease |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Black scholes  | Volatility  | 60.0% - 90.0% / 79.9% | Increase |
|  |  |  | Discount rate  | 3.6% - 3.8% / 3.7% | Increase |
|  |  |  | Term  | 2.0 - 3.0 / 2.6 | Increase |

---

**Health Care Portfolio:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $192310  | Market approach  | Transaction price  | $33.33  | Increase |
|  |  | Black scholes  | Volatility  | 70.0% | Increase |
|  |  |  | Discount rate  | 3.8% | Increase |
|  |  |  | Term  | 5.0 | Increase |
| Convertible Corporate Bonds | $13203816  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 3.5 | Increase |
|  |  |  | Discount rate  | 33.2% | Decrease |
|  |  |  | Probability rate  | 20.0% - 50.0% / 33.3% | Increase |
|  |  | Market approach  | Transaction price  | $100.00  | Increase |
|  |  |  | Discount rate  | 23.5% - 36.1% / 31.3% | Decrease |
|  |  |  | Probability rate  | 0.0% - 100.0% / 50.0% | Increase |
|  |  | Black scholes  | Volatility  | 65.0% | Increase |
|  |  |  | Discount rate  | 3.9% - 4.5% / 4.2% | Increase |
|  |  |  | Term  | 1.0 | Increase |
| Convertible Preferred Stocks | $96705253  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 1.0 - 14.3 / 5.1 | Increase |
|  |  | Market approach  | Transaction price  | $0.65 - $33.33 / $11.37 | Increase |
|  |  |  | Discount rate  | 15.0% - 30.0% / 23.5% | Decrease |
|  |  |  | Premium rate | 10.0% | Increase |
|  |  | Black scholes  | Volatility | 45.0% - 110.0% / 65.7% | Increase |
|  |  |  | Discount rate | 3.6% - 3.8% / 3.7% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.0 | Increase |

---

**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 InputA**<br>|
| Common Stocks | $289111  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 3.5 - 4.5 / 4.2 | Increase |
|  |  | Market approach  | Transaction price  | $0.61 | Increase |
|  |  |  | Discount rate  | 25.0% | Decrease |
|  |  | Black scholes  | Volatility  | 55.0% - 75.0% / 65.9% | Increase |
|  |  |  | Discount rate  | 3.6% - 3.9% / 3.7% | Increase |
|  |  |  | Term  | 1.0 - 4.0 / 3.1 | Increase |
| Convertible Corporate Bonds | $1644981  | Market approach  | Transaction price  | $100.00  | Increase |
|  |  | Black scholes  | Volatility  | 65.0% | Increase |
|  |  |  | Discount rate  | 3.9% - 4.5% / 4.2% | Increase |
|  |  |  | Term  | 1.0 | Increase |
| Convertible Preferred Stocks | $111998274  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 3.2 - 14.3 / 5.4 | Increase |
|  |  | Market approach  | Transaction price  | $0.65 - $15.40 / $3.75 | Increase |
|  |  |  | Discount rate  | 15.0% - 30.0% / 24.5% | Decrease |
|  |  |  | Premium rate  | 10.0% | Increase |
|  |  | Black scholes  | Volatility  | 55.0% - 80.0% / 68.6% | Increase |
|  |  |  | Discount rate  | 3.6% - 3.7% / 3.7% | Increase |
|  |  |  | Term | 2.0 - 4.0 / 3.1 | Increase |
|  |  | Discounted cash flow  | Discount rate | 4.6% - 5.2% / 4.9% | Decrease |
|  |  |  | Probability rate | 33.0% - 100.0% / 72.5% | Increase |
|  |  |  | Term | 0.3 - 1.8 / 1.1 | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. 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 is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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 or foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable. Medical Technology and Devices Portfolio and Pharmaceuticals Portfolio have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends or foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**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** | $1411601 |
| **Health Care Portfolio** | 979753 |
| **Health Care Services Portfolio** | 110635 |
| **Medical Technology and Devices Portfolio** | 314766 |
| **Pharmaceuticals Portfolio** | 204951 |

---

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Biotechnology Portfolio** | 2817971719 | 1846148740 | (230816972) | 1615331768 |
| **Health Care Portfolio** | 4014620326 | 2302264450 | (328164762) | 1974099688 |
| **Health Care Services Portfolio** | 622471178 | 356950365 | (66592277) | 290358088 |
| **Medical Technology and Devices Portfolio**  | 2364238208 | 2112024531 | (172342320) | 1939682211 |
| **Pharmaceuticals Portfolio** | 764915121 | 417155406 | (120850368) | 296305038 |

---

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 ($)** |
| **Biotechnology Portfolio** | (241084197) | - | (241084197) |

---

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2024 to February 28, 2025 and ordinary losses recognized during the period January 1, 2024 to February 28, 2025 Loss deferrals were as follows:

---

| | | |
|:---|:---|:---|
|  | <br> **Capital losses ($)** | <br> **Ordinary losses ($)** |
| **Health Care Services Portfolio** | (10743384) | - |
| **Medical Technology and Devices Portfolio**  | - | (4201883) |

---

**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.

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Net Assets** |
| **Biotechnology Portfolio** | 33609014 | .80 |
| **Health Care Portfolio** | 1381948 | .02 |
| **Health Care Services Portfolio** | 203346 | .02 |

---

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.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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 ($)** | **Sales ($)** |
| **Biotechnology Portfolio** | 888406091 | 1101985694 |
| **Health Care Portfolio** | 1837897284 | 2495467944 |
| **Health Care Services Portfolio** | 302535836 | 348559372 |
| **Medical Technology and Devices Portfolio** | 1193860336 | 1764094475 |
| **Pharmaceuticals Portfolio** | 255287408 | 382068769 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The 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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Health Care Services Portfolio** | 473332 | 35694003 | 45619740 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which 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 management 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 management 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 management 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** | .67 |
| **Health Care Portfolio** | .65 |
| **Health Care Services Portfolio** | .69 |
| **Medical Technology and Devices Portfolio** | .66 |
| **Pharmaceuticals Portfolio** | .70 |

---

One-twelfth of the management 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 management 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** | .62 |
| **Health Care Portfolio** | .62 |
| **Health Care Services Portfolio** | .67 |
| **Medical Technology and Devices Portfolio** | .62 |
| **Pharmaceuticals Portfolio** | .66 |

---

**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** | 64305 |
| **Health Care Portfolio** | 78863 |
| **Health Care Services Portfolio** | 15011 |
| **Medical Technology and Devices Portfolio** | 43791 |
| **Pharmaceuticals Portfolio** | 12270 |

---

**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, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Health Care Portfolio** | Borrower | 6846600 | 4.58% | 4355 |
| **Medical Technology and Devices Portfolio**  | Borrower | 5502625 | 4.57% | 5586 |
| **Pharmaceuticals Portfolio** | Borrower | 6918556 | 4.59% | 7933 |

---

**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** | 31455697 | 55513193 | (13642328) |
| **Health Care Portfolio** | 171558722 | 202220911 | 30105053 |
| **Health Care Services Portfolio** | 12082557 | 35297147 | (14702282) |
| **Medical Technology and Devices Portfolio** | 88015307 | 122144837 | 44398945 |
| **Pharmaceuticals Portfolio** | 12354629 | 36257973 | 6618934 |

---

**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 reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Biotechnology Portfolio** | 3149 |
| **Health Care Portfolio** | 5017 |
| **Health Care Services Portfolio** | 840 |
| **Medical Technology and Devices Portfolio** | 3698 |
| **Pharmaceuticals Portfolio** | 942 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 126781 | 32813 | - |
| **Health Care Portfolio** | 55089 | 6925 | - |
| **Health Care Services Portfolio** | 1502 | - | - |
| **Medical Technology and Devices Portfolio** | 8605 | 15770 | - |
| **Pharmaceuticals Portfolio** | 8162 | 7 | - |

---

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** | 11382044 |
| **Health Care Portfolio** | 47080382 |
| **Health Care Services Portfolio** | 13414408 |
| **Medical Technology and Devices Portfolio** | 45262 |

---

**8. Expense Reductions.** 

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Biotechnology Portfolio** | 4820 |
| **Health Care Portfolio** | 513 |

---

**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 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 funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 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 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.

<u>Resources Dedicated to Investment Management and Support Services</u>. 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 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.

<u>Shareholder and Administrative Services</u>. 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 information and market information over the Internet 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.

<u>Investment in a Large Fund Family</u>. 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.

<u>Investment Performance</u>. 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 index that has characteristics relevant to each fund's investment strategies (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 Biotechnology Portfolio, Health Care Portfolio and Health Care Services Portfolio, the fund underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2025, 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, effective March 1, 2024, 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 from March 2024 to September 2024, 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.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. 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 based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of 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 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 (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. 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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

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 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 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.

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, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 May 31, 2026.

![](img114155_4.jpg)<br>

1.813645.120 SELHC-SANN-1025

**Fidelity® Select Portfolios®**

**Financials Sector**

**Banking Portfolio**

**Brokerage and Investment Management Portfolio**

**Financials Portfolio**

**FinTech Portfolio**

**Insurance Portfolio**

**Semi-Annual Report**

**August 31, 2025**

![](img114156_1.jpg)

![](img114156_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SELFIN-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Banking Portfolio](#Sub_Sec_Fund_507_SELFIN-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Brokerage and Investment Management Portfolio](#Sub_Sec_Fund_68_SELFIN-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financials Portfolio](#Sub_Sec_Fund_66_SELFIN-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[FinTech Portfolio](#Sub_Sec_Fund_198_SELFIN-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Insurance Portfolio](#Sub_Sec_Fund_145_SELFIN-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements507_SELFIN-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELFIN-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELFIN-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELFIN-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELFIN-SANN)** |

---

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.© 2025 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| CYPRUS - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Phoenix Vega Mezz PLC  | 330200 | 25728 |
| Financial Services - 0.0% |  |  |
| Sunrisemezz PLC  | 47171 | 11837 |
| TOTAL CYPRUS |  | 37565 |
| PUERTO RICO - 4.7%  |  |  |
| Financials - 4.7% |  |  |
| Banks - 4.7% |  |  |
| Popular Inc  | 169800 | 21333672 |
| UNITED STATES - 95.1%  |  |  |
| Financials - 95.1% |  |  |
| Banks - 93.9% |  |  |
| 1st Source Corp  | 69081 | 4450198 |
| Associated Banc-Corp (a) | 529400 | 14277918 |
| Bank of America Corp  | 700976 | 35567522 |
| Banner Corp  | 139200 | 9330576 |
| BOK Financial Corp (a) | 131900 | 14694979 |
| Cadence Bank  | 269339 | 10137920 |
| Citigroup Inc  | 281800 | 27213426 |
| Citizens Financial Group Inc  | 282700 | 14779556 |
| Community Trust Bancorp Inc  | 80576 | 4707250 |
| Community West Bancshares  | 212800 | 4536896 |
| East West Bancorp Inc  | 82300 | 8653022 |
| Eastern Bankshares Inc  | 777600 | 13304736 |
| FB Financial Corp (a) | 162100 | 8701528 |
| First Bancorp/Southern Pines NC (a) | 77670 | 4240005 |
| First Hawaiian Inc  | 306000 | 7940700 |
| First Interstate BancSystem Inc Class A  | 418734 | 13700976 |
| KeyCorp  | 599600 | 11608256 |
| M&T Bank Corp (a) | 90860 | 18322828 |
| Old National Bancorp/IN  | 704901 | 16135184 |
| Seacoast Banking Corp of Florida  | 179400 | 5581134 |
| Sierra Bancorp  | 133100 | 4080846 |
| Southern Missouri Bancorp Inc  | 29100 | 1674268 |
| SouthState Corp  | 106520 | 10871431 |
| TriCo Bancshares  | 242187 | 11000134 |
| Truist Financial Corp  | 486800 | 22791976 |
| UMB Financial Corp  | 146580 | 17868102 |
| United Community Banks Inc/GA  | 262600 | 8770840 |
| Univest Financial Corp  | 260659 | 8255071 |
| US Bancorp  | 433700 | 21177571 |
| Wells Fargo & Co  | 489992 | 40267543 |
| WesBanco Inc  | 285900 | 9377520 |
| Wintrust Financial Corp  | 61800 | 8484522 |
| Zions Bancorp NA  | 152000 | 8817520 |
|  |  | 421321954 |
| Capital Markets - 1.2% |  |  |
| State Street Corp  | 48000 | 5518560 |
| TOTAL UNITED STATES |  | 426840514 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $284,943,352) |  | <br> **448211751** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b) | 4.36 | 1119666 | 1119890 |
| Fidelity Securities Lending Cash Central Fund (b)(c) | 4.36 | 747925 | 748000 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,867,890) |  |  | **1867890** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $286,811,242)<br>| <br>**450079641** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(695884)** |
| **NET ASSETS - 100.0%** | **449383757** |

---

**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 Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 798914 | 20769520 | 20448544 | 11189 | - | - | 1119890 | 1119666 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 26407740 | 183042763 | 208702503 | 3751 | - | - | 748000 | 747925 | 0.0% |
| Total | 27206654 | 203812283 | 229151047 | 14940 | - | - | 1867890 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Financials | 448211751 | 448211751 | - | - |
|  **Money Market Funds** | 1867890 | 1867890 | - | - |
| **Total Investments in Securities:** | 450079641 | 450079641 | - | - |

---

**Banking Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $5,927,357) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $284,943,352) | $448211751 |  |
| Fidelity Central Funds (cost $1,867,890) | 1867890 |  |
| Total Investment in Securities (cost $286,811,242) |  | $450079641 |
| Receivable for investments sold |  | 1340086 |
| Receivable for fund shares sold |  | 244909 |
| Dividends receivable |  | 481948 |
| Distributions receivable from Fidelity Central Funds |  | 2363 |
| Prepaid expenses |  | 593 |
| **Total assets** |  | 452149540 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1531267 |  |
| Payable for fund shares redeemed | 223848 |  |
| Accrued management fee | 236570 |  |
| Other payables and accrued expenses | 26098 |  |
| Collateral on securities loaned | 748000 |  |
| **Total liabilities** |  | 2765783 |
| **Net Assets**  |  | $449383757 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $265152779 |
| Total accumulated earnings (loss) |  | 184230978 |
| **Net Assets** |  | $449383757 |
| **Net Asset Value**, offering price and redemption price per share ($449,383,757 ÷ 12,993,129 shares) |  | $34.59 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6822536 |
| Income from Fidelity Central Funds (including $3,751 from security lending)  |  | 14940 |
| **Total income** |  | 6837476 |
| **Expenses** |  |  |
| Management fee | $1413014 |  |
| Custodian fees and expenses | 10171 |  |
| Independent trustees' fees and expenses | 833 |  |
| Registration fees | 23190 |  |
| Audit fees | 22936 |  |
| Legal | 104 |  |
| Interest | 1000 |  |
| Miscellaneous | 741 |  |
| **Total expenses** |  | 1471989 |
| **Net Investment income (loss)** |  | 5365487 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 17276710 |  |
| Foreign currency transactions | 35 |  |
| Total net realized gain (loss) |  | 17276745 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 6473836 |
| **Net gain (loss)** |  | 23750581 |
| **Net increase (decrease) in net assets resulting from operations** |  | $29116068 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5365487 | $10716714 |
| &nbsp;&nbsp;Net realized gain (loss) | 17276745<br>| 20780220<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 6473836 | 97319761<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 29116068<br>| 128816695<br>|
| Distributions to shareholders | (7157139)<br>| (21394065)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 40818763 | 232522243 |
| Reinvestment of distributions | 6554444<br>| 19595404<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (128020574) | (237893182) |
| **Net increase (decrease) in net assets resulting from share transactions** | (80647367)<br>| 14224465<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (58688438)<br>| 121647095<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 508072195 | 386425100<br>|
| &nbsp;&nbsp;End of period | $449383757 | $508072195 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1358443 | 7588363 |
| Issued in reinvestment of distributions | 259479<br>| 636648<br>|
| &nbsp;&nbsp;Redeemed | (4303933) | (8115010) |
| &nbsp;&nbsp;Net increase (decrease) | (2686011) | 110001 |

---

**Financial Highlights** 

**Banking Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.40 | $24.82 | $26.24 | $31.37 | $26.31 | $23.37 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .38  | .72  | .75  | .61  | .58  | .54  |
| Net realized and unrealized gain (loss)  | 2.31  | 8.26  | (.83) D | (4.24)  | 5.48  | 4.32  |
| Total from investment operations  | 2.69  | 8.98  | (.08)  | (3.63)  | 6.06  | 4.86  |
| Distributions from net investment income  | (.10)  | (.74)  | (.74)  | (.67)  | (.54)  | (.55)  |
| Distributions from net realized gain  | (.40)  | (.66)  | (.60)  | (.83)  | (.46)  | (1.37)  |
| Total distributions  | (.50)  | (1.40)  | (1.34)  | (1.50)  | (1.00)  | (1.92)  |
| Net asset value, end of period  | $34.59 | $32.40 | $24.82 | $26.24 | $31.37 | $26.31 |
| **Total Return** E,F | 8.88% <br>| 36.51%  | .38% D | (11.27)%  | 23.37%  | 25.90%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .70% I | .71%  | .77%  | .75%  | .73%  | .79%  |
| Expenses net of fee waivers, if any  | .70% I<br>| .71%  | .76%  | .74%  | .73%  | .79%  |
| Expenses net of all reductions, if any  | .70% I | .71%  | .76%  | .74%  | .73%  | .79%  |
| Net investment income (loss)  | 2.54% I | 2.44%  | 3.46%  | 2.29%  | 1.93%  | 2.84%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $449384 | $508072 | $386425 | $429884 | $716834 | $537860 |
| Portfolio turnover rate J | 22% I<br>| 31%  | 48%  | 21%  | 34%  | 32%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .32%.*

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

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

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

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

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| CANADA - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Capital Markets - 1.2% |  |  |
| Brookfield Asset Management Ltd Class A (United States) (a) | 278000 | 16724480 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| Patria Investments Ltd Class A  | 486172 | 6582769 |
| LUXEMBOURG - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| CVC Capital Partners PLC (b)(c) | 103613 | 2090991 |
| SWEDEN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| EQT AB  | 29400 | 1056157 |
| UNITED KINGDOM - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Capital Markets - 1.0% |  |  |
| ICG PLC  | 470700 | 13881843 |
| UNITED STATES - 96.8%  |  |  |
| Financials - 96.8% |  |  |
| Capital Markets - 92.1% |  |  |
| Ameriprise Financial Inc  | 108800 | 56011328 |
| Ares Management Corp Class A (a) | 406600 | 72862720 |
| BGC Group Inc Class A  | 2581000 | 25319610 |
| Blackrock Inc  | 32100 | 36181194 |
| Blackstone Inc  | 397900 | 68200060 |
| Blue Owl Capital Inc Class A (a) | 3735000 | 69172200 |
| Bridge Investment Group Holdings Inc Class A  | 3700 | 35520 |
| Carlyle Group Inc/The  | 577500 | 37283400 |
| Cboe Global Markets Inc (a) | 116838 | 27567926 |
| Charles Schwab Corp/The  | 859861 | 82409078 |
| CME Group Inc Class A  | 154600 | 41202446 |
| Coinbase Global Inc Class A (d) | 157500 | 47965050 |
| Evercore Inc Class A  | 73500 | 23633925 |
| Houlihan Lokey Inc Class A (a) | 73400 | 14624950 |
| Interactive Brokers Group Inc Class A  | 707400 | 44028576 |
| Intercontinental Exchange Inc  | 409000 | 72229400 |
| Jefferies Financial Group Inc  | 321000 | 20816850 |
| KKR & Co Inc Class A  | 576475 | 80412498 |
| LPL Financial Holdings Inc  | 126200 | 45997376 |
| MarketAxess Holdings Inc  | 83500 | 15350640 |
| Moelis & Co Class A  | 98300 | 7088413 |
| Moody's Corp  | 224800 | 114594048 |
| MSCI Inc  | 51800 | 29407896 |
| Nasdaq Inc  | 358700 | 33983238 |
| Open Lending Corp (d) | 171300 | 361443 |
| P10 Inc Class A  | 174100 | 2148394 |
| PJT Partners Inc Class A (a) | 72912 | 13051248 |
| Raymond James Financial Inc  | 257900 | 43698576 |
| Robinhood Markets Inc Class A (d) | 613800 | 63853614 |
| S&P Global Inc  | 126000 | 69103440 |
| SEI Investments Co  | 129200 | 11405776 |
| StepStone Group Inc Class A (a) | 184400 | 11443864 |
| TPG Inc Class A  | 472100 | 28491235 |
| Tradeweb Markets Inc Class A (a) | 189600 | 23389056 |
|  |  | 1333324988 |
| Financial Services - 4.7% |  |  |
| Apollo Global Management Inc  | 495800 | 67542834 |
| TOTAL UNITED STATES |  | 1400867822 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $786,433,818) |  | <br> **1441204062** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 12.3%** | &nbsp;&nbsp;**Money Market Funds - 12.3%** | &nbsp;&nbsp;**Money Market Funds - 12.3%** | &nbsp;&nbsp;**Money Market Funds - 12.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.36 | 5058499 | 5059510 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.36 | 172694677 | 172711946 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $177,771,456) |  |  | **177771456** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 111.9%**<br> (Cost $964,205,274)<br>| <br>**1618975518** |
| **NET OTHER ASSETS (LIABILITIES) - (11.9)%**  | **(171829631)** |
| **NET ASSETS - 100.0%** | **1447145887** |

---

**Legend**

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

(b) 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 $2,090,991 or 0.1% of net assets.

(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 $2,090,991 or 0.1% of net assets.

(d) Non-income producing.

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 79768803 | 74709293 | 73786 | - | - | 5059510 | 5058499 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 98917912 | 629365155 | 555571121 | 10081 | - | - | 172711946 | 172694677 | 0.6% |
| Total | 98917912 | 709133958 | 630280414 | 83867 | - | - | 177771456 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Financials | 1441204062 | 1441204062 | - | - |
|  **Money Market Funds** | 177771456 | 177771456 | - | - |
| **Total Investments in Securities:** | 1618975518 | 1618975518 | - | - |

---

**Brokerage and Investment Management Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $233,646,390) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $786,433,818) | $1441204062 |  |
| Fidelity Central Funds (cost $177,771,456) | 177771456 |  |
| Total Investment in Securities (cost $964,205,274) |  | $1618975518 |
| Receivable for fund shares sold |  | 1427262 |
| Dividends receivable |  | 1264239 |
| Distributions receivable from Fidelity Central Funds |  | 22826 |
| Prepaid expenses |  | 1926 |
| Other receivables |  | 71274 |
| **Total assets** |  | 1621763045 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1023774 |  |
| Accrued management fee | 783262 |  |
| Other payables and accrued expenses | 98176 |  |
| Collateral on securities loaned | 172711946 |  |
| **Total liabilities** |  | 174617158 |
| **Net Assets**  |  | $1447145887 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $830079791 |
| Total accumulated earnings (loss) |  | 617066096 |
| **Net Assets** |  | $1447145887 |
| **Net Asset Value**, offering price and redemption price per share ($1,447,145,887 ÷ 7,266,710 shares) |  | $199.15 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $10385324 |
| Income from Fidelity Central Funds (including $10,081 from security lending)  |  | 83867 |
| **Total income** |  | 10469191 |
| **Expenses** |  |  |
| Management fee | $4365075 |  |
| Custodian fees and expenses | 8938 |  |
| Independent trustees' fees and expenses | 2439 |  |
| Registration fees | 56249 |  |
| Audit fees | 25157 |  |
| Legal | 305 |  |
| Interest | 2397 |  |
| Miscellaneous | 2484 |  |
| **Total expenses** |  | 4463044 |
| **Net Investment income (loss)** |  | 6006147 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (7731992) |  |
| Foreign currency transactions | (13171) |  |
| Total net realized gain (loss) |  | (7745163) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 94467839 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 3310 |  |
| Total change in net unrealized appreciation (depreciation) |  | 94471148 |
| **Net gain (loss)** |  | 86725985 |
| **Net increase (decrease) in net assets resulting from operations** |  | $92732132 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6006147 | $7055289 |
| &nbsp;&nbsp;Net realized gain (loss) | (7745163)<br>| 29915287<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 94471148 | 210092115<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 92732132<br>| 247062691<br>|
| Distributions to shareholders | (389337)<br>| (8493406)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 187271725 | 641899848 |
| Reinvestment of distributions | 343975<br>| 7501466<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (310345048) | (246862940) |
| **Net increase (decrease) in net assets resulting from share transactions** | (122729348)<br>| 402538374<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (30386553)<br>| 641107659<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1477532440 | 836424781<br>|
| &nbsp;&nbsp;End of period | $1447145887 | $1477532440 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1015708 | 3596414 |
| Issued in reinvestment of distributions | 2192<br>| 40584<br>|
| &nbsp;&nbsp;Redeemed | (1788325) | (1491076) |
| &nbsp;&nbsp;Net increase (decrease) | (770425) | 2145922 |

---

**Financial Highlights** 

**Brokerage and Investment Management Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $183.84 | $141.98 | $115.04 | $121.01 | $100.99 | $74.99 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .82  | 1.12  | 1.50  | 1.45  | 1.31  | .93  |
| Net realized and unrealized gain (loss)  | 14.54  | 42.00  | 27.09  | (5.19)  | 20.54  | 28.01  |
| Total from investment operations  | 15.36  | 43.12  | 28.59  | (3.74)  | 21.85  | 28.94  |
| Distributions from net investment income  | (.05)  | (1.26)  | (1.65)  | (1.83)  | (.83)  | (1.06)  |
| Distributions from net realized gain  | -  | -  | -  | (.41)  | (1.01)  | (1.88)  |
| Total distributions  | (.05)  | (1.26)  | (1.65)  | (2.23) D | (1.83) D | (2.94)  |
| Net asset value, end of period  | $199.15 | $183.84 | $141.98 | $115.04 | $121.01 | $100.99 |
| **Total Return** E,F | 8.36% <br>| 30.36%  | 24.95%  | (2.98)%  | 21.70%  | 39.69%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .67% I | .69%  | .76%  | .75%  | .74%  | .76%  |
| Expenses net of fee waivers, if any  | .67% I<br>| .68%  | .75%  | .74%  | .74%  | .76%  |
| Expenses net of all reductions, if any  | .67% I | .68%  | .75%  | .74%  | .74%  | .76%  |
| Net investment income (loss)  | .90% I | .68%  | 1.28%  | 1.33%  | 1.06%  | 1.14%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1447146 | $1477532 | $836425 | $812973 | $1209722 | $429320 |
| Portfolio turnover rate J | 13% I<br>| 16%  | 36%  | 4%  | 3%  | 11%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

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

**Financials Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Insurance - 1.0% |  |  |
| AUB Group Ltd  | 494928 | 10848406 |
| FRANCE - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Capital Markets - 1.0% |  |  |
| Amundi SA (a)(b) | 145800 | 10771585 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Capital Markets - 0.8% |  |  |
| Patria Investments Ltd Class A (c) | 621600 | 8416464 |
| MEXICO - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Bolsa Mexicana de Valores SAB de CV  | 2229400 | 4541337 |
| PUERTO RICO - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Popular Inc  | 100200 | 12589128 |
| UNITED KINGDOM - 2.3%  |  |  |
| Financials - 2.3% |  |  |
| Insurance - 2.3% |  |  |
| Hiscox Ltd  | 782300 | 13798505 |
| Lancashire Holdings Ltd  | 1301192 | 10745602 |
| TOTAL UNITED KINGDOM |  | 24544107 |
| UNITED STATES - 92.9%  |  |  |
| Financials - 91.8% |  |  |
| Banks - 32.6% |  |  |
| Associated Banc-Corp  | 349900 | 9436803 |
| Bank of America Corp  | 1302700 | 66098998 |
| BOK Financial Corp  | 102700 | 11441807 |
| Cadence Bank  | 112130 | 4220573 |
| Citigroup Inc  | 392600 | 37913382 |
| East West Bancorp Inc  | 77400 | 8137836 |
| Eastern Bankshares Inc  | 540500 | 9247955 |
| First Hawaiian Inc (c) | 234300 | 6080085 |
| First Interstate BancSystem Inc Class A  | 345921 | 11318535 |
| KeyCorp (c) | 440400 | 8526144 |
| M&T Bank Corp  | 84537 | 17047731 |
| Old National Bancorp/IN  | 555200 | 12708528 |
| TriCo Bancshares  | 170000 | 7721400 |
| Truist Financial Corp  | 411300 | 19257066 |
| UMB Financial Corp  | 106258 | 12952850 |
| United Community Banks Inc/GA  | 185700 | 6202380 |
| US Bancorp  | 407200 | 19883576 |
| Wells Fargo & Co  | 856190 | 70361695 |
| WesBanco Inc (c) | 187300 | 6143440 |
| Wintrust Financial Corp  | 31200 | 4283448 |
| Zions Bancorp NA  | 95400 | 5534154 |
|  |  | 354518386 |
| Capital Markets - 21.2% |  |  |
| AllianceBernstein Holding LP  | 207000 | 8193060 |
| Bridge Investment Group Holdings Inc Class A  | 657200 | 6309120 |
| Carlyle Group Inc/The (c) | 186700 | 12053352 |
| Charles Schwab Corp/The  | 360800 | 34579072 |
| Lazard Inc  | 246292 | 14078051 |
| LPL Financial Holdings Inc  | 100 | 36448 |
| MarketAxess Holdings Inc  | 59100 | 10864944 |
| Moody's Corp  | 29600 | 15088896 |
| Morgan Stanley  | 175800 | 26454384 |
| Nasdaq Inc  | 231100 | 21894414 |
| Northern Trust Corp  | 103500 | 13587480 |
| Perella Weinberg Partners Class A  | 204523 | 4526094 |
| Raymond James Financial Inc  | 64500 | 10928880 |
| State Street Corp  | 243100 | 27949207 |
| Stifel Financial Corp  | 113600 | 13096944 |
| Virtu Financial Inc Class A (c) | 245400 | 10287168 |
|  |  | 229927514 |
| Consumer Finance - 5.1% |  |  |
| Capital One Financial Corp  | 105946 | 24073050 |
| FirstCash Holdings Inc  | 119711 | 17629839 |
| SLM Corp (c) | 469000 | 14670320 |
|  |  | 56373209 |
| Financial Services - 17.6% |  |  |
| Apollo Global Management Inc  | 142900 | 19467267 |
| Corpay Inc (d) | 49300 | 16055531 |
| Essent Group Ltd  | 142800 | 8959272 |
| Fiserv Inc (d) | 91300 | 12615834 |
| Mastercard Inc Class A  | 185000 | 110128650 |
| PayPal Holdings Inc (d) | 93000 | 6527670 |
| Voya Financial Inc  | 226700 | 17022903 |
|  |  | 190777127 |
| Insurance - 15.3% |  |  |
| American Financial Group Inc/OH  | 117800 | 16004308 |
| Arthur J Gallagher & Co  | 48800 | 14774200 |
| Assurant Inc  | 78700 | 16968507 |
| Baldwin Insurance Group Inc/The Class A (c)(d) | 324711 | 10283597 |
| Brown & Brown Inc  | 174200 | 16888690 |
| Chubb Ltd  | 101300 | 27864591 |
| First American Financial Corp  | 203522 | 13432452 |
| Reinsurance Group of America Inc  | 196693 | 38313830 |
| Selective Insurance Group Inc  | 145900 | 11413757 |
|  |  | 165943932 |
| TOTAL FINANCIALS |  | 997540168 |
| Industrials - 1.1% |  |  |
| Professional Services - 1.1% |  |  |
| TransUnion (c) | 130500 | 11536200 |
| TOTAL UNITED STATES |  | 1009076368 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $762,597,771) |  | <br> **1080787395** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.36 | 5426797 | 5427882 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.36 | 24594075 | 24596535 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $30,024,417) |  |  | **30024417** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.3%**<br> (Cost $792,622,188)<br>| <br>**1110811812** |
| **NET OTHER ASSETS (LIABILITIES) - (2.3)%**  | **(24445119)** |
| **NET ASSETS - 100.0%** | **1086366693** |

---

**Legend**

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,771,585 or 1.0% of net assets.

(b) 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 $10,771,585 or 1.0% of net assets.

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

(d) Non-income producing.

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 4695880 | 76061076 | 75329074 | 49595 | - | - | 5427882 | 5426797 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 51068928 | 462764009 | 489236402 | 190800 | - | - | 24596535 | 24594075 | 0.1% |
| Total | 55764808 | 538825085 | 564565476 | 240395 | - | - | 30024417 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Financials | 1069251195 | 1058402789 | 10848406 | - |
| Industrials | 11536200 | 11536200 | - | - |
|  **Money Market Funds** | 30024417 | 30024417 | - | - |
| **Total Investments in Securities:** | 1110811812 | 1099963406 | 10848406 | - |

---

**Financials Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $32,611,566) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $762,597,771) | $1080787395 |  |
| Fidelity Central Funds (cost $30,024,417) | 30024417 |  |
| Total Investment in Securities (cost $792,622,188) |  | $1110811812 |
| Foreign currency held at value (cost $1,092,365) |  | 1092365 |
| Receivable for investments sold |  | 539472 |
| Receivable for fund shares sold |  | 1272177 |
| Dividends receivable |  | 1343417 |
| Distributions receivable from Fidelity Central Funds |  | 7190 |
| Prepaid expenses |  | 1488 |
| Other receivables |  | 1289 |
| **Total assets** |  | 1115069210 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2719320 |  |
| Payable for fund shares redeemed | 774029 |  |
| Accrued management fee | 583982 |  |
| Other payables and accrued expenses | 28651 |  |
| Collateral on securities loaned | 24596535 |  |
| **Total liabilities** |  | 28702517 |
| **Net Assets**  |  | $1086366693 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $727263668 |
| Total accumulated earnings (loss) |  | 359103025 |
| **Net Assets** |  | $1086366693 |
| **Net Asset Value**, offering price and redemption price per share ($1,086,366,693 ÷ 66,349,479 shares) |  | $16.37 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $12139475 |
| Income from Fidelity Central Funds (including $190,800 from security lending)  |  | 240395 |
| **Total income** |  | 12379870 |
| **Expenses** |  |  |
| Management fee | $3466583 |  |
| Custodian fees and expenses | 10082 |  |
| Independent trustees' fees and expenses | 1891 |  |
| Registration fees | 72237 |  |
| Audit fees | 25536 |  |
| Legal | 240 |  |
| Interest | 19217 |  |
| Miscellaneous | 1959 |  |
| **Total expenses** |  | 3597745 |
| **Net Investment income (loss)** |  | 8782125 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 33789514 |  |
| Foreign currency transactions | (18623) |  |
| Total net realized gain (loss) |  | 33770891 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 19470043 |  |
| Assets and liabilities in foreign currencies | (481) |  |
| Total change in net unrealized appreciation (depreciation) |  | 19469562 |
| **Net gain (loss)** |  | 53240453 |
| **Net increase (decrease) in net assets resulting from operations** |  | $62022578 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $8782125 | $14009630 |
| &nbsp;&nbsp;Net realized gain (loss) | 33770891<br>| 60997289<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 19469562 | 153342316<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 62022578<br>| 228349235<br>|
| Distributions to shareholders | (18622933)<br>| (55332364)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 143609859 | 402105545 |
| Reinvestment of distributions | 17247796<br>| 50916288<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (234222415) | (208017429) |
| **Net increase (decrease) in net assets resulting from share transactions** | (73364760)<br>| 245004404<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (29965115)<br>| 418021275<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1116331808 | 698310533<br>|
| &nbsp;&nbsp;End of period | $1086366693 | $1116331808 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 9491424 | 26597564 |
| Issued in reinvestment of distributions | 1298780<br>| 3416909<br>|
| &nbsp;&nbsp;Redeemed | (15657987) | (14673185) |
| &nbsp;&nbsp;Net increase (decrease) | (4867783) | 15341288 |

---

**Financial Highlights** 

**Financials Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.68 | $12.50 | $11.51 | $13.23 | $11.26 | $9.49 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .13  | .24  | .26  | .24  | .25  | .20  |
| Net realized and unrealized gain (loss)  | .83  | 3.84  | 1.09  | (.74)  | 2.26  | 2.17  |
| Total from investment operations  | .96  | 4.08  | 1.35  | (.50)  | 2.51  | 2.37  |
| Distributions from net investment income  | (.03)  | (.24)  | (.25)  | (.23)  | (.26)  | (.21)  |
| Distributions from net realized gain  | (.24)  | (.66)  | (.11)  | (.98)  | (.28)  | (.39)  |
| Total distributions  | (.27)  | (.90)  | (.36)  | (1.22) D | (.54)  | (.60)  |
| Net asset value, end of period  | $16.37 | $15.68 | $12.50 | $11.51 | $13.23 | $11.26 |
| **Total Return** E,F | 6.54% <br>| 33.07%  | 12.15%  | (3.30)%  | 22.47%  | 27.89%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .69% I | .69%  | .76%  | .75%  | .73%  | .77%  |
| Expenses net of fee waivers, if any  | .69% I<br>| .69%  | .76%  | .75%  | .72%  | .77%  |
| Expenses net of all reductions, if any  | .69% I | .69%  | .76%  | .75%  | .72%  | .77%  |
| Net investment income (loss)  | 1.68% I | 1.70%  | 2.43%  | 2.12%  | 1.89%  | 2.36%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1086367 | $1116332 | $698311 | $731159 | $819910 | $606048 |
| Portfolio turnover rate J | 50% I<br>| 35%  | 66%  | 46%  | 53%  | 63%  |

---

A*For the year ended February 29.*

B*Net 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.*

C*Calculated based on average shares outstanding during the period.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

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

**FinTech Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Financial Services - 0.6% |  |  |
| StoneCo Ltd Class A (a) | 36322 | 598223 |
| CANADA - 4.8%  |  |  |
| Information Technology - 4.8% |  |  |
| IT Services - 4.8% |  |  |
| Shopify Inc Class A (a) | 34370 | 4854620 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish  | 200 | 11806 |
| NETHERLANDS - 4.8%  |  |  |
| Financials - 4.8% |  |  |
| Financial Services - 4.8% |  |  |
| Adyen NV (a)(b)(c) | 2901 | 4871275 |
| UNITED STATES - 89.6%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| IDT Corp Class B  | 6800 | 435676 |
| Financials - 68.3% |  |  |
| Capital Markets - 0.9% |  |  |
| Coinbase Global Inc Class A (a) | 1700 | 517718 |
| Donnelley Financial Solutions Inc (a)(d) | 7300 | 414421 |
|  |  | 932139 |
| Consumer Finance - 20.9% |  |  |
| American Express Co  | 35074 | 11619315 |
| Capital One Financial Corp  | 22121 | 5026334 |
| OneMain Holdings Inc  | 9052 | 559956 |
| Synchrony Financial  | 52800 | 4030752 |
|  |  | 21236357 |
| Financial Services - 46.5% |  |  |
| Affirm Holdings Inc Class A (a) | 10239 | 905742 |
| Block Inc Class A (a) | 62846 | 5005055 |
| Chime Financial Inc (a)(d) | 16700 | 441047 |
| Corpay Inc (a) | 10700 | 3484669 |
| Fiserv Inc (a) | 35593 | 4918241 |
| Marqeta Inc Class A (a) | 87008 | 553806 |
| Mastercard Inc Class A  | 21604 | 12860646 |
| PayPal Holdings Inc (a) | 70220 | 4928742 |
| Toast Inc Class A (a) | 34000 | 1533400 |
| Visa Inc Class A  | 35830 | 12604277 |
|  |  | 47235625 |
| TOTAL FINANCIALS |  | 69404121 |
| Industrials - 2.8% |  |  |
| Professional Services - 2.8% |  |  |
| SS&C Technologies Holdings Inc  | 32697 | 2898916 |
| Information Technology - 18.1% |  |  |
| Software - 18.1% |  |  |
| ACI Worldwide Inc (a) | 25058 | 1236612 |
| Guidewire Software Inc (a) | 11937 | 2590568 |
| Intapp Inc (a) | 16769 | 771206 |
| Intuit Inc  | 17700 | 11805901 |
| Klaviyo Inc Class A (a) | 39078 | 1267690 |
| Tyler Technologies Inc (a) | 1256 | 706977 |
|  |  | 18378954 |
| TOTAL UNITED STATES |  | 91117667 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $59,339,995) |  | <br> **101453591** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.36 | 1804953 | 1805314 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.36 | 568293 | 568350 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,373,664) |  |  | **2373664** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.1%**<br> (Cost $61,713,659)<br>| <br>**103827255** |
| **NET OTHER ASSETS (LIABILITIES) - (2.1)%**  | **(2090804)** |
| **NET ASSETS - 100.0%** | **101736451** |

---

**Legend**

(a) Non-income producing.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,871,275 or 4.8% of net assets.

(c) 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 $4,871,275 or 4.8% 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.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 593036 | 16641331 | 15429053 | 10097 | - | - | 1805314 | 1804953 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1269650 | 10379781 | 11081081 | 282 | - | - | 568350 | 568293 | 0.0% |
| Total | 1862686 | 27021112 | 26510134 | 10379 | - | - | 2373664 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 435676 | 435676 | - | - |
| Financials | 74885425 | 70014150 | 4871275 | - |
| Industrials | 2898916 | 2898916 | - | - |
| Information Technology | 23233574 | 23233574 | - | - |
|  **Money Market Funds** | 2373664 | 2373664 | - | - |
| **Total Investments in Securities:** | 103827255 | 98955980 | 4871275 | - |

---

**FinTech Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $551,946) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $59,339,995) | $101453591 |  |
| Fidelity Central Funds (cost $2,373,664) | 2373664 |  |
| Total Investment in Securities (cost $61,713,659) |  | $103827255 |
| Foreign currency held at value (cost $12) |  | 12 |
| Receivable for fund shares sold |  | 68498 |
| Dividends receivable |  | 45326 |
| Distributions receivable from Fidelity Central Funds |  | 2403 |
| Prepaid expenses |  | 140 |
| **Total assets** |  | 103943634 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1527752 |  |
| Payable for fund shares redeemed | 30131 |  |
| Accrued management fee | 55240 |  |
| Other payables and accrued expenses | 25710 |  |
| Collateral on securities loaned | 568350 |  |
| **Total liabilities** |  | 2207183 |
| **Net Assets**  |  | $101736451 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $100084316 |
| Total accumulated earnings (loss) |  | 1652135 |
| **Net Assets** |  | $101736451 |
| **Net Asset Value**, offering price and redemption price per share ($101,736,451 ÷ 5,040,783 shares) |  | $20.18 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $322602 |
| Income from Fidelity Central Funds (including $282 from security lending)  |  | 10379 |
| **Total income** |  | 332981 |
| **Expenses** |  |  |
| Management fee | $343180 |  |
| Custodian fees and expenses | 5218 |  |
| Independent trustees' fees and expenses | 201 |  |
| Registration fees | 15054 |  |
| Audit fees | 25098 |  |
| Legal | 938 |  |
| Miscellaneous | 207 |  |
| **Total expenses** |  | 389896 |
| **Net Investment income (loss)** |  | (56915) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2561059 |  |
| Foreign currency transactions | 7673 |  |
| Total net realized gain (loss) |  | 2568732 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3063256) |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | (4182) |  |
| Total change in net unrealized appreciation (depreciation) |  | (3067437) |
| **Net gain (loss)** |  | (498705) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(555620) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(56915) | $(51392) |
| &nbsp;&nbsp;Net realized gain (loss) | 2568732<br>| 2139758<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (3067437) | 13680541<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (555620)<br>| 15768907<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 7848073 | 34894898 |
| &nbsp;&nbsp;Cost of shares redeemed | (28781576) | (39175698) |
| **Net increase (decrease) in net assets resulting from share transactions** | (20933503)<br>| (4280800)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (21489123)<br>| 11488107<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 123225574 | 111737467<br>|
| &nbsp;&nbsp;End of period | $101736451 | $123225574 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 404676 | 1836189 |
| &nbsp;&nbsp;Redeemed | (1538236) | (2221890) |
| &nbsp;&nbsp;Net increase (decrease) | (1133560) | (385701) |

---

**Financial Highlights** 

**FinTech Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.96 | $17.03 | $13.73 | $16.06 | $19.37 | $16.23 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.01)  | (.01)  | - D | - D | .14 E | .34 F |
| Net realized and unrealized gain (loss)  | .23  | 2.94  | 3.30  | (2.33)  | .04 G,H | 3.14  |
| Total from investment operations  | .22  | 2.93  | 3.30  | (2.33)  | .18  | 3.48  |
| Distributions from net investment income  | -  | -  | -  | -  | (.25)  | (.34)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (3.24)  | -  |
| Total distributions  | -  | -  | -  | -  | (3.49)  | (.34)  |
| Net asset value, end of period  | $20.18 | $19.96 | $17.03 | $13.73 | $16.06 | $19.37 |
| **Total Return** I,J | 1.10% <br>| 17.20%  | 24.03%  | (14.51)%  | (.75)% H | 21.94%  |
| **Ratios to Average Net Assets** C,K,L |  |  |  |  |  |  |
| Expenses before reductions  | .76% M | .75%  | .87%  | .87%  | .81%  | .89%  |
| Expenses net of fee waivers, if any  | .76% M<br>| .75%  | .86%  | .87%  | .81%  | .89%  |
| Expenses net of all reductions, if any  | .76% M | .75%  | .86%  | .87%  | .81%  | .89%  |
| Net investment income (loss)  | (.11)% M | (.05)%  | (.03)%  | (.03)%  | .63% E | 2.35% F |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $101736 | $123226 | $111737 | $107578 | $161851 | $144880 |
| Portfolio turnover rate N | 66% M<br>| 44%  | 43%  | 15%  | 164%  | 25%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Amount represents less than $.005 per share.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.*

F*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.89%.*

G*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

H*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.78)%.*

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

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

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

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

M*Annualized.*

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

**Insurance Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** |
|  | Shares | Value ($)<br>|
| BERMUDA - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| Aspen Insurance Holdings Ltd (a)(b) | 64800 | 2365200 |
| UNITED KINGDOM - 2.5%  |  |  |
| Financials - 2.5% |  |  |
| Insurance - 2.5% |  |  |
| Hiscox Ltd  | 1281590 | 22605171 |
| UNITED STATES - 97.1%  |  |  |
| Financials - 97.1% |  |  |
| Financial Services - 4.1% |  |  |
| Corebridge Financial Inc  | 567249 | 19723248 |
| Voya Financial Inc  | 229088 | 17202218 |
|  |  | 36925466 |
| Insurance - 93.0% |  |  |
| Allstate Corp/The  | 155800 | 31697510 |
| American Financial Group Inc/OH  | 327300 | 44466978 |
| Aon PLC  | 133900 | 49141300 |
| Arch Capital Group Ltd  | 327300 | 29957769 |
| Arthur J Gallagher & Co  | 228600 | 69208650 |
| Brown & Brown Inc  | 242300 | 23490985 |
| Chubb Ltd  | 316705 | 87116044 |
| Everest Group Ltd  | 80800 | 27623904 |
| Hanover Insurance Group Inc/The  | 204508 | 35478048 |
| Hartford Insurance Group Inc/The  | 468100 | 61934311 |
| Marsh & McLennan Cos Inc  | 176400 | 36304884 |
| MetLife Inc  | 531741 | 43262448 |
| Primerica Inc  | 65961 | 17765936 |
| Progressive Corp/The  | 387700 | 95785162 |
| Reinsurance Group of America Inc  | 221700 | 43184943 |
| Selective Insurance Group Inc  | 342700 | 26809421 |
| Travelers Companies Inc/The  | 159300 | 43251543 |
| Unum Group  | 360600 | 25191516 |
| Willis Towers Watson PLC  | 120574 | 39402377 |
|  |  | 831073729 |
| TOTAL UNITED STATES |  | 867999195 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $675,545,544) |  | <br> **892969566** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.36 | 2028070 | 2028475 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.36 | 52495 | 52500 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,080,975) |  |  | **2080975** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $677,626,519)<br>| <br>**895050541** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(829787)** |
| **NET ASSETS - 100.0%** | **894220754** |

---

**Legend**

(a) Non-income producing.

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

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 6660691 | 177902669 | 182534885 | 105638 | - | - | 2028475 | 2028070 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 9581822 | 9529322 | 241 | - | - | 52500 | 52495 | 0.0% |
| Total | 6660691 | 187484491 | 192064207 | 105879 | - | - | 2080975 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Financials | 892969566 | 892969566 | - | - |
|  **Money Market Funds** | 2080975 | 2080975 | - | - |
| **Total Investments in Securities:** | 895050541 | 895050541 | - | - |

---

**Insurance Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $51,100) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $675,545,544) | $892969566 |  |
| Fidelity Central Funds (cost $2,080,975) | 2080975 |  |
| Total Investment in Securities (cost $677,626,519) |  | $895050541 |
| Receivable for investments sold |  | 179717 |
| Receivable for fund shares sold |  | 375613 |
| Dividends receivable |  | 1028094 |
| Distributions receivable from Fidelity Central Funds |  | 6415 |
| Prepaid expenses |  | 1326 |
| **Total assets** |  | 896641706 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1843056 |  |
| Accrued management fee | 498467 |  |
| Other payables and accrued expenses | 26929 |  |
| Collateral on securities loaned | 52500 |  |
| **Total liabilities** |  | 2420952 |
| **Net Assets**  |  | $894220754 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $659297357 |
| Total accumulated earnings (loss) |  | 234923397 |
| **Net Assets** |  | $894220754 |
| **Net Asset Value**, offering price and redemption price per share ($894,220,754 ÷ 9,642,941 shares) |  | $92.73 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $8620627 |
| Income from Fidelity Central Funds (including $241 from security lending)  |  | 105879 |
| **Total income** |  | 8726506 |
| **Expenses** |  |  |
| Management fee | $3292873 |  |
| Custodian fees and expenses | 4288 |  |
| Independent trustees' fees and expenses | 1793 |  |
| Registration fees | 67051 |  |
| Audit fees | 25141 |  |
| Legal | 235 |  |
| Interest | 3105 |  |
| Miscellaneous | 1886 |  |
| Total expenses before reductions | 3396372 |  |
| Expense reductions | (52) |  |
| Total expenses after reductions |  | 3396320 |
| **Net Investment income (loss)** |  | 5330186 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 12961211 |  |
| Foreign currency transactions | 23380 |  |
| Total net realized gain (loss) |  | 12984591 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (57378889) |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 6476 |  |
| Total change in net unrealized appreciation (depreciation) |  | (57372414) |
| **Net gain (loss)** |  | (44387823) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(39057637) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5330186 | $10174873 |
| &nbsp;&nbsp;Net realized gain (loss) | 12984591<br>| 53204387<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (57372414) | 104998587<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (39057637)<br>| 168377847<br>|
| Distributions to shareholders | (5323311)<br>| (72132916)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 287847125 | 577141867 |
| Reinvestment of distributions | 4879337<br>| 65808680<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (313092419) | (380121521) |
| **Net increase (decrease) in net assets resulting from share transactions** | (20365957)<br>| 262829026<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (64746905)<br>| 359073957<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 958967659 | 599893702<br>|
| &nbsp;&nbsp;End of period | $894220754 | $958967659 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3061362 | 6314230 |
| Issued in reinvestment of distributions | 53484<br>| 747919<br>|
| &nbsp;&nbsp;Redeemed | (3388859) | (4188755) |
| &nbsp;&nbsp;Net increase (decrease) | (274013) | 2873394 |

---

**Financial Highlights** 

**Insurance Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $96.70 | $85.17 | $75.40 | $69.86 | $61.17 | $58.44 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .50  | 1.14 D | .99  | .63  | .78  | .88  |
| Net realized and unrealized gain (loss)  | (3.97)  | 18.25  | 15.28  | 5.46  | 13.73  | 6.99  |
| Total from investment operations  | (3.47)  | 19.39  | 16.27  | 6.09  | 14.51  | 7.87  |
| Distributions from net investment income  | (.07)  | (1.02)  | (.85)  | (.55)  | (.89)  | (.94)  |
| Distributions from net realized gain  | (.43)  | (6.84)  | (5.66)  | -  | (4.93)  | (4.20)  |
| Total distributions  | (.50)  | (7.86)  | (6.50) E | (.55)  | (5.82)  | (5.14)  |
| Net asset value, end of period  | $92.73 | $96.70 | $85.17 | $75.40 | $69.86 | $61.17 |
| **Total Return** F,G | (3.58)% <br>| 23.96%  | 23.26%  | 8.75%  | 24.68%  | 15.54%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .69% J | .69%  | .80%  | .81%  | .78%  | .83%  |
| Expenses net of fee waivers, if any  | .69% J<br>| .69%  | .79%  | .81%  | .78%  | .83%  |
| Expenses net of all reductions, if any  | .69% J | .69%  | .79%  | .81%  | .78%  | .83%  |
| Net investment income (loss)  | 1.08% J | 1.25% D | 1.32%  | .90%  | 1.16%  | 1.68%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $894221 | $958968 | $599894 | $474461 | $245931 | $184701 |
| Portfolio turnover rate K | 77% J<br>| 55%  | 80%  | 48%  | 15%  | 18%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.22 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.02%.*

E*Total distributions per share do not sum due to rounding.*

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

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

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

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

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying 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, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of each Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. 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 is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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. Brokerage and Investment Management Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**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** | $71274 |

---

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Banking Portfolio** | 288315259 | 162441785 | (677403) | 161764382 |
| **Brokerage and Investment Management Portfolio**  | 971893925 | 666652127 | (19570534) | 647081593 |
| **Financials Portfolio** | 794507812 | 329925392 | (13621392) | 316304000 |
| **FinTech Portfolio** | 62187139 | 42913346 | (1273230) | 41640116 |
| **Insurance Portfolio** | 678871515 | 235170796 | (18991770) | 216179026 |

---

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 ($)** |
| **Brokerage and Investment Management Portfolio**  | (31019671) | - | (31019671) |
| **FinTech Portfolio** | (20982511) | (21501365) | (42483876) |

---

**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.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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 ($)** | **Sales ($)** |
| **Banking Portfolio** | 48450577 | 131376750 |
| **Brokerage and Investment Management Portfolio** | 86707781 | 210527789 |
| **Financials Portfolio** | 264730781 | 349994157 |
| **FinTech Portfolio** | 34599928 | 54278848 |
| **Insurance Portfolio** | 375967435 | 391452665 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which 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 management 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 management 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 management 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** | .69 |
| **Brokerage and Investment Management Portfolio** | .70 |
| **Financials Portfolio** | .69 |
| **FinTech Portfolio** | .72 |
| **Insurance Portfolio** | .72 |

---

One-twelfth of the management 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 management 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** | .67 |
| **Brokerage and Investment Management Portfolio** | .65 |
| **Financials Portfolio** | .66 |
| **FinTech Portfolio** | .67 |
| **Insurance Portfolio** | .67 |

---

**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** | 2061 |
| **Brokerage and Investment Management Portfolio** | 2071 |
| **Financials Portfolio** | 4247 |
| **FinTech Portfolio** | 1097 |
| **Insurance Portfolio** | 4014 |

---

**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, 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 ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Banking Portfolio** | Borrower | 1569400 | 4.59% | 1000 |
| **Brokerage and Investment Management Portfolio**  | Borrower | 6277000 | 4.58% | 2397 |
| **Financials Portfolio** | Borrower | 18539143 | 4.58% | 16511 |
| **Insurance Portfolio** | Borrower | 24329000 | 4.60% | 3105 |

---

**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.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Banking Portfolio** | 1273837 | 7278842 | 1301643 |
| **Brokerage and Investment Management Portfolio** | 5925533 | 552201 | (61828) |
| **Financials Portfolio** | 12693819 | 16940002 | 3903238 |
| **FinTech Portfolio** | 391446 | - | - |
| **Insurance Portfolio** | 53803434 | 5065186 | (186801) |

---

**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 reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Banking Portfolio** | 352 |
| **Brokerage and Investment Management Portfolio** | 1030 |
| **Financials Portfolio** | 797 |
| **FinTech Portfolio** | 86 |
| **Insurance Portfolio** | 757 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 377 | - | - |
| **Brokerage and Investment Management Portfolio** | 1279 | 1 | - |
| **Financials Portfolio** | 20234 | - | - |
| **FinTech Portfolio** | 30 | - | - |
| **Insurance Portfolio** | 25 | - | - |

---

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** | 5295618 |
| **Brokerage and Investment Management Portfolio** | 67972055 |
| **Financials Portfolio** | 8690321 |
| **FinTech Portfolio** | - |
| **Insurance Portfolio** | - |

---

**8. Bank Borrowings.**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Financials Portfolio** | 3361833 | 4.83% | 2706 |

---

**9. Expense Reductions.** 

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Insurance Portfolio** | 52 |

---

**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**

**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 Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 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 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.

<u>Resources Dedicated to Investment Management and Support Services</u>. 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 Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and 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.

<u>Shareholder and Administrative Services</u>. 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 information and market information over the Internet 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.

<u>Investment in a Large Fund Family</u>. 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.

<u>Investment Performance</u>. 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 index that has characteristics relevant to each fund's investment strategies (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. Fintech Portfolio underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2025, 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, effective March 1, 2024, 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 from March 2024 to September 2024, 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.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. 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 based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of 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 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 (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. 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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

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 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 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.

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, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 May 31, 2026.

![](img114156_4.jpg)<br>

1.813666.120 SELFIN-SANN-1025

**Fidelity® Select Portfolios®**

**Energy Sector**

**Energy Portfolio**

**Semi-Annual Report**

**August 31, 2025**

![](img114157_1.jpg)

![](img114157_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SELNR-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Energy Portfolio](#Sub_Sec_Fund_60_SELNR-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements60_SELNR-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELNR-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELNR-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELNR-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELNR-SANN)** |

---

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.© 2025 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** |
|  | Shares | Value ($)<br>|
| CANADA - 8.9%  |  |  |
| Energy - 8.9% |  |  |
| Oil, Gas & Consumable Fuels - 8.9% |  |  |
| Canadian Natural Resources Ltd  | 2467860 | 78149948 |
| Cenovus Energy Inc  | 5082006 | 84518162 |
| TOTAL CANADA |  | 162668110 |
| FRANCE - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Vallourec SACA  | 149300 | 2677630 |
| NORWAY - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Odfjell Drilling Ltd  | 695518 | 5604469 |
| UNITED KINGDOM - 3.1%  |  |  |
| Energy - 3.1% |  |  |
| Energy Equipment & Services - 3.1% |  |  |
| Subsea 7 SA  | 106600 | 2224865 |
| TechnipFMC PLC  | 1485872 | 54620655 |
| TOTAL UNITED KINGDOM |  | 56845520 |
| UNITED STATES - 87.1%  |  |  |
| Energy - 83.4% |  |  |
| Energy Equipment & Services - 8.2% |  |  |
| Baker Hughes Co Class A  | 1002700 | 45522580 |
| National Energy Services Reunited Corp (a) | 4222720 | 39524659 |
| Schlumberger NV  | 1759869 | 64833574 |
|  |  | 149880813 |
| Oil, Gas & Consumable Fuels - 75.2% |  |  |
| Antero Resources Corp (a) | 829100 | 26464872 |
| Cheniere Energy Inc  | 370412 | 89573030 |
| Chevron Corp  | 1094877 | 175837246 |
| Chord Energy Corp  | 93852 | 10313396 |
| ConocoPhillips  | 539366 | 53381053 |
| Diamondback Energy Inc  | 355700 | 52913932 |
| Energy Transfer LP  | 4802700 | 85103844 |
| EOG Resources Inc  | 68164 | 8508230 |
| Expand Energy Corp  | 200400 | 19394712 |
| Exxon Mobil Corp  | 3976572 | 454482415 |
| Kinder Morgan Inc  | 328000 | 8849440 |
| Marathon Petroleum Corp  | 506692 | 91057619 |
| Northern Oil & Gas Inc  | 66460 | 1738594 |
| Occidental Petroleum Corp  | 906515 | 43159179 |
| Ovintiv Inc  | 860300 | 36235836 |
| Permian Resources Corp Class A  | 1366000 | 19520140 |
| Phillips 66  | 182373 | 24361385 |
| Range Resources Corp  | 716600 | 24557882 |
| Targa Resources Corp  | 269700 | 45244872 |
| Valero Energy Corp  | 471600 | 71687916 |
| Williams Cos Inc/The  | 561300 | 32488044 |
|  |  | 1374873637 |
| TOTAL ENERGY |  | 1524754450 |
| Utilities - 3.7% |  |  |
| Independent Power and Renewable Electricity Producers - 3.7% |  |  |
| Vistra Corp  | 359300 | 67947223 |
| TOTAL UNITED STATES |  | 1592701673 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $969,363,125) |  | <br> **1820497402** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.5%**<br> (Cost $969,363,125)<br>| <br>**1820497402** |
| **NET OTHER ASSETS (LIABILITIES) - 0.5%**  | **9505198** |
| **NET ASSETS - 100.0%** | **1830002600** |

---

**Legend**

(a) Non-income producing.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 119041697 | 119041697 | 63089 | - | - | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 51474282 | 495425924 | 546900206 | 41091 | - | - | - | - | 0.0% |
| Total | 51474282 | 614467621 | 665941903 | 104180 | - | - | - |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Energy | 1752550179 | 1752550179 | - | - |
| Utilities | 67947223 | 67947223 | - | - |
| **Total Investments in Securities:** | 1820497402 | 1820497402 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $969,363,125)<br>|  | $1820497402 |
| Foreign currency held at value (cost $193,223) |  | 196995 |
| Receivable for investments sold |  | 3651190 |
| Receivable for fund shares sold |  | 1394083 |
| Dividends receivable |  | 8074778 |
| Distributions receivable from Fidelity Central Funds |  | 3525 |
| Prepaid expenses |  | 2459 |
| Other receivables |  | 524801 |
| **Total assets** |  | 1834345233 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1202196 |  |
| Payable for fund shares redeemed | 1651133 |  |
| Accrued management fee | 931005 |  |
| Deferred trustees payable | 473954 |  |
| Other payables and accrued expenses | 84345 |  |
| **Total liabilities** |  | 4342633 |
| **Net Assets**  |  | $1830002600 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1744901547 |
| Total accumulated earnings (loss) |  | 85101053 |
| **Net Assets** |  | $1830002600 |
| **Net Asset Value**, offering price and redemption price per share ($1,830,002,600 ÷ 29,787,722 shares) |  | $61.43 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $25477955 |
| Income from Fidelity Central Funds (including $41,091 from security lending)  |  | 104180 |
| **Total income** |  | 25582135 |
| **Expenses** |  |  |
| Management fee | $5730928 |  |
| Custodian fees and expenses | 15498 |  |
| Independent trustees' fees and expenses | 3429 |  |
| Registration fees | 53756 |  |
| Audit fees | 35522 |  |
| Legal | 437 |  |
| Interest | 697 |  |
| Miscellaneous | 4616 |  |
| **Total expenses** |  | 5844883 |
| **Net Investment income (loss)** |  | 19737252 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 46177063 |  |
| Foreign currency transactions | 37863 |  |
| Total net realized gain (loss) |  | 46214926 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 20721960 |  |
| Assets and liabilities in foreign currencies | 4041 |  |
| Total change in net unrealized appreciation (depreciation) |  | 20726001 |
| **Net gain (loss)** |  | 66940927 |
| **Net increase (decrease) in net assets resulting from operations** |  | $86678179 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $19737252 | $40975869 |
| &nbsp;&nbsp;Net realized gain (loss) | 46214926<br>| 130103546<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 20726001 | (97425817)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 86678179<br>| 73653598<br>|
| Distributions to shareholders | (3307528)<br>| (37251795)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 153803658 | 610352608 |
| Reinvestment of distributions | 3070461<br>| 34552503<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (366962878) | (856148361) |
| **Net increase (decrease) in net assets resulting from share transactions** | (210088759)<br>| (211243250)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (126718108)<br>| (174841447)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1956720708 | 2131562155<br>|
| &nbsp;&nbsp;End of period | $1830002600 | $1956720708 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2729324 | 9890863 |
| Issued in reinvestment of distributions | 60789<br>| 613196<br>|
| &nbsp;&nbsp;Redeemed | (6531827) | (14061616) |
| &nbsp;&nbsp;Net increase (decrease) | (3741714) | (3557557) |

---

**Financial Highlights** 

**Energy Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $58.36 | $57.47 | $54.94 | $45.24 | $29.25 | $26.79 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .63  | 1.16  | 1.12  | 1.46  | .96  | .99 D |
| Net realized and unrealized gain (loss)  | 2.54  | .84  | 2.51  | 9.64  | 15.82  | 2.27  |
| Total from investment operations  | 3.17  | 2.00  | 3.63  | 11.10  | 16.78  | 3.26  |
| Distributions from net investment income  | (.10)  | (1.11)  | (1.10)  | (1.40)  | (.79)  | (.80)  |
| Total distributions  | (.10)  | (1.11)  | (1.10)  | (1.40)  | (.79)  | (.80)  |
| Net asset value, end of period  | $61.43 | $58.36 | $57.47 | $54.94 | $45.24 | $29.25 |
| **Total Return** E,F | 5.47% <br>| 3.55%  | 6.66%  | 24.63%  | 58.37%  | 13.03%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .65% I | .65%  | .74%  | .73%  | .77%  | .85%  |
| Expenses net of fee waivers, if any  | .65% I<br>| .65%  | .73%  | .73%  | .77%  | .85%  |
| Expenses net of all reductions, if any  | .65% I | .65%  | .73%  | .73%  | .77%  | .84%  |
| Net investment income (loss)  | 2.21% I | 1.90%  | 2.00%  | 2.75%  | 2.79%  | 4.50% D |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1830003 | $1956721 | $2131562 | $2840710 | $2407641 | $980644 |
| Portfolio turnover rate J | 12% I<br>| 15%  | 17%  | 43%  | 56% K | 31%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.82%.*

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

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

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

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

I*Annualized.*

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

K*The portfolio turnover rate does not include the assets acquired in the merger.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended August 31, 2025

**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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 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.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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 is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**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 deferred trustees payable, as applicable.

---

| | |
|:---|:---|
| **Energy Portfolio** | $473954 |

---

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

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred Trustee compensation, capital loss carryforwards and

losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $871831328 |
| **Gross unrealized depreciation** | <u>(23161244)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$848670084</u> |
| **Tax cost** | <u>$971827318</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(494311977) |
| Long-term | <u>(328647451)</u> |
| **Total capital loss carryforward** | <u>$(822959428)</u> |

---

Due to a merger in a prior period, approximately $386,604,183 of the Fund's realized losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $2,077,904 of those capital losses per year to offset gains. These realized losses were acquired from Select Natural Gas Portfolio when it merged into the Fund on November 19, 2021.

Due to a merger in a prior period, approximately $316,533,793 of the Fund's realized losses and a portion of the Fund's unrealized losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $3,367,549 of those capital losses per year to offset gains. These realized and unrealized losses were acquired from Select Energy Service Portfolio when it merged into the Fund on November 19, 2021.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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 ($)** | **Sales ($)** |
| **Energy Portfolio** | 113271351 | 293237473 |

---

**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.

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 management 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 management 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 management 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** | .70 |

---

One-twelfth of the management 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 management 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** | .64 |

---

**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** | 6375 |

---

**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 | 5482000 | 4.58% | 697 |

---

**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** | 761819 | 29104106 | 14463588 |

---

**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 reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Energy Portfolio** | 1457 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 4353 | - | - |

---

**8. 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.

**9. 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.

**10. Proposed Reorganization.**

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Advisor Energy Fund. In addition, the Board approved the creation of additional classes of shares that will commence operations on November 6, 2025. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Energy Fund in exchange for corresponding shares of the Fund equal in value to the net assets of Fidelity Advisor Energy Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Advisor Energy Fund access to a larger portfolio with a similar investment objective.

The reorganization does not require Fidelity Advisor Energy Fund shareholder approval and is expected to become effective during November 2025. 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 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.

At its May 2025 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 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 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 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.

<u>Resources Dedicated to Investment Management and Support Services</u>. 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 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.

<u>Shareholder and Administrative Services</u>. 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 information and market information over the Internet 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.

<u>Investment in a Large Fund Family</u>. 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.

<u>Investment Performance</u>. 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 index that has characteristics relevant to the fund's investment strategies (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, effective March 1, 2024, 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 fund's management fee and total expense ratio, the Board considered the effective management fee rate for the fund from March 2024 to September 2024, 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.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. 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 based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of 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 similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total mapped group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. 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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

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 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.

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, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 May 31, 2026.

**Board Approval of Investment Advisory Contract and Management Fees** 

**Energy Portfolio**

At its July 2025 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 July 2025 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. 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 that have a similar sales load structure.

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 FMR in providing services to the fund and the level of FMR's profitability. At its May 2025 meeting, the Board concluded that it was satisfied that the profitability of FMR 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 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, ultimately concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2026.

![](img114157_4.jpg)<br>

1.813654.120 SELNR-SANN-1025

**Fidelity® Select Portfolios®**

**Consumer Staples Sector**

**Consumer Staples Portfolio**

**Semi-Annual Report**

**August 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img114158_1.jpg)

![](img114158_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SELCS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Consumer Staples Portfolio](#Sub_Sec_Fund_9_SELCS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements9_SELCS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELCS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELCS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELCS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELCS-SANN)** |

---

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.© 2025 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| UNITED KINGDOM - 5.4%  |  |  |
| Consumer Staples - 5.4% |  |  |
| Beverages - 2.0% |  |  |
| Diageo PLC  | 840109 | 23299460 |
| Food Products - 0.6% |  |  |
| Nomad Foods Ltd  | 457320 | 7106753 |
| Tobacco - 2.8% |  |  |
| British American Tobacco PLC ADR  | 556200 | 31642218 |
| TOTAL UNITED KINGDOM |  | 62048431 |
| UNITED STATES - 94.4%  |  |  |
| Consumer Staples - 94.4% |  |  |
| Beverages - 34.1% |  |  |
| Boston Beer Co Inc/The Class A (a) | 144300 | 31903287 |
| Brown-Forman Corp Class B (b) | 109400 | 3275436 |
| Coca-Cola Co/The  | 2236618 | 154304276 |
| Constellation Brands Inc Class A  | 322484 | 52223059 |
| Keurig Dr Pepper Inc  | 3653827 | 106289827 |
| Monster Beverage Corp (a) | 231546 | 14450786 |
| PepsiCo Inc  | 157804 | 23457565 |
| Primo Brands Corp Class A  | 104200 | 2616462 |
|  |  | 388520698 |
| Consumer Staples Distribution & Retail - 20.8% |  |  |
| Albertsons Cos Inc Class A  | 1529400 | 29762124 |
| BJ's Wholesale Club Holdings Inc (a) | 24000 | 2344320 |
| Costco Wholesale Corp  | 41500 | 39147780 |
| Dollar Tree Inc (a) | 39000 | 4257630 |
| Grocery Outlet Holding Corp (a) | 371700 | 6731487 |
| Kroger Co/The  | 138100 | 9368704 |
| Target Corp  | 391800 | 37604964 |
| US Foods Holding Corp (a) | 129700 | 10064720 |
| Walmart Inc  | 1005500 | 97513390 |
|  |  | 236795119 |
| Food Products - 14.9% |  |  |
| Archer-Daniels-Midland Co  | 8300 | 519912 |
| Bunge Global SA  | 576093 | 48518553 |
| Darling Ingredients Inc (a) | 174800 | 5936208 |
| Freshpet Inc (a) | 207400 | 11577068 |
| JM Smucker Co  | 191000 | 21107410 |
| Lamb Weston Holdings Inc  | 438000 | 25198140 |
| Mondelez International Inc  | 535697 | 32913224 |
| TreeHouse Foods Inc (a) | 1306316 | 23957835 |
|  |  | 169728350 |
| Household Products - 17.6% |  |  |
| Clorox Co/The  | 26200 | 3096840 |
| Energizer Holdings Inc  | 1788966 | 49303903 |
| Procter & Gamble Co/The  | 861082 | 135224317 |
| Reynolds Consumer Products Inc  | 562900 | 13064909 |
|  |  | 200689969 |
| Personal Care Products - 4.4% |  |  |
| BellRing Brands Inc (a) | 53000 | 2175650 |
| Edgewell Personal Care Co (b) | 67100 | 1611742 |
| Estee Lauder Cos Inc/The Class A  | 210655 | 19323383 |
| Kenvue Inc  | 1284500 | 26601995 |
|  |  | 49712770 |
| Tobacco - 2.6% |  |  |
| JUUL Labs Inc Class A (a)(c)(d) | 3694166 | 5689015 |
| Philip Morris International Inc  | 147900 | 24718527 |
|  |  | 30407542 |
| TOTAL UNITED STATES |  | 1075854448 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $940,261,626) |  | <br> **1137902879** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Securities Lending Cash Central Fund (e)(f)<br>(Cost $2,328,775)<br>| 4.36 | 2328542 | **2328775** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $942,590,401)<br>| <br>**1140231654** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **124533** |
| **NET ASSETS - 100.0%** | **1140356187** |

---

**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 $5,689,015 or 0.5% of net assets.

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

(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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| JUUL Labs Inc Class A | 2/23/24 | 3749468 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 5001067 | 38696034 | 43697101 | 22636 | - | - | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 11137575 | 134883984 | 143692784 | 1944 | - | - | 2328775 | 2328542 | 0.0% |
| Total | 16138642 | 173580018 | 187389885 | 24580 | - | - | 2328775 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Staples | 1137902879 | 1108914404 | 23299460 | 5689015 |
|  **Money Market Funds** | 2328775 | 2328775 | - | - |
| **Total Investments in Securities:** | 1140231654 | 1111243179 | 23299460 | 5689015 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,338,606) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $940,261,626) | $1137902879 |  |
| Fidelity Central Funds (cost $2,328,775) | 2328775 |  |
| Total Investment in Securities (cost $942,590,401) |  | $1140231654 |
| Foreign currency held at value (cost $1) |  | 1 |
| Receivable for investments sold |  | 5575030 |
| Receivable for fund shares sold |  | 502630 |
| Dividends receivable |  | 1983574 |
| Distributions receivable from Fidelity Central Funds |  | 2214 |
| Prepaid expenses |  | 1588 |
| Other receivables |  | 377248 |
| **Total assets** |  | 1148673939 |
| **Liabilities** |  |  |
| Payable to custodian bank | $356869 |  |
| Payable for investments purchased  | 3513482 |  |
| Payable for fund shares redeemed | 958469 |  |
| Accrued management fee | 651733 |  |
| Distribution and service plan fees payable | 100208 |  |
| Other payables and accrued expenses | 408216 |  |
| Collateral on securities loaned | 2328775 |  |
| **Total liabilities** |  | 8317752 |
| **Net Assets**  |  | $1140356187 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $937123688 |
| Total accumulated earnings (loss) |  | 203232499 |
| **Net Assets** |  | $1140356187 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($255,965,268 ÷ 2,982,881 shares)(a) |  | $85.81 |
| Maximum offering price per share (100/94.25 of $85.81) |  | $91.05 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($49,779,462 ÷ 588,661 shares)(a) |  | $84.56 |
| Maximum offering price per share (100/96.50 of $84.56) |  | $87.63 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($28,058,627 ÷ 339,488 shares)(a) |  | $82.65 |
| **Consumer Staples :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($678,741,102 ÷ 7,789,990 shares) |  | $87.13 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($93,144,663 ÷ 1,072,612 shares) |  | $86.84 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($34,667,065 ÷ 399,795 shares) |  | $86.71 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $15379487 |
| Income from Fidelity Central Funds (including $1,944 from security lending)  |  | 24580 |
| **Total income** |  | 15404067 |
| **Expenses** |  |  |
| Management fee | $4048884 |  |
| Distribution and service plan fees | 619420 |  |
| Custodian fees and expenses | 15715 |  |
| Independent trustees' fees and expenses | 2259 |  |
| Registration fees | 65548 |  |
| Audit fees | 29326 |  |
| Legal | 935 |  |
| Miscellaneous | 2926 |  |
| **Total expenses** |  | 4785013 |
| **Net Investment income (loss)** |  | 10619054 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 17328626 |  |
| Foreign currency transactions | 19411 |  |
| Total net realized gain (loss) |  | 17348037 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (57708698) |  |
| Assets and liabilities in foreign currencies | 883 |  |
| Total change in net unrealized appreciation (depreciation) |  | (57707815) |
| **Net gain (loss)** |  | (40359778) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(29740724) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $10619054 | $25995615 |
| &nbsp;&nbsp;Net realized gain (loss) | 17348037<br>| 92355976<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (57707815) | (25484612)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (29740724)<br>| 92866979<br>|
| Distributions to shareholders | (26663688)<br>| (104952814)<br>|
| Share transactions - net increase (decrease) | (71317692)<br>| (217952509)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (127722104)<br>| (230038344)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1268078291 | 1498116635<br>|
| &nbsp;&nbsp;End of period | $1140356187 | $1268078291 |

---

**Financial Highlights** 

**Fidelity Advisor® Consumer Staples Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $89.83 | $91.15 | $91.25 | $95.55 | $89.40 | $79.57 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .68  | 1.62  | 1.68  | 1.38  | 1.40  | 1.34  |
| Net realized and unrealized gain (loss)  | (2.86)  | 4.42  | 2.68  | (2.79)  | 14.98  | 11.24  |
| Total from investment operations  | (2.18)  | 6.04  | 4.36  | (1.41)  | 16.38  | 12.58  |
| Distributions from net investment income  | (.70)  | (1.70)  | (1.50)  | (1.36)  | (1.55)  | (1.42)  |
| Distributions from net realized gain  | (1.13)  | (5.66)  | (2.96)  | (1.53)  | (8.68)  | (1.33)  |
| Total distributions  | (1.84) D | (7.36)  | (4.46)  | (2.89)  | (10.23)  | (2.75)  |
| Net asset value, end of period  | $85.81 | $89.83 | $91.15 | $91.25 | $95.55 | $89.40 |
| **Total Return** E,F,G | (2.39)% <br>| 6.74%  | 4.90%  | (1.49)%  | 18.83%  | 16.00%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .97% J | .97%  | 1.01%  | 1.01%  | 1.01%  | 1.04%  |
| Expenses net of fee waivers, if any  | .97% J<br>| .97%  | 1.00%  | 1.01%  | 1.01%  | 1.04%  |
| Expenses net of all reductions, if any  | .97% J | .97%  | 1.00%  | 1.01%  | 1.01%  | 1.03%  |
| Net investment income (loss)  | 1.58% J | 1.74%  | 1.80%  | 1.51%  | 1.45%  | 1.57%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $255965 | $282128 | $290687 | $297850 | $293276 | $248234 |
| Portfolio turnover rate K | 50% J<br>| 45%  | 54% L | 46%  | 61%  | 51%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

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

J*Annualized.*

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

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

**Fidelity Advisor® Consumer Staples Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $88.55 | $89.96 | $90.11 | $94.39 | $88.43 | $78.74 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .57  | 1.37  | 1.42  | 1.13  | 1.13  | 1.10  |
| Net realized and unrealized gain (loss)  | (2.82)  | 4.35  | 2.66  | (2.76)  | 14.81  | 11.11  |
| Total from investment operations  | (2.25)  | 5.72  | 4.08  | (1.63)  | 15.94  | 12.21  |
| Distributions from net investment income  | (.60)  | (1.47)  | (1.27)  | (1.12)  | (1.30)  | (1.19)  |
| Distributions from net realized gain  | (1.13)  | (5.66)  | (2.96)  | (1.53)  | (8.68)  | (1.33)  |
| Total distributions  | (1.74) D | (7.13)  | (4.23)  | (2.65)  | (9.98)  | (2.52)  |
| Net asset value, end of period  | $84.56 | $88.55 | $89.96 | $90.11 | $94.39 | $88.43 |
| **Total Return** E,F,G | (2.51)% <br>| 6.46%  | 4.63%  | (1.74)%  | 18.51%  | 15.69%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.22% J | 1.22%  | 1.27%  | 1.27%  | 1.28%  | 1.31%  |
| Expenses net of fee waivers, if any  | 1.22% J<br>| 1.22%  | 1.26%  | 1.27%  | 1.28%  | 1.31%  |
| Expenses net of all reductions, if any  | 1.22% J | 1.22%  | 1.26%  | 1.27%  | 1.28%  | 1.30%  |
| Net investment income (loss)  | 1.33% J | 1.49%  | 1.54%  | 1.25%  | 1.18%  | 1.30%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $49779 | $54901 | $58373 | $62870 | $64707 | $56664 |
| Portfolio turnover rate K | 50% J<br>| 45%  | 54% L | 46%  | 61%  | 51%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Total returns do not include the effect of the sales charges.*

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

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

J*Annualized.*

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

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

**Fidelity Advisor® Consumer Staples Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $86.58 | $88.04 | $88.22 | $92.48 | $86.73 | $77.27 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .35  | .89  | .95  | .67  | .65  | .68  |
| Net realized and unrealized gain (loss)  | (2.76)  | 4.26  | 2.61  | (2.69)  | 14.51  | 10.87  |
| Total from investment operations  | (2.41)  | 5.15  | 3.56  | (2.02)  | 15.16  | 11.55  |
| Distributions from net investment income  | (.39)  | (.95)  | (.78)  | (.71)  | (.79)  | (.80)  |
| Distributions from net realized gain  | (1.13)  | (5.66)  | (2.96)  | (1.53)  | (8.62)  | (1.30)  |
| Total distributions  | (1.52)  | (6.61)  | (3.74)  | (2.24)  | (9.41)  | (2.09) D |
| Net asset value, end of period  | $82.65 | $86.58 | $88.04 | $88.22 | $92.48 | $86.73 |
| **Total Return** E,F,G | (2.75)% <br>| 5.94%  | 4.12%  | (2.23)%  | 17.92%  | 15.14%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.72% J | 1.72%  | 1.76%  | 1.77%  | 1.77%  | 1.79%  |
| Expenses net of fee waivers, if any  | 1.72% J<br>| 1.72%  | 1.75%  | 1.76%  | 1.76%  | 1.79%  |
| Expenses net of all reductions, if any  | 1.72% J | 1.72%  | 1.75%  | 1.76%  | 1.76%  | 1.78%  |
| Net investment income (loss)  | .83% J | .99%  | 1.05%  | .76%  | .70%  | .83%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $28059 | $35365 | $52661 | $78497 | $88645 | $104955 |
| Portfolio turnover rate K | 50% J<br>| 45%  | 54% L | 46%  | 61%  | 51%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

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

J*Annualized.*

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

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

**Consumer Staples Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $91.17 | $92.39 | $92.43 | $96.75 | $90.40 | $80.42 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .82  | 1.93  | 1.96  | 1.66  | 1.69  | 1.60  |
| Net realized and unrealized gain (loss)  | (2.91)  | 4.47  | 2.73  | (2.84)  | 15.16  | 11.39  |
| Total from investment operations  | (2.09)  | 6.40  | 4.69  | (1.18)  | 16.85  | 12.99  |
| Distributions from net investment income  | (.82)  | (1.95)  | (1.77)  | (1.61)  | (1.81)  | (1.68)  |
| Distributions from net realized gain  | (1.13)  | (5.66)  | (2.96)  | (1.53)  | (8.68)  | (1.33)  |
| Total distributions  | (1.95)  | (7.62) D | (4.73)  | (3.14)  | (10.50) D | (3.01)  |
| Net asset value, end of period  | $87.13 | $91.17 | $92.39 | $92.43 | $96.75 | $90.40 |
| **Total Return** E,F | (2.24)% <br>| 7.05%  | 5.20%  | (1.21)%  | 19.16%  | 16.34%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .68% I | .68%  | .73%  | .73%  | .73%  | .75%  |
| Expenses net of fee waivers, if any  | .68% I<br>| .67%  | .72%  | .73%  | .73%  | .75%  |
| Expenses net of all reductions, if any  | .68% I | .67%  | .72%  | .73%  | .73%  | .74%  |
| Net investment income (loss)  | 1.88% I | 2.03%  | 2.08%  | 1.79%  | 1.74%  | 1.86%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $678741 | $743294 | $895019 | $862837 | $1032956 | $770644 |
| Portfolio turnover rate J | 50% I<br>| 45%  | 54% K | 46%  | 61%  | 51%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

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

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

**Fidelity Advisor® Consumer Staples Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $90.86 | $92.11 | $92.16 | $96.48 | $90.17 | $80.23 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .81  | 1.89  | 1.95  | 1.65  | 1.67  | 1.60  |
| Net realized and unrealized gain (loss)  | (2.90)  | 4.45  | 2.72  | (2.83)  | 15.13  | 11.34  |
| Total from investment operations  | (2.09)  | 6.34  | 4.67  | (1.18)  | 16.80  | 12.94  |
| Distributions from net investment income  | (.80)  | (1.93)  | (1.76)  | (1.61)  | (1.80)  | (1.67)  |
| Distributions from net realized gain  | (1.13)  | (5.66)  | (2.96)  | (1.53)  | (8.68)  | (1.33)  |
| Total distributions  | (1.93)  | (7.59)  | (4.72)  | (3.14)  | (10.49) D | (3.00)  |
| Net asset value, end of period  | $86.84 | $90.86 | $92.11 | $92.16 | $96.48 | $90.17 |
| **Total Return** E,F | (2.25)% <br>| 7.01%  | 5.19%  | (1.22)%  | 19.15%  | 16.32%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .71% I | .71%  | .74%  | .74%  | .74%  | .76%  |
| Expenses net of fee waivers, if any  | .71% I<br>| .71%  | .73%  | .74%  | .74%  | .75%  |
| Expenses net of all reductions, if any  | .71% I | .71%  | .73%  | .74%  | .74%  | .75%  |
| Net investment income (loss)  | 1.85% I | 2.00%  | 2.08%  | 1.78%  | 1.72%  | 1.86%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $93145 | $113822 | $143350 | $158019 | $149160 | $132898 |
| Portfolio turnover rate J | 50% I<br>| 45%  | 54% K | 46%  | 61%  | 51%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

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

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

**Fidelity Advisor® Consumer Staples Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $90.74 | $91.98 | $92.05 | $96.36 | $90.08 | $80.14 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .86  | 2.01  | 2.07  | 1.76  | 1.79  | 1.71  |
| Net realized and unrealized gain (loss)  | (2.89)  | 4.45  | 2.70  | (2.82)  | 15.10  | 11.35  |
| Total from investment operations  | (2.03)  | 6.46  | 4.77  | (1.06)  | 16.89  | 13.06  |
| Distributions from net investment income  | (.87)  | (2.04)  | (1.88)  | (1.73)  | (1.93)  | (1.79)  |
| Distributions from net realized gain  | (1.13)  | (5.66)  | (2.96)  | (1.53)  | (8.68)  | (1.33)  |
| Total distributions  | (2.00)  | (7.70)  | (4.84)  | (3.25) D | (10.61)  | (3.12)  |
| Net asset value, end of period  | $86.71 | $90.74 | $91.98 | $92.05 | $96.36 | $90.08 |
| **Total Return** E,F | (2.19)% <br>| 7.15%  | 5.31%  | (1.09)%  | 19.29%  | 16.49%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .58% I | .58%  | .61%  | .61%  | .61%  | .62%  |
| Expenses net of fee waivers, if any  | .58% I<br>| .58%  | .60%  | .61%  | .61%  | .62%  |
| Expenses net of all reductions, if any  | .58% I | .58%  | .60%  | .61%  | .61%  | .62%  |
| Net investment income (loss)  | 1.98% I | 2.13%  | 2.20%  | 1.91%  | 1.85%  | 1.99%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $34667 | $38570 | $58026 | $88741 | $77826 | $43591 |
| Portfolio turnover rate J | 50% I<br>| 45%  | 54% K | 46%  | 61%  | 51%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

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

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended August 31, 2025

**1. Organization.**

Consumer Staples Portfolio (the Fund) is a non-diversified fund of Fidelity Select Portfolios (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund offers Class A, Class M, Class C, Consumer Staples, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

**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** | $377248 |

---

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

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

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

Book-tax differences are primarily due to foreign currency transactions, partnerships, deferred Trustee 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:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $278516639 |
| **Gross unrealized depreciation** | <u>(89572895)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$188943744</u> |
| **Tax cost** | <u>$951287910</u> |

---

**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.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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 ($)** | **Sales ($)** |
| **Consumer Staples Portfolio** | 303965636 | 387694108 |

---

**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 management 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 management 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 management 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 %** |
| **Class A** | .71 |
| **Class M** | .72 |
| **Class C** | .71 |
| **Consumer Staples** | .68 |
| **Class I** | .69 |
| **Class Z** | .56 |

---

One-twelfth of the management 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 management 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 %** |
| **Class A** | .70 |
| **Class M** | .70 |
| **Class C** | .70 |
| **Consumer Staples** | .66 |
| **Class I** | .69 |
| **Class Z** | .56 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 333405 | 1439 |
| **Class M** | .25% | .25% | 129516 | - |
| **Class C** | .75% | .25% | <u>156499</u> | <u>8126</u> |
|  |  |  | <u>619420</u> | <u>9565</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 17371 |
| **Class M** | 1367 |
| **Class C**A | <u>215</u> |
|  | <u>18953</u> |

---

*A 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 ($)** |
| **Consumer Staples Portfolio** | 9951 |

---

**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** | 28054461 | 27167601 | 192650 |

---

**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 reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Consumer Staples Portfolio** | 964 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 197 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **August 31, 2025** | **Year ended**<br> **February 28, 2025** |
| **Consumer Staples Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $5690803 | $22570837 |
| Class M | 1059383 | 4370916 |
| Class C | 594329 | 2889928 |
| Consumer Staples | 15942229 | 61372802 |
| Class I | 2528898 | 10506319 |
| Class Z | <u>848046</u> | <u>3242012</u> |
| Total  | <u>$26663688</u> | <u>$104952814</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **August 31, 2025**  | **Year ended**<br> **February 28, 2025** | **Six months ended** <br> **August 31, 2025**  | **Year ended**<br> **February 28, 2025** |
| **Consumer Staples Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 131427 | 341595 | $11348246 | $31821197 |
| Reinvestment of distributions | 65453 | 242605 | 5521050 | 21837829 |
| Shares redeemed | <u>(354803)</u> | <u>(632526)</u> | <u>(30589508)</u> | <u>(58753906)</u> |
| Net increase (decrease) | <u>(157923)</u> | <u>(48326)</u> | <u>$(13720212)</u> | <u>$(5094880)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 21004 | 33937 | $1790475 | $3134853 |
| Reinvestment of distributions | 12661 | 48865 | 1052589 | 4335587 |
| Shares redeemed | <u>(64977)</u> | <u>(111721)</u> | <u>(5529619)</u> | <u>(10194755)</u> |
| Net increase (decrease) | <u>(31312)</u> | <u>(28919)</u> | <u>$(2686555)</u> | <u>$(2724315)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 12920 | 25704 | $1076507 | $2339038 |
| Reinvestment of distributions | 7248 | 32968 | 588925 | 2859018 |
| Shares redeemed | <u>(89143)</u> | <u>(248364)</u> | <u>(7420309)</u> | <u>(22288364)</u> |
| Net increase (decrease) | <u>(68975)</u> | <u>(189692)</u> | <u>$(5754877)</u> | <u>$(17090308)</u> |
| **Consumer Staples** |  |  |  |  |
| Shares sold | 629000 | 865454 | $55605553 | $81852526 |
| Reinvestment of distributions | 170110 | 613316 | 14564356 | 56046849 |
| Shares redeemed | <u>(1162111)</u> | <u>(3013510)</u> | <u>(101707053)</u> | <u>(283200186)</u> |
| Net increase (decrease) | <u>(363001)</u> | <u>(1534740)</u> | <u>$(31537144)</u> | <u>$(145300811)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 187365 | 257353 | $16720493 | $24320545 |
| Reinvestment of distributions | 28446 | 110392 | 2426496 | 10054244 |
| Shares redeemed | <u>(395917)</u> | <u>(671392)</u> | <u>(34547988)</u> | <u>(62301680)</u> |
| Net increase (decrease) | <u>(180106)</u> | <u>(303647)</u> | <u>$(15400999)</u> | <u>$(27926891)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 45431 | 121133 | $3970834 | $11309399 |
| Reinvestment of distributions | 8058 | 28796 | 686706 | 2619908 |
| Shares redeemed | <u>(78740)</u> | <u>(355714)</u> | <u>(6875445)</u> | <u>(33744611)</u> |
| Net increase (decrease) | <u>(25251)</u> | <u>(205785)</u> | <u>$(2217905)</u> | <u>$(19815304)</u> |

---

**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**

**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 Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 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 (the retail class, which was selected because it was the largest class without 12b-1 fees); (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 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 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.

<u>Resources Dedicated to Investment Management and Support Services</u>. 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 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.

<u>Shareholder and Administrative Services</u>. 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 information and market information over the Internet 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.

<u>Investment in a Large Fund Family</u>. 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.

<u>Investment Performance</u>. 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 index that has characteristics relevant to the fund's investment strategies (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, 2025, 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, effective March 1, 2024, 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 retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, 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.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. 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 based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) 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 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 (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. 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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

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.

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 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 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.

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, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 May 31, 2026.

![](img114158_4.jpg)<br>

1.846045.118 SELCS-SANN-1025

**Fidelity® Select Portfolios®**

**Utilities Sector**

**Utilities Portfolio**

**Semi-Annual Report**

**August 31, 2025**

![](img114159_1.jpg)

![](img114159_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SELUTL-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Utilities Portfolio](#Sub_Sec_Fund_65_SELUTL-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements65_SELUTL-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELUTL-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELUTL-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELUTL-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELUTL-SANN)** |

---

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.© 2025 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.5%  |  |  |
| Energy - 1.9% |  |  |
| Oil, Gas & Consumable Fuels - 1.9% |  |  |
| Cameco Corp (United States) (a) | 495600 | 38354484 |
| Utilities - 0.6% |  |  |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| TransAlta Corp  | 1032300 | 12680599 |
| TOTAL CANADA |  | 51035083 |
| UNITED STATES - 95.8%  |  |  |
| Industrials - 3.3% |  |  |
| Construction & Engineering - 1.5% |  |  |
| Quanta Services Inc  | 81900 | 30954924 |
| Electrical Equipment - 1.8% |  |  |
| GE Vernova Inc  | 53600 | 32855192 |
| NEXTracker Inc Class A (b) | 75600 | 5084856 |
|  |  | 37940048 |
| TOTAL INDUSTRIALS |  | 68894972 |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| First Solar Inc (b) | 106974 | 20880255 |
| Utilities - 91.5% |  |  |
| Electric Utilities - 64.3% |  |  |
| Alliant Energy Corp  | 261000 | 16983270 |
| American Electric Power Co Inc  | 381921 | 42400869 |
| Constellation Energy Corp  | 556187 | 171294472 |
| Duke Energy Corp  | 1363576 | 167024424 |
| Entergy Corp  | 1126899 | 99268533 |
| Evergy Inc  | 964087 | 68700840 |
| Eversource Energy  | 259501 | 16626229 |
| Exelon Corp  | 2512600 | 109750368 |
| NextEra Energy Inc  | 3367786 | 242648982 |
| NRG Energy Inc  | 576564 | 83924656 |
| PG&E Corp  | 4474592 | 68371766 |
| PPL Corp (a) | 2302806 | 83983335 |
| Southern Co/The  | 697497 | 64378973 |
| TXNM Energy Inc  | 224321 | 12705541 |
| Xcel Energy Inc  | 1144779 | 82870552 |
|  |  | 1330932810 |
| Gas Utilities - 1.5% |  |  |
| UGI Corp (a) | 909977 | 31521603 |
| Independent Power and Renewable Electricity Producers - 8.5% |  |  |
| AES Corp/The  | 573442 | 7764405 |
| Talen Energy Corp (b) | 86200 | 32662904 |
| Vistra Corp  | 711495 | 134550819 |
|  |  | 174978128 |
| Multi-Utilities - 17.2% |  |  |
| Ameren Corp (a) | 800795 | 79903325 |
| CenterPoint Energy Inc (a) | 2021601 | 76234574 |
| NiSource Inc  | 1520483 | 64270816 |
| Sempra  | 1650161 | 136237292 |
|  |  | 356646007 |
| TOTAL UTILITIES |  | 1894078548 |
| TOTAL UNITED STATES |  | 1983853775 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,514,453,047) |  | <br> **2034888858** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.36 | 29469162 | 29475056 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.36 | 16752075 | 16753750 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $46,228,806) |  |  | **46228806** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $1,560,681,853)<br>| <br>**2081117664** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(10509763)** |
| **NET ASSETS - 100.0%** | **2070607901** |

---

**Legend**

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

(b) Non-income producing.

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 81025327 | 606944854 | 658495125 | 1370544 | - | - | 29475056 | 29469162 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 48143047 | 654555902 | 685945199 | 17302 | - | - | 16753750 | 16752075 | 0.1% |
| Total | 129168374 | 1261500756 | 1344440324 | 1387846 | - | - | 46228806 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Energy | 38354484 | 38354484 | - | - |
| Industrials | 68894972 | 68894972 | - | - |
| Information Technology | 20880255 | 20880255 | - | - |
| Utilities | 1906759147 | 1906759147 | - | - |
|  **Money Market Funds** | 46228806 | 46228806 | - | - |
| **Total Investments in Securities:** | 2081117664 | 2081117664 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $25,211,494) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,514,453,047) | $2034888858 |  |
| Fidelity Central Funds (cost $46,228,806) | 46228806 |  |
| Total Investment in Securities (cost $1,560,681,853) |  | $2081117664 |
| Receivable for fund shares sold |  | 2289579 |
| Dividends receivable |  | 7301925 |
| Distributions receivable from Fidelity Central Funds |  | 112618 |
| Prepaid expenses |  | 2813 |
| **Total assets** |  | 2090824599 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $2332800 |  |
| Accrued management fee | 1100358 |  |
| Other payables and accrued expenses | 29790 |  |
| Collateral on securities loaned | 16753750 |  |
| **Total liabilities** |  | 20216698 |
| **Net Assets**  |  | $2070607901 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1495178513 |
| Total accumulated earnings (loss) |  | 575429388 |
| **Net Assets** |  | $2070607901 |
| **Net Asset Value**, offering price and redemption price per share ($2,070,607,901 ÷ 15,996,039 shares) |  | $129.45 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $24642628 |
| Income from Fidelity Central Funds (including $17,302 from security lending)  |  | 1387846 |
| **Total income** |  | 26030474 |
| **Expenses** |  |  |
| Management fee | $6455040 |  |
| Custodian fees and expenses | 11332 |  |
| Independent trustees' fees and expenses | 3639 |  |
| Registration fees | 59361 |  |
| Audit fees | 25301 |  |
| Legal | 472 |  |
| Miscellaneous | 3860 |  |
| Total expenses before reductions | 6559005 |  |
| Expense reductions | (2082) |  |
| Total expenses after reductions |  | 6556923 |
| **Net Investment income (loss)** |  | 19473551 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 53008685 |  |
| Foreign currency transactions | 4989 |  |
| Total net realized gain (loss) |  | 53013674 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 58200046 |  |
| Assets and liabilities in foreign currencies | 4968 |  |
| Total change in net unrealized appreciation (depreciation) |  | 58205014 |
| **Net gain (loss)** |  | 111218688 |
| **Net increase (decrease) in net assets resulting from operations** |  | $130692239 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $19473551 | $36523310 |
| &nbsp;&nbsp;Net realized gain (loss) | 53013674<br>| 65255194<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 58205014 | 302155928<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 130692239<br>| 403934432<br>|
| Distributions to shareholders | (43907892)<br>| (103267337)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 353359135 | 913925631 |
| Reinvestment of distributions | 39917003<br>| 93530989<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (386170642) | (489439188) |
| **Net increase (decrease) in net assets resulting from share transactions** | 7105496<br>| 518017432<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 93889843<br>| 818684527<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1976718058 | 1158033531<br>|
| &nbsp;&nbsp;End of period | $2070607901 | $1976718058 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2841903 | 7585014 |
| Issued in reinvestment of distributions | 340474<br>| 831112<br>|
| &nbsp;&nbsp;Redeemed | (3088963) | (4145953) |
| &nbsp;&nbsp;Net increase (decrease) | 93414 | 4270173 |

---

**Financial Highlights** 

**Utilities Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $124.30 | $99.55 | $97.31 | $100.38 | $86.55 | $91.20 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.20  | 2.71  | 2.21  | 1.82  | 1.92  | 1.61  |
| Net realized and unrealized gain (loss)  | 6.67  | 29.91  | 3.57  | .04  | 14.72  | (1.81)  |
| Total from investment operations  | 7.87  | 32.62  | 5.78  | 1.86  | 16.64  | (.20)  |
| Distributions from net investment income  | (1.17)  | (2.44)  | (2.13)  | (1.75)  | (1.71)  | (2.12)  |
| Distributions from net realized gain  | (1.55)  | (5.43)  | (1.42)  | (3.18)  | (1.10)  | (2.34)  |
| Total distributions  | (2.72)  | (7.87)  | (3.54) D | (4.93)  | (2.81)  | (4.45) D |
| Net asset value, end of period  | $129.45 | $124.30 | $99.55 | $97.31 | $100.38 | $86.55 |
| **Total Return** E,F | 6.57% <br>| 33.87%  | 6.01%  | 1.46%  | 19.19%  | (.05)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .65% I | .66%  | .74%  | .74%  | .74%  | .76%  |
| Expenses net of fee waivers, if any  | .65% I<br>| .66%  | .73%  | .74%  | .73%  | .76%  |
| Expenses net of all reductions, if any  | .65% I | .66%  | .73%  | .74%  | .73%  | .75%  |
| Net investment income (loss)  | 1.92% I | 2.30%  | 2.23%  | 1.74%  | 1.96%  | 1.88%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2070608 | $1976718 | $1158034 | $1352766 | $1072056 | $896285 |
| Portfolio turnover rate J | 154% I<br>| 69%  | 83%  | 53%  | 37%  | 64%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying 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, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

**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.

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

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $522478327 |
| **Gross unrealized depreciation** | <u>(11254640)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$511223687</u> |
| **Tax cost** | <u>$1569893977</u> |

---

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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 ($)** | **Sales ($)** |
| **Utilities Portfolio** | 1550278241 | 1513830475 |

---

**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.

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 management 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 management 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 management 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** | .69 |

---

One-twelfth of the management 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 management 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** | .64 |

---

**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** | 34069 |

---

**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** | 31695699 | 63645359 | 4115908 |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Utilities Portfolio** | 7632 |

---

**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 reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Utilities Portfolio** | 1533 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 1827 | - | - |

---

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** | 9068266 |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,082.

**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. Proposed Reorganization.**

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Advisor Utilities Fund. In addition, the Board approved the creation of additional classes of shares that will commence operations on October 9, 2025. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Utilities Fund in exchange for corresponding shares of the Fund equal in value to the net assets of Fidelity Advisor Utilities Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Advisor Utilities Fund access to a larger portfolio with a similar investment objective.

The reorganization does not require Fidelity Advisor Utilities Fund shareholder approval and is expected to become effective during October 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or less 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 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 Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 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 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 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.

<u>Resources Dedicated to Investment Management and Support Services</u>. 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 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.

<u>Shareholder and Administrative Services</u>. 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 information and market information over the Internet 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.

<u>Investment in a Large Fund Family</u>. 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.

<u>Investment Performance</u>. 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 index that has characteristics relevant to the fund's investment strategies (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, effective March 1, 2024, 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 fund's management fee and total expense ratio, the Board considered the effective management fee rate for the fund from March 2024 to September 2024, 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.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. 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 based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of 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 similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. 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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

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 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.

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, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 May 31, 2026.

**Board Approval of Investment Advisory Contract and Management Fees** 

**Utilities Portfolio**

At its June 2025 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 of the fund (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 June 2025 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. 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 fee rate of funds with similar Morningstar classifications. 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 that have a similar sales load structure.

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 FMR in providing services to the fund and the level of FMR's profitability. At its May 2025 meeting, the Board concluded that it was satisfied that the profitability of FMR 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 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, ultimately concluded that the advisory fee structure for each New Class of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2026.

![](img114159_4.jpg)<br>

1.813630.120 SELUTL-SANN-1025

**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, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img114160_1.jpg)

![](img114160_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SELCON-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Automotive Portfolio](#Sub_Sec_Fund_502_SELCON-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Communication Services Portfolio](#Sub_Sec_Fund_503_SELCON-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Construction and Housing Portfolio](#Sub_Sec_Fund_511_SELCON-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Consumer Discretionary Portfolio](#Sub_Sec_Fund_517_SELCON-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Leisure Portfolio](#Sub_Sec_Fund_62_SELCON-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Retailing Portfolio](#Sub_Sec_Fund_146_SELCON-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements502_SELCON-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SELCON-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SELCON-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SELCON-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SELCON-SANN)** |

---

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.© 2025 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 3.2%  |  |  |
| Consumer Discretionary - 3.2% |  |  |
| Automobile Components - 3.2% |  |  |
| Aptiv PLC  | 28610 | 2275353 |
| CANADA - 1.3%  |  |  |
| Industrials - 1.3% |  |  |
| Commercial Services & Supplies - 1.3% |  |  |
| RB Global Inc (United States)  | 8210 | 940373 |
| CHINA - 7.3%  |  |  |
| Consumer Discretionary - 7.3% |  |  |
| Automobiles - 7.3% |  |  |
| BYD Co Ltd H Shares  | 26110 | 368355 |
| Li Auto Inc ADR (a)(b) | 19388 | 452710 |
| NIO Inc Class A ADR (a)(b) | 389784 | 2486822 |
| XPeng Inc ADR (a)(b) | 87922 | 1848120 |
| TOTAL CHINA |  | 5156007 |
| ITALY - 9.1%  |  |  |
| Consumer Discretionary - 9.1% |  |  |
| Automobiles - 9.1% |  |  |
| Ferrari NV (a) | 13491 | 6438040 |
| JAPAN - 14.6%  |  |  |
| Consumer Discretionary - 14.6% |  |  |
| Automobiles - 14.6% |  |  |
| Honda Motor Co Ltd ADR (a) | 76037 | 2539636 |
| Toyota Motor Corp ADR (a) | 40380 | 7856737 |
| TOTAL JAPAN |  | 10396373 |
| SWEDEN - 2.1%  |  |  |
| Consumer Discretionary - 2.1% |  |  |
| Automobile Components - 2.1% |  |  |
| Autoliv Inc  | 11992 | 1487847 |
| SWITZERLAND - 2.9%  |  |  |
| Consumer Discretionary - 1.4% |  |  |
| Automobile Components - 1.4% |  |  |
| Garrett Motion Inc  | 75145 | 976133 |
| Information Technology - 1.5% |  |  |
| Electronic Equipment, Instruments & Components - 1.5% |  |  |
| TE Connectivity PLC  | 5183 | 1070290 |
| TOTAL SWITZERLAND |  | 2046423 |
| UNITED STATES - 59.2%  |  |  |
| Consumer Discretionary - 52.4% |  |  |
| Automobile Components - 8.6% |  |  |
| American Axle & Manufacturing Holdings Inc (b) | 372901 | 2170284 |
| BorgWarner Inc  | 70538 | 3016205 |
| Dana Inc  | 48088 | 969454 |
|  |  | 6155943 |
| Automobiles - 17.9% |  |  |
| Ford Motor Co  | 132741 | 1562362 |
| General Motors Co  | 59966 | 3513408 |
| Stellantis NV (a) | 147914 | 1424411 |
| Tesla Inc (b) | 18673 | 6234355 |
|  |  | 12734536 |
| Specialty Retail - 25.9% |  |  |
| AutoZone Inc (b) | 1069 | 4488229 |
| Carvana Co Class A (b) | 9488 | 3528777 |
| Group 1 Automotive Inc  | 3362 | 1562590 |
| Lithia Motors Inc Class A  | 1252 | 421523 |
| O'Reilly Automotive Inc (b) | 76313 | 7912133 |
| Sonic Automotive Inc Class A  | 5415 | 445059 |
|  |  | 18358311 |
| TOTAL CONSUMER DISCRETIONARY |  | 37248790 |
| Industrials - 6.8% |  |  |
| Commercial Services & Supplies - 5.7% |  |  |
| ACV Auctions Inc Class A (b) | 9485 | 110595 |
| Copart Inc (b) | 36544 | 1783713 |
| OPENLANE Inc (a)(b) | 74046 | 2141410 |
|  |  | 4035718 |
| Electrical Equipment - 1.1% |  |  |
| Sensata Technologies Holding PLC  | 24037 | 782164 |
| TOTAL INDUSTRIALS |  | 4817882 |
| TOTAL UNITED STATES |  | 42066672 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $37,926,237) |  | <br> **70807088** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Cellink Corp Series D (b)(c)(d)<br>(Cost $77,048)<br>| 3700 | **13320** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 25.4%** | &nbsp;&nbsp;**Money Market Funds - 25.4%** | &nbsp;&nbsp;**Money Market Funds - 25.4%** | &nbsp;&nbsp;**Money Market Funds - 25.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.36 | 529654 | 529760 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.36 | 17515496 | 17517247 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $18,047,007) |  |  | **18047007** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 125.1%**<br> (Cost $56,050,292)<br>| <br>**88867415** |
| **NET OTHER ASSETS (LIABILITIES) - (25.1)%**  | **(17849694)** |
| **NET ASSETS - 100.0%** | **71017721** |

---

**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 $13,320 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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Cellink Corp Series D | 1/20/22 | 77048 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 88249 | 6671892 | 6230381 | 5189 | - | - | 529760 | 529654 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 4395310 | 68995805 | 55873868 | 37899 | - | - | 17517247 | 17515496 | 0.1% |
| Total | 4483559 | 75667697 | 62104249 | 43088 | - | - | 18047007 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 63978543 | 63610188 | 368355 | - |
| Industrials | 5758255 | 5758255 | - | - |
| Information Technology | 1070290 | 1070290 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 13320 | - | - | 13320 |
|  **Money Market Funds** | 18047007 | 18047007 | - | - |
| **Total Investments in Securities:** | 88867415 | 88485740 | 368355 | 13320 |

---

**Automotive Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $16,851,106) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $38,003,285) | $70820408 |  |
| Fidelity Central Funds (cost $18,047,007) | 18047007 |  |
| Total Investment in Securities (cost $56,050,292) |  | $88867415 |
| Receivable for investments sold |  | 5147594 |
| Receivable for fund shares sold |  | 36446 |
| Dividends receivable |  | 43370 |
| Distributions receivable from Fidelity Central Funds |  | 9253 |
| Prepaid expenses |  | 91 |
| Other receivables |  | 2166 |
| **Total assets** |  | 94106335 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $5479128 |  |
| Payable for fund shares redeemed | 29150 |  |
| Accrued management fee | 37854 |  |
| Other payables and accrued expenses | 25644 |  |
| Collateral on securities loaned | 17516838 |  |
| **Total liabilities** |  | 23088614 |
| **Net Assets**  |  | $71017721 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $33550470 |
| Total accumulated earnings (loss) |  | 37467251 |
| **Net Assets** |  | $71017721 |
| **Net Asset Value**, offering price and redemption price per share ($71,017,721 ÷ 1,125,798 shares) |  | $63.08 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $451947 |
| Income from Fidelity Central Funds (including $37,899 from security lending)  |  | 43088 |
| **Total income** |  | 495035 |
| **Expenses** |  |  |
| Management fee | $220682 |  |
| Custodian fees and expenses | 3859 |  |
| Independent trustees' fees and expenses | 123 |  |
| Registration fees | 12883 |  |
| Audit fees | 22806 |  |
| Legal | 928 |  |
| Miscellaneous | 154 |  |
| Total expenses before reductions | 261435 |  |
| Expense reductions | (152) |  |
| Total expenses after reductions |  | 261283 |
| **Net Investment income (loss)** |  | 233752 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4654124 |  |
| Foreign currency transactions | 1391 |  |
| Total net realized gain (loss) |  | 4655515 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3153814 |  |
| Assets and liabilities in foreign currencies | 788 |  |
| Total change in net unrealized appreciation (depreciation) |  | 3154602 |
| **Net gain (loss)** |  | 7810117 |
| **Net increase (decrease) in net assets resulting from operations** |  | $8043869 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $233752 | $605432 |
| &nbsp;&nbsp;Net realized gain (loss) | 4655515<br>| 11074897<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3154602 | (12939264)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 8043869<br>| (1258935)<br>|
| Distributions to shareholders | -<br>| (600778)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 5417068 | 9467223 |
| Reinvestment of distributions | -<br>| 549757<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (10575088) | (38566030) |
| **Net increase (decrease) in net assets resulting from share transactions** | (5158020)<br>| (28549050)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2885849<br>| (30408763)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 68131872 | 98540635<br>|
| &nbsp;&nbsp;End of period | $71017721 | $68131872 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 95125 | 173055 |
| Issued in reinvestment of distributions | -<br>| 9569<br>|
| &nbsp;&nbsp;Redeemed | (188246) | (720649) |
| &nbsp;&nbsp;Net increase (decrease) | (93121) | (538025) |

---

**Financial Highlights** 

**Automotive Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $55.90 | $56.09 | $45.99 | $56.56 | $54.21 | $34.91 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .20  | .41  | .41  | .34 D | .23 E | .05 F |
| Net realized and unrealized gain (loss)  | 6.98  | (.13)  | 10.14  | (9.86)  | 3.82  | 23.73  |
| Total from investment operations  | 7.18  | .28  | 10.55  | (9.52)  | 4.05  | 23.78  |
| Distributions from net investment income  | -  | (.47)  | (.45)  | (.28)  | (.29)  | (.01)  |
| Distributions from net realized gain  | -  | -  | -  | (.77)  | (1.40)  | (4.47)  |
| Total distributions  | -  | (.47)  | (.45)  | (1.05)  | (1.70) G | (4.48)  |
| Net asset value, end of period  | $63.08 | $55.90 | $56.09 | $45.99 | $56.56 | $54.21 |
| **Total Return** H,I | 12.84% <br>| .48%  | 23.02%  | (16.92)%  | 7.20%  | 78.19%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |  |  |  |
| Expenses before reductions  | .79% L | .78%  | .88%  | .89%  | .80%  | .88%  |
| Expenses net of fee waivers, if any  | .79% L<br>| .78%  | .87%  | .88%  | .80%  | .88%  |
| Expenses net of all reductions, if any  | .79% L | .78%  | .87%  | .88%  | .80%  | .87%  |
| Net investment income (loss)  | .71% L | .77%  | .83%  | .73% D | .37% E | .10% F |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $71018 | $68132 | $98541 | $106479 | $165176 | $198225 |
| Portfolio turnover rate M | 115% L<br>| 58%  | 60%  | 54%  | 69%  | 56%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .54%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .20%.*

F*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.14 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.21)%.*

G*Total distributions per share do not sum due to rounding.*

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

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

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

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

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Webtoon Entertainment Inc (a) | 285400 | 4129738 |
| TAIWAN - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 63700 | 14706419 |
| UNITED STATES - 97.2%  |  |  |
| Communication Services - 86.8% |  |  |
| Diversified Telecommunication Services - 1.5% |  |  |
| AST SpaceMobile Inc Class A (a)(b) | 229200 | 11217048 |
| AT&T Inc  | 771500 | 22597235 |
| GCI Liberty Inc/DEL Class A (a)(c) | 158132 | 2 |
|  |  | 33814285 |
| Entertainment - 26.2% |  |  |
| Electronic Arts Inc  | 185100 | 31827945 |
| Liberty Media Corp-Liberty Formula One Class C (a) | 387600 | 38721240 |
| Live Nation Entertainment Inc (a)(b) | 229400 | 38192806 |
| Netflix Inc (a) | 54500 | 65849625 |
| ROBLOX Corp Class A (a) | 892000 | 111134280 |
| Roku Inc Class A (a) | 434202 | 41926545 |
| Spotify Technology SA (a) | 19700 | 13433036 |
| Take-Two Interactive Software Inc (a) | 312400 | 72873548 |
| TKO Group Holdings Inc Class A  | 86600 | 16415896 |
| Walt Disney Co/The  | 927571 | 109805855 |
| Warner Bros Discovery Inc (a) | 4385600 | 51048384 |
|  |  | 591229160 |
| Interactive Media & Services - 52.4% |  |  |
| Alphabet Inc Class A  | 2636300 | 561294633 |
| Meta Platforms Inc Class A  | 733600 | 541910320 |
| Pinterest Inc Class A (a) | 459200 | 16820496 |
| Reddit Inc Class A (a) | 284200 | 63967736 |
|  |  | 1183993185 |
| Media - 5.8% |  |  |
| Charter Communications Inc Class A (a) | 123800 | 32878804 |
| EchoStar Corp Class A (a)(b) | 192000 | 11863680 |
| Fox Corp Class A  | 271200 | 16190640 |
| Magnite Inc (a)(b) | 2202505 | 57155005 |
| Paramount Skydance Corp Class B  | 143530 | 2109891 |
| Trade Desk Inc (The) Class A (a) | 184100 | 10062906 |
|  |  | 130260926 |
| Wireless Telecommunication Services - 0.9% |  |  |
| T-Mobile US Inc  | 89200 | 22477508 |
| TOTAL COMMUNICATION SERVICES |  | 1961775064 |
| Consumer Discretionary - 5.4% |  |  |
| Broadline Retail - 4.7% |  |  |
| Amazon.com Inc (a) | 466600 | 106851400 |
| Specialty Retail - 0.7% |  |  |
| Warby Parker Inc Class A (a) | 591400 | 15494680 |
| TOTAL CONSUMER DISCRETIONARY |  | 122346080 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Space Exploration Technologies Corp (a)(c)(d) | 1481 | 313972 |
| Space Exploration Technologies Corp Class C (a)(c)(d) | 2819 | 597628 |
|  |  | 911600 |
| Information Technology - 4.5% |  |  |
| IT Services - 0.5% |  |  |
| Twilio Inc Class A (a) | 100700 | 10634927 |
| X.Ai Holdings Corp Class A (c)(d) | 47858 | 1749688 |
|  |  | 12384615 |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Marvell Technology Inc  | 133200 | 8373618 |
| Micron Technology Inc  | 78100 | 9294681 |
| NVIDIA Corp  | 62400 | 10868832 |
|  |  | 28537131 |
| Software - 2.1% |  |  |
| Microsoft Corp  | 63700 | 32276153 |
| OpenAI Global LLC rights (a)(c)(d) | 919400 | 1893964 |
| OpenAI Global LLC rights (a)(c)(d) | 351900 | 482103 |
| Unity Software Inc (a) | 324900 | 12804309 |
|  |  | 47456529 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| Seagate Technology Holdings PLC  | 82900 | 13877460 |
| TOTAL INFORMATION TECHNOLOGY |  | 102255735 |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| Zillow Group Inc Class A (a) | 134300 | 10942764 |
| TOTAL UNITED STATES |  | 2198231243 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,282,883,165) |  | <br> **2217067400** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Waymo LLC Series C2 (c)(d)<br>(Cost $1,660,526)<br>| 21234 | **1803403** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.1%** | &nbsp;&nbsp;**Money Market Funds - 3.1%** | &nbsp;&nbsp;**Money Market Funds - 3.1%** | &nbsp;&nbsp;**Money Market Funds - 3.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.36 | 3294004 | 3294663 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.36 | 65965001 | 65971597 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $69,266,260) |  |  | **69266260** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.2%**<br> (Cost $1,353,809,951)<br>| <br>**2288137063** |
| **NET OTHER ASSETS (LIABILITIES) - (1.2)%**  | **(27286425)** |
| **NET ASSETS - 100.0%** | **2260850638** |

---

**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 $6,840,758 or 0.3% of net assets.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| OpenAI Global LLC rights | 8/04/25 | 351900 |
| OpenAI Global LLC rights | 9/30/24 | 919400 |
| Space Exploration Technologies Corp | 7/14/25 | 313972 |
| Space Exploration Technologies Corp Class C | 7/14/25 | 597628 |
| Waymo LLC Series C2 | 10/18/24 | 1660526 |
| X.Ai Holdings Corp Class A | 10/27/21 | 1266192 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 3350021 | 500069288 | 500124646 | 284244 | - | - | 3294663 | 3294004 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 12525119 | 466380447 | 412933969 | 69851 | - | - | 65971597 | 65965001 | 0.2% |
| Total | 15875140 | 966449735 | 913058615 | 354095 | - | - | 69266260 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1965904802 | 1965904800 | - | 2 |
| Consumer Discretionary | 122346080 | 122346080 | - | - |
| Industrials | 911600 | - | - | 911600 |
| Information Technology | 116962154 | 112836399 | - | 4125755 |
| Real Estate | 10942764 | 10942764 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 1803403 | - | - | 1803403 |
|  **Money Market Funds** | 69266260 | 69266260 | - | - |
| **Total Investments in Securities:** | 2288137063 | 2281296303 | - | 6840760 |

---

**Communication Services Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $65,358,165) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,284,543,691) | $2218870803 |  |
| Fidelity Central Funds (cost $69,266,260) | 69266260 |  |
| Total Investment in Securities (cost $1,353,809,951) |  | $2288137063 |
| Receivable for investments sold |  | 35701523 |
| Receivable for fund shares sold |  | 4808849 |
| Dividends receivable |  | 159316 |
| Distributions receivable from Fidelity Central Funds |  | 66810 |
| Prepaid expenses |  | 2710 |
| **Total assets** |  | 2328876271 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $832109 |  |
| Accrued management fee | 1152905 |  |
| Distribution and service plan fees payable | 38195 |  |
| Other payables and accrued expenses | 31721 |  |
| Collateral on securities loaned | 65970703 |  |
| **Total liabilities** |  | 68025633 |
| **Net Assets**  |  | $2260850638 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1206980080 |
| Total accumulated earnings (loss) |  | 1053870558 |
| **Net Assets** |  | $2260850638 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($98,560,053 ÷ 740,256 shares)(a) |  | $133.14 |
| Maximum offering price per share (100/94.25 of $133.14) |  | $141.26 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($16,086,855 ÷ 122,399 shares)(a) |  | $131.43 |
| Maximum offering price per share (100/96.50 of $131.43) |  | $136.20 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($14,202,379 ÷ 111,513 shares)(a) |  | $127.36 |
| **Communication Services :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,952,524,857 ÷ 14,446,182 shares) |  | $135.16 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($109,568,228 ÷ 812,673 shares) |  | $134.82 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($69,908,266 ÷ 513,229 shares) |  | $136.21 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $5599324 |
| Income from Fidelity Central Funds (including $69,851 from security lending)  |  | 354095 |
| **Total income** |  | 5953419 |
| **Expenses** |  |  |
| Management fee | $5897213 |  |
| Distribution and service plan fees | 195171 |  |
| Custodian fees and expenses | 10357 |  |
| Independent trustees' fees and expenses | 3270 |  |
| Registration fees | 92580 |  |
| Audit fees | 27816 |  |
| Legal | 870 |  |
| Interest | 2349 |  |
| Miscellaneous | 4592 |  |
| **Total expenses** |  | 6234218 |
| **Net Investment income (loss)** |  | (280799) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 130521138 |  |
| Foreign currency transactions | (74693) |  |
| Total net realized gain (loss) |  | 130446445 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 185183526 |
| **Net gain (loss)** |  | 315629971 |
| **Net increase (decrease) in net assets resulting from operations** |  | $315349172 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(280799) | $(874606) |
| &nbsp;&nbsp;Net realized gain (loss) | 130446445<br>| 81339466<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 185183526 | 306684652<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 315349172<br>| 387149512<br>|
| Distributions to shareholders | (24287367)<br>| (80336696)<br>|
| Share transactions - net increase (decrease) | 81979750<br>| 64749249<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 373041555<br>| 371562065<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1887809083 | 1516247018<br>|
| &nbsp;&nbsp;End of period | $2260850638 | $1887809083 |

---

**Financial Highlights** 

**Fidelity Advisor® Communication Services Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $114.17 | $94.42 | $62.24 | $78.37 | $87.31 | $60.63 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.17)  | (.34)  | (.40) D | (.48)  | (.60)  | (.59)  |
| Net realized and unrealized gain (loss)  | 20.51  | 25.16  | 32.58  | (15.65)  | (3.18)  | 30.37  |
| Total from investment operations  | 20.34  | 24.82  | 32.18  | (16.13)  | (3.78)  | 29.78  |
| Distributions from net realized gain  | (1.37)  | (5.07)  | -  | -  | (5.16)  | (3.10)  |
| Total distributions  | (1.37)  | (5.07)  | -  | -  | (5.16)  | (3.10)  |
| Net asset value, end of period  | $133.14 | $114.17 | $94.42 | $62.24 | $78.37 | $87.31 |
| **Total Return** E,F,G | 18.25% <br>| 26.91%  | 51.70%  | (20.58)%  | (5.05)%  | 50.81%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .95% J | .96%  | 1.05%  | 1.07%  | 1.03%  | 1.08%  |
| Expenses net of fee waivers, if any  | .95% J<br>| .96%  | 1.04%  | 1.07%  | 1.03%  | 1.08%  |
| Expenses net of all reductions, if any  | .95% J | .96%  | 1.04%  | 1.07%  | 1.03%  | 1.07%  |
| Net investment income (loss)  | (.30)% J | (.33)%  | (.51)% D | (.74)%  | (.65)%  | (.81)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $98560 | $78619 | $56157 | $24285 | $33679 | $22962 |
| Portfolio turnover rate K | 126% J<br>| 83%  | 45% L | 45%  | 57%  | 63%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.57)%.*

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

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

G*Total returns do not include the effect of the sales charges.*

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

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

J*Annualized.*

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

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

**Fidelity Advisor® Communication Services Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $112.65 | $93.45 | $61.75 | $77.94 | $86.94 | $60.52 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.31)  | (.59)  | (.59) D | (.63)  | (.82)  | (.77)  |
| Net realized and unrealized gain (loss)  | 20.28  | 24.86  | 32.29  | (15.56)  | (3.15)  | 30.29  |
| Total from investment operations  | 19.97  | 24.27  | 31.70  | (16.19)  | (3.97)  | 29.52  |
| Distributions from net realized gain  | (1.19)  | (5.07)  | -  | -  | (5.03)  | (3.10)  |
| Total distributions  | (1.19)  | (5.07)  | -  | -  | (5.03)  | (3.10)  |
| Net asset value, end of period  | $131.43 | $112.65 | $93.45 | $61.75 | $77.94 | $86.94 |
| **Total Return** E,F,G | 18.11% <br>| 26.60%  | 51.34%  | (20.77)%  | (5.28)%  | 50.47%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.20% J | 1.21%  | 1.30%  | 1.31%  | 1.27%  | 1.32%  |
| Expenses net of fee waivers, if any  | 1.20% J<br>| 1.21%  | 1.29%  | 1.31%  | 1.27%  | 1.32%  |
| Expenses net of all reductions, if any  | 1.20% J | 1.21%  | 1.29%  | 1.31%  | 1.27%  | 1.32%  |
| Net investment income (loss)  | (.55)% J | (.58)%  | (.76)% D | (.98)%  | (.88)%  | (1.06)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16087 | $13597 | $9725 | $3499 | $5817 | $5386 |
| Portfolio turnover rate K | 126% J<br>| 83%  | 45% L | 45%  | 57%  | 63%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.82)%.*

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

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

G*Total returns do not include the effect of the sales charges.*

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

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

J*Annualized.*

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

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

**Fidelity Advisor® Communication Services Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $109.28 | $91.23 | $60.57 | $76.81 | $86.05 | $60.20 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.58)  | (1.06)  | (.93) D | (.90)  | (1.27)  | (1.12)  |
| Net realized and unrealized gain (loss)  | 19.68  | 24.18  | 31.59  | (15.34)  | (3.07)  | 30.07  |
| Total from investment operations  | 19.10  | 23.12  | 30.66  | (16.24)  | (4.34)  | 28.95  |
| Distributions from net realized gain  | (1.02)  | (5.07)  | -  | -  | (4.90)  | (3.10)  |
| Total distributions  | (1.02)  | (5.07)  | -  | -  | (4.90)  | (3.10)  |
| Net asset value, end of period  | $127.36 | $109.28 | $91.23 | $60.57 | $76.81 | $86.05 |
| **Total Return** E,F,G | 17.81% <br>| 25.97%  | 50.62%  | (21.14)%  | (5.76)%  | 49.77%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.70% J | 1.71%  | 1.77%  | 1.78%  | 1.78%  | 1.80%  |
| Expenses net of fee waivers, if any  | 1.70% J<br>| 1.71%  | 1.77%  | 1.78%  | 1.78%  | 1.80%  |
| Expenses net of all reductions, if any  | 1.70% J | 1.71%  | 1.77%  | 1.78%  | 1.78%  | 1.79%  |
| Net investment income (loss)  | (1.05)% J | (1.07)%  | (1.24)% D | (1.45)%  | (1.39)%  | (1.53)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14202 | $12596 | $13074 | $7478 | $8938 | $6856 |
| Portfolio turnover rate K | 126% J<br>| 83%  | 45% L | 45%  | 57%  | 63%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.30)%.*

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

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

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

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

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

J*Annualized.*

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

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

**Communication Services Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $115.98 | $95.69 | $62.90 | $78.98 | $87.88 | $60.82 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | - D | (.03)  | (.18) E | (.30)  | (.34)  | (.36)  |
| Net realized and unrealized gain (loss)  | 20.79  | 25.54  | 32.97  | (15.78)  | (3.22)  | 30.52  |
| Total from investment operations  | 20.79  | 25.51  | 32.79  | (16.08)  | (3.56)  | 30.16  |
| Distributions from net realized gain  | (1.61)  | (5.22)  | -  | -  | (5.34)  | (3.10)  |
| Total distributions  | (1.61)  | (5.22)  | -  | -  | (5.34)  | (3.10)  |
| Net asset value, end of period  | $135.16 | $115.98 | $95.69 | $62.90 | $78.98 | $87.88 |
| **Total Return** F,G | 18.44% <br>| 27.28%  | 52.13%  | (20.36)%  | (4.79)%  | 51.29%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .65% J | .67%  | .77%  | .80%  | .75%  | .77%  |
| Expenses net of fee waivers, if any  | .65% J<br>| .67%  | .76%  | .79%  | .74%  | .77%  |
| Expenses net of all reductions, if any  | .65% J | .67%  | .76%  | .79%  | .74%  | .76%  |
| Net investment income (loss)  | (.01)% J | (.03)%  | (.23)% E | (.47)%  | (.36)%  | (.51)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1952525 | $1599903 | $1359432 | $710710 | $958304 | $859871 |
| Portfolio turnover rate K | 126% J<br>| 83%  | 45% L | 45%  | 57%  | 63%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Amount represents less than $.005 per share.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.29)%.*

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

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

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

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

J*Annualized.*

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

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

**Fidelity Advisor® Communication Services Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $115.89 | $95.69 | $62.89 | $78.93 | $87.86 | $60.80 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | (.03)  | (.08)  | (.17) D | (.28)  | (.34)  | (.39)  |
| Net realized and unrealized gain (loss)  | 20.72  | 25.53  | 32.97  | (15.76)  | (3.22)  | 30.55  |
| Total from investment operations  | 20.69  | 25.45  | 32.80  | (16.04)  | (3.56)  | 30.16  |
| Distributions from net realized gain  | (1.76)  | (5.25)  | -  | -  | (5.37)  | (3.10)  |
| Total distributions  | (1.76)  | (5.25)  | -  | -  | (5.37)  | (3.10)  |
| Net asset value, end of period  | $134.82 | $115.89 | $95.69 | $62.89 | $78.93 | $87.86 |
| **Total Return** E,F | 18.41% <br>| 27.22%  | 52.15%  | (20.32)%  | (4.79)%  | 51.31%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .70% I | .71%  | .76%  | .76%  | .75%  | .78%  |
| Expenses net of fee waivers, if any  | .70% I<br>| .71%  | .75%  | .75%  | .75%  | .77%  |
| Expenses net of all reductions, if any  | .70% I | .71%  | .75%  | .75%  | .75%  | .77%  |
| Net investment income (loss)  | (.05)% I | (.07)%  | (.22)% D | (.43)%  | (.37)%  | (.51)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $109568 | $75661 | $43534 | $11961 | $32089 | $26521 |
| Portfolio turnover rate J | 126% I<br>| 83%  | 45% K | 45%  | 57%  | 63%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.28)%.*

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

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

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

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

I*Annualized.*

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

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

**Fidelity Advisor® Communication Services Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $116.62 | $96.26 | $63.18 | $79.20 | $88.04 | $60.85 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .04  | .06  | (.07) D | (.19)  | (.22)  | (.28)  |
| Net realized and unrealized gain (loss)  | 20.98  | 25.72  | 33.15  | (15.83)  | (3.23)  | 30.57  |
| Total from investment operations  | 21.02  | 25.78  | 33.08  | (16.02)  | (3.45)  | 30.29  |
| Distributions from net investment income  | -  | - E | -  | -  | -  | -  |
| Distributions from net realized gain  | (1.43)  | (5.42)  | -  | -  | (5.39)  | (3.10)  |
| Total distributions  | (1.43)  | (5.42)  | -  | -  | (5.39)  | (3.10)  |
| Net asset value, end of period  | $136.21 | $116.62 | $96.26 | $63.18 | $79.20 | $88.04 |
| **Total Return** F,G | 18.47% <br>| 27.41%  | 52.36%  | (20.23)%  | (4.65)%  | 51.48%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .57% J | .58%  | .62%  | .62%  | .62%  | .64%  |
| Expenses net of fee waivers, if any  | .57% J<br>| .58%  | .61%  | .62%  | .61%  | .64%  |
| Expenses net of all reductions, if any  | .57% J | .58%  | .61%  | .62%  | .61%  | .63%  |
| Net investment income (loss)  | .07% J | .05%  | (.08)% D | (.29)%  | (.23)%  | (.38)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $69908 | $107432 | $34325 | $3314 | $6477 | $3817 |
| Portfolio turnover rate K | 126% J<br>| 83%  | 45% L | 45%  | 57%  | 63%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.14)%.*

E*Amount represents less than $.005 per share.*

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

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

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

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

J*Annualized.*

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

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

**Construction and Housing Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 99.4%  |  |  |
| Consumer Discretionary - 47.4% |  |  |
| Household Durables - 13.2% |  |  |
| Blu Homes Inc (a)(c)(d) | 11990913 | 3716 |
| Cavco Industries Inc (a) | 11900 | 6312831 |
| DR Horton Inc  | 49656 | 8415699 |
| KB Home  | 70410 | 4474556 |
| Lennar Corp Class A  | 28420 | 3783839 |
| Meritage Homes Corp  | 57510 | 4467952 |
| NVR Inc (a) | 745 | 6047649 |
| PulteGroup Inc  | 162005 | 21387900 |
| Somnigroup International Inc  | 190830 | 16020179 |
| Toll Brothers Inc  | 101020 | 14041780 |
| TopBuild Corp (a) | 40040 | 16847230 |
| Whirlpool Corp (b) | 21970 | 2046506 |
|  |  | 103849837 |
| Specialty Retail - 34.2% |  |  |
| Floor & Decor Holdings Inc Class A (a) | 192090 | 15736013 |
| Home Depot Inc/The  | 331170 | 134710021 |
| Lowe's Cos Inc  | 410465 | 105924598 |
| Restoration Hardware Inc (a) | 13200 | 2978844 |
| Williams-Sonoma Inc  | 44080 | 8295415 |
|  |  | 267644891 |
| TOTAL CONSUMER DISCRETIONARY |  | 371494728 |
| Industrials - 30.8% |  |  |
| Building Products - 19.9% |  |  |
| AAON Inc (b) | 50540 | 4192293 |
| American Woodmark Corp (a) | 37530 | 2423312 |
| Apogee Enterprises Inc  | 32730 | 1439301 |
| Armstrong World Industries Inc  | 48380 | 9471353 |
| Builders FirstSource Inc (a) | 105615 | 14646688 |
| Carlisle Cos Inc (b) | 32450 | 12522131 |
| Carrier Global Corp  | 182290 | 11885308 |
| Johnson Controls International plc  | 421001 | 45000797 |
| Simpson Manufacturing Co Inc  | 53390 | 10203897 |
| Trane Technologies PLC  | 105990 | 44049444 |
|  |  | 155834524 |
| Construction & Engineering - 10.7% |  |  |
| AECOM  | 85720 | 10705571 |
| Comfort Systems USA Inc  | 21670 | 15242245 |
| EMCOR Group Inc  | 25190 | 15617800 |
| Fluor Corp (a) | 99900 | 4097897 |
| Quanta Services Inc  | 74229 | 28055593 |
| WillScot Holdings Corp  | 406970 | 9864953 |
|  |  | 83584059 |
| Ground Transportation - 0.2% |  |  |
| U-Haul Holding Co Class N  | 25900 | 1353016 |
| TOTAL INDUSTRIALS |  | 240771599 |
| Materials - 11.2% |  |  |
| Chemicals - 0.3% |  |  |
| Sherwin-Williams Co/The  | 5970 | 2184005 |
| Construction Materials - 10.9% |  |  |
| CRH PLC  | 319100 | 36042346 |
| Eagle Materials Inc  | 25730 | 5941057 |
| James Hardie Industries PLC (a) | 79629 | 1602932 |
| James Hardie Industries PLC depository receipt (a) | 271934 | 5522713 |
| Martin Marietta Materials Inc (b) | 51640 | 31830896 |
| Vulcan Materials Co  | 15126 | 4404086 |
|  |  | 85344030 |
| TOTAL MATERIALS |  | 87528035 |
| Real Estate - 10.0% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Compass Inc Class A (a) | 358820 | 3258085 |
| Residential REITs - 9.6% |  |  |
| Camden Property Trust  | 89320 | 10002054 |
| Elme Communities  | 706860 | 12073169 |
| Equity Residential  | 41670 | 2755220 |
| Essex Property Trust Inc  | 38850 | 10497659 |
| Invitation Homes Inc  | 609050 | 19057175 |
| Mid-America Apartment Communities Inc  | 110 | 16039 |
| Sun Communities Inc  | 164590 | 20881533 |
|  |  | 75282849 |
| TOTAL REAL ESTATE |  | 78540934 |
| TOTAL UNITED STATES |  | 778335296 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $400,139,505) |  | <br> **778335296** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.36 | 4656233 | 4657165 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.36 | 6438656 | 6439300 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $11,096,465) |  |  | **11096465** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $411,235,970)<br>| <br>**789431761** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(6465200)** |
| **NET ASSETS - 100.0%** | **782966561** |

---

**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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Blu Homes Inc | 5/21/20 | 20739 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 4715820 | 69235559 | 69294214 | 62153 | - | - | 4657165 | 4656233 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1886925 | 112413336 | 107860961 | 5141 | - | - | 6439300 | 6438656 | 0.0% |
| Total | 6602745 | 181648895 | 177155175 | 67294 | - | - | 11096465 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 371494728 | 371491012 | - | 3716 |
| Industrials | 240771599 | 240771599 | - | - |
| Materials | 87528035 | 82005322 | 5522713 | - |
| Real Estate | 78540934 | 78540934 | - | - |
|  **Money Market Funds** | 11096465 | 11096465 | - | - |
| **Total Investments in Securities:** | 789431761 | 783905332 | 5522713 | 3716 |

---

**Construction and Housing Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $50,472,831) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $400,139,505) | $778335296 |  |
| Fidelity Central Funds (cost $11,096,465) | 11096465 |  |
| Total Investment in Securities (cost $411,235,970) |  | $789431761 |
| Receivable for fund shares sold |  | 572846 |
| Dividends receivable |  | 216389 |
| Distributions receivable from Fidelity Central Funds |  | 13207 |
| Prepaid expenses |  | 1001 |
| **Total assets** |  | 790235204 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $378318 |  |
| Accrued management fee | 424906 |  |
| Other payables and accrued expenses | 26119 |  |
| Collateral on securities loaned | 6439300 |  |
| **Total liabilities** |  | 7268643 |
| **Net Assets**  |  | $782966561 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $396386930 |
| Total accumulated earnings (loss) |  | 386579631 |
| **Net Assets** |  | $782966561 |
| **Net Asset Value**, offering price and redemption price per share ($782,966,561 ÷ 6,028,420 shares) |  | $129.88 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6420130 |
| Income from Fidelity Central Funds (including $5,141 from security lending)  |  | 67294 |
| **Total income** |  | 6487424 |
| **Expenses** |  |  |
| Management fee | $2439365 |  |
| Custodian fees and expenses | 4610 |  |
| Independent trustees' fees and expenses | 1402 |  |
| Registration fees | 26727 |  |
| Audit fees | 22558 |  |
| Legal | 177 |  |
| Miscellaneous | 1677 |  |
| **Total expenses** |  | 2496516 |
| **Net Investment income (loss)** |  | 3990908 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 7048127 |  |
| Foreign currency transactions | 8986 |  |
| Total net realized gain (loss) |  | 7057113 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 60770994 |
| **Net gain (loss)** |  | 67828107 |
| **Net increase (decrease) in net assets resulting from operations** |  | $71819015 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3990908 | $6014380 |
| &nbsp;&nbsp;Net realized gain (loss) | 7057113<br>| 27811202<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 60770994 | 9548092<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 71819015<br>| 43373674<br>|
| Distributions to shareholders | (5121682)<br>| (33106764)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 44662983 | 307829049 |
| Reinvestment of distributions | 4682127<br>| 30199728<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (115212369) | (308590138) |
| **Net increase (decrease) in net assets resulting from share transactions** | (65867259)<br>| 29438639<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 830074<br>| 39705549<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 782136487 | 742430938<br>|
| &nbsp;&nbsp;End of period | $782966561 | $782136487 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 374841 | 2494027 |
| Issued in reinvestment of distributions | 43922<br>| 252978<br>|
| &nbsp;&nbsp;Redeemed | (993706) | (2555819) |
| &nbsp;&nbsp;Net increase (decrease) | (574943) | 191186 |

---

**Financial Highlights** 

**Construction and Housing Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $118.45 | $115.78 | $88.48 | $89.80 | $77.53 | $58.56 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .64  | .89  | .90  | .76  | .57  | .59  |
| Net realized and unrealized gain (loss)  | 11.60  | 6.60  | 27.28  | (1.42)  | 17.59  | 21.82  |
| Total from investment operations  | 12.24  | 7.49  | 28.18  | (.66)  | 18.16  | 22.41  |
| Distributions from net investment income  | -  | (.85)  | (.88)  | (.66)  | (.53)  | (.61)  |
| Distributions from net realized gain  | (.81)  | (3.97)  | -  | -  | (5.36)  | (2.83)  |
| Total distributions  | (.81)  | (4.82)  | (.88)  | (.66)  | (5.89)  | (3.44)  |
| Net asset value, end of period  | $129.88 | $118.45 | $115.78 | $88.48 | $89.80 | $77.53 |
| **Total Return** D,E | 10.48% <br>| 6.47%  | 31.93%  | (.70)%  | 22.95%  | 41.70%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .68% H | .69%  | .77%  | .77%  | .75%  | .78%  |
| Expenses net of fee waivers, if any  | .68% H<br>| .69%  | .76%  | .76%  | .75%  | .78%  |
| Expenses net of all reductions, if any  | .68% H | .69%  | .76%  | .76%  | .75%  | .77%  |
| Net investment income (loss)  | 1.09% H | .73%  | .93%  | .90%  | .60%  | .94%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $782967 | $782136 | $742431 | $498697 | $713338 | $343461 |
| Portfolio turnover rate I | 13% H<br>| 36%  | 27%  | 20%  | 70%  | 93%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

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

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

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

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

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying 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, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 2.0%  |  |  |
| Consumer Discretionary - 2.0% |  |  |
| Automobile Components - 2.0% |  |  |
| Aptiv PLC  | 128210 | 10196541 |
| BRAZIL - 1.2%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Broadline Retail - 1.2% |  |  |
| MercadoLibre Inc (a) | 2430 | 6009171 |
| CANADA - 2.2%  |  |  |
| Consumer Discretionary - 2.2% |  |  |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Restaurant Brands International Inc  | 79100 | 5009158 |
| Specialty Retail - 1.2% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 97400 | 5831163 |
| TOTAL CANADA |  | 10840321 |
| FRANCE - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 1723 | 1017318 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| On Holding AG Class A (a) | 23893 | 1077096 |
| UNITED KINGDOM - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Flutter Entertainment PLC (a) | 5620 | 1726295 |
| UNITED STATES - 93.7%  |  |  |
| Consumer Discretionary - 91.8% |  |  |
| Automobile Components - 0.7% |  |  |
| American Axle & Manufacturing Holdings Inc (a) | 232300 | 1351986 |
| LCI Industries (b) | 19150 | 2018793 |
|  |  | 3370779 |
| Automobiles - 15.0% |  |  |
| General Motors Co  | 133720 | 7834654 |
| Tesla Inc (a) | 201996 | 67440405 |
|  |  | 75275059 |
| Broadline Retail - 25.1% |  |  |
| Amazon.com Inc (a) | 525515 | 120342936 |
| Etsy Inc (a) | 44100 | 2337741 |
| Ollie's Bargain Outlet Holdings Inc (a) | 24292 | 3081197 |
|  |  | 125761874 |
| Hotels, Restaurants & Leisure - 16.8% |  |  |
| Aramark  | 51424 | 2011193 |
| Booking Holdings Inc  | 2048 | 11466854 |
| Caesars Entertainment Inc (a) | 53538 | 1433212 |
| Carnival Corp (a) | 161340 | 5145133 |
| Chipotle Mexican Grill Inc (a) | 129320 | 5449545 |
| Churchill Downs Inc  | 24552 | 2546779 |
| Domino's Pizza Inc  | 18904 | 8663703 |
| Hilton Worldwide Holdings Inc  | 44651 | 12326355 |
| Marriott International Inc/MD Class A1  | 10429 | 2793512 |
| McDonald's Corp  | 50005 | 15678568 |
| Penn Entertainment Inc (a)(b) | 86984 | 1759686 |
| Red Rock Resorts Inc Class A  | 44460 | 2750740 |
| Royal Caribbean Cruises Ltd  | 10440 | 3792017 |
| Starbucks Corp  | 35770 | 3154556 |
| Wyndham Hotels & Resorts Inc (b) | 61400 | 5317854 |
|  |  | 84289707 |
| Household Durables - 6.1% |  |  |
| Cavco Industries Inc (a) | 6170 | 3273123 |
| PulteGroup Inc  | 53670 | 7085513 |
| Somnigroup International Inc (b) | 166487 | 13976584 |
| TopBuild Corp (a) | 15030 | 6324023 |
|  |  | 30659243 |
| Specialty Retail - 22.9% |  |  |
| Academy Sports & Outdoors Inc (b) | 115400 | 6179670 |
| Dick's Sporting Goods Inc  | 44997 | 9575362 |
| Floor & Decor Holdings Inc Class A (a) | 91897 | 7528202 |
| Gap Inc/The  | 73500 | 1617734 |
| Group 1 Automotive Inc (b) | 11930 | 5544825 |
| Home Depot Inc/The  | 51401 | 20908385 |
| Lowe's Cos Inc  | 82861 | 21383110 |
| O'Reilly Automotive Inc (a) | 25055 | 2597702 |
| Restoration Hardware Inc (a) | 10100 | 2279267 |
| Ross Stores Inc  | 58680 | 8635349 |
| Sally Beauty Holdings Inc (a)(b) | 159839 | 2215369 |
| TJX Cos Inc/The  | 109257 | 14925599 |
| Ulta Beauty Inc (a) | 5940 | 2926816 |
| Wayfair Inc Class A (a) | 21931 | 1636053 |
| Williams-Sonoma Inc  | 37140 | 6989377 |
|  |  | 114942820 |
| Textiles, Apparel & Luxury Goods - 5.2% |  |  |
| Capri Holdings Ltd (a) | 73460 | 1512541 |
| Deckers Outdoor Corp (a) | 42162 | 5043840 |
| NIKE Inc Class B  | 123872 | 9583977 |
| PVH Corp  | 39658 | 3343963 |
| Tapestry Inc  | 65888 | 6708716 |
|  |  | 26193037 |
| TOTAL CONSUMER DISCRETIONARY |  | 460492519 |
| Consumer Staples - 1.2% |  |  |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| Dollar Tree Inc (a) | 47510 | 5186668 |
| Performance Food Group Co (a) | 9308 | 943831 |
|  |  | 6130499 |
| Materials - 0.7% |  |  |
| Construction Materials - 0.7% |  |  |
| James Hardie Industries PLC (a) | 16560 | 333352 |
| James Hardie Industries PLC depository receipt (a) | 157305 | 3194711 |
|  |  | 3528063 |
| TOTAL UNITED STATES |  | 470151081 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $227,489,530) |  | <br> **501017823** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.36 | 2276463 | 2276918 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.36 | 16963354 | 16965050 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $19,241,968) |  |  | **19241968** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.6%**<br> (Cost $246,731,498)<br>| <br>**520259791** |
| **NET OTHER ASSETS (LIABILITIES) - (3.6)%**  | **(18264197)** |
| **NET ASSETS - 100.0%** | **501995594** |

---

**Legend**

(a) Non-income producing.

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

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1600227 | 42288188 | 41611497 | 22486 | - | - | 2276918 | 2276463 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 9042500 | 133142334 | 125219784 | 3382 | - | - | 16965050 | 16963354 | 0.1% |
| Total | 10642727 | 175430522 | 166831281 | 25868 | - | - | 19241968 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 491359261 | 490341943 | 1017318 | - |
| Consumer Staples | 6130499 | 6130499 | - | - |
| Materials | 3528063 | 333352 | 3194711 | - |
|  **Money Market Funds** | 19241968 | 19241968 | - | - |
| **Total Investments in Securities:** | 520259791 | 516047762 | 4212029 | - |

---

**Consumer Discretionary Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $24,657,296) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $227,489,530) | $501017823 |  |
| Fidelity Central Funds (cost $19,241,968) | 19241968 |  |
| Total Investment in Securities (cost $246,731,498) |  | $520259791 |
| Receivable for fund shares sold |  | 131917 |
| Dividends receivable |  | 119307 |
| Distributions receivable from Fidelity Central Funds |  | 5372 |
| Prepaid expenses |  | 672 |
| Other receivables |  | 14146 |
| **Total assets** |  | 520531205 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $910866 |  |
| Payable for fund shares redeemed | 356699 |  |
| Accrued management fee | 276658 |  |
| Other payables and accrued expenses | 26338 |  |
| Collateral on securities loaned | 16965050 |  |
| **Total liabilities** |  | 18535611 |
| **Net Assets**  |  | $501995594 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $212278178 |
| Total accumulated earnings (loss) |  | 289717416 |
| **Net Assets** |  | $501995594 |
| **Net Asset Value**, offering price and redemption price per share ($501,995,594 ÷ 7,262,457 shares) |  | $69.12 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $1860594 |
| Income from Fidelity Central Funds (including $3,382 from security lending)  |  | 25868 |
| **Total income** |  | 1886462 |
| **Expenses** |  |  |
| Management fee | $1606765 |  |
| Custodian fees and expenses | 5758 |  |
| Independent trustees' fees and expenses | 934 |  |
| Registration fees | 25631 |  |
| Audit fees | 22715 |  |
| Legal | 1017 |  |
| Miscellaneous | 1155 |  |
| **Total expenses** |  | 1663975 |
| **Net Investment income (loss)** |  | 222487 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 17621779 |  |
| Foreign currency transactions | 8388 |  |
| Total net realized gain (loss) |  | 17630167 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 14322506 |  |
| Assets and liabilities in foreign currencies | 779 |  |
| Total change in net unrealized appreciation (depreciation) |  | 14323285 |
| **Net gain (loss)** |  | 31953452 |
| **Net increase (decrease) in net assets resulting from operations** |  | $32175939 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $222487 | $52112 |
| &nbsp;&nbsp;Net realized gain (loss) | 17630167<br>| 42047658<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 14323285 | 11681271<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 32175939<br>| 53781041<br>|
| Distributions to shareholders | (4553280)<br>| (40140114)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 25185224 | 120649856 |
| Reinvestment of distributions | 4225054<br>| 37307941<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (104501785) | (177457186) |
| **Net increase (decrease) in net assets resulting from share transactions** | (75091507)<br>| (19499389)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (47468848)<br>| (5858462)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 549464442 | 555322904<br>|
| &nbsp;&nbsp;End of period | $501995594 | $549464442 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 405072 | 1790673 |
| Issued in reinvestment of distributions | 75799<br>| 544482<br>|
| &nbsp;&nbsp;Redeemed | (1690855) | (2819703) |
| &nbsp;&nbsp;Net increase (decrease) | (1209984) | (484548) |

---

**Financial Highlights** 

**Consumer Discretionary Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $64.85 | $62.00 | $47.54 | $63.23 | $68.01 | $45.58 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .03  | .01  | .03  | .01  | (.16)  | (.03)  |
| Net realized and unrealized gain (loss)  | 4.82  | 7.89  | 15.70  | (9.85)  | 1.92  | 23.23  |
| Total from investment operations  | 4.85  | 7.90  | 15.73  | (9.84)  | 1.76  | 23.20  |
| Distributions from net investment income  | -  | (.05)  | (.02)  | (.02)  | -  | -  |
| Distributions from net realized gain  | (.58)  | (5.01)  | (1.25)  | (5.83)  | (6.54)  | (.77)  |
| Total distributions  | (.58)  | (5.05) D | (1.27)  | (5.85)  | (6.54)  | (.77)  |
| Net asset value, end of period  | $69.12 | $64.85 | $62.00 | $47.54 | $63.23 | $68.01 |
| **Total Return** E,F | 7.70% <br>| 12.37%  | 33.59%  | (16.87)%  | 1.88%  | 50.96%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .69% I | .70%  | .75%  | .76%  | .73%  | .76%  |
| Expenses net of fee waivers, if any  | .69% I<br>| .69%  | .74%  | .76%  | .73%  | .76%  |
| Expenses net of all reductions, if any  | .69% I | .69%  | .74%  | .76%  | .73%  | .75%  |
| Net investment income (loss)  | .09% I | .01%  | .05%  | .02%  | (.22)%  | (.06)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $501996 | $549464 | $555323 | $424791 | $418675 | $583938 |
| Portfolio turnover rate J | 19% I<br>| 30%  | 33%  | 46%  | 38%  | 55%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

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

**Leisure Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** |
|  | Shares | Value ($)<br>|
| UNITED KINGDOM - 4.5%  |  |  |
| Consumer Discretionary - 4.5% |  |  |
| Hotels, Restaurants & Leisure - 4.5% |  |  |
| Compass Group PLC  | 82600 | 2807387 |
| Flutter Entertainment PLC (a) | 84500 | 25955865 |
| Genius Sports Ltd Class A (a) | 220200 | 2816358 |
| TOTAL UNITED KINGDOM |  | 31579610 |
| UNITED STATES - 95.0%  |  |  |
| Communication Services - 1.0% |  |  |
| Entertainment - 1.0% |  |  |
| Spotify Technology SA (a) | 9900 | 6750612 |
| Consumer Discretionary - 92.3% |  |  |
| Diversified Consumer Services - 3.0% |  |  |
| Adtalem Global Education Inc (a) | 32899 | 4308124 |
| Bright Horizons Family Solutions Inc (a) | 33100 | 3907124 |
| Service Corp International/US  | 158000 | 12521500 |
|  |  | 20736748 |
| Hotels, Restaurants & Leisure - 89.3% |  |  |
| Airbnb Inc Class A (a) | 221300 | 28886289 |
| Aramark  | 389600 | 15237256 |
| Booking Holdings Inc  | 15558 | 87110020 |
| Brinker International Inc (a) | 22300 | 3478353 |
| Carnival Corp (a) | 750400 | 23930256 |
| Chipotle Mexican Grill Inc (a) | 1039350 | 43798209 |
| Domino's Pizza Inc  | 40442 | 18534569 |
| DoorDash Inc Class A (a) | 120800 | 29626200 |
| DraftKings Inc Class A (a) | 512600 | 24594548 |
| Dutch Bros Inc Class A (a) | 103886 | 7462131 |
| Hilton Worldwide Holdings Inc (b) | 194632 | 53730110 |
| Las Vegas Sands Corp  | 315000 | 18153450 |
| Marriott International Inc/MD Class A1  | 33825 | 9060365 |
| McDonald's Corp  | 311050 | 97526617 |
| Planet Fitness Inc Class A (a) | 77444 | 8116131 |
| Red Rock Resorts Inc Class A  | 202400 | 12522488 |
| Royal Caribbean Cruises Ltd  | 127800 | 46419516 |
| Sportradar Holding AG Class A (a)(b) | 184400 | 5705336 |
| Starbucks Corp  | 378556 | 33384854 |
| Travel + Leisure Co  | 85500 | 5404455 |
| Viking Holdings Ltd (a) | 193700 | 12323194 |
| Wingstop Inc (b) | 26100 | 8563932 |
| Wyndham Hotels & Resorts Inc (b) | 164500 | 14247345 |
| Yum! Brands Inc  | 110100 | 16181397 |
|  |  | 623997021 |
| TOTAL CONSUMER DISCRETIONARY |  | 644733769 |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| US Foods Holding Corp (a) | 84200 | 6533920 |
| Real Estate - 0.8% |  |  |
| Specialized REITs - 0.8% |  |  |
| VICI Properties Inc  | 162800 | 5499384 |
| TOTAL UNITED STATES |  | 663517685 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $384,585,962) |  | <br> **695097295** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.36 | 3972262 | 3973056 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.36 | 22590957 | 22593217 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $26,566,273) |  |  | **26566273** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.3%**<br> (Cost $411,152,235)<br>| <br>**721663568** |
| **NET OTHER ASSETS (LIABILITIES) - (3.3)%**  | **(22928651)** |
| **NET ASSETS - 100.0%** | **698734917** |

---

**Legend**

(a) Non-income producing.

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

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 3962247 | 48113521 | 48102712 | 65127 | - | - | 3973056 | 3972262 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 22885694 | 186216772 | 186509249 | 7832 | - | - | 22593217 | 22590957 | 0.1% |
| Total | 26847941 | 234330293 | 234611961 | 72959 | - | - | 26566273 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 6750612 | 6750612 | - | - |
| Consumer Discretionary | 676313379 | 673505992 | 2807387 | - |
| Consumer Staples | 6533920 | 6533920 | - | - |
| Real Estate | 5499384 | 5499384 | - | - |
|  **Money Market Funds** | 26566273 | 26566273 | - | - |
| **Total Investments in Securities:** | 721663568 | 718856181 | 2807387 | - |

---

**Leisure Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $36,220,941) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $384,585,962) | $695097295 |  |
| Fidelity Central Funds (cost $26,566,273) | 26566273 |  |
| Total Investment in Securities (cost $411,152,235) |  | $721663568 |
| Foreign currency held at value (cost $556) |  | 556 |
| Receivable for fund shares sold |  | 252990 |
| Dividends receivable |  | 60614 |
| Distributions receivable from Fidelity Central Funds |  | 28648 |
| Prepaid expenses |  | 947 |
| **Total assets** |  | 722007323 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $271087 |  |
| Accrued management fee | 381762 |  |
| Other payables and accrued expenses | 26340 |  |
| Collateral on securities loaned | 22593217 |  |
| **Total liabilities** |  | 23272406 |
| **Net Assets**  |  | $698734917 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $357449901 |
| Total accumulated earnings (loss) |  | 341285016 |
| **Net Assets** |  | $698734917 |
| **Net Asset Value**, offering price and redemption price per share ($698,734,917 ÷ 32,552,255 shares) |  | $21.47 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $3869826 |
| Income from Fidelity Central Funds (including $7,832 from security lending)  |  | 72959 |
| **Total income** |  | 3942785 |
| **Expenses** |  |  |
| Management fee | $2215892 |  |
| Custodian fees and expenses | 4030 |  |
| Independent trustees' fees and expenses | 1233 |  |
| Registration fees | 19210 |  |
| Audit fees | 23003 |  |
| Legal | 1447 |  |
| Miscellaneous | 1523 |  |
| **Total expenses** |  | 2266338 |
| **Net Investment income (loss)** |  | 1676447 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 31720133 |  |
| Foreign currency transactions | (4072) |  |
| Total net realized gain (loss) |  | 31716061 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (18013989) |  |
| Assets and liabilities in foreign currencies | 73 |  |
| Total change in net unrealized appreciation (depreciation) |  | (18013916) |
| **Net gain (loss)** |  | 13702145 |
| **Net increase (decrease) in net assets resulting from operations** |  | $15378592 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1676447 | $2572851 |
| &nbsp;&nbsp;Net realized gain (loss) | 31716061<br>| 69257969<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (18013916) | 59866225<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 15378592<br>| 131697045<br>|
| Distributions to shareholders | (26001851)<br>| (48883590)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 33453135 | 54789980 |
| Reinvestment of distributions | 23734766<br>| 44540421<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (69884460) | (136786361) |
| **Net increase (decrease) in net assets resulting from share transactions** | (12696559)<br>| (37455960)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (23319818)<br>| 45357495<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 722054735 | 676697240<br>|
| &nbsp;&nbsp;End of period | $698734917 | $722054735 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1643225 | 2648972 |
| Issued in reinvestment of distributions | 1318598<br>| 2174219<br>|
| &nbsp;&nbsp;Redeemed | (3502608) | (6893629) |
| &nbsp;&nbsp;Net increase (decrease) | (540785) | (2070438) |

---

**Financial Highlights** 

**Leisure Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.82 | $19.24 | $15.85 | $16.38 | $18.94 | $13.89 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .05  | .08  | .09  | .07  | .01  | .07  |
| Net realized and unrealized gain (loss)  | .41  | 4.02  | 3.60  | (.12)  | 1.41  | 5.40  |
| Total from investment operations  | .46  | 4.10  | 3.69  | (.05)  | 1.42  | 5.47  |
| Distributions from net investment income  | -  | (.11)  | (.07)  | (.05)  | (.02)  | (.08)  |
| Distributions from net realized gain  | (.81)  | (1.41)  | (.23)  | (.42)  | (3.96)  | (.34)  |
| Total distributions  | (.81)  | (1.52)  | (.30)  | (.48) D | (3.98)  | (.42)  |
| Net asset value, end of period  | $21.47 | $21.82 | $19.24 | $15.85 | $16.38 | $18.94 |
| **Total Return** E,F | 2.82% <br>| 21.91%  | 23.47%  | (.22)%  | 7.53%  | 41.30%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .68% I | .69%  | .73%  | .74%  | .73%  | .77%  |
| Expenses net of fee waivers, if any  | .68% I<br>| .69%  | .73%  | .74%  | .73%  | .77%  |
| Expenses net of all reductions, if any  | .68% I | .69%  | .73%  | .74%  | .73%  | .76%  |
| Net investment income (loss)  | .51% I | .39%  | .51%  | .45%  | .05%  | .48%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $698735 | $722055 | $676697 | $563381 | $646800 | $653709 |
| Portfolio turnover rate J | 44% I<br>| 43%  | 39%  | 46%  | 79%  | 72%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

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

**Retailing Portfolio**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 3.6%  |  |  |
| Consumer Discretionary - 3.6% |  |  |
| Broadline Retail - 3.6% |  |  |
| MercadoLibre Inc (a) | 40113 | 99195839 |
| CANADA - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Specialty Retail - 0.5% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 222837 | 13340851 |
| FINLAND - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Amer Sports Inc (a) | 296839 | 11671709 |
| GERMANY - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Birkenstock Holding Plc (a) | 184900 | 9638837 |
| UNITED STATES - 93.2%  |  |  |
| Consumer Discretionary - 70.1% |  |  |
| Broadline Retail - 26.7% |  |  |
| Amazon.com Inc (a) | 2966247 | 679270563 |
| Etsy Inc (a) | 439179 | 23280879 |
| Ollie's Bargain Outlet Holdings Inc (a) | 204521 | 25941444 |
|  |  | 728492886 |
| Household Durables - 0.3% |  |  |
| Somnigroup International Inc  | 103741 | 8709057 |
| Specialty Retail - 33.9% |  |  |
| Abercrombie & Fitch Co Class A (a) | 288308 | 26965447 |
| American Eagle Outfitters Inc (b) | 1375492 | 17798866 |
| Bath & Body Works Inc  | 600775 | 17548638 |
| Carvana Co Class A (a) | 35129 | 13065178 |
| Dick's Sporting Goods Inc (b) | 192312 | 40923994 |
| Floor & Decor Holdings Inc Class A (a)(b) | 430024 | 35227566 |
| Group 1 Automotive Inc (b) | 61138 | 28415720 |
| Home Depot Inc/The  | 280702 | 114181153 |
| Lowe's Cos Inc  | 739403 | 190810338 |
| O'Reilly Automotive Inc (a) | 934570 | 96896218 |
| Restoration Hardware Inc (a)(b) | 109549 | 24721923 |
| Ross Stores Inc  | 428932 | 63121633 |
| TJX Cos Inc/The  | 999472 | 136537870 |
| Ulta Beauty Inc (a) | 98131 | 48352088 |
| Urban Outfitters Inc (a) | 259811 | 17428122 |
| Warby Parker Inc Class A (a) | 516867 | 13541915 |
| Wayfair Inc Class A (a) | 140781 | 10502262 |
| Williams-Sonoma Inc  | 154175 | 29014193 |
|  |  | 925053124 |
| Textiles, Apparel & Luxury Goods - 9.2% |  |  |
| Capri Holdings Ltd (a)(b) | 1023282 | 21069376 |
| Deckers Outdoor Corp (a) | 264958 | 31696926 |
| Lululemon Athletica Inc (a) | 138555 | 28015821 |
| NIKE Inc Class B (b) | 1273814 | 98554989 |
| PVH Corp (b) | 318672 | 26870423 |
| Tapestry Inc  | 450816 | 45902085 |
|  |  | 252109620 |
| TOTAL CONSUMER DISCRETIONARY |  | 1914364687 |
| Consumer Staples - 23.1% |  |  |
| Consumer Staples Distribution & Retail - 23.1% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 60000 | 5860800 |
| Casey's General Stores Inc  | 102269 | 50574066 |
| Costco Wholesale Corp  | 189200 | 178476144 |
| Dollar Tree Inc (a) | 733596 | 80086675 |
| Grocery Outlet Holding Corp (a)(b) | 974628 | 17650513 |
| Kroger Co/The  | 333000 | 22590720 |
| Target Corp  | 556075 | 53372079 |
| Walmart Inc  | 2295279 | 222596157 |
|  |  | 631207154 |
| TOTAL UNITED STATES |  | 2545571841 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,374,108,204) |  | <br> **2679419077** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.36 | 53990394 | 54001193 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.36 | 45988482 | 45993081 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $99,994,274) |  |  | **99994274** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.7%**<br> (Cost $1,474,102,478)<br>| <br>**2779413351** |
| **NET OTHER ASSETS (LIABILITIES) - (1.7)%**  | **(46868821)** |
| **NET ASSETS - 100.0%** | **2732544530** |

---

**Legend**

(a) Non-income producing.

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

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 24201886 | 339640871 | 309841564 | 286170 | - | - | 54001193 | 53990394 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 87724476 | 771730304 | 813461699 | 10374 | - | - | 45993081 | 45988482 | 0.2% |
| Total | 111926362 | 1111371175 | 1123303263 | 296544 | - | - | 99994274 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 2048211923 | 2048211923 | - | - |
| Consumer Staples | 631207154 | 631207154 | - | - |
|  **Money Market Funds** | 99994274 | 99994274 | - | - |
| **Total Investments in Securities:** | 2779413351 | 2779413351 | - | - |

---

**Retailing Portfolio**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $149,928,998) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,374,108,204) | $2679419077 |  |
| Fidelity Central Funds (cost $99,994,274) | 99994274 |  |
| Total Investment in Securities (cost $1,474,102,478) |  | $2779413351 |
| Receivable for fund shares sold |  | 124349 |
| Dividends receivable |  | 1866063 |
| Distributions receivable from Fidelity Central Funds |  | 26534 |
| Prepaid expenses |  | 3693 |
| **Total assets** |  | 2781433990 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1447910 |  |
| Accrued management fee | 1422881 |  |
| Other payables and accrued expenses | 29922 |  |
| Collateral on securities loaned | 45988747 |  |
| **Total liabilities** |  | 48889460 |
| **Net Assets**  |  | $2732544530 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1121722098 |
| Total accumulated earnings (loss) |  | 1610822432 |
| **Net Assets** |  | $2732544530 |
| **Net Asset Value**, offering price and redemption price per share ($2,732,544,530 ÷ 135,722,234 shares) |  | $20.13 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $11560750 |
| Income from Fidelity Central Funds (including $10,374 from security lending)  |  | 296544 |
| **Total income** |  | 11857294 |
| **Expenses** |  |  |
| Management fee | $8482407 |  |
| Custodian fees and expenses | 10341 |  |
| Independent trustees' fees and expenses | 5178 |  |
| Registration fees | 25719 |  |
| Audit fees | 25228 |  |
| Legal | 1180 |  |
| Interest | 6456 |  |
| Miscellaneous | 6427 |  |
| **Total expenses** |  | 8562936 |
| **Net Investment income (loss)** |  | 3294358 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 303706437 |  |
| Foreign currency transactions | (1438) |  |
| Total net realized gain (loss) |  | 303704999 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (281876076) |  |
| Assets and liabilities in foreign currencies | 3182 |  |
| Total change in net unrealized appreciation (depreciation) |  | (281872894) |
| **Net gain (loss)** |  | 21832105 |
| **Net increase (decrease) in net assets resulting from operations** |  | $25126463 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3294358 | $4011946 |
| &nbsp;&nbsp;Net realized gain (loss) | 303704999<br>| 299876316<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (281872894) | 52098267<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 25126463<br>| 355986529<br>|
| Distributions to shareholders | (110682139)<br>| (364880030)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 39001859 | 140208884 |
| Reinvestment of distributions | 102661952<br>| 338623480<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (325392308) | (546827603) |
| **Net increase (decrease) in net assets resulting from share transactions** | (183728497)<br>| (67995239)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (269284173)<br>| (76888740)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3001828703 | 3078717443<br>|
| &nbsp;&nbsp;End of period | $2732544530 | $3001828703 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2071060 | 6835154 |
| Issued in reinvestment of distributions | 5863047<br>| 16941603<br>|
| &nbsp;&nbsp;Redeemed | (17179442) | (27034518) |
| &nbsp;&nbsp;Net increase (decrease) | (9245335) | (3257761) |

---

**Financial Highlights** 

**Retailing Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.71 | $20.77 | $16.75 | $19.92 | $23.50 | $15.71 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .02  | .03  | .05  | .05  | (.02)  | (.01)  |
| Net realized and unrealized gain (loss)  | .18  | 2.45  | 5.36  | (2.76)  | .11  | 9.35  |
| Total from investment operations  | .20  | 2.48  | 5.41  | (2.71)  | .09  | 9.34  |
| Distributions from net investment income  | -  | (.03)  | (.06)  | (.06)  | -  | -  |
| Distributions from net realized gain  | (.78)  | (2.51)  | (1.33)  | (.41)  | (3.67)  | (1.55)  |
| Total distributions  | (.78)  | (2.54)  | (1.39)  | (.46) D | (3.67)  | (1.55)  |
| Net asset value, end of period  | $20.13 | $20.71 | $20.77 | $16.75 | $19.92 | $23.50 |
| **Total Return** E,F | 1.55% <br>| 12.77%  | 33.23%  | (13.86)%  | (1.23)%  | 59.90%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .64% I | .64%  | .72%  | .72%  | .70%  | .73%  |
| Expenses net of fee waivers, if any  | .64% I<br>| .64%  | .71%  | .72%  | .70%  | .73%  |
| Expenses net of all reductions, if any  | .64% I | .64%  | .71%  | .72%  | .70%  | .73%  |
| Net investment income (loss)  | .24% I | .13%  | .28%  | .31%  | (.07)%  | (.07)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2732545 | $3001829 | $3078717 | $2774090 | $3704191 | $4055939 |
| Portfolio turnover rate J | 77% I<br>| 39%  | 49%  | 32%  | 33%  | 46%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

D*Total distributions per share do not sum due to rounding.*

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

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

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

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

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying 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, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of each Fund's Schedule of Investments.

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

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

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

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

**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, 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. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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 short-term capital gain dividends, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Automotive Portfolio** | 56075530 | 33045808 | (253923) | 32791885 |
| **Communication Services Portfolio** | 1367155448 | 954215358 | (33233743) | 920981615 |
| **Construction and Housing Portfolio** | 413485350 | 390988698 | (15042287) | 375946411 |
| **Consumer Discretionary Portfolio** | 247152981 | 278126808 | (5019998) | 273106810 |
| **Leisure Portfolio** | 412919609 | 313371627 | (4627668) | 308743959 |
| **Retailing Portfolio** | 1489801840 | 1341285952 | (51674441) | 1289611511 |

---

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 ($)** |
| **Automotive Portfolio** | (160289) | - | (160289) |

---

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period January 1, 2025 to February 28, 2025. Loss deferrals were as follows:

---

| | |
|:---|:---|
|  | <br> **Ordinary losses ($)** |
| **Consumer Discretionary Portfolio** | (342012) |
| **Retailing Portfolio** | 827491) |

---

**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.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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 ($)** | **Sales ($)** |
| **Automotive Portfolio** | 38249162 | 43414210 |
| **Communication Services Portfolio** | 1228056206 | 1171768677 |
| **Construction and Housing Portfolio** | 47602802 | 114787337 |
| **Consumer Discretionary Portfolio** | 46061352 | 124741139 |
| **Leisure Portfolio** | 146036512 | 183146228 |
| **Retailing Portfolio** | 1040394542 | 1363892171 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which 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 management 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 management 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 management 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** | .72 |
| **Communication Services Portfolio** |  |
| **Class A** | .72 |
| **Class M** | .72 |
| **Class C** | .71 |
| **Communication Services** | .71 |
| **Class I** | .69 |
| **Class Z** | .56 |
| **Construction and Housing Portfolio** | .70 |
| **Consumer Discretionary Portfolio** | .68 |
| **Leisure Portfolio** | .68 |
| **Retailing Portfolio** | .68 |

---

One-twelfth of the management 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 management 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** | .67 |
| **Communication Services Portfolio** |  |
| **Class A** | .68 |
| **Class M** | .68 |
| **Class C** | .68 |
| **Communication Services** | .64 |
| **Class I** | .68 |
| **Class Z** | .56 |
| **Construction and Housing Portfolio** | .67 |
| **Consumer Discretionary Portfolio** | .67 |
| **Leisure Portfolio** | .67 |
| **Retailing Portfolio** | .63 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Communication Services Portfolio** |  |  |  |  |
| Class A | - % | .25% | 100323 | 179 |
| Class M | .25% | .25% | 33956 | - |
| Class C | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>60892</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>6536</u> |
|  |  |  | <u>195171</u> | <u>6715</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Communication Services Portfolio** |  |
| Class A | 24013 |
| Class M | 1346 |
| Class C A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>24</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>25383</u> |

---

*A 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** | 2599 |
| **Communication Services Portfolio** | 34195 |
| **Construction and Housing Portfolio** | 465 |
| **Consumer Discretionary Portfolio** | 854 |
| **Leisure Portfolio** | 4006 |
| **Retailing Portfolio** | 30984 |

---

**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, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Communication Services Portfolio** | Borrower | 6182333 | 4.56% | 2349 |
| **Retailing Portfolio** | Borrower | 5646444 | 4.57% | 6456 |

---

**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** | 185182 | 424839 | (32795) |
| **Communication Services Portfolio** | 65334131 | 21108259 | 4522889 |
| **Construction and Housing Portfolio** | 4142255 | 4889443 | 1313140 |
| **Consumer Discretionary Portfolio** | 2578930 | 9848431 | 1689231 |
| **Leisure Portfolio** | 857665 | 7931389 | (33406) |
| **Retailing Portfolio** | 65897478 | 104235533 | 46556614 |

---

**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 reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Automotive Portfolio** | 52 |
| **Communication Services Portfolio** | 1367 |
| **Construction and Housing Portfolio** | 585 |
| **Consumer Discretionary Portfolio** | 396 |
| **Leisure Portfolio** | 516 |
| **Retailing Portfolio** | 2193 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 3928 | - | - |
| **Communication Services Portfolio** | 7188 | 6 | - |
| **Construction and Housing Portfolio** | 652 | - | - |
| **Consumer Discretionary Portfolio** | 335 | - | - |
| **Leisure Portfolio** | 821 | - | - |
| **Retailing Portfolio** | 1129 | 1 | - |

---

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 ($)** |
| **Construction and Housing Portfolio** | 44994100 |
| **Consumer Discretionary Portfolio** | 8301145 |
| **Leisure Portfolio** | 14824251 |
| **Retailing Portfolio** | 108605532 |

---

**8. Expense Reductions.** 

Through arrangements with each custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's or class' expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Automotive Portfolio** | 152 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **August 31, 2025** | **Year ended February 28, 2025** <br>|
| **Communication Services Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $915035 | $3150958 |
| Class M | 140712 | 541053 |
| Class C | 111836 | 648624 |
| Communication Services | 21079725 | 69610345 |
| Class I | 1329522 | 2964835 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>710537</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3420881</u> |
| Total  | <u>$24287367</u> | <u>$80336696</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **August 31, 2025**  | **Year ended**<br> **February 28, 2025**  | **Six months ended** <br> **August 31, 2025**  | **Year ended February 28, 2025** <br>|
| **Communication Services Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 140150 | 207533 | $16529237 | $21790772 |
| Reinvestment of distributions | 9325 | 30153 | 910076 | 3132587 |
| Shares redeemed | <u>(97847)</u> | <u>(143809)</u> | <u>(10949018)</u> | <u>(14995550)</u> |
| Net increase (decrease) | <u>51628</u> | <u>93877</u> | <u>$6490295</u> | <u>$9927809</u> |
| **Class M** |  |  |  |  |
| Shares sold | 9314 | 27121 | $1113881 | $2873861 |
| Reinvestment of distributions | 1457 | 5264 | 140474 | 540037 |
| Shares redeemed | <u>(9076)</u> | <u>(15748)</u> | <u>(970278)</u> | <u>(1572190)</u> |
| Net increase (decrease) | <u>1695</u> | <u>16637</u> | <u>$284077</u> | <u>$1841708</u> |
| **Class C** |  |  |  |  |
| Shares sold | 11728 | 20456 | $1340702 | $2062938 |
| Reinvestment of distributions | 1189 | 6202 | 111285 | 613388 |
| Shares redeemed | <u>(16672)</u> | <u>(54693)</u> | <u>(1766210)</u> | <u>(5539794)</u> |
| Net increase (decrease) | <u>(3755)</u> | <u>(28035)</u> | <u>$(314223)</u> | <u>$(2863468)</u> |
| **Communication Services** |  |  |  |  |
| Shares sold | 2683430 | 3214127 | $331009963 | $353910963 |
| Reinvestment of distributions | 197594 | 615226 | 19554039 | 64579378 |
| Shares redeemed | <u>(2229230)</u> | <u>(4241618)</u> | <u>(248803777)</u> | <u>(440760332)</u> |
| Net increase (decrease) | <u>651794</u> | <u>(412265)</u> | <u>$101760225</u> | <u>$(22269991)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 307118 | 377260 | $34340371 | $39866641 |
| Reinvestment of distributions | 13054 | 27781 | 1288805 | 2949739 |
| Shares redeemed | <u>(160355)</u> | <u>(207156)</u> | <u>(18210772)</u> | <u>(22152951)</u> |
| Net increase (decrease) | <u>159817</u> | <u>197885</u> | <u>$17418404</u> | <u>$20663429</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 129914 | 856966 | $15066112 | $89675414 |
| Reinvestment of distributions | 3043 | 7877 | 303360 | 847405 |
| Shares redeemed | <u>(540976)</u> | <u>(300163)</u> | <u>(59028500)</u> | <u>(33073057)</u> |
| Net increase (decrease) | <u>(408019)</u> | <u>564680</u> | <u>$(43659028)</u> | <u>$57449762</u> |

---

**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. Proposed Reorganization.**

The Board of Trustees of Consumer Discretionary Portfolio approved an Agreement and Plan of Reorganization (the Agreement) between Consumer Discretionary Portfolio and Fidelity Advisor Consumer Discretionary Fund. In addition, the Board approved the creation of additional classes of shares that will commence operations on November 6, 2025. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Consumer Discretionary Fund in exchange for corresponding shares of Consumer Discretionary Portfolio equal in value to the net assets of Fidelity Advisor Consumer Discretionary Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Advisor Consumer Discretionary Fund access to a larger portfolio with a similar investment objective.

The reorganization does not require Fidelity Advisor Consumer Discretionary Fund shareholder approval and is expected to become effective during October 2025. 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 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 Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 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, a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (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.

<u>Resources Dedicated to Investment Management and Support Services</u>. 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 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.

<u>Shareholder and Administrative Services</u>. 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 information and market information over the Internet 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.

<u>Investment in a Large Fund Family</u>. 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.

<u>Investment Performance</u>. 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 index that has characteristics relevant to each fund's investment strategies (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 Retailing Portfolio underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2025, 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, effective March 1, 2024, 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), the Board considered the effective management fee rate for the fund or the retail class, as applicable, from March 2024 to September 2024, 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). 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.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. 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 based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). For each fund, the data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund or, for Communication Services Portfolio, the retail class of each fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the fund or, for Communication Services Portfolio, the retail class of each fund relative to a subset of non-Fidelity funds in the total peer group that are 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, the retail class of each fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund or, for Communication Services Portfolio, the retail class of each fund relative to the asset-sized peer group. The asset- sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of the fund (or the retail class for Communication Services Portfolio) ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of each fund (or the retail class for Communication Services Portfolio) ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

For Communication Services 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.

<u>Other Contractual Arrangements</u>. 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, 2026.

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 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 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.

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, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 May 31, 2026.

**Board Approval of Investment Advisory Contract and Management Fees** 

**Consumer Discretionary Portfolio**

At its July 2025 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 July 2025 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. 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 Class A, Class C, Class I, and Class Z of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure and that the estimated total net expense ratio of Class M of the fund is above the median of those funds and classes used by the Board for management fee comparison that have a similar sales load structure primarily because of higher 12b-1 fees.

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 FMR in providing services to the fund and the level of FMR's profitability. At its May 2025 meeting, the Board concluded that it was satisfied that the profitability of FMR 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 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, ultimately concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2026.

![](img114160_4.jpg)<br>

1.813637.120 SELCON-SANN-1025

**Fidelity® Environment and Alternative Energy Fund**

**Fidelity® Natural Resources Fund**

**Semi-Annual Report**

**August 31, 2025**

![](img114173_1.jpg)

![](img114173_2.jpg)

**Contents**

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| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_EAE-NRF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Environment and Alternative Energy Fund](#Sub_Sec_Fund_516_EAE-NRF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Natural Resources Fund](#Sub_Sec_Fund_514_EAE-NRF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements516_EAE-NRF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EAE-NRF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EAE-NRF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EAE-NRF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EAE-NRF-SANN)** |

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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.© 2025 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® Environment and Alternative Energy Fund**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.3% |  |  |
| Aptiv PLC  | 23510 | 1869750 |
| CANADA - 0.5%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Cameco Corp (United States)  | 37140 | 2874265 |
| GERMANY - 2.1%  |  |  |
| Industrials - 2.1% |  |  |
| Electrical Equipment - 2.1% |  |  |
| Siemens Energy AG (a) | 111990 | 11913425 |
| NETHERLANDS - 3.0%  |  |  |
| Information Technology - 3.0% |  |  |
| Semiconductors & Semiconductor Equipment - 3.0% |  |  |
| NXP Semiconductors NV  | 73080 | 17162838 |
| UNITED KINGDOM - 1.0%  |  |  |
| Utilities - 1.0% |  |  |
| Water Utilities - 1.0% |  |  |
| Severn Trent PLC  | 158290 | 5532612 |
| UNITED STATES - 92.7%  |  |  |
| Consumer Discretionary - 10.5% |  |  |
| Automobiles - 9.1% |  |  |
| Rivian Automotive Inc Class A (a)(b) | 150790 | 2046220 |
| Tesla Inc (a) | 147830 | 49356002 |
|  |  | 51402222 |
| Household Durables - 1.4% |  |  |
| KB Home  | 30360 | 1929378 |
| TopBuild Corp (a) | 14280 | 6008453 |
|  |  | 7937831 |
| TOTAL CONSUMER DISCRETIONARY |  | 59340053 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Baker Hughes Co Class A  | 69860 | 3171644 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Centrus Energy Corp Class A (a)(b) | 12890 | 2600300 |
| TOTAL ENERGY |  | 5771944 |
| Industrials - 36.8% |  |  |
| Aerospace & Defense - 4.2% |  |  |
| ATI Inc (a) | 38600 | 2993044 |
| GE Aerospace  | 61320 | 16875264 |
| Woodward Inc  | 16720 | 4126830 |
|  |  | 23995138 |
| Building Products - 5.4% |  |  |
| Advanced Drainage Systems Inc  | 29700 | 4275909 |
| Builders FirstSource Inc (a) | 10490 | 1454753 |
| Carrier Global Corp  | 29880 | 1948176 |
| Johnson Controls International plc  | 79500 | 8497755 |
| Trane Technologies PLC  | 35130 | 14600028 |
|  |  | 30776621 |
| Commercial Services & Supplies - 3.8% |  |  |
| Clean Harbors Inc (a) | 18190 | 4405800 |
| Montrose Environmental Group Inc (a)(b) | 130758 | 4061343 |
| Republic Services Inc  | 49550 | 11593214 |
| Tetra Tech Inc  | 36830 | 1341348 |
|  |  | 21401705 |
| Construction & Engineering - 3.2% |  |  |
| AECOM  | 40130 | 5011836 |
| Comfort Systems USA Inc  | 8110 | 5704412 |
| EMCOR Group Inc  | 5490 | 3403799 |
| WillScot Holdings Corp  | 173990 | 4217518 |
|  |  | 18337565 |
| Electrical Equipment - 6.6% |  |  |
| Acuity Inc  | 23580 | 7698163 |
| Eaton Corp PLC  | 53840 | 18797698 |
| Emerson Electric Co  | 43860 | 5789520 |
| GE Vernova Inc  | 5350 | 3279390 |
| NEXTracker Inc Class A (a) | 30530 | 2053447 |
|  |  | 37618218 |
| Ground Transportation - 2.4% |  |  |
| Norfolk Southern Corp  | 48450 | 13565031 |
| Industrial Conglomerates - 1.1% |  |  |
| 3M Co  | 41670 | 6480935 |
| Machinery - 7.7% |  |  |
| Cummins Inc  | 27912 | 11121257 |
| Deere & Co  | 5190 | 2484142 |
| Ingersoll Rand Inc  | 75330 | 5983462 |
| Parker-Hannifin Corp  | 7340 | 5573629 |
| Pentair PLC  | 53566 | 5759952 |
| Watts Water Technologies Inc Class A  | 18780 | 5200182 |
| Westinghouse Air Brake Technologies Corp  | 36580 | 7078230 |
|  |  | 43200854 |
| Professional Services - 1.1% |  |  |
| KBR Inc  | 119780 | 6044099 |
| Trading Companies & Distributors - 1.3% |  |  |
| Core & Main Inc Class A (a) | 90700 | 5870104 |
| Ferguson Enterprises Inc  | 6310 | 1458557 |
|  |  | 7328661 |
| TOTAL INDUSTRIALS |  | 208748827 |
| Information Technology - 28.3% |  |  |
| Communications Equipment - 7.4% |  |  |
| Arista Networks Inc  | 161210 | 22013226 |
| Cisco Systems Inc  | 289840 | 20025045 |
|  |  | 42038271 |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Coherent Corp (a) | 31140 | 2817236 |
| Vontier Corp  | 73140 | 3138437 |
|  |  | 5955673 |
| IT Services - 3.5% |  |  |
| IBM Corporation  | 82453 | 20076481 |
| Semiconductors & Semiconductor Equipment - 4.2% |  |  |
| Analog Devices Inc  | 50900 | 12791679 |
| Enphase Energy Inc (a) | 39960 | 1506492 |
| First Solar Inc (a) | 31300 | 6109447 |
| Universal Display Corp  | 24480 | 3392683 |
|  |  | 23800301 |
| Software - 11.7% |  |  |
| Microsoft Corp  | 124230 | 62946099 |
| Zoom Communications Inc Class A (a) | 32680 | 2660805 |
|  |  | 65606904 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Dell Technologies Inc Class C  | 23930 | 2923050 |
| TOTAL INFORMATION TECHNOLOGY |  | 160400680 |
| Materials - 8.8% |  |  |
| Chemicals - 6.6% |  |  |
| Axalta Coating Systems Ltd (a) | 107080 | 3347321 |
| Linde PLC  | 69870 | 33418122 |
|  |  | 36765443 |
| Construction Materials - 1.4% |  |  |
| James Hardie Industries PLC (a) | 181074 | 3645020 |
| Vulcan Materials Co  | 15590 | 4539184 |
|  |  | 8184204 |
| Metals & Mining - 0.6% |  |  |
| Carpenter Technology Corp  | 15250 | 3673420 |
| Paper & Forest Products - 0.2% |  |  |
| Louisiana-Pacific Corp  | 12500 | 1188875 |
| TOTAL MATERIALS |  | 49811942 |
| Real Estate - 3.6% |  |  |
| Industrial REITs - 3.6% |  |  |
| Prologis Inc  | 179110 | 20379136 |
| Utilities - 3.8% |  |  |
| Electric Utilities - 3.1% |  |  |
| Entergy Corp  | 68540 | 6037689 |
| NextEra Energy Inc  | 56080 | 4040563 |
| PG&E Corp  | 458320 | 7003130 |
|  |  | 17081382 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| Vistra Corp  | 22480 | 4251193 |
| TOTAL UTILITIES |  | 21332575 |
| TOTAL UNITED STATES |  | 525785157 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $395,902,496) |  | <br> **565138047** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Cellink Corp Series D (a)(c)(d)<br>(Cost $295,699)<br>| 14200 | **51119** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.36 | 2214332 | 2214774 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.36 | 5635511 | 5636076 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $7,850,849) |  |  | **7850850** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%**<br> (Cost $404,049,044)<br>| <br>**573040016** |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(5398833)** |
| **NET ASSETS - 100.0%** | **567641183** |

---

**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 $51,119 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: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Cellink Corp Series D | 1/20/2022 | 295699 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 34932401 | 32717628 | 34849 | - | 1 | 2214774 | 2214332 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 9525875 | 30491374 | 34381173 | 18126 | - | - | 5636076 | 5635511 | 0.0% |
| Total | 9525875 | 65423775 | 67098801 | 52975 | - | 1 | 7850850 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 61209803 | 61209803 | - | - |
| Energy | 8646209 | 8646209 | - | - |
| Industrials | 220662252 | 208748827 | 11913425 | - |
| Information Technology | 177563518 | 177563518 | - | - |
| Materials | 49811942 | 49811942 | - | - |
| Real Estate | 20379136 | 20379136 | - | - |
| Utilities | 26865187 | 26865187 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 51119 | - | - | 51119 |
|  **Money Market Funds** | 7850850 | 7850850 | - | - |
| **Total Investments in Securities:** | 573040016 | 561075472 | 11913425 | 51119 |

---

**Fidelity® Environment and Alternative Energy Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $5,425,385) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $396,198,195) | $565189166 |  |
| Fidelity Central Funds (cost $7,850,849) | 7850850 |  |
| Total Investment in Securities (cost $404,049,044) |  | $573040016 |
| Foreign currency held at value (cost $5,508) |  | 5202 |
| Receivable for fund shares sold |  | 151964 |
| Dividends receivable |  | 526084 |
| Distributions receivable from Fidelity Central Funds |  | 10027 |
| Prepaid expenses |  | 755 |
| **Total assets** |  | 573734048 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $117997 |  |
| Accrued management fee | 312926 |  |
| Other payables and accrued expenses | 25867 |  |
| Collateral on securities loaned | 5636075 |  |
| **Total liabilities** |  | 6092865 |
| **Net Assets**  |  | $567641183 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $400966764 |
| Total accumulated earnings (loss) |  | 166674419 |
| **Net Assets** |  | $567641183 |
| **Net Asset Value**, offering price and redemption price per share ($567,641,183 ÷ 12,717,386 shares) |  | $44.64 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $3027769 |
| Income from Fidelity Central Funds (including $18,126 from security lending)  |  | 52975 |
| **Total income** |  | 3080744 |
| **Expenses** |  |  |
| Management fee | $1747212 |  |
| Custodian fees and expenses | 8916 |  |
| Independent trustees' fees and expenses | 973 |  |
| Registration fees | 24751 |  |
| Audit fees | 25896 |  |
| Legal | 640 |  |
| Miscellaneous | 1219 |  |
| **Total expenses** |  | 1809607 |
| **Net Investment income (loss)** |  | 1271137 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 30403387 |  |
| Redemptions in-kind | 13639515 |  |
| Foreign currency transactions | (8058) |  |
| Total net realized gain (loss) |  | 44034844 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 37053916 |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | 10999 |  |
| Total change in net unrealized appreciation (depreciation) |  | 37064916 |
| **Net gain (loss)** |  | 81099760 |
| **Net increase (decrease) in net assets resulting from operations** |  | $82370897 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1271137 | $2357100 |
| &nbsp;&nbsp;Net realized gain (loss) | 44034844<br>| 69076450<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 37064916 | (14780129)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 82370897<br>| 56653421<br>|
| Distributions to shareholders | -<br>| (2333020)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 55916509 | 85651263 |
| Reinvestment of distributions | -<br>| 2146552<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (96815688) | (139725302) |
| **Net increase (decrease) in net assets resulting from share transactions** | (40899179)<br>| (51927487)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 41471718<br>| 2392914<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 526169465 | 523776551<br>|
| &nbsp;&nbsp;End of period | $567641183 | $526169465 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1374312 | 2263654 |
| Issued in reinvestment of distributions | -<br>| 53197<br>|
| &nbsp;&nbsp;Redeemed | (2467389) | (3702431) |
| &nbsp;&nbsp;Net increase (decrease) | (1093077) | (1385580) |

---

**Financial Highlights** 

**Fidelity® Environment and Alternative Energy Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $38.10 | $34.47 | $27.85 | $30.97 | $30.16 | $23.80 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .10  | .16  | .18  | .15  | .11  | .24  |
| Net realized and unrealized gain (loss)  | 6.44  | 3.63  | 6.57  | (3.09)  | 3.46  | 8.02  |
| Total from investment operations  | 6.54  | 3.79  | 6.75  | (2.94)  | 3.57  | 8.26  |
| Distributions from net investment income  | -  | (.16)  | (.13)  | (.18)  | (.10)  | (.26)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (2.66)  | (1.64)  |
| Total distributions  | -  | (.16)  | (.13)  | (.18)  | (2.76)  | (1.90)  |
| Net asset value, end of period  | $44.64 | $38.10 | $34.47 | $27.85 | $30.97 | $30.16 |
| **Total Return** D,E | 17.17% <br>| 10.98%  | 24.26%  | (9.46)%  | 11.02%  | 38.97%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .69% H | .69%  | .81%  | .79%  | .79%  | .85%  |
| Expenses net of fee waivers, if any  | .69% H<br>| .69%  | .80%  | .79%  | .79%  | .85%  |
| Expenses net of all reductions, if any  | .69% H | .69%  | .80%  | .79%  | .79%  | .85%  |
| Net investment income (loss)  | .49% H | .43%  | .60%  | .52%  | .33%  | .95%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $567641 | $526169 | $523777 | $472604 | $755742 | $373982 |
| Portfolio turnover rate I | 59% H,J<br>| 38%  | 35%  | 34%  | 89%  | 28%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

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

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

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

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

H*Annualized.*

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

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

**Fidelity® Natural Resources Fund**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 3.0%  |  |  |
| Materials - 3.0% |  |  |
| Metals & Mining - 3.0% |  |  |
| Wheaton Precious Metals Corp (United States)  | 193050 | 19386081 |
| CANADA - 34.9%  |  |  |
| Energy - 24.9% |  |  |
| Oil, Gas & Consumable Fuels - 24.9% |  |  |
| Athabasca Oil Corp (b) | 5384366 | 23602056 |
| Cenovus Energy Inc (United States)  | 704100 | 11695101 |
| Enbridge Inc (United States)  | 90100 | 4355434 |
| Imperial Oil Ltd (a) | 665100 | 60352250 |
| MEG Energy Corp  | 1707539 | 35124314 |
| Meren Energy Inc  | 4867300 | 6308511 |
| South Bow Corp (United States) (a) | 602120 | 16702809 |
|  |  | 158140475 |
| Materials - 10.0% |  |  |
| Metals & Mining - 10.0% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 157700 | 22735609 |
| Alamos Gold Inc Class A (United States)  | 208900 | 6361005 |
| Altius Minerals Corp  | 255200 | 5570973 |
| Barrick Mining Corp (United States)  | 125700 | 3347391 |
| First Majestic Silver Corp (United States)  | 191700 | 1752138 |
| Franco-Nevada Corp  | 68500 | 12909932 |
| Metalla Royalty & Streaming Ltd (b) | 632600 | 3454691 |
| Teck Resources Ltd Class B (United States)  | 232600 | 7952594 |
|  |  | 64084333 |
| TOTAL CANADA |  | 222224808 |
| PORTUGAL - 2.0%  |  |  |
| Energy - 2.0% |  |  |
| Oil, Gas & Consumable Fuels - 2.0% |  |  |
| Galp Energia SGPS SA  | 650100 | 12625163 |
| UNITED KINGDOM - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| TechnipFMC PLC  | 74600 | 2742295 |
| UNITED STATES - 55.7%  |  |  |
| Energy - 44.9% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Schlumberger NV  | 27700 | 1020468 |
| Oil, Gas & Consumable Fuels - 44.7% |  |  |
| Chevron Corp  | 215600 | 34625360 |
| ConocoPhillips  | 381200 | 37727364 |
| Expand Energy Corp  | 93783 | 9076319 |
| Exxon Mobil Corp  | 791859 | 90501565 |
| Marathon Petroleum Corp  | 115700 | 20792447 |
| Murphy Oil Corp (a) | 154300 | 3835898 |
| Shell PLC ADR  | 759700 | 56126636 |
| Valero Energy Corp  | 206400 | 31374864 |
|  |  | 284060453 |
| TOTAL ENERGY |  | 285080921 |
| Materials - 10.8% |  |  |
| Chemicals - 1.1% |  |  |
| Mosaic Co/The  | 232900 | 7778860 |
| Construction Materials - 3.3% |  |  |
| CRH PLC  | 81600 | 9216720 |
| Martin Marietta Materials Inc  | 18900 | 11649960 |
|  |  | 20866680 |
| Containers & Packaging - 3.9% |  |  |
| AptarGroup Inc  | 32400 | 4512348 |
| Avery Dennison Corp  | 26400 | 4531560 |
| Crown Holdings Inc  | 50100 | 4978938 |
| International Paper Co (a) | 213900 | 10626552 |
|  |  | 24649398 |
| Metals & Mining - 2.5% |  |  |
| Freeport-McMoRan Inc  | 193900 | 8609160 |
| Newmont Corp  | 95100 | 7075440 |
|  |  | 15684600 |
| TOTAL MATERIALS |  | 68979538 |
| TOTAL UNITED STATES |  | 354060459 |
| ZAMBIA - 3.1%  |  |  |
| Materials - 3.1% |  |  |
| Metals & Mining - 3.1% |  |  |
| First Quantum Minerals Ltd (b) | 1135700 | 19904831 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $429,861,005) |  | <br> **630943637** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.36 | 2156028 | 2156459 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.36 | 26914394 | 26917085 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $29,073,544) |  |  | **29073544** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.7%**<br> (Cost $458,934,549)<br>| <br>**660017181** |
| **NET OTHER ASSETS (LIABILITIES) - (3.7)%**  | **(23657233)** |
| **NET ASSETS - 100.0%** | **636359948** |

---

**Legend**

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

(b) Non-income producing.

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2608638 | 57681609 | 58133787 | 54427 | - | (1) | 2156459 | 2156028 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 19093840 | 235032584 | 227209339 | 48722 | - | - | 26917085 | 26914394 | 0.1% |
| Total | 21702478 | 292714193 | 285343126 | 103149 | - | (1) | 29073544 |  |  |

---

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 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.

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, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Energy | 458588854 | 458588854 | - | - |
| Materials | 172354783 | 172354783 | - | - |
|  **Money Market Funds** | 29073544 | 29073544 | - | - |
| **Total Investments in Securities:** | 660017181 | 660017181 | - | - |

---

**Fidelity® Natural Resources Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $29,686,984) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $429,861,005) | $630943637 |  |
| Fidelity Central Funds (cost $29,073,544) | 29073544 |  |
| Total Investment in Securities (cost $458,934,549) |  | $660017181 |
| Foreign currency held at value (cost $1) |  | 6 |
| Receivable for investments sold |  | 629288 |
| Receivable for fund shares sold |  | 586594 |
| Dividends receivable |  | 3134782 |
| Distributions receivable from Fidelity Central Funds |  | 21947 |
| Prepaid expenses |  | 820 |
| Other receivables |  | 115309 |
| **Total assets** |  | 664505927 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $250951 |  |
| Payable for fund shares redeemed | 496567 |  |
| Accrued management fee | 335042 |  |
| Other payables and accrued expenses | 146334 |  |
| Collateral on securities loaned | 26917085 |  |
| **Total liabilities** |  | 28145979 |
| **Net Assets**  |  | $636359948 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $560126370 |
| Total accumulated earnings (loss) |  | 76233578 |
| **Net Assets** |  | $636359948 |
| **Net Asset Value**, offering price and redemption price per share ($636,359,948 ÷ 12,730,631 shares) |  | $49.99 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $8483690 |
| Income from Fidelity Central Funds (including $48,722 from security lending)  |  | 103149 |
| **Total income** |  | 8586839 |
| **Expenses** |  |  |
| Management fee | $1948492 |  |
| Custodian fees and expenses | 19086 |  |
| Independent trustees' fees and expenses | 1063 |  |
| Registration fees | 20729 |  |
| Audit fees | 29302 |  |
| Legal | 604 |  |
| Miscellaneous | 1338 |  |
| **Total expenses** |  | 2020614 |
| **Net Investment income (loss)** |  | 6566225 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 14800440 |  |
| Foreign currency transactions | 7877 |  |
| Total net realized gain (loss) |  | 14808317 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 67225569 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 456 |  |
| Total change in net unrealized appreciation (depreciation) |  | 67226024 |
| **Net gain (loss)** |  | 82034341 |
| **Net increase (decrease) in net assets resulting from operations** |  | $88600566 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6566225 | $10458762 |
| &nbsp;&nbsp;Net realized gain (loss) | 14808317<br>| 69349159<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 67226024 | (55891822)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 88600566<br>| 23916099<br>|
| Distributions to shareholders | (917741)<br>| (8429039)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 72414420 | 167698224 |
| Reinvestment of distributions | 848383<br>| 7807079<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (96441139) | (207379374) |
| **Net increase (decrease) in net assets resulting from share transactions** | (23178336)<br>| (31874071)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 64504489<br>| (16387011)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 571855459 | 588242470<br>|
| &nbsp;&nbsp;End of period | $636359948 | $571855459 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1589077 | 3658826 |
| Issued in reinvestment of distributions | 20922<br>| 188122<br>|
| &nbsp;&nbsp;Redeemed | (2174438) | (4578208) |
| &nbsp;&nbsp;Net increase (decrease) | (564439) | (731260) |

---

**Financial Highlights** 

**Fidelity® Natural Resources Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.01 | $41.94 | $39.98 | $34.22 | $23.21 | $20.59 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .51  | .76  | .65  | .83  | .51  | .30  |
| Net realized and unrealized gain (loss)  | 6.54  | .94  | 1.96  | 5.87  | 10.91  | 2.69  |
| Total from investment operations  | 7.05  | 1.70  | 2.61  | 6.70  | 11.42  | 2.99  |
| Distributions from net investment income  | (.07)  | (.63)  | (.65)  | (.94)  | (.41)  | (.37)  |
| Total distributions  | (.07)  | (.63)  | (.65)  | (.94)  | (.41)  | (.37)  |
| Net asset value, end of period  | $49.99 | $43.01 | $41.94 | $39.98 | $34.22 | $23.21 |
| **Total Return** D,E | 16.43% <br>| 4.11%  | 6.57%  | 19.78%  | 49.71%  | 14.76%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .69% H | .69%  | .77%  | .77%  | .82%  | .89%  |
| Expenses net of fee waivers, if any  | .69% H<br>| .69%  | .76%  | .77%  | .81%  | .89%  |
| Expenses net of all reductions, if any  | .69% H | .69%  | .76%  | .77%  | .81%  | .88%  |
| Net investment income (loss)  | 2.25% H | 1.66%  | 1.60%  | 2.21%  | 1.84%  | 1.62%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $636360 | $571855 | $588242 | $812429 | $598034 | $292887 |
| Portfolio turnover rate I | 80% H<br>| 68%  | 50%  | 74%  | 98%  | 90%  |

---

A*For the year ended February 29.*

B*Calculated based on average shares outstanding during the period.*

C*Net 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.*

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

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

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

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

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying 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, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of each Fund's Schedule of Investments.

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

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

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

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

**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.

**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** | 115,309 |

---

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Environment and Alternative Energy Fund**  | 404313817 | 180736494 | (12010295) | 168726199 |
| **Fidelity Natural Resources Fund** | 460122351 | 203912230 | (4017400) | 199894830 |

---

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 ($)** |
| **Fidelity Environment and Alternative Energy Fund**  | (47456020) | - | (47456020) |
| **Fidelity Natural Resources Fund** | (109289404) | (35634130) | (144923534) |

---

**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.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**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 ($)** | **Sales ($)** |
| **Fidelity Environment and Alternative Energy Fund** | 156093782 | 172269355 |
| **Fidelity Natural Resources Fund** | 235441987 | 251251312 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The 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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Environment and Alternative Energy Fund** | 634728 | 13639515 | 25750900 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which 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 management 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 management 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 management 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 Environment and Alternative Energy Fund** | .72 |
| **Fidelity Natural Resources Fund** | .71 |

---

One-twelfth of the management 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 management 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 Environment and Alternative Energy Fund** | .67 |
| **Fidelity Natural Resources Fund** | .67 |

---

**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 Environment and Alternative Energy Fund** | 5119 |
| **Fidelity Natural Resources Fund** | 11267 |

---

**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 Environment and Alternative Energy Fund** | 17572117 | 16236846 | 4465910 |
| **Fidelity Natural Resources Fund** | 3756731 | 15855491 | 2285821 |

---

**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 reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Environment and Alternative Energy Fund** | 405 |
| **Fidelity Natural Resources Fund** | 447 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Environment and Alternative Energy Fund** | 1809 | 9 | - |
| **Fidelity Natural Resources Fund** | 5232 | - | - |

---

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 Natural Resources Fund** | 3587364 |

---

**8. 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.

**9. 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 Fund**

**Fidelity 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 Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 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 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.

<u>Resources Dedicated to Investment Management and Support Services</u>. 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 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.

<u>Shareholder and Administrative Services</u>. 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 information and market information over the Internet 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.

<u>Investment in a Large Fund Family</u>. 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.

<u>Investment Performance</u>. 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 index that has characteristics relevant to each fund's investment strategies (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 Fidelity Environment and Alternative Energy Fund underperformed its benchmark for the one-, three-, and five-year periods ended February 28, 2025, 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, effective March 1, 2024, 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 from March 2024 to September 2024, 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.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. 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 based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of 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 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 (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. 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, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

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 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 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.

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, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 May 31, 2026.

![](img114173_4.jpg)<br>

1.9901476.104 EAE-NRF-SANN-1025

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

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.

<u>Controls and Procedures</u>

(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.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(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.](ex99.htm)

(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.](ex99906.htm)

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Select Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Select Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Select Portfolios (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>